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.

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.

Share on Social:

Recent Webinars

  • SEO 101: Building a Foundation to Increase Your Organic Traffic

    ...

    View Here
  • 2021 Marketing and Compliance Report Findings

    ...

    View Here
  • Marketing In-Person Events in a Digital World

    Watch our webinar on marketing in-person events to learn about creating digital opportunities for your in-person events and connecting with at-home and remote followers.

    View Here

In need of some extra resources? We got you.

Subscribe to our community to receive news, insights, and more great content.