Thread Options
#56386 - 01/23/03 10:08 PM cra audit
SRussell Offline
New Poster
SRussell
Joined: Nov 2002
Posts: 16
Oklahoma
I am getting ready to start my first ever CRA audit. We are a small bank and are not HMDA. I have updated the public file and checked the lobby notice. What else do I need to do?

Return to Top
Audit
#56387 - 01/24/03 03:24 PM Re: cra audit
Walleye Woman Offline
Platinum Poster
Walleye Woman
Joined: Jul 2002
Posts: 832
The best thing that I have found is to get a copy of your regulator's examination handbook. Follow their procedures for CRA examinations. I know the OTS publishes their handbook on their website.
_________________________
Marilyn, CRCM

I'd rather be fishing.


Return to Top
#56388 - 01/28/03 12:38 AM Re: cra audit
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
I'd verify the information in the file that specifically comes from that department (ie the census tracts and location of your branches and atm's) are they right? When I started here mine were way off and I took some time to clean it up! A good audit would have caught that years ago but the auditors had never done one.

If you find errors, review the officers sources before you file a problem though. In some areas a very specific map needs to be produced to get a 100% accurate tract location. Your source might not be as good as theirs. (Try FFIEC website for geo-coding).
_________________________
Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

Return to Top
#56389 - 02/25/03 04:54 PM Re: cra audit
c.a.r Offline
Gold Star
c.a.r
Joined: Oct 2002
Posts: 377
Texas, USA
Please answer this... who is responsible for the CRA report??
_________________________
There will be no crises next week. My schedule is already full...

Return to Top
#56390 - 02/25/03 05:25 PM Re: cra audit
1111 Offline
Platinum Poster
1111
Joined: Jan 2003
Posts: 580
Just completed the CRA exam (FDIC) in a small bank environment. The key is the loan portfolio and they will sort through your portfolio to see if you are serving a full spectrum of the community.

But beyond that, the completion of documentation by board members, officers and employees outlining their involvement in the community is a real big deal if that documentation clearly indicates that your group is involved. Also, contributions to local community groups is a real plus, so that information should be readily available. BOL has some real good forms posted under tools that cover this issue.

By the way, the FDIC stated that they will not be back to exam CRA for 5 years!

Return to Top
#56391 - 02/25/03 07:19 PM Re: cra audit
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
The term CRA Report throws me off. What "report" are you speaking of? The Loan Register, HMDA? Board Reports, Interaction with Examiners?

I wish I had just one report to do I'll try to answer you if you can tell me more Remember I'm high on coffee....tee hee hee
_________________________
Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

Return to Top

Moderator:  Andy_Z