How often are CRA exams conducted?
about every 3 years
Depository institutions undergo CRA exams about every 3 years, depending on past performance. Every business quarter, the Federal Deposit Insurance Corporation (FDIC) releases the CRA Examination Schedule by region and lists the information about each bank that is being examined.
What percentage of the CRA rating is affected by the service test?
Despite the fact that the service test rating receives significant weight (25 percent) in determining a bank’s total CRA score, its impact to date on bank activ- ities is unclear.
What are CRA examinations?
Examiners conduct a separate review under the Community Reinvestment Act (CRA) to determine how well a bank is meeting the credit needs of its entire community — in particular, the credit needs of low- and moderate-income individuals — without compromising the safety and soundness of the bank’s operations.
What happens if bank fails CRA exam?
In some cases, a bank may receive a technical downgrade to their CRA rating based on other compliance matters or issues within the bank. This can result in a bank that would otherwise have a Satisfactory CRA rating receive a lower rating.
Is a bank examiner a good career?
Salary and Job Outlook position themselves to start out in higher-paying and more prestigious jobs. According to the BLS, growth in the bank and financial examiner fields is expected to be higher than average through 2028. In 2018, the United States had approximately 60,900 bank examiners.
Is the FDIC a good place to work?
This year, the FDIC ranked No. 4 among midsize agencies, up one spot from last year. The 2019 designation marks the tenth consecutive year that the FDIC has been ranked among the top workplaces in the federal government. The full 2019 rankings can be found at https://bestplacestowork.org/rankings/overall/mid.
How much does an FDIC examiner make?
FDIC Salary FAQs The average salary for an Examiner is $62,881 per year in United States, which is 24% lower than the average FDIC salary of $83,257 per year for this job.
What is CRA eligible?
What Makes a Census Tract CRA Eligible? Tracts are eligible if they are low- or moderate-income, or if they are nonmetropolitan middle-income tracts designated by the FFIEC as distressed or underserved.
What are CRA assessment areas?
Every bank subject to the CRA has a defined assessment area. The assessment area typically encompasses the geographic area that can reasonably be served by each of a bank’s locations, including its main office, any branches, and deposit-taking ATMs.
What is a CRA officer?
The CRA Officer is responsible for maintaining Brand Bank’s Satisfactory or better Community. Reinvestment Act regulatory rating and compliance with federal Community Reinvestment Act. regulations.
Do financial examiners travel?
Financial examiners typically work in offices. They frequently have to travel to inspect a bank onsite. Financial examiners typically work in offices. They frequently have to travel to inspect a bank onsite.
Where can I find information about the CRA examination schedule?
The same information is also published and accessible directly in the Board’s H.2. release, “Actions of the Board, Its Staff and the Federal Reserve Banks, Applications and Reports Received.” In the event a bank’s CRA examination is delayed, the revised or adjusted schedule will be republished in the appropriate quarter.
What is the Federal Reserve’s CRA examination?
The Federal Reserve takes these comments into account during a bank’s CRA examination, and shares any comments it receives about a bank’s performance with the bank to encourage communication between the public and bank. The time between examinations varies and may be as long as 48 or 60 months.
How do I find the latest CRA ratings of financial institutions?
This search engine will enable you to find the latest CRA ratings of financial institutions supervised by the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and/or Office of Thrift Supervision. By selecting the criteria of the bank (s) you wish to obtain, you can get the latest CRA rating.
What happens if a bank’s CRA examination is delayed?
In the event a bank’s CRA examination is delayed, the revised or adjusted schedule will be republished in the appropriate quarter. Members of the public may submit comments on a bank’s CRA performance.