§__.42(a) Gross Annual Revenue Versus Adjusted Gross Annual Revenue
§__.42(a)(4) – 4 Q: When indicating the gross annual revenue of small business or small farm borrowers, do institution rely on the gross annual revenue or the adjusted gross annual renew of their borrowers? A4. Institutions rely on the gross annual revenue, rather than the adjusted gross annual revenue, of their small business or small farm borrowers…
§__.42(b)(1) Required CRA Data Reporting
§__.42(b)(1) – 1 Q: For small business and small farm loan information that is collected and maintained, what dat should be report? A1. Each institution that is not exempt from data collection and reporting is required to report in machine-readable form annually by March 1 the following information, aggregated for each census tract in which the institution…
§__.42(b)(2) Required CRA Data Reporting for Community Development Loans
§__.42(b)(2) – 1 Q: What information about community development loans must institutions report? A1. Institutions subject to data reporting requirements must report the aggregate number and amount of community development loans originated and purchased during the prior calendar year. Source: Interagency Questions & Answers Regarding Community Reinvestment | July 2016
§__.42(b)(2) Required Data Reporting – HMDA vs. CRA
§__.42(b)(2) – 2 Q: If a loan meets the definition of a home mortgage, small business, or small farm loan AND qualifies as a community development loan, where should it be reported? Can Federal Housing Administration, Veterans Affairs, and Small Business Administration loans be reported as community development loans? A2. Except for multifamily affordable housing loans, which…
§__.42(b)(2) CRA Data Reporting on Affordable Housing Community Development Loans
§__.42(b)(2) – 3 Q: When the primary purpose of a loan is to finance an affordable housing project for low- or moderate-income individuals, but, for example, only 40 percent of the units in question will actually be occupied by individuals or families with low or moderate incomes, should the entire loan amount be report as a…
§__.42(b)(2) CRA Data Reporting on Loan Participations
§__.42(b)(2) – 4 Q: When an institution purchase a participation in a community development loan, which amount should the institution report – the entire amount of the credit originated by the lead lender or the amount of the participation purchased? A4. The institution reports only the amount of the participation purchased as a community development loan. However,…
§__.42(b)(2) CRA Data Reporting on Community Development Loan Refinances and Renewals
§__.42(b)(2) – 5 Q: Should institutions collect and report data about community development loans that are refinanced or renewed? A5. Yes. Institutions should collect information about community development loans that they refinance or renew as loan originations. Community development loan refinancings and renewals are subject to the reporting limitations that apply to refinancings and renewals of small business…
§__.42(b)(3) CRA Data Collection for Mortgage Loans for non-HMDA Reporters
§__.42(b)(3) – 1 Q: Must institutions that are not required to collect home mortgage loan data by the HMDA collect home mortgage loan data for purposes of the CRA? A1. No. If an institution is not required to collect home mortgage loan data by the HMDA, the institution need not collect home mortgage loan data under the…
§__.42(c)(1) CRA Data Requirements for Consumer Loans
§__.42(c)(1) – 1 Q: What are the data requirements regarding consumer loans? A1. There are no data reporting requirements for consumer loans. Institutions may, however, opt to collect and maintain data on consumer loans. If an institution chooses to collect information on consumer loans, it may collect data for one or more of the following categories of…
§__.42(c)(1)(iv) CRA Reportable Income Requirements for Consumer Loans
§__.42(c)(1)(iv) – 1 Q: If an institution does not consider income when making an underwriting decision in connection with a consumer loan, must it collect income information? A1. No. Further, if the institution routinely collects, but does not verify, a borrower’s income when making a credit decision, it need not verify the income for purposes of data…