Has anyone seen any updated income codes for CRA. Our loan area keeps asking, but I haven't seen any. Did I miss this somewhere? Thanks.

Go to FFIEC and under CRA you will see the 2005 File Specifications. This year you will be entering a rounded dollar amount instead of a code

I have the 2005 CRA File Specifications. It says "No modifications were made to the CRA Specification for 2005 data collection". On the last page - micro data - number 16 addresses income for Business and Farm - this still is a code; number 17 is for consumer and this is where we are to round. Am I understanding this? From the response Don gave, it sounds like we are to round for all, not just consumers. Please clarify.

Well let me look again just to be sure

http://www.ffiec.gov/cra/pdf/2005specs.pdf

2005 CRA FILE SPECIFICATIONS

Oops I looked at the wrong line

DISREGARD MY PREVIOUS STATEMENT

Thanks for checking Don. I thought maybe I had finally reached my capacity of understanding regulations.

I looked at the software and the codes are the same.

Oh thank goodness!!!! It's hard enough to get loan officers to tell you, or document, if the business has revenues of $1Million or less, or over $1Million. If we had to report a rounded figure of actual revenues......
AAAGGGHHHHHH!!!!!!!!!

Okay shhh......., please don't give Congress or lobbyists any ideas here.......

I have reviewed the income codes and what is on the FFIEC's File Specifications is different than what the previous compliance officer sent our loan department. The ones they had from 2004 actually had dollar amounts for the consumer loans rather than rounding to the nearest thousandth. Could there be two different types of income codes? I am new at this so any insight is appreciated - thanks.

The software to collect and report 2005 data is using the same Revenue codes as 2004 1=$1mil or less and 2=Greater than $1mil 3=Not Known

However the 2005 File Specification specifications on the FFIEC site is showing "2005 "COMPOSITE" Small Business" on page 3. It does indicate a dollar amount,

However you can only enter codes in the FFIEC software.

The software Help file is showing file specification again for Composite data but does not indicate a dollar amout for Small Business Revenue

It is confusing and it faked me out as well.

As the software only allows the input of a code number then go with it.