CD Loan

Posted By: Skittles

CD Loan - 10/29/21 04:11 PM

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!
Posted By: Len S

Re: CD Loan - 11/04/21 04:21 PM

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.
Posted By: Skittles

Re: CD Loan - 11/04/21 04:59 PM

Wonderful news - thanks so much Len!