Consumer Affairs Letters
Consumer Compliance and Community Reinvestment Act (CRA) Examination Frequency Policy
AND COMMUNITY AFFAIRS
|SUBJECT:||Consumer Compliance and Community Reinvestment Act (CRA) Examination Frequency Policy|
This letter transmits a revised policy for the mandated frequency of (1) consumer compliance and Community Reinvestment Act (CRA) examinations of state member banks and (2) assessments of non-state member bank entities regulated by the Federal Reserve to determine whether these entities are subject to consumer protection laws and regulations and must be examined. This policy will be effective on January 1, 2014.
The Federal Reserveís examination frequency policy is being updated to ensure that examination resources are appropriately directed to institutions commensurate with the institutionís asset size and the effectiveness of its consumer compliance risk management program in todayís financial landscape.
We understand that during the transition to the new examination frequency schedule, Reserve Banks may need to make adjustments to the mandated examination dates for some institutions. Reserve Banks should review the schedule and submit examination mandate waivers to their Board Division of Consumer & Community Affairs Oversight Analyst for approval as a group.
Please distribute this letter and the attachment to Federal Reserve-supervised institutions, supervisory staff, and examiners. Questions on this letter and the new program should be directed to Carol Evans, Assistant Director, at (202) 452-2051; Cathy Gates, Senior Project Manager, at 202-452-2099; or Lanette Meister, Senior Supervisory Consumer Financial Services Analyst, at (202) 452-2705 in the Division of Consumer and Community Affairs. In addition, questions may be sent via the Boardís public website.
Sandra F. Braunstein
Division of Consumer and Community Affairs