What are MDI’s and the benefits of partnering with one?
Do you ever feel hesitant to engage with organizations in your community because you are unsure if the activity will qualify for CRA? You are not alone. Inconsistencies among the agencies as to what qualifies as CRA eligible activity can cause confusion and make discerning worthwhile partnerships from not-so-worthwhile partnerships that much more difficult. In
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CRA as a Profitable Endeavor
Community Reinvestment Act (CRA) compliance is often considered to be a burden rather than a blessing to many financial institutions. With ever changing, and sometimes ambiguous regulatory requirements, it can be tempting to roll our eyes when it comes time for an evaluation of CRA. Like many things, if we change our mindset to see
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When will an institution have to comply with the upcoming 1071 Small Business Lending reporting requirements?
Compliance dates for 1071 will be enforced on a tier system. According to a release from the CFPB in June of this year, the final rule, which was to become effective August 29, 2023, was subject to a stay by a federal Texas court pending the outcome of the Supreme Court decision in CFPB v.
What is a Community Development loan?
Answer: There is often confusion surrounding what does or does not qualify as a Community Development loan for your financial institution. To put it simply, a community development loan is a product that provides financing to support the credit needs and development of low- and moderate-income (LMI) communities. Community Development activities are generally defined as
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