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This document evaluates Zia New Mexico Bank's performance in meeting the credit needs of its community, emphasizing low-to-moderate income individuals, as required by the Community Reinvestment Act
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How to fill out community reinvestment act performance
How to fill out COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION
01
Gather necessary data and documents required for the performance evaluation.
02
Review the general requirements and scoring criteria of the Community Reinvestment Act (CRA).
03
Analyze the institution's performance in lending, investments, and services to meet the needs of the community.
04
Document the bank's outreach efforts and the impact on low- and moderate-income neighborhoods.
05
Prepare a narrative summary that details the institution's performance and community involvement.
06
Complete the evaluation form with accurate information and metrics.
07
Submit the performance evaluation to the relevant regulatory agency for assessment.
Who needs COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION?
01
Financial institutions that are subject to the requirements of the Community Reinvestment Act.
02
Regulatory agencies that assess the compliance of institutions.
03
Community organizations and advocates seeking to understand the performance of local banks.
04
Investors and stakeholders interested in the social responsibility of banking practices.
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People Also Ask about
What are the basics of CRA?
The Community Reinvestment Act or CRA is a United States Federal law that obligates banks to meet the credit needs of low- and moderate-income (“LMI”) people and areas in each community where the bank has a branch or conducts business.
What are the 4 areas of CRA?
Those four areas include Affordable Housing, Community Services, Economic Development, and Revitalization/Stabilization or rather fighting blight.
What are the 4 general ratings on the CRA evaluation?
The Overall CRA rating is established by weighting the institution's State CRA rating, providing an overall CRA rating. CRA ratings are assigned using a four-tiered rating system: Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance.
What are the 4 ratings of CRA?
Upon completion of a CRA examination, an overall CRA Rating is assigned using a four-tiered rating system. These ratings are: Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance.
What three tests are used to evaluate CRA performance?
This performance evaluation assesses the bank's CRA performance under the large retail bank Lending, Investment, and Service Tests.
What is included in a CRA performance evaluation?
The CRA performance evaluation (PE) generally includes a description of the institution and its assessment area(s); conclusions about the bank's performance in each of its assessment areas: its CRA rating(s); and the facts, data, and analyses supporting the bank's conclusions and rating(s).
What are the 3 tests under CRA?
The large bank CRA performance standards include three tests, lending, investment, and service, which are discussed in greater detail below.
What are the four rating categories used to report Community Reinvestment Act CRA examination results?
A2. RatingTotal points Outstanding 20 or over Satisfactory 11 through 19 Needs to Improve 5 through 10 Substantial Noncompliance 0 through 4
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What is COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION?
The Community Reinvestment Act (CRA) Performance Evaluation is an assessment conducted by regulatory agencies to evaluate how well financial institutions meet the credit needs of the communities in which they operate, particularly low- and moderate-income neighborhoods.
Who is required to file COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION?
Financial institutions that are federally insured, such as banks and credit unions, are required to undergo CRA Performance Evaluations. This includes institutions with assets exceeding a certain threshold set by regulatory agencies.
How to fill out COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION?
Institutions do not fill out a CRA Performance Evaluation themselves; rather, regulatory agencies conduct the evaluation based on the institution's performance in lending, investment, and services in the community. However, institutions should prepare by collecting relevant data and information that reflects their community engagement and lending activities.
What is the purpose of COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION?
The purpose of the CRA Performance Evaluation is to ensure that financial institutions are fulfilling their obligation to help meet the credit needs of all segments of their communities, thereby promoting fair and equal access to financial services.
What information must be reported on COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION?
The CRA Performance Evaluation requires the reporting of various data points, including lending activity within the community, the number and types of loans made to low- and moderate-income borrowers, community development investments, and services provided to underserved areas.
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