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2020 CRA Whiteboard of Governors of the Federal Reserve System (FRS) Federal Deposit Insurance Corporation (FDIC) Office of the Comptroller of the Currency (OCC)QUICK REFERENCE TO UNDERSTANDING CRA
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A federal financial institution is a banking or financial service organization that is chartered and regulated by a federal authority, such as a federal bank or savings association.
All federal financial institutions that engage in certain financial transactions or have specific regulatory obligations are required to file reports, such as banks, credit unions, and savings associations.
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The purpose of federal financial institutions is to provide banking services, ensure the stability of the financial system, protect depositors, and support economic growth through lending and investment.
Federal financial institutions must report various data such as financial statements, loan activity, compliance with regulations, risk assessments, and any incidents of suspicious transactions.
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