§__.42(a) CRA Data Collection for Small Business Loans
§__.42(a) – 2 Q: For loans defined as small business loans, what informations would be collected and maintained? A2. Institutions that are not exempt from data collection and reporting are required to collect and maintain, in a standardized, machine-readable format, information on each small business loan originated or purchased for each calendar year: A unique number or…
§__.42(a) CRA Data Segregation for Small Farm Loans
§__.42(a) – 3 Q: Will farm loans need to be segregated from business loans? A3. Yes. Source: Interagency Questions & Answers Regarding Community Reinvestment | July 2016
§__.42(a) CRA Data Collection for Agricultural Loans
§__.42(a) – 4 Q: Should institutions collect and report data on all agricultural loans of $500,000 or less at origination? A4. Institutions are to report those farm loans that they capture in Call Report Schedule RC-C, Part II. Small farm loans are defined as those whose original amounts are $500,000 or less and were reported as either “Loans…
§__.42(a) CRA Data Collection for Small Business & Farm Loan Refinances & Renewals
§__.42(a) – 5 Q: Should institutions collect and report data about small business and small farm loans that are refinanced or renewed? A5. An institution should collect information about small business and small farm loans that it refinances or renews as loan originations. (A refinancing generally occurs when the existing loan obligation or note is satisfied and a new…
§__.42(a) CRA Data Collection on Fishing Industry Loans
§__.42(a) – 6 Q: Does a loan to the “fishing industry” come under the definition of small farm loan? A6. Yes. Instructions for Call Report Schedule RC-C, Part I include loans “made for the purpose of financing fisheries and forestries, including loans to commercial fishermen” as a component of the definition for “Loans to finance agricultural…
§__.42(a) CRA Data Reporting on Home Equity Loan with Home Improvement & Small Business Purposes
§__.42(a) – 7 Q: How should an institution report a home equity line of credit, part of which is for home improvement purposes and part of which is for small business purposes? A7. When an institution originates a home equity line of credit that is for both home improvement and small business purposes, the institution has the…
§__.42(a) CRA Data Collection on Non-Domestic Loans
§__.42(a) – 8 Q: When collecting small business and small farm data on CRA purposes, may an institution collect and report information about loans to small businesses and small farms located outside the United States? A8. At an institution’s option, it may collect data about small business and small farm loans located outside the United States; however,…
§__.42(a) CRA Data Reporting When No Loans Were Originated
§__.42(a) – 9 Q: Is an institution that has no small farm or small business loans required to report under CRA? A9. Each institution subject to data reporting requirements must, at a minimum, submit a transmittal sheet, definition of its assessment area(s), and a record of its community development loans. If the institution does not have community…
§__.42(a) CRA Data Reporting for P.O. Boxes and Rural Routes
§__.42(a) – 10 Q: How should an institution collect and report the location of a loan made to a small business or farm if the borrower provides an address that consists of a post office box number or a rural route and box number? A10. Prudent banking practices and Bank Secrecy Act regulations dictate that institutions know…
§__.42(a)(2) Reportable Loan Amount at Loan Purchase
§__.42(a)(2) – 1 Q: When an institution purchases a small business or small farm loan, in whole or in part, which amount should the institution collect and report – the original amount of the loan or the amount of the purchase? A1. When collecting and reporting information on purchased small business and small farm loans, including loan…