* Please note that the recording will not be immediately delivered to you. Upon purchasing please allow 24-48 hours for delivery. The recording will come in the form of a web link via e-mail from email@example.com. The training manual that corresponds with the recording will be automatically delivered upon purchasing via email from the website.WHAT?
The Community Reinvestment Act of 1977 was enacted to encourage banks to help meet the credit needs of the communities that they serve, including LMI neighborhoods, consistent with the banks’ safe and sound operations. In passing the CRA, Congress established that (1) banks are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business; (2) the convenience and needs of communities include the need for credit services as well as deposit services; and (3) banks have a continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
Over the past two decades, the financial services industry has undergone transformative changes, including the removal of bank interstate branching restrictions and the expanded role of technology in financial services. To better understand how banking products and services are delivered to consumers in this evolving industry and how these changes affect a bank’s CRA performance, the agencies have solicited feedback from the banking industry, community groups, academics, and others (collectively, stakeholders) on several occasions. For example, in 2010, the agencies held a series of joint public hearings across the country and solicited written feedback regarding how to update the CRA regulations in light of, among other things, changes in how banking services were delivered to consumers. From 2014 through 2016, the agencies again solicited feedback on the CRA, as part of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 review, and received more than 60 comments about the CRA regulatory framework. These comments raised issues related to regulatory burden, as well as broader issues related to modernizing the CRA regulations and related Q&A guidance. During 2017 and 2018, the OCC held numerous meetings with bankers, community groups, non-profit organizations, legislators, and other stakeholders and regulators to discuss the current CRA regulatory framework and to solicit input on how to improve the current regulatory framework.
After 20 years of discussion the agencies began the revitalization process with the publication of a Advanced Notice of Proposed Rulemaking (ANPR) on August 28, 2018.
Every financial institution is required to comply with the Community Reinvestment Act and participate in examinations in which the results are published in a publicly available Performance Evaluation. The rules and the examination process are changing.
This recording reviews the context of the Advanced Notice of Proposed Rulemaking (ANPR), a summary of the over 1,000 comments received by the Office of the Comptroller of the Currency (OCC), and what are the next steps for the regulatory agencies in updating the regulations that implement the Community Reinvestment Act.
Upon viewing of the recording you’ll understand:
- The context of the ANPR;
- Summary of the comments received by the OCC; and
- The next steps in revitalizing the regulations implementing the CRA.
The recording is designed for compliance officers, CRA officers, auditors, and anyone else with responsibilities related to the Community Reinvestment Act (lending, investments, and services).
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 42 years. In 37 years as a trainer over 130,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.
Scott Carr, CRCM, CRMA, CAFP is the Executive Vice President and Chief Risk Officer at First Savings Bank located in Clarksville, IN. His main responsibilities include managing the overall enterprise risk function for the organization; establishing and monitoring operating benchmarks, developing and reviewing methodologies to minimize overall risk and maintain the reporting structure established for measuring and managing the risk function. Scott has his Bachelor’s degree in Business Finance through Indiana University Southeast; he completed the LSU Graduate School of Banking, and admirably served in the United States Navy. Scott is a CRCM (Certified Regulatory Compliance Manager) from the ABA; a CAFP (Certified AML and Fraud Professional) from the ABA; and has a CRMA (Certification in Risk Management Assurance) from the Institute of Internal Auditors. He is also a member of the Indiana Bankers Association Compliance Committee.