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Flashcards in CRA Deck (20)
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1
Q

The CRA was enacted to encourage institutions to meet the credit needs of:

A

the communities where they are chartered

2
Q

Banks must delineate one or more assessment areas to be evaluated. The assessment area must:

A

* consist of one ore more metropolitan statistical areas (MSA), or contiguous political subdivision AND

* include the geographies in which the bank has its main office, branches, and deposit-taking ATMs, as well as surrounding areas where the bank has originated a substantial portion of its loans

3
Q

Bank must collect and maintain data on small business and small farm loans:

A

originated or purchased

4
Q

Banks may collect and maintain data on:

A

consumer loans originated or purchased by the bank

5
Q

Banks must report CRA data annually by:

A

March 1 for data of the previous calendar year

6
Q

A bank must maintain a public CRA file at:

A

its main office and one office within each additional state

7
Q

A bank must make the following information available to the public for inspection on request at no costs:

A

* at the main office, the entire contents of its public file AND

* at each branch office, a copy of the public section of the most recent CRA evaluation AND

* product the public file within 5 calendar days upon request

8
Q

The bank must provide in the public lobby of its main office and each branch office the public notice required that informs the public of:

A

the availability of CRA pubic information and the right of the public to participate in the CRA process

9
Q

Large banks may be evaluated under what performance standards:

A

lending, investment, service tests or choose the strategic plan option

10
Q

Small banks may be evaluated under what performance standards:

A

small bank test; lending, investment, and service test; strategic plan option

11
Q

The strategic plan option for evaluation of performance standards is only available if:

A

the institution has been operating under it for at least one year

12
Q

What is the CRA evaluation strategic plan option?

A

a submitted and approved plan that has informally gathered public suggestions with measurable goals and performance categories

13
Q

What are the possible CRA ratings?

A

outstanding, satisfactory, needs to improve, or substantial noncompliance

14
Q

CRA ratings are taken into consideration when the bank:

A

* establishes or relocates a branch

* merger or consolidation

* conversion of bank charter

* deposit insurance for new charter

15
Q

Banks must make public any CRA covered agreement involving a:

A

* payment more than $10,000 OR

* loans in excess of $50,000 in a calendar year

16
Q

Copies of covered agreement must be provided to each relevant supervisory agency within:

A

60 days at the end of each calendar quarter

17
Q

If the relevant supervisory agency requests a copy of any covered agreement, the bank must provide it within:

A

seven calendar days

18
Q

Within one year after a covered interstate branch is acquired or established, regulators will determine whether the banks statewide loan to deposit ratio is:

A

less than 50 percent of the relevant host state loan to deposit ratio

19
Q

What are the small business and farm loan thresholds for CRA?

A

* business less than $1 million

* farm less than $500,000

20
Q

What is the nationwide deposit cap for any one bank?

A

10%