New Interagency CRA Q&As

by Mary Beth Guard, BOL Guru

The FFIEC has issued new Q&As relating to the Community Reinvestment Act to provide guidance to banks in complying. The document is lengthy and, according to some bankers I've spoken with, confusing. It addresses questions ranging from "What Is Meant by the Term ``Regional Area''?" to "Must There Be Some Immediate or Direct Benefit to the Institution's Assessment Area(s) To Satisfy the Regulations' Requirement That Qualified Investments and Community Development Loans or Services Benefit an Institution's Assessment Area(s) or a Broader Statewide or Regional Area That Includes the Assessment Area(s)?"

Originally appeared in the Oklahoma Bankers Association Compliance Informer.

First published on BankersOnline.com 11/19/01