#31: Three Documents You Must Have for Your CRA Program

When it comes to CRA program governance, there are three documents that every CRA program should have: a CRA policy, a CRA program plan and a CRA self-assessment.The CRA Policy: This document explains what you stand for, how you run your CRA program from the highest level, and how the program fits into your overall governance.The CRA Program Plan: This document explains the nitty gritty of your CRA program and institutionalizes it for the bank and your future CRA officers. What staffing do you have in place? Do you have a CRA committee? Do you collect, maintain and/or report your data? How do you actually go about analyzing your lending performance? These are all questions that the CRA Program Plan should address.The CRA Self-Assessment: This document outlines what you have accomplished; it essentially mirrors the performance evaluation.Once you get these three documents created, you can begin to take things to the next level! Quotes• “Make sure you create a CRA policy: what we stand for. Make sure you have a CRA program: what is it that we do or will do? [And make sure you have] a self-assessment: what have we accomplished?....And that all leads up to your CRA exam eventually.” (03:25-03:48)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