Reporting agreements (effective April 1, 2001)
1. Any written contract, arrangement or understanding made to a person or non-governmental entity, pursuant to fulfillment of CRA must be reported if the bank provides more than $10,000 in cash, grants or other consideration or more than $50,000 in aggregate principal loan amounts in a calendar year. This must be reported to the bank’s regulatory agency within 30 days after entering into the agreement.
2. Individual mortgage loans, contracts, or commitments for loans are exempt from the reporting requirements if the rates are not substantially below market rates and if the purpose is not for re-lending to another party.
3. A copy of the agreement is to be placed in the bank’s CRA public file.
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