To ensure consistency in answering public inquiries about the Community Reinvestment Act (CRA) Regulations, staff at the four agencies responsible for CRA enforcement have issued the following Interagency Interpretive Letters. See Interagency Questions and Answers for answers to most frequently asked questions.
2006 Interagency Interpretive Letters
| Date | Letter Description |
|---|---|
| January 11, 2006 | Letter regarding consideration of qualified investments in minority-owned institutions. |
2004 Interagency Interpretive Letters
| Date | Letter Description |
|---|---|
| June 3, 2004 | Letter regarding consideration of international remittances services in a financial institution's CRA evaluation. |
2003 Interagency Interpretive Letters
| Date | Letter Description |
|---|---|
| December 17, 2003 | Letter regarding consideration of New Markets Tax Credit Program investments and community development loans in a financial institution's CRA evaluation. |
1998 Interagency Interpretive Letters
| Date | Letter Description |
|---|---|
| January 27, 1998 | States that financial institutions should collect and report (if required), the gross annual revenue or income of a small business or consumer borrower, rather than the adjusted gross annual revenue or income of the borrower. |
1997 Interagency Interpretive Letters
| Date | Letter Description |
|---|---|
| December 12, 1997 | States that financial institutions may receive favorable CRA credit for investing in a middle income housing down-payment assistance program if the investment is a "qualified investment" under the CRA regulation. |
| November 20, 1997 | Provides guidance about data collection requirements and performance standards for small wholesale institutions under the Community Reinvestment Act (CRA) regulations. |
| October 30, 1997 | Clarifies the definition of "affordable housing." |
| October 7, 1997 | Whether an investment in a limited partnership equity fund (or a similar entity) would receive favorable consideration under the CRA regulations. |
| September 17, 1997 | Letter states that a financial institution's activities in connection with a program offering a financial services education curriculum for high school students would receive favorable CRA consideration if the students participating in the course were low- and moderate- income. |
| September 11, 1997 | Letter provides insight into the applicability of the Community Reinvestment Act (CRA) regulations to a financial institution's investment in a pooled national community development fund that invests in low-income housing tax credit projects. |
| September 3, 1997 | Letter provides broad applicable guidance pertaining to the treatment under the CRA regulations of financial institutions' participation in funds, such as the one described, which would invest in certain businesses. |
| September 3, 1997 | Letter states that if an unrated security is held, accounted for, and reported for CRA purposes by a financial institution as a loan or loan participation, the institution may have it considered under the CRA regulations' lending test. |
| September 2, 1997 | Letter provides broadly applicable guidance about how examiners would evaluate a financial institution's investment in notes of a fund established to improve business and commercial opportunity for economically disadvantaged individuals or business. |
| August 29, 1997 | Whether a grant supporting a curriculum on personal finance in schools would be favorably considered under CRA. |
| August 14, 1997 | Whether examiners would favorably consider under CRA the activities of two community development corporations that the bank intends to form. |
| August 11, 1997 (Revised) | Interagency CRA letter stating that an investment in an MBS bond that is specifically tailored to an institution's CRA requirements appears to be a "qualified investment" under the CRA regulations. [footnote # 2 has been revised.] |
| August 11, 1997 | Letter states that an investment in an MBS bond that is specifically tailored to an institution's CRA requirements appears to be a "qualified investment" under the CRA regulations. |
| August 5, 1997 | How an examiner would determine whether loans for renovation of a housing project would receive favorable consideration under the CRA regulations. |
| August 1, 1997 | Whether an investment in a private equity fund that will assist minority entrepreneurs to expand their restaurant franchise operations would be favorably considered under the CRA. |
| August 1, 1997 | Whether an investment in a program targeted to revitalize low- to moderate-income neighborhoods would be considered a qualified investment and whether it would be considered innovative. |
| July 25, 1997 | Whether an institution that invests in an entity that supports small businesses in the institutions's assessment area receive positive consideration for making a "qualified investment" under the CRA regulations. |
| July 25, 1997 | Whether investments in projects of the Neighborhood Partnership Program of Maryland would be considered differently if evaluated under large or small bank exams. |
| July 24, 1997 | Treatment of membership fees paid to an affordable housing finance initiative. |
| June 10, 1997 | Clarification of "qualified investment" under the CRA regulations. |
| May 30, 1997 | Treatment of equity-equivalent investments under the lending test. |
| May 22, 1997 | CRA consideration for contributions to the small business loan fund and contributions to the loan fund's operating expenses. |
| May 5, 1997 | Treatment of securities is backed by non-investment grade tax exempt bonds. |
| March 28, 1997 | Answers to questions raised by June 27, 1996 letter on the treatment of "equity equivalent" investments. |
| March 27, 1997 | Treatment of program to facilitate reporting of rental payment data to credit bureau agencies. |
| March 14, 1997 | CRA status of a program to provide loans and financial management training to low-income parents. |
| January 8, 1997 | Treatment of grants to a Jobs Initiative program for low-income inner city persons. |
| January 8, 1997 | Examination of community development services. |
1996 Interagency Interpretive Letters
| Date | Letter Description |
|---|---|
| December 24, 1996 | Loans for church premises that qualify as small business or community development loans |
| December 23, 1996 | Purchases of obligations of certain special purpose vehicles backed by affordable housing mortgages |
| December 23, 1996 | Investment in umbrella partnership real estate investment trust to engage in community development activities |
| December 11, 1996 | CRA regulations and certain trade financing services |
| November 4, 1996 | CRA consideration for participation in community service programs offered by a financial company |
| October 2, 1996 | CRA treatment of mortgage loans to fund part of a program to provide affordable housing |
| September 23, 1996 | Investment in a housing referral and assistance organization for low- and moderate-income individuals |
| September 9, 1996 | Participation in a revolving loan program (RLP) |
| June 28, 1996 | Application of CRA regulations to support of microenterprise lending programs |
| June 27, 1996 | Treatment of "equity equivalent" instruments offered by a non-profit lender |
| June 18, 1996 | Treatment of the FMA "Direct Deposit Too" program |
| June 14, 1996 | Investment in a community development bank |
| June 11, 1996 | Discussion of "similarly-situated lenders" regarding small business data and performance context issues |
| May 16, 1996 | Treatment of investments in an Empowerment Zone or Enterprise Community |
| April 15, 1996 | Purchase of debentures of a specialized small business investment company |
| April 2, 1996 | Investment in a fund supporting affordable housing, education, and small business |
| March 25, 1996 | Investments in a community-development bank (CDB) |
| March 4, 1996 | Student loans and the CRA |
| February 21, 1996 | Lending by an affiliate |
| February 16, 1996 | Loans to a fund that provides mortgage insurance for affordable housing |
| February 13, 1996 | Investment in a Unit Investment Trust (UIT) holding mortgage securities |
| January 31, 1996 | Grants to a clinic providing free health care for low-income patients |
1995 Interagency Interpretive Letters
| Date | Letter Description |
|---|---|
| October 3, 1995 | How loans and investments relating to the Corporation for National Service (National Senior Service Corps, AmeriCorps, Learn and Serve America) would be considered under CRA |
| June 29, 1995 | Investments in a company that finances affordable housing |
| June 26, 1995 | Investments in a bank with a community development focus |
| May 31, 1995 | Grants to a non-profit educational foundation |