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#2261832 - 10/29/21 04:11 PM CD Loan
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,963
TN
I have a quick question. Last year we made a loan that could have counted toward community development; however the compliance department wasn't notified and it didn't come up during the internal review performed. Now we are adding funds as the project cost increased. I know we can count the additional funds this year, but since it wasn't submitted as a CD loan during 2020 can we get credit for the entire loan amount in 2021 since it is being renewed and increased?

Thank you!
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CRA
#2262105 - 11/04/21 04:21 PM Re: CD Loan Skittles
Len S Offline
Diamond Poster
Joined: Oct 2004
Posts: 1,945
Connecticut
Do you report your CRA activity?

You can submit additional data during a CRA exam with an explanation about why you omitted it in any reported data. So you should get credit in the year the loan was originated whether you mistakenly omitted it or not when reporting.
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#2262112 - 11/04/21 04:59 PM Re: CD Loan Skittles
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,963
TN
Wonderful news - thanks so much Len!
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