|
|
|
 |
Lending Gurus
Operations Gurus
Security Gurus
Marketing Gurus
Technology Gurus
eBanking Gurus
|
New Branches & CRA/HMDA Reporting
Answer by Todd Cooper, PCi
Question: I just need to verify information. We are an existing CRA/HMDA reporting institution. We just opened two new branches in July, 2003. I would assume that we would collect data for reporting immediately and that there is not any kind of transition period. Am I correct?
Answer: Your assumption is correct. There is no transition or grace period for new branches on CRA or HMDA reporting. It is an institution wide mandate, and not branch specific.
PCi Corporation is the leading provider of compliance risk management solutions that ensure financial institutions fully comply with the Community Reinvestment Act (CRA), the Home Mortgage Disclosure Act (HMDA), fair lending and anti-predatory laws, as well as the National Flood Insurance Reform Act. More than 90 of the nation's top 100 banks, numerous community banks, and many of the federal and state regulatory and enforcement agencies rely on the company's compliance products, data, and services. More information about PCi can be found at www.pciwiz.com.
Todd Cooper
EVP, CRA Products
PCi Corporation
617 535-3000
First published on BankersOnline.com 8/18/03
Home | Compliance | Lending | Operations | Security | Marketing | Technology | eBanking
BOL Archives Privacy Policy Important Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our
advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all
banking professionals. Support our advertisers and sponsors by clicking
through to learn more about their products and services.
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!