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This document outlines the compliance and performance of Franklin Savings Bank under the Community Reinvestment Act (CRA) for the year 2021. It provides insights into branch locations, service hours, assessment areas, income limits, lending practices, and community support initiatives, along with data on small business and residential mortgage lending activities.

How to fill out community reinvestment act

How to fill out community reinvestment act

1. Gather relevant financial documents and records.
2. Review the Community Reinvestment Act (CRA) regulations and requirements.
3. Identify the assessment area where you are conducting business.
4. Collect data on lending practices, community investment activities, and services offered.
5. Prepare a self-assessment of performance under CRA guidelines.
6. Document outreach efforts to help meet community needs.
7. Submit the CRA performance evaluation to the relevant regulatory agency.

Who needs community reinvestment act?

1. Banks and financial institutions that are subject to the Community Reinvestment Act.
2. Community organizations focused on economic development and housing.
3. Local governments seeking to promote investment in underprivileged areas.
4. Residents in low- and moderate-income neighborhoods aiming for better access to financial services.

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What is community reinvestment act?

The Community Reinvestment Act (CRA) is a U.S. federal law enacted in 1977 aimed at encouraging financial institutions to 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?

Banks and other financial institutions that are federally insured or regulated are required to file reports under the Community Reinvestment Act.

How to fill out community reinvestment act?

To fill out the CRA report, financial institutions must collect data regarding their lending practices, assess their performance in meeting community credit needs, and submit this information to their regulators, typically following guidelines provided by the Federal Reserve or the FDIC.

What is the purpose of community reinvestment act?

The purpose of the CRA is to prevent discrimination in lending and to ensure that financial institutions provide equitable access to credit for all segments of the community, thereby promoting economic development and revitalization in underserved areas.

What information must be reported on community reinvestment act?

Institutions must report on their lending activity, branch openings and closings, as well as the demographic information of the communities they serve, including the distribution of loans by income level and race.