CRA

Question 1

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

Answer 1

the communities where they are chartered

Question 2

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

Answer 2

* 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

Question 3

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

Answer 3

originated or purchased

Question 4

Banks may collect and maintain data on:

Answer 4

consumer loans originated or purchased by the bank

Question 5

Banks must report CRA data annually by:

Answer 5

March 1 for data of the previous calendar year

Question 6

A bank must maintain a public CRA file at:

Answer 6

its main office and one office within each additional state

Question 7

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

Answer 7

* 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

Question 8

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:

Answer 8

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

Question 9

Large banks may be evaluated under what performance standards:

Answer 9

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

Question 10

Small banks may be evaluated under what performance standards:

Answer 10

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

Question 11

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

Answer 11

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

Question 12

What is the CRA evaluation strategic plan option?

Answer 12

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

Question 13

What are the possible CRA ratings?

Answer 13

outstanding, satisfactory, needs to improve, or substantial noncompliance

Question 14

CRA ratings are taken into consideration when the bank:

Answer 14

* establishes or relocates a branch

* merger or consolidation

* conversion of bank charter

* deposit insurance for new charter

Question 15

Banks must make public any CRA covered agreement involving a:

Answer 15

* payment more than $10,000 OR

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

Question 16

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

Answer 16

60 days at the end of each calendar quarter

Question 17

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

Answer 17

seven calendar days

Question 18

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

Answer 18

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

Question 19

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

Answer 19

* business less than $1 million

* farm less than $500,000

Question 20

What is the nationwide deposit cap for any one bank?

Answer 20

10%