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Welcome to Compliance 911, a no-nonsense, cut to the point, style show for today’s busy bank and credit union compliance professionals. With this series of bi-weekly shows our goal is to boil down some of today’s hottest regulatory compliance topics in quick and easy to digest 5-10 minute episodes so you can get the information you want and get on with your day. We’ll be discussing topics like CRA, HMDA, Fair Lending, Anti Money Laundering, and so much more. Don’t forget to subscribe and tell a friend about us! Follow M&M Consulting and GeoDataVision us on LinkedIn to get the latest updates.
Episodes
Jun 5, 2023
Jun 5, 2023
16 min
In this episode of Podcast 51, hosts Dean and Len discuss the complexities of community development under the Community Reinvestment Act (CRA). They outline the four different definitions that qualify for community development credit: affordable housing, community services, economic development, and revitalization/stabilization. Len provides an in-depth explanation of each definition and shares tips for maximizing community development credit.
They also discuss common misconceptions about claiming credit for community development activities outside assessment areas. Len emphasizes the importance of claiming credit for all qualified community development activities, as it can contribute to a higher performance rating under CRA regulations. This episode is a valuable refresher for anyone seeking clarity on the intricacies of community development under the CRA.
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