Regulatory Compliance Newsletter #6
These newsletters are intended to help you with regulatory compliance.
GeoDataVision issues these advisories periodically.GeoDataVision announces new CRA Market Reports Release GeoDataVision President, Len Suzio announced the release of a special Community Development Lending Report made available to the public on the GeoDataVision website, www.geodatavision.com . "The recent changes in the Community Reinvestment Act require that banks focus on community development activities in order to pass a CRA Performance Evaluation. The special Community Development Lending Report compiled by GeoDataVision from the just-released FFIEC CRA Aggregate & Disclosure database shows that many of the new "intermediate-size" lenders may have difficulty meeting the new community development standards," said Suzio.
"The Report shows that more than 40% of the so-called "intermediate-size" lenders ($250 million to $1 billion assets) did not originate even one community development loan in 2005. This may indicate that a significant number of intermediate-size banks may have difficulty meeting the new community development activity standard that is a mandatory part of the revised performance evaluation standards announced by three of the major bank regulatory agencies", claimed Suzio.
The Federal Reserve Board, FDIC and Office of the Comptroller of the Currency announced their approval of revisions to the Community Reinvestment Act (CRA). The revisions relieve intermediate-size banks from reporting annual data under CRA. At the same time, performance standards mandating "community development activities" also were announced. Lenders may elect to continue performance evaluations under the standards in effect since 1995 or under the new standards. However, to continue under the old performance standards banks must continue to report as they have been since 1995.
The special Community Development Lending Report is a part of The CRA Small Business Loan Market Database Reports compiled and distributed by GeoDataVision annually. Suzio announced the new CRA Database Reports will be available for distribution by August 31. The reports contain market rank and market share comparisons valuable for compliance analysis as well as marketing applications. The Reports sell for $595 per state and are available in Access and portable document (pdf) format. Orders may be placed on the GeoDataVision website at http://www.geodatavision.com/pdf/orderform.pdf or by phone at 203-237-1332.
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