cra disclosure statement requirements

This part implements section 711 of the Gramm-Leach-Bliley Act (12 U.S.C. He must also take into account any written comments he receives (CGS 36a-32). A bank holding company files an application with a Federal banking agency to acquire an insured depository institution. 2021 FFIEC CRA Disclosure Statement; 2020 FFIEC CRA Disclosure Statement; 2019 FFIEC CRA Disclosure Statement; Consumer Disclosures. (ii) Specific purpose defined. Appendix B to Part 1003 Form and Instructions for Data Collection on Ethnicity, Race, and Sex, Appendix C to Part 1003 Procedures for Generating a Check Digit and Validating a ULI, Comment for 1003.3 - Exempt Institutions and Excluded and Partially Exempt Transactions, Comment for 1003.4 - Compilation of Reportable Data, Comment for 1003.5 - Disclosure and Reporting. An insured depository institution offers small business loans that are guaranteed by the Small Business Administration (SBA). (A) The name and address of each insured depository institution or affiliate that is a party to the agreement; (B) The name and address of each NGEP that is a party to the agreement; (C) The date the agreement was entered into; (D) The estimated total value of all payments, fees, loans, and other consideration to be provided by the institution or any affiliate of the institution under the agreement; and. (4) Request for review of withheld information. 1003.3 Exempt institutions and excluded and partially exempt transactions. (ii) The bank's or savings association's CRA Disclosure Statement. CRA Public File Requirement-Performance Evaluation CRA public file means the public file maintained by an insured depository institution and described in 12 CFR 345.43. If the appropriate Federal agency for a financial institution changes (as a consequence of a merger or a change in the institutions charter, for example), the institution must identify its new appropriate Federal agency in its annual submission of data pursuant to 1003.5(a)(1)(i) for the year of the change. (1) Example 1. This section applies only to covered agreements entered into on or after May 12, 2000. State savings association has the same meaning as in section 3(b)(3) of the Federal Deposit Insurance Act (12 U.S.C. Microsoft Edge, Google Chrome, Mozilla Firefox, or Safari. Notice - suggested text. A small business obtains a $75,000 loan, documented in writing, from the institution under the institution's SBA loan program. (2) Alternative method of fulfilling annual reporting requirement for a NGEP. A financial institution may use any text that meets the requirements of 1003.5(b)(2). formatting. CRA Public File & Annual Disclosure Statement Deadlines Approaching FDIC: Banker Resource Center: Community Reinvestment Act (CRA) CRA Assessments Criteria and Evaluation Methods By law, the commissioner must assess a bank's (1) record of offering security-deposit escrow accounts and (2) efforts to work with delinquent residential mortgage customers who are unemployed or underemployed. 2. Each NGEP and each insured depository institution or affiliate may charge an individual or entity that requests a copy of a covered agreement a reasonable fee not to exceed the cost of copying and mailing the agreement. Combined notice. (FOIA). If the organization elects to file a consolidated annual report, the consolidated report must identify the organization and the two covered agreements, state that the organization received $15,000 during the fiscal year under each agreement, and provide the total amount that the organization used during the year for each category of expenses included in paragraph (d)(1)(iv) of this section. (iv) Example 4. By March 1 following the calendar year for which data are collected and recorded as required by 1003.4, a financial institution shall submit its annual loan/application register in electronic format to the appropriate Federal agency at the address identified by such agency. (ii) Examples 2. Additional CRA Responsibilities Public File o Institutions must maintain and update a public file that contains specific information regarding its CRA performance. (f) Determining annual value of agreements that lack schedule of disbursements. (1) Examples of actions that are CRA communications. No provision of this part shall be construed as authorizing the FDIC to enforce the provisions of any covered agreement. (1) Any written or oral comment or testimony provided to a Federal banking agency concerning the adequacy of the performance under the CRA of the insured depository institution, any affiliated insured depository institution, or any CRA affiliate. (3) Knowledge of communication by insured depository institution or affiliate. The Board prepares annually for each bank that reports data pursuant to this section a CRA Disclosure Statement that contains, on a state-by-state basis: ( 1) For each county (and for each assessment area smaller than a county) with a population of 500,000 persons or fewer in which the bank reported a small business or small farm loan: ( i) The . (c) Relation to Community Reinvestment Act. (ii) One or more nongovernmental entities or persons (referred to hereafter as NGEPs). An organization receives $15,000 from an insured depository institution under a covered agreement and allocates and uses the $15,000 during the fiscal year to purchase computer equipment to support its functions. (a) General definition of covered agreement. Learn about the Bankers Compliance Consulting Team. 346.8 Release of