CRA Modernization Final Rule | Compliance Alliance

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Question 1 of 10

1. Question
1. What are the asset size thresholds for the new CRA final rule on April 1, 2024?
- A. Banks will continue to adhere to the current asset size thresholds.
- B. Banks will follow the new asset size thresholds.
- C. All banks will be military or limited purpose until January 1, 2026.
- D. None of the above.
Question 2 of 10

2. Question
2. What is a military bank under the new CRA final rule?
- A. A bank that exclusively serves members of the military, but not dependents.
- B. A bank whose business predominantly focuses on military personnel and dependents.
- C. A bank whose least important customer group is military personnel.
- D. A bank that exclusively serves members of the miliary and their dependents.
Question 3 of 10

3. Question
3. Which of the following is NOT found under the new Community Development categories?
- A. Affordable Housing
- B. Community Supportive Services
- C. Activities with MDIs, WDIs, LICUs, and CDFIs
- D. Volunteering at Soup Kitchens
Question 4 of 10

4. Question
4. Where can a bank locate the illustrative list of Community Development activities?
- A. FFIEC CRA Resource Website
- B. Request by Mail
- C. It Is Not Yet Available
- D. ComplianceAlliance.com
Question 5 of 10

5. Question
5. When will banks be required to delineate Outside Retail Lending Areas (ORLAs)?
- A. Never. ORLAs don’t exist.
- B. April 1, 2024. ORLAs must be delineated as soon as effective.
- C. Never. ORLAs will be automatically delineated. Banks do not need to delineate these areas.
- D. January 1, 2026. Banks must delineate at least 2 ORLAs by the applicable date.
Question 6 of 10

6. Question
6. Which of the following scenario enables Small Banks to opt into the CD Financing Test?
- A. Not Applicable. Small Banks cannot opt into the CD Financing Test.
- B. Beginning on April 1, 2024.
- C. Beginning on January 1, 2026.
- D. If the Small Bank is considered a Large Bank.
Question 7 of 10

7. Question
7. When must Strategic Plans subject to the current CRA rules be submitted to the Agencies for approval to be considered prior to the new Strategic Plan rules becoming applicable?
- A. Five years prior.
- B. On or before October 31, 2025.
- C. No later than January 1, 2026.
- D. Any time after April 1, 2024.
Question 8 of 10

8. Question
8. (True/False) The new CRA rules related to Section 1071 data will become final on the date the Supreme Court rules on the constitutionality of the CFPB’s funding structure.
- A. True.
- B. False.
Question 9 of 10

9. Question
9. On or after January 1, 2026, a bank with assets of more than $600 million but less than $2 billion for both prior two calendar years, will be classified as a/n:
- A. Small Bank
- B. Intermediate Bank
- C. Large Bank
- D. Super Large Bank
Question 10 of 10

10. Question
10. Under the new CRA rules, “product line” will mean a bank’s loans in all the following, except:
- A. Closed-End Home Mortgage Loans
- B. Small Business Loans
- C. Small Farm Loans
- D. Credit Cards

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