CRA Sunshine Provision Exam Procedures
by Mary Beth Guard, BOL Guru
The CRA Sunshine Regulations became effective April 1, 2001. They impose disclosure requirements relating to certain CRA-related agreements between financial institutions and third parties entered into after November 12, 1999, and an annual reporting requirement which applies to covered agreements entered into on or after May 12, 2000.
The CRA Sunshine Regulations identify the types of written agreements that are covered by the statute, define many of the terms used in the statute, describe how the parties to a covered agreement must make the agreement available to the public and the appropriate agencies, and explain the type of information that must be included in the annual report filed by a party to a covered agreement.
Now, the Federal Financial Institutions Examination Council has approved uniform examination procedures to determine compliance with the implementing CRA Sunshine Regulations. If your institution has agreements which would be covered by the Sunshine regulations, review these new exam procedures to prepare for your next CRA exam.
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