#25: Don’t Leave This for the Examiners to Decide

The single most important CRA exam prep tool for you to consider is a CRA self-assessment. CRA self-assessments are assessments you perform on your own institution to understand your CRA strengths and performance gaps. If done correctly, the self-assessment mirrors an examiner’s approach to assessing your performance under the CRA. This assessment helps you understand how you’re currently performing, so you can prepare your performance context and story for your next CRA examination. There are three different types of CRA self-assessments: lite, targeted and comprehensive.Self-assessments are living and breathing documents that should be refreshed throughout the year. The length of the period depends on your institution’s situation/size. Self-assessments are an industry best practice and are the number one tool that has a tangible return on investment for your CRA program and your next CRA exam. No one knows your bank better than you; you should control the narrative. Don’t leave this up for the examiners to decide! They don’t have the time and they are not as invested as you are in the communities you serve. Quotes• “The best part of the CRA self-assessment is where you get to delineate and share your CRA story. This is the most powerful part of this document. You set the tone for your performance, your gaps, your mitigants and how you are proactively serving your community.” (2:09-2:28)• “I know you’re doing the good work, so maximize the story with a CRA self-assessment.” (4:37-4:44)LinksCRA Today Website: https://cratoday.com/ For more information on the CRA Hub, a membership for bankers to connect, inspire, and master the art of CRA: https://cratoday.com/hub/ Copyright © 2021 by CRA Today LLC(No claim to original U.S. government material)All rights reserved. No part of this podcast may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.This podcast is a periodic publication of CRA Today LLC and is intended to notify and inspire recipients of new developments in the Community Reinvestment Act. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.Podcast production and show notes provided by FIRESIDE Marketing: https://meetfireside.com/podcast-production-service/