Answers to Frequently Asked Questions about the New Data I Collection and Reporting Recruirenen
The revised Community Reinvestment Act (CRA) regulations that went into effect January 1, 1996, brought many questions from lenders about data collection and reporting requirements. To ensure consistency in the answers being provided, staff of the four agencies responsible for CRA enforcement have produced the attached document answering the most frequently asked questions about critical reporting issues.
Although the Federal Reserve Board recently mailed this information to institutions that are expected to report CRA data, the FDIC is providing the same document to all FDIC-supervised institutions because of the high level of interest in the revised CRA rule. If your institution is required to collect and report CRA data, please distribute this information to the appropriate employees.
If you have other questions about CRA data collection, reporting issues and use of the software, the Federal Reserve Board provides assistance on behalf of the four agencies. You can call the Federal Reserve's CRA Assistance Line at 202-872-7584 or write via the Internet to CRAHELP@FRB.GOV. Other questions regarding the new regulation should be directed to the FDIC's Division of Compliance and Consumer Affairs (DCA). A list of DCA offices is attached.