CRA

Patriot Bank, based in Millington, Tennessee, has agreed to enter into a consent order with the U.S. Department of Justice (DOJ) to resolve the federal government’s allegations that the bank avoided providing mortgages to people living in, or seeking to live in, majority Black and Hispanic neighborhoods.  Patriot, a community bank with eight branches, serves […]

The U.S. Department of Justice (DOJ) announced recently that through its “Combatting Redlining Initiative,” it has secured more than $107 million in relief for communities nationwide experiencing lending discrimination. Attorney General Merrick Garland declared, “This work is just the beginning – the Justice Department currently has over two dozen active investigations into redlining, spanning neighborhoods […]

On October 24th, the Office of the Comptroller of Currency, Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a final rule to strengthen and modernize the Community Reinvestment Act (CRA). This revision to the CRA regulation, the first comprehensive update since 1995, was issued with the following stated goals:  Encourage banks to expand […]

Under the Community Reinvestment Act (CRA), examiners will assess the community credit and development needs in a bank’s assessment area. A community credit needs assessment – which may also be referred to as a community needs assessment – is a component of the analysis of performance context in a CRA examination. It is intended to […]

Get It Right: It’s a mantra for HMDA reporting, and it’s equally critical in CRA small business reporting for regulatory compliance. Three of the four critical fields to CRA reporting routinely cause lenders problems: Loan Amount, Loan Location and Gross Annual Revenues of $1 Million or Less. The right answer depends on such specifics as […]