#28: Choices. Make One and Let’s Get to Work!

There just aren’t enough hours in the day. We get it. Many institutions believe they don’t have time to perform a self-assessment. What you may not know is that there are many types of self-assessments, some easier than others. Check out this list of assessment types to determine what kind of assessment will best fit your institution’s needs. Having a CRA self assessment is a best practice and a must have. Lite Self Assessment If you don’t have one, start with a “lite” version. This is often similar to an executive summary. Take a macro-view of your entire CRA program.• Highlight key performance elements• Highlight key programsTargeted Self AssessmentDo you have a performance gap or two? Consider a targeted or micro-view of a specific performance issue and share your CRA story.• Prepare performance tables and analytics• Provide performance context• Provide bank response and proactive measuresComprehensive Self Assessment Do you already have a CRA self assessment but have’t dusted it off in a while? Blend macro and micro elements to compile a comprehensive, exam-like review of your CRA program. Mirror the public evaluation framework, but cut out the fluff.• Showcase your performance• Provide performance context to address gaps and highlight bank response• Highlight bank-wide initiatives• Weave in your CRA storyQuotes• “Self assessments are the way for you to demonstrate what you feel the final outcome might be for the exam.” (02:41-02:48)• “I like to go in there saying, ‘We have an excellent CRA program, and here’s the document that will show you why we believe that to be true.’” (06:32-06:42)Want to learn more about the CRA? Sign up for CRA Today’s free course: https://hub.cratoday.com/freecourseLinksCRA 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 HiveCast.fm