information under FOIA. (iii) Example 3. (1) Timing of contacts with a Federal banking agency. (2) The obligation of a NGEP to provide a covered agreement to the relevant supervisory agency terminates 12 months after the end of the term of the covered agreement. (f) Federal banking agency; appropriate Federal banking agency. (c) Disclosure by NGEPs of covered agreements to the relevant supervisory agency. Back to CRA Disclosure- Takes you to the main screen of the CRA Disclosure Statements web site Disclaimer- Displays the disclaimer for the CRA Disclosure Statements web site . (b) Disclosure of covered agreements to the public . If your bank did voluntarily submit, you would have one and could place it in the public file. The written comment is in response to a general request from the agency for comments on an application of the insured depository institution to open a new branch and a copy of the comment is provided to the institution. (3) The FDIC may assist any insured depository institution or affiliate that is a party to a covered agreement that is unenforceable by a NGEP by operation of section 48 of the Federal Deposit Insurance Act (12 U.S.C. 2) Single click on the "Find Matching Lending Institutions" button. 12 CFR 228.43 - Content and availability of public file. result, it may not include the most recent changes applied to the CFR. ( 2) Banks and savings associations required to report Home Mortgage Disclosure Act (HMDA) data. An Institution Name or Respondent ID field must be entered before performing a search. The annual report filed by a NGEP under this section must include the following. (2) Insured depository institutions and affiliates. A NGEP receives an unrestricted grant of $15,000 under a covered agreement, includes the funds in its general operating budget, and uses the funds during its fiscal year. The financial institution shall submit its quarterly loan/application register pursuant to this paragraph (a)(1)(ii) in electronic format at the address identified by the appropriate Federal agency for the institution. 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. 36a-30). A financial institution shall post a general notice about the availability of its HMDA data in the lobby of its home office and of each branch office physically located in each MSA and each MD. Two weeks later, the institution unilaterally issues a press release announcing that it has established a general goal of making $100 million of community development grants in low- and moderate-income neighborhoods served by the insured depository institution over the next 5 years. and the FDIC's rules regarding Disclosure of Information (12 CFR part 309). Financial Institution B reports 3,000 covered loans and applications, combined, excluding purchased covered loans, for 2019 for the branch office acquired by Financial Institution A. The FDIC will make covered agreements and annual reports available to the public in accordance with the Freedom of Information Act (5 U.S.C. See update here. site when drafting amendatory language for Federal regulations: (ii) No representative of the insured depository institution or any affiliate identified in paragraph (b)(3) of this section has knowledge at the time of the agreement that an NGEP that is a party to the agreement has had a CRA communication concerning any other insured depository institution or affiliate that is a party to the agreement. (F) Other expenses and uses (specify expense or use). It is not an official legal edition of the CFR. **DISCLOSURE STATEMENT** The Community Reinvestment Act (CRA) requires certain lending institutions to make annual public disclosures of their small business, small farm and community development lending activity. Large Bank CRA Public File | Bankers Online First published on BankersOnline.com 12/17/12. The use of technologies, such as cookies, constitutes a share or sale of personal information under the California Privacy Rights Act. The relevant supervisory agency for a covered agreement means the appropriate Federal banking agency for. (2) Examples in a paragraph illustrate only the issue described in the paragraph and do not illustrate any other issues that may arise in this part. (iv) An officer, director, employee, or representative (acting in his or her capacity as an officer, director, employee, or representative) of an entity listed in paragraphs (j)(2)(i) through (iii) of this section. Title 12 was last amended 6/23/2023. A financial institution may post any text that meets the requirements of 1003.5(e). The statements contain information about loans and population income levels for each county where the bank operates. This part does not affect in any way the Community Reinvestment Act of 1977 (12 U.S.C. We use technologies, such as cookies, that gather information on our website. (e) Executive officer. Retention. 49 CFR 172.101 states "the revised disclosure requirements are effective January 1, 2018 and apply to data collected on or after January 1, 2017 and reported. 