What type of information is found in the CRA public file that must be made available to the public upon request?
Your bank must maintain a public file, updated as of April 1 each year, that includes the following information: For the current year and two previous years, all written comments from the public about how your bank is helping meet community credit needs.
What is a CRA public file?
The Public File includes information about our branches, such as their location and services provided at them; the public section of our most recent CRA performance evaluation prepared by the Comptroller of the Currency; comments received from the public relating to our performance in helping to meet community credit …
How often are CRA evaluations performed?
Depository institutions undergo CRA exams about every 3 years, depending on past performance. Every business quarter, the Federal Deposit Insurance Corporation (FDIC) releases the CRA Examination Schedule by region and lists the information about each bank that is being examined.
What are the four possible ratings on a CRA evaluation?
Upon completion of a CRA examination, an overall CRA Rating is assigned using a four-tiered rating system. These ratings are: Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance.
What does the CRA rating reflect?
Using Federal Reserve data on a large sample of CRA exams, this analysis found that CRA ratings reflect actual differences in bank performance on the retail lending test and the investment test.
Are CRA ratings public?
Examination ratings are not made public until 45-60 days after the examination has concluded.
What is a CRA performance evaluation?
The CRA requires each federal bank regulatory agency to assess each federally insured institution’s record of helping to meet the credit needs of its entire community, consistent with safe and sound lending.
Are CRA reports public?
The CRA disclosure statement, which is publicly available on the Federal Financial Institutions Examination Council (FFIEC) website,6 provides detailed information on the bank’s small-business and small-farm lending.
What is CRA performance evaluation?
Are all Cdfis nonprofits?
Almost all CDFI loan funds are organized as nonprofit organizations. Nonprofit CDFI loan funds can raise equity from government funding, social investments, and philanthropies.
What is CRA performance based on?
One of the following overall CRA ratings will be assigned based on the evaluation of a bank’s CRA performance: Outstanding. Satisfactory. Needs to Improve.
What is CRA performance context?
What is Performance Context? ▪ Broad range of information that examiners review to understand the context in which to review a Bank’s CRA performance. ▪ Performance context factors that affect the bank’s lending, investment and/or service tests performance are explained in the Bank’s Performance Evaluation.
When did CRA rating and evaluation become public?
Since July 1, 1990, the agencies must make each institution’s CRA rating and evaluation available to the public. The CRA performance rating does not reflect on an institution’s financial condition. This rating deals strictly with how well the institution is meeting its responsibilities under the CRA.
What kind of CRA rating does a bank have?
All banks are issued an overall rating. This is the institution’s primary CRA rating. A state rating is generally assigned if a bank has branches in more than one state. A bank that has branches in more than one state is also known as an interstate bank.
How long does it take for CRA ratings to come out?
Examination ratings are not made public until 45-60 days after the examination has concluded. Exams for smaller institutions can conclude one to two weeks after they begin (the exam date listed is when the exam began), but often go longer for small institutions.
When to put your bank’s public CRA file?
A copy of the public section of your bank’s most recent CRA performance evaluation. Your bank must place the copy in its public files within 30 business days after receiving it.