I'm somewhat new to identifying CRA qualifying donations and am looking for opinions on whether I should or could try to include a contracted annual donation to our County Economic Development Group.
This CEDG is a non-profit and their mission statement lines up with the Revitalize and Stabilize category. Our marketing director indicated that the funds are considered a sponsorship and doesn't think it would count. We do get an acknowledgement on their website as being a sponsor so to that affect I'm assuming she is viewing it more as advertising for her reasoning to not include it. Our name being included on the website is in acknowledgement of our level of donation and the funds are a general investment into the organization. It is not a specific advertising expense.
We have included one off donations to this group throughout the years but apparently have never considered adding this sponsorship donation to the list of qualified donations.
Would it qualify as described or could it qualify if we had any stipulations as to funds use?
We are looking for a good product for recording and analyzing fair lending and CRA compliance. Are there any companies that we should be looking at? We understand BOL and the gurus canâ€™t endorse any one product but would like to know what products the OCC and other regulatory agencies use as that would certainly be of interest. Is there any products not "recommended" but thought of highly?
I was just made the banks CRA Officer. I know what CRA is but, I have no clue what the heck I am doing. What should I do first, second and third and for the long term?
Do we know when the FFIEC will update their maps to show the new 2020 census data? Or can you help me find where I can find the updated maps/income levels?
How does a bank best create an assessment area map and map of their county showing branch locations and census tracts for its CRA public file?
We relocated a branch. Based on the distance between both branches it was considered a relocation and not "closed." The question is, that if we must include that relocated branch in our CRA Public File as a closed branch?
When reporting revenue on the small business LAR can you please clarify the following for me:
We have a loan program called "Low Doc" in which financials are not used in making the credit decision based on a number of factors, however we do have the revenue information from the customer. In order that these loans are not reported as a code 3 – and not counted in our CRA totals, is it appropriate in using the business revenues that the customer provided?
A CRA Community Development Loan was included in the last exam cycle for our bank. In 2019 the loan was modified with new money and we added it to the CRA Community Development Loan list again for the current exam cycle. With loan modifications, can we count the total loan amount or just the new money that was added to the original loan?
Is a loan to a company buying stock from an ex-employee CRA reportable? It is secured by business assets.
If we are making a CRA small business loan to an individual that operates as a sole proprietor and who does not have any schedules as part of their tax return, can we use the personal income as the gross revenues since we relied upon that personal income in making the credit decision, or would this not be a reportable loan?