{"id":2852,"date":"2022-04-21T18:04:56","date_gmt":"2022-04-21T18:04:56","guid":{"rendered":"https:\/\/albanknews.com\/?p=2852"},"modified":"2022-04-21T18:04:56","modified_gmt":"2022-04-21T18:04:56","slug":"compliance-qa-cra-community-development-credit-considerations","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=2852","title":{"rendered":"Compliance Q&A: CRA Community Development Credit Considerations"},"content":{"rendered":"

Q<\/b><\/span>. <\/span>We have a designated disaster area close by and were wondering which activities in these areas would qualify for CRA Community Development?<\/b><\/span><\/p>\n

A<\/b><\/span>.<\/b><\/span> There are a variety of activities relating to designated disaster areas (DDA) that may qualify. Loans, investments\/donations, and services that revitalize or stabilize DDAs may be eligible for CRA consideration if the activities (1) help attract new or retain existing businesses or residents; and (2) are related to disaster recovery. For example, qualifying activities could include a loan to a business affected by the disaster that would otherwise have to close; an investment in a municipal bond that will rebuild essential community buildings that were destroyed by the disaster; providing financing for rebuilding needs; or delivering financial expertise to an organization providing housing for displaced residents. The activities must generally occur within 36 months of the disaster declaration to be eligible to receive consideration; however, the agencies can extend this period for exceptional situations, such as where there is a demonstrable need in a particular DDA that requires longer-term assistance. Banks subject to CD evaluation are encouraged to monitor and document activities in DDAs that may be considered in their next CRA exam. \u00a0\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\n

Compliance Alliance<\/b> offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933<\/b> or email info@compliancealliance.com<\/a> and ask for our Membership Team.<\/p>\n","protected":false},"excerpt":{"rendered":"

Q. We have a designated disaster area close by and were wondering which activities in these areas would qualify for CRA Community Development? A. There are a variety of activities relating to designated disaster areas (DDA) that may qualify. Loans, investments\/donations, and services that revitalize or stabilize DDAs may be eligible for CRA consideration if the activities (1) help attract new or retain existing businesses or residents; and (2) are related to disaster recovery. For example, qualifying activities could include a loan to a business affected by the disaster that would otherwise have to close; an investment in a municipal […]<\/p>\n","protected":false},"author":1,"featured_media":1070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19,33,25,23],"tags":[],"class_list":["post-2852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-compliance-qa","category-industry-reports","category-publications","has_thumb"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/albanknews.com\/wp-content\/uploads\/2017\/11\/compliance-alliance.png?fit=800%2C800&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p4Y3P2-K0","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2852"}],"version-history":[{"count":1,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2852\/revisions"}],"predecessor-version":[{"id":2854,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2852\/revisions\/2854"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/media\/1070"}],"wp:attachment":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}