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2002 CRA FILE SPECIFICATIONS Reporting Changes For 2002 CRA Files There are no changes for 2002 - ff

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The document outlines the specifications for reporting Community Reinvestment Act (CRA) data for the year 2002, detailing the required formats and record types for submissions to the Federal Reserve. It includes information on file characteristics for cartridge tapes, PC diskettes, and CD-ROMs, as well as specific record formats for various CRA data categories such as small business loans, small farm loans, community development loans, and assessment areas. The document emphasizes that all records must adhere to a fixed length of 314 characters and provides guidelines on data organization and submission requirements.

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Are purchased loans (CRA) reportable?

HMDA says that if the loans are part of the branch assets being acquired and the loans were originated in the year of the acquisition, you are to report those loans as purchased. However, if the loans were originated in a prior year, they are not reportable.

What loans require CRA data collection?

Institutions are required to collect and report only those commercial loans that are included in loans to small business, as defined in the instructions for preparation of the Consolidated Report of Condition and Income (Schedule RC-C, part II, of the Consolidated Report of Condition and Income (Call Report) or

Are non-profit loans (CRA) reportable?

Answer: Any loan to any entity, non profit or for profit, must meet at least one of the community development purposes in order to qualify as a community development loan. In addition, the loan cannot already be reported as small business or small farm.

What is the Community Reinvestment Act data collection?

The purpose of CRA data collection and reporting is to enable examiners and the public to evaluate whether a bank is helping to meet the credit needs of its communities through its small business, small farm loans, consumer and home mortgage lending as applicable.

Which loans are CRA reportable?

The basic categories of loans are home mortgage loans, small-business loans, small-farm loans, community development loans, and the five categories of consumer loans (motor vehicle loans, credit card loans, home equity loans, other secured loans, and other unsecured loans).

What is CRA and HMDA?

Two federal laws, the Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA), passed in the 1970s after a national grassroots advocacy campaign that uncovered examples of redlining refusal to loan in a community due to bankers misperceptions of risk gave rise to a community reinvestment movement.

Are loan extensions (CRA) reportable?

For CRA purposes, both refinances and renewals are reported; refinances are transactions where a new loan obligation (a note) satisfies and replaces the prior obligation, while a renewal refers to the extension of the maturity date of the loan. Both are considered (and reported if a CRA reporter) for CRA purposes.

Are purchased loans HMDA reportable?

Does the transaction involve a Covered Loan? Under HMDA and Regulation C, a transaction is reportable only if it is an Application for, an origination of, or a purchase of a Covered Loan. These materials illustrate one approach to help determine whether a transaction involves a Covered Loan.

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