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ABA CE Credits: 1.25 CRCM
Description: With an estimated effective date of April 1, 2024, the Community Reinvestment Act (CRA) Final Rule is expected to cause widespread confusion due to its near-1,500 pages of definitions, tests, changes, and transitions. Join us for an hour-long root canal to identify the most important considerations for your bank’s strategic preparation and implementation of the new rules.
While much of the discussion will be relevant to Limited Purpose, Military, and Strategic Plan banks, the bulk of this webinar and materials will be focused on Small, Intermediate, and Large banks according to the future asset size thresholds
Key Takeaways:
- What size threshold will apply to our bank?
- What tests will apply to our bank?
- How will CRA evaluations be calculated for our bank?
- What does “Community Development” mean?
- What are the new “assessment area” rules?
- Facility-Based Assessment Area (FBAA)
- Retail Lending Assessment Area (RLAA)
- How do the transition rules work?
- Rules that take effect April 1, 2024 (est.)
- Rules that are applicable April 1, 2024 (est.)
- Rules that are applicable January 1, 2026.
- Rules that are applicable January 1, 2027.
- Rules that phase out January 1, 2031.
- Forthcoming rules.
- Will we be required to collect and report data?
- What are the data collection and reporting requirements?
- When will the data collection and reporting requirements become applicable?
People Who Should Attend:
Because the CRA rules effect the bank’s business plans and strategies, we recommend this webinar for the following key personnel: Senior Management, Compliance Officers, Deposit and Lending Officers, Fair Lending Officers, and any other personnel who are involved in strategic planning, data and analytics, information technology systems, and change management. All C/A members’ personnel are invited to attend.
Presenter: Theo Kelly, JD, Associate General Counsel, C/A
Theodore Kelly serves as Associate General Counsel for Compliance Alliance. He holds a Bachelor’s Degree in Political Science from The Ohio State University, a Master’s in Business Administration from Franklin University, and a Juris Doctor from Capital University Law School. Theo began his professional career serving in the United States Marine Corps in communications security and, later, the Ohio Army National Guard as a Military Police Platoon Leader. More recently, Theo served as first-line of defense at the largest bank in the world from 2015 – 2017 and led Ethics & Compliance operations at a Texas-based Fortune 500 company from 2017 – 2021.
Theo’s professional pursuits include competently guiding business leaders in all matters of regulatory compliance, learning and sharing ways in which blockchain technology can positively impact business operations, and writing publications related to emerging technologies in the legal, risk, and compliance spaces. For B/A, he writes monthly for our various publications, including ACCESS magazine.