Executive Summary The Community Reinvestment Act (CRA) requires that every insured depository institution meet the needs of its entire community. It also requires the periodic evaluation of depository institutions’ records in helping meet the credit needs of their communities. Proactively monitoring CRA performance is important for several reasons. The record is taken into account when considering an institution's application for deposit facilities, meaning it will directly impact any contemplated acquisitions and/or branch openings. Additionally, the record will be regularly examined by the federal agencies that are responsible for supervising depository institutions and a rating will be assigned. Since the results...
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Edward B. Kramer is Executive Vice President, Regulatory Programs at Wolters Kluwer Financial Services. Prior to this position, Mr. Kramer was Deputy Superintendent of Banks in charge of the Consumer Services Division of the New York State Banking Department, which is responsible for performing consumer compliance and fair lending examinations and administering the Community Reinvestment Act.
Christina Nejezchleb Speh is Director of New Markets and Compliance Strategy for Enterprise Risk Compliance at Wolters Kluwer Financial Services. Mrs. Speh helps financial institutions minimize regulatory and operational risks through the use of improved enterprise risk management processes, policies and procedures as well as the use of technology.