§__.45 Inclusion on Planned CRA Examination Schedule Variances
§__.45 – 2 Q: Is inclusion on the list of institutions that are schedule to undergo CRA examinations in the next calendar quarter determinative of whether an institution will be examined in that quarter? A2. No. The Agencies attempt to determine as accurately as possible which institutions will be examined during the upcoming calendar quarter. However, whether…
APPENDIX A to Part __- 1 Performance Fit to Receive Particular Rating
APPENDIX A to Part ___ – 1 Q: Must an institution’s performance fit each aspect of a particular rating profile in order to receive that rating? A1. No. Exceptionally strong performance in some aspects of a particular rating profile may compensate for weak performance in others. For example, a retail institution other than an intermediate small institution…
APPENDIX B to Part__-1 Agency Information for CRA Public Notice
APPENDIX B to Part ___ – 1 Q: What agency information should be added to the CRA notice form? A1. The following information should be added to the form: OCC-supervised institutions only: For all national banks and Federal savings associations (collectively, banks), in connection with the nationwide list of banks that are scheduled for CRA evaluation in a…
CRA COVID FAQ 1: COVID-19 Designated Disaster Areas
Question 1 Are COVID-19 affected states and jurisdictions considered CRA designated disaster areas? Response 1 The agencies believe that the Coronavirus Disease (COVID-19) national emergency raises unique needs for revitalization and stabilization activities that differ from those typically undertaken in response to natural disasters or other emergencies. The Federal Emergency Management Agency (FEMA) has issued…
CRA COVID FAQ 2: Length of Consideration for Responsive Activities
Question 2 How long will the agencies grant consideration for activities that revitalize or stabilize COVID-19 designated disaster areas? Response 2 The March 19, 2020, Joint Statement(3) indicates that it is effective through the six-month period after the national emergency declaration is lifted, unless extended by the agencies. With specific reference to COVID-19 related revitalization and…
CRA COVID FAQ 3: Consideration of Responsive Activities in CRA Examinations
Question 3 How will activities undertaken in response to COVID-19 that are responsive to community needs be considered in CRA examinations? Response 3 In light of the declaration of a national emergency, and consistent with the Joint Statement, the agencies are clarifying that banks will receive favorable CRA consideration for community development activities that are…
CRA COVID FAQ 4: Consideration of Responsive Activities on a Nationwide Basis
Question 4 Can a bank receive consideration for activities related to the COVID-19 emergency and that are conducted on a nationwide basis? Response 4 The COVID-19 emergency has had a significant health and economic impact that extends beyond many banks’ assessment areas. Banks that are responsive to community development needs and opportunities in their assessment…
CRA COVID FAQ 5: CRA Eligibility of Paycheck Protection Program (PPP) Loans
Question 5 Are bank loans made under the Paycheck Protection Program (PPP) eligible for CRA consideration? For PPP loans that are eligible community development loans, what is the appropriate community development purpose? Response 5 Generally, loans, including PPP loans, in amounts of $1 million or less to for-profit businesses, or to nonprofit organizations that are…
CRA COVID FAQ 6: Reporting of Paycheck Protection Program (PPP) on Call Reports
Question 6 How should PPP loans be reported on Call Reports? Repsonse 6 PPP loans are Small Business Administration (SBA) 7(a) loans. Banks should follow Call Report requirements for reporting PPP loans based on the loan type, amount, and collateral, as applicable. Originally published in the “Community Reinvestment Act (CRA) Consideration for Activities in Response…
CRA COVID FAQ 7: Reporting of Paycheck Protection Program (PPP) Loans as Small Business Loans on the CRA Loan Register
Question 7 For PPP loans reported as small business loans (Type 01), with loan amounts of $1 million or less, made to an existing bank customer, should a bank report revenue on the CRA loan register based on what it had previously gathered about that business? For a new PPP borrower, which has an unknown…