Proposed CRA Changes: What You Need to Know

WEBINAR RECORDING

Hear more about the proposed changes.

Proposed CRA Changes:
What You Need to Know

WEBINAR RECORDING

Hear more about the proposed changes.

The Way You Record May Change Under New Rules

CRA is primed for its biggest change since 1995. From service activities to assessment areas, reporting standards and more, here’s what you should know!

Services

 

More Exacting Standards: Removing ambiguity is one of the key objectives of the proposal and services are primed to have an associated financial value.

Contest Broadening Standards: Under the proposed rules, financial institutions no longer have to have financial expertise associated with qualifying service activities.

The Way You Record May Change Under New Rules

CRA is primed for its biggest change since 1995. From service activities to assessment areas, reporting standards and more, here’s what you should know!

Services

 

More Exacting Standards: Removing ambiguity is one of the key objectives of the proposal and services are primed to have an associated financial value.

Contest Broadening Standards: Under the proposed rules, financial institutions no longer have to have financial expertise associated with qualifying service activities.

Assessment Areas

 

Modern-Day Banking: Assessment areas are changing to reflect the technological and innovative advancements in the financial industry, such as mobile and online banking.

Deposit-Based Assessment: Banks might have to expand their assessment areas to include locations where they receive a significant amount of deposits.

Assessment Areas

 

Modern-Day Banking: Assessment areas are changing to reflect the technological and innovative advancements in the financial industry, such as mobile and online banking.

Deposit-Based Assessment: Banks might have to expand their assessment areas to include locations where they receive a significant amount of deposits.

Reporting

 

Update Practices: Expand the scope of your workflows to include the tracking of activities that don’t involve financial expertise.

Compliance Deadlines: After the final rule is enacted, there will be a one year grace period to comply with assessment area, data collection and recording keeping requirements. There will also be a two year grace period to comply with reporting requirements.

Reporting

 

Update Practices: Expand the scope of your workflows to include the tracking of activities that don’t involve financial expertise.

Compliance Deadlines: After the final rule is enacted, there will be a one year grace period to comply with assessment area, data collection and recording keeping requirements. There will also be a two year grace period to comply with reporting requirements.

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