#47: Just 10 Business Days Left...

As you know, time is ticking away and soon you will be faced with scrubbing your CRA data to ready your small business, HMDA and community development loans data submission. Over the next few weeks, we will cover the most common mistakes and will provide some guidance to support you on your road to CRA data integrity. Here are four of the mistakes most commonly made by banks regarding their CRA data: 1. Reporting Non-Reportable Loans• Ensure loans reported meet the size and definition tests• Check loans to non-profits, only some are reportable• Follow the rules for refinance/renewal loans• Review loan lists to ensure all reportable loans are reportedFFIEC’s Guide to CRA Data Collection and Reporting: https://www.ffiec.gov/cra/default.htm 2. Incorrect Loan Amount• Check records for appropriate loan amount, specifically focusing on:• Refinances/renewals• Credit line increases/decreases• Typographical errors/transposing numbers/rounding3. Incorrect Loan Location• Ensure the correct address is used; request street address• Create a reliable backup system if address was not identified• Watch for typographical errors, transposing numbers, rounding• Update systems with FFIEC Census file geographic changes, check for the correct year4. Incorrect Gross Annual Revenue (GAR)• Ensure that gross annual revenues or income was reported instead of net revenue• Ensure that aggregated revenues were reported if the underwriting relied/considered additional entity revenues• Double check if the credit file contains revenue information, and if so, report that revenue even if there was no reliance on revenue in underwritingQuotes• “Triple check reporting loans to make sure that they are in fact reportable and that you report the correct loan amount, correct loan location, and the correct gross annual revenue.” (06:45-07:00)CRA Today helps bankers master the Community Reinvestment Act, get exam ready, and change lives through the power of community development.Want to learn the CRA basics? Sign up for CRA Essentials Live! A live webinar with Linda Ezuka that shares everything you need to create a solid foundation for your CRA journey. https://hub.cratoday.com/freewebinarReady to take a deeper dive into the CRA? Join your fellow CRA enthusiasts in the CRA Hub as we navigate regulatory change, study core CRA concepts and connect as community development professionals across the nation.https://cratoday.com/hub/Are you understating your lending performance? Learn the 5 Foundational Steps to Building an Outstanding Community Development Loan Portfolio with an on-demand training workshop.https://cratoday.com/blueprint/CRA Today Website: https://cratoday.com/ Linda Ezuka, LinkedIn https://www.linkedin.com/in/linda-ezuka-cra-today/Copyright © 2022 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