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Latest Compliance - Community Development Topics

Documentation to Prove Community Development Loan

05/25/2015

What documentation would you suggest to prove a community development loan with the purpose of revitalization/stabilization in a moderate- income area? We are financing the purchase and construction of a mixed use development with upper income housing, retail and commercial space. The housing units have been completed but our loan will finance the finish out of the retail/commercial space. Development has TIF credits that our borrower will receive.

Construction CRA Reportable as Other Business Loan

08/06/2012

I'm new at CRA and while I'm sure a construction loan isn't HMDA reportable and wouldn't be CRA reportable as Small Business (collateral is residential property). Is it possible a construction loan could be CRA reportable as Other Business Loan? My borrower is building homes for business purpose, secured by the residential property being built.

Earning CRA Services Credit

04/13/2009

In order to receive the CRA services credit, does the bank employee have to be a direct representative of the bank? Would it count if an employee is volunteering with tax preparation assistance through a non-profit organization?

CRA Reporting for Community Development Loans

02/06/2006

I have a question that involves CRA Reporting for community development loans. If we have mortgage loans that are made to LMI borrowers or are in LMI areas, can we include these as community development loans on our CRA report? They are also included on our HMDA report. I know we get credit for these, but my question is whether we should include them on the CRA report to the FDIC as community development loans.

CRA: New Q&As Proposed

12/01/2005

The agencies have proposed new and revised CRA questions and answers designed to elaborate on and clarify the changes to CRA that took effect on September 1, 2005.

The Morphosis of Regulations

09/01/2005

Have you ever gone back and looked at a law or regulation when it was just adopted and then compared it to today's version? Take CRA for example.

CRA: Finally Out

08/01/2005

The three banking agencies, OCC, FDIC and the FRB, have issued final revisions to the CRA regulation. The changes take effect on September 1, 2005.

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Stormageddon and CRA

What started as Hurricane Sandy and turned into Stormageddon did enormous damage to the East Coast and much of the Northeast. By doing so, it also left CRA opportunities.

Distressed or Underserved Nonmetropolitan Geographies

Each year the bank regulatory agencies release an update to the list of distressed or underserved nonmetropolitan middle-income geographies.

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Most Popular Compliance Content

Reg E Question About Credit Card Fraud

10/25/2020

When a cardholder has a fraud alert on their card and they tell the fraud center that the transactions are NOT fraud, the fraud center reopens the card. Now the customer has roughly 10 or more charges from the same company that she just said were not fraud. Now she is claiming that they are all fraud. (including the original charges) What do we do?

Chamber of Commerce Cash & Prize Giveaway

10/25/2020

Our Chamber of Commerce is hosting a cash & prize giveaway to encourage people to shop local during the holidays. As a member of the Chamber of Commerce, the bank has been asked to pass out tickets as entries to win. Each business has a limited number of tickets. Employees of the bank are not allowed to obtain any tickets from the bank, but can from other businesses participating. My question is, can we offer multiple tickets as incentives for our customers to use other services we offer? Examples would be: 1) A customer comes in to make a deposit= 1 ticket. If they sign up for online banking while here we will offer an additional ticket. 2) A non customer comes in to cash a check= 1 ticket. If they open an account with us we will offer additional tickets. 3) A customer asks about a home loan= 1 ticket. If they qualify, they can earn additional tickets. If they decide to finance with us more tickets.

Misleading Collection Scripts Cost Financial Institution $28.5 Million

10/18/2020

In its $28.5 million settlement with Navy Federal Credit Union (NFCU), the Consumer Financial Protection Bureau (CFPB) stated that NFCU's collection letters contained material misrepresentations – or unfair or deceptive abusive acts or practices – that were likely to mislead consumers; how did NFCU's templates violate UDAAP?

Add Bank Fees Paid in Cash to CTR?

10/18/2020

Should bank fees (Cashier Check purchase fee of $6.00) paid by the customer in cash, be added to their current CTR? If so, would the bank be the benefactor and the customer the transactor?

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