CRA

Are you interested in learning about what sort of financial information is available to you? Read on dear reader, read on.

To ensure financially sound practices, legislature passed the Community Reinvestment Act (CRA). The CRA requires federal banking regulators to publicly evaluate and rate FDIC-insured banks and savings associations. A regulatory agency assesses a financial institutions’ history of helping to meet the credit needs of their communities in accordance with the CRA.

The financial institution’s regulatory agency prepares a written performance evaluation of its CRA activities including a CRA rating at the end of each CRA examination. This evaluation is made available to you as the CRA PE or Performance Evaluation.  The public file will contain the following:

·         The financial institution’s CRA

·         Performance Evaluation

·         Branch addresses and services available

·         Map of assessment area

·         Loan data information (for Large Banks)

·         Descriptions of efforts to improve performance (if rated less than satisfactory)

·         Written comments from the public

If you are interested in any of this information, you can walk into any FDIC-insured financial institution and simply ask for a copy of the CRA PE. It’s that easy!