What's the difference between a REMA and an Assessment Area?
With regard to reporting non-dwelling secured or unsecured business loans for CRA credit, what are the characteristics of a modification versus a renewal?
I was given a figure by our strategic planning team that one of the bank's strategic goals over the next three years is to achieve 80% employee participation in yearly CRA service. I was not asked for input on this goal, it was just handed to me. This number seems exorbitantly high, in my opinion. We're about 1000 employees, so this means that over three years, we would have 800 instances of volunteerism.
My question is, what documentation or best practice exists on an acceptable percentage of employee participation in service activities? I'm having trouble finding this information anywhere, and I need something to back up my assertion that this number is way high and will be difficult to achieve.
Under CRA, what constitutes a commercial or Industrial purpose? I have looked for a definition to no avail. Would this include a loan to a small business for a capital injection?
If a bank, in the normal course of business does not regularly supply information to a CRA on consumers, are they required to provide new information as a result of an address discrepancy under Fact Act ID Theft?
Attention Deficit Disorder
by Mary Beth Guard
Recently, I was diagnosed with CRADD:
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.
What is the name of the folder that all banks are required to make available to the customer to see that they are in compliance with fair lending?
To report business income for CRA purposes, do we use Gross Profit, Gross Revenues or neither?
I'm creating a CRA Public Folder for the first time and one of the requirements is a map of each assessment area showing the boundaries of the area and identifying the geographies contained within the area, either on the map or in a separate list. My bank is in Dublin Georgia. We have one branch in Wilkinson and two branches in Laurens county. No one knows where to get the map. I'm new to the bank. If we're not able to retrieve the map it says that we can list it in separate paper. What information are they looking for us list? What does it mean by assessment area showing the boundaries of the area and identifying the geographies contained within the area?