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Recently the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (the Agencies), published a final rule to amend their respective Community Reinvestment Act (CRA) regulations. The rule amends several key definitions and the public file content requirements and removes an obsolete reference to the Neighborhood Stabilization Program.
In a separate action the Agencies published amendments that adjust the asset-size thresholds used to define “small bank” and “intermediate small bank.”
The revisions result in the need to update policies, procedures and training of key employees. The program reviews the changes in detail and also provides a review of the existing requirements of CRA. Also:
- The detailed manual is a great desktop reference; and
- The presenters have decades of experience with this topic.
This two-hour program includes:
- A detailed review of the revised definitions of “home mortgage loan” and “consumer loan” and amendments to remove unnecessary cross references as a result of the amended definitions;
- A discussion of the revisions to the definition of “community development” including why the reference to the Neighborhood Stabilization Program was eliminated and the impact of that action;.
- A complete explanation of the revised content of the public file;
- A review of other requirements of CRA and its implementing regulations, including:
- Performance tests, standards, and ratings;
- Assigned ratings;
- Assessment area delineation;
- CRA notices; and
- Community Development activities;
- An explanation of the adjustment to the asset-size thresholds used to define “small bank” and “intermediate small bank;”
- A review of the current status of the CRA Questions and Answers, recent examination results and recent CRA agreements; and
- An analysis of the changes needed to CRA policies and procedures.
The program is designed for management of the loan department, Compliance Officers, CRA Officers, marketing staff and auditors.