Welcome to the Compliance Cohort. We are a group of compliance professionals working to make compliance easier. Our goal is to take complex compliance concepts and put them in simple terms that apply to the real world. We are glad you have found us and look forward to collaborating in the future.
If you haven't done so already, make sure you sign up for our free membership where you get access to many member-only videos, articles, and other resources.
On October 24, 2023, the OCC, Federal Reserve Board, and FDIC introduced a long-awaited final rule for the implementation of the Community Reinvestment Act (CRA) framework, marking a significant milestone in the history of CRA regulation. This comprehensive rule, which last had updates in 2005 and 1995, modernizes the CRA framework to address technology and banking activities that have evolved since the rule was last updated.
The new CRA final rule was a joint effort by the OCC, Federal Reserve Board, and the FDIC where all banks will be subject to this same new rule. While several provisions of the existing CRA framework remain the same (especially those for small banks), the new rule has changes that will affect banks of all sizes. First, the new CRA rule changes the applicable thresholds for defining a small, intermediate, and large bank. Secondly, the CRA evaluation frameworks for large and intermediate banks have seen some significant revisions as both the number and types of tests, as well has how the final rating will now be determined, have been updated. In addition, the CRA final rule creates a new website requirement for public files and even updates the notice requirements for banks. Finally, the new rule has several different compliance dates, with the first requiring compliance on April 1, 2024. The bottom line is that banks of all sizes need to understand how the new CRA final rule is going to affect them.
Our CRA Final Rule Introduction