This guide can be used as a resource when collecting and maintaining data, creating a submission, and posting lending data in the CRA public file. Registration to direct deposit is only required once – if an employer is already registered with the CRA for this service, there is no need to do so again. The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve Board invited comment on a proposed rule to amend the recordkeeping and travel rule regulations under the BSA. insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, and managing receiverships. The CRA has no plans to automatically inform people if Canadian bank account information is shared with another country as a result of the Common Reporting Standard. The CRA only requires complete banking records when a business is considered at risk for unreported income. Washington, DC 20036 OCC staff, led by former Comptroller Joseph Otting, are to be commended for this herculean effort. The measure now moves on to the Senate, where it requires a simple majority to pass. “While not technically a loan, it is related to a loan transaction.”. The CRA performs IVI testing early in small business audits to quantify the risk of unreported income. “ICBA’s view is, if you are going to reject applications for PPP loan forgiveness for any nonqualifying purpose, the prudent practice is to comply with Regulation B adverse action notice requirements,” says Mickey Marshall, ICBA’s director of regulatory legal affairs. Looking to 2021 and beyond, a few final compliance deadlines and several formative issues will likely shape compliance requirements for community banks. Bank accounts and investments To spot undeclared, taxable interest, dividend and capital gains income, the CRA has access to info from all Canadian financial institutions. The CFPB issued a separate final rule in April 2020 to adjust reporting thresholds. assess the distribution of a bank’s lending and its level of Community Development activity. First, the OCC’s new CRA performance standards will apply to a limited population of banks—approximately 120 institutions. This law was created to prevent people who have $10,000.00 or more in cash from breaking that money up into smaller deposits throughout the year to avoid detection. Amidst Increased Attention on the CRA, ANHD’s State of Bank Reinvestment in NYC Report Offers Crucial Local Insight | Association for Neighborhood and Housing Development Service Test . Division of Depositor and Consumer Protection. The CRA must be strengthened and preserved. The Canada Revenue Agency encourages individuals eligible for the Canada Emergency Wage Subsidy (CEWS) to sign up for direct deposit with a payroll account (RP) as soon as possible to receive business payments on time. ABA urged the OCC to conduct extensive analysis and testing to ensure that numerical performance measures are calibrated appropriately in light of the multiple changes to the CRA framework. The CFPB’s Small Business Advisory Review Panel issued an outline of the proposals it is considering. Most customers know this. info@icba.org (202) 659-8111 (800) 422-8439. American Bankers Association Get your CRA benefits faster. Here are the regulatory changes on the horizon that you should know. Moving forward, CRA will now also receive the information provided to FINTRAC. The relatively steep reduction in the LMI share of lending by large banks is somewhat puzzling because the LMI lending share is an important – although not the only – metric by which banks' compliance with the CRA is judged. The Community Reinvestment Act requires banks to lend to low- and moderate- income people. The CRA modernization process has been anything but a typical rulemaking exercise. The speed of rulemaking isn’t the only defining feature of the OCC’s new CRA rule. For data collection years 2020 and 2021, financial institutions that originated fewer than 500 open-end lines of credit in either of the two preceding calendar years do not need to collect and report that data. TORONTO, May 4, 2020 – Canada’s banks have partnered with the Government of Canada to expedite access to the Canada Emergency Wage Subsidy (CEWS) for businesses affected by COVID‑19. superfresh89 wrote: ↑CRA has nothing to do with your bank account. Who Is Required to Report CRA Data? Additional reporting requirements apply to retail loans, retail domestic deposit data, and performance context information. Even though the CRA modernization effort continues to take twists and turns, one fact remains: A unified, interagency regulation will be the key to a CRA framework that stands the test of time and is not subject to continual revision based on the political winds of the day. 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