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THE 3rd ANNUAL MADDIE POTTS MEMORIAL LEADERSHIP SCHOLARSHIP Sponsored by the Westerly Hospital CRITERIA The MADDIE POTTS MEMORIAL LEADERSHIP SCHOLARSHIP is open to Westerly or Charity high school

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How to fill out community reinvestment act statement

01

Understand the requirements of the Community Reinvestment Act (CRA) and the specific information needed for the statement.

02

Gather data on the bank's community development activities, including lending, investments, and services.

03

Organize the information into the required format, which may include tables, charts, and narrative descriptions.

04

Ensure that the statement is accurate, complete, and compliant with CRA regulations.

05

Submit the statement to the appropriate regulatory agency within the designated timeframe.

Who needs community reinvestment act statement?

01

Banks and financial institutions that are subject to the Community Reinvestment Act (CRA) need to fill out a community reinvestment act statement. This includes national banks, savings associations, and credit unions that meet certain asset thresholds and have designated assessment areas.

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What is community reinvestment act statement?

Community Reinvestment Act (CRA) statement is a document that outlines a financial institution's efforts to meet the credit needs of the communities in which it operates, particularly low and moderate-income neighborhoods.

Who is required to file community reinvestment act statement?

Banks and other financial institutions that are regulated by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are required to file Community Reinvestment Act statements.

How to fill out community reinvestment act statement?

Community Reinvestment Act statements can be filled out online through the government agencies' websites or offline by mailing the completed form to the appropriate regulatory agency.

What is the purpose of community reinvestment act statement?

The purpose of the Community Reinvestment Act statement is to ensure that financial institutions are meeting the credit needs of all segments of the communities in which they operate, including low and moderate-income neighborhoods.

What information must be reported on community reinvestment act statement?

The information reported on the Community Reinvestment Act statement includes details of the financial institution's lending, investment, and service activities in low and moderate-income neighborhoods.

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