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New CRA Rules – Status Check

Question: 
Do banks in all asset size categories have to collect and report data?
Answer: 

As is the case in the current regulations, large banks must collect and report data. Generally small and intermediate banks are not required to collect and report data; however, exceptions exists. For example, an intermediate bank that opts to be evaluated under the Community Development Financing Test must collect and maintain, until the completion of the bank’s next CRA examination, the data listed in paragraph (a)(5)(ii) of this section for community development loans and community development investments originated or purchased by the bank.
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Learn more about Jack Holzknecht and Kimberly Boatwright’s New CRA Rules – Status Check
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First published on 08/14/2022

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