New CRA final rule: What to expect and how to prepare

The Community Reinvestment Act (CRA) was designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. Recently, a final rule was announced that updates CRA regulations to strengthen the achievement of the core purpose of the statute, and adapting to changes in the banking industry, including the expanded role of mobile and online banking.

In this webinar, Rhonda Coggins, CRCM, Manager, Risk Advisory Services at Wipfli will provide detailed information on the new Community Reinvestment Act (CRA) final rule recently issued by the Federal Reserve, FDIC and OCC. We will discuss the rule and how it modernizes regulations that implement the CRA. Please join us for 90 minutes including a Q&A session.

Discussion will include:

• Updated definitions of key terms and objectives and effective dates of the amended rule
• The new evaluation framework that includes seven different types of tests and how they will be weighted
• The major product lines evaluated under the new Retail Lending Test and how the tests will apply to institutions based on asset size
• A review of how the new rule considers community development loans, investments, and services
• The new geographic areas in which a bank’s activities are considered
• Components of the new rules which allow for flexibility
• And, much more!

PRESENTER:

Rhonda Coggins
Manager, Risk Advisory Services
Wipfli LLP

Rhonda Coggins, CRCM, is a Risk Advisory Services Manager at Wipfli where she provides compliance-related advice and guidance to banks and credit unions all over the country. With over 38 years of experience in the financial industry, she has served in a variety of compliance-related capacities, as a banker and as a consultant. She has managed compliance committees, participated in policy development, managed the implementation of compliance processes, managed compliance review and quality control processes, and has delivered training programs on various risk management and compliance topics. Rhonda currently serves on the Board of Directors of the Dallas Area Compliance Association.