Authors: Choca, Maria and Pogge, Jean
Summary
This report was prepared by Woodstock Institute to help guide financial institutions as they assess their compliance with both the letter and the spirit of the Community Reinvestment Act. Tools for Lenders is a primer for financial institutions- a “how to” manual for successful community reinvestment. The publication focuses on four key areas designed to help depositories better fulfill their CRA obligations: 1) Concentric Circles- This chapter establishes a context for community reinvestment by describing what is meant by community lending; 2) CRA Statement- while the title of this chapter focuses on a document, the CRA statement, the substance deals with the concrete steps an institution should take to improve lending to its community; 3) Community Affairs Officer (CAO)- Once community credit needs have been identified and a response to them developed, a CAO should be designated to oversee implementation of your CRA initiatives, and 4) CRA Management Plan- This section presents a management by objectives plan that can aid senior management in ensuring that the financial institution actually does what it sets out to do.
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Tools for Lenders: A Guide to Successful Community Reinvestment