1831y). (1) The fiscal year for a NGEP that does not have a fiscal year shall be the calendar year. 80 FR 23692, Apr. This is an automated process for Any joint filing must identify the insured depository institution(s) and affiliate(s) for whom the filings are being made. The subsidiary shall submit the loan/application register, directly or through its parent, to the appropriate Federal agency for the subsidiarys parent at the address identified by the agency. (iii) Content of report. (i) A NGEP may fulfill the filing requirements of this section by providing the following materials to an insured depository institution or affiliate that is a party to the agreement no later than six months following the end of the NGEP's fiscal year, (A) A copy of the NGEP's annual report required under paragraph (d) of this section for the fiscal year; and. (2) Banks and savings associations required to report Home Mortgage Disclosure Act (HMDA) data. (1) Each insured depository institution (or subsidiary thereof) that is a party to the covered agreement; (2) Each insured depository institution (or subsidiary thereof) or CRA affiliate that makes payments or loans or provides services that are subject to the covered agreement; and. (CRA), as defined in 346.4. (1) Disclosure to the public. (ii) Communication with insured depository institution or affiliate. Subpart CRecords, Reporting, and Disclosure Requirements 25.41 Assessment area delineation. An insured depository institution commits to provide a $500,000 line of credit to a small business that is documented by a written agreement. A covered agreement does not include, (1) Any individual loan that is secured by real estate; or, (2) Any specific contract or commitment for a loan or extension of credit to an individual, business, farm, or other entity, or group of such individuals or entities if, (i) The funds are loaned at rates that are not substantially below market rates; and. (5) Duration of obligation. 1. A financial institution may make the written notice required under 1003.5(c)(1) available in paper or electronic form. All written agreements to which an insured depository institution or an affiliate of the insured depository institution is a party shall be considered to be a single agreement if the agreements, (2) Were entered into within the same 12-month period; and. Close Ests ingresando al nuevo sitio web de U.S. Bank en espaol. The following language is suggested but is not required: Home Mortgage Disclosure Act Notice For a full listing of what you should include in your CRA Public File, please refer to 345.43 (FDIC), 25.43 (OCC), or 228.43 (Federal Reserve). Using data submitted by financial institutions pursuant to paragraph (a)(1)(i) of this section, the FFIEC will make available aggregate data for each MSA and MD, showing lending patterns by property location, age of housing stock, and income level, sex, ethnicity, and race. The annual disclosure statement must be signed by an authorized officer of the institution and include the following disclaimer: This statement has not been reviewed, or confirmed for accuracy or relevance by the Federal Deposit Insurance Corporation. (ii) The NGEP that is a party to the agreement makes a CRA communication, as described in 346.3. eCFR :: 12 CFR 345.43 -- Content and availability of public file. An authorized representative of the financial institution with knowledge of the data submitted shall certify to the accuracy and completeness of data submitted pursuant to this paragraph (a)(1)(i). A financial institution may use the same notice to satisfy the requirements of both 1003.5(c) and 1003.5(b)(2). (2) An insured depository institution or affiliate that is a party to a covered agreement that involves multiple insured depository institutions or affiliates is not required to comply with the disclosure and annual reporting requirements in 346.6 and 346.7 if, (i) No NGEP that is a party to the agreement has had a CRA communication concerning the insured depository institution or any affiliate; and. A NGEP, such as a civil rights group, community group providing housing and other services in low- and moderate-income neighborhoods, veterans organization, community theater group, or youth organization, sends a fundraising letter to insured depository institutions and to other businesses in its community. 3. In the calendar year of a merger or acquisition, the surviving or newly formed financial institution is required to comply with 1003.5(a)(1)(ii), effective the date of the merger or acquisition, if a combined total of at least 60,000 covered loans and applications, combined, excluding purchased covered loans, is reported for the preceding calendar year by or for the surviving or newly formed financial institution and each financial institution or branch office merged or acquired. The information that federally regulated financial institutions other than banks must provide in an application or agreement, must be: They must provide the required information thats not in the application or agreement: Specific requirements depend on the type of institution youre dealing with. The institution tells the NGEP that it will issue a press release announcing the program. (i) The name and mailing address of the NGEP filing the report; (ii) Information sufficient to identify the covered agreement for which the annual report is being filed, such as by providing the names of the parties to the agreement and the date the agreement was entered into or by providing a copy of the agreement; (iii) The amount of funds or resources received under the covered agreement during the fiscal year; and, (iv) A detailed, itemized list of how any funds or resources received by the NGEP under the covered agreement were used during the fiscal year, including the total amount used for. A NGEP meets with an insured depository institution and states that the institution needs to offer new loan programs in the NGEP's community.

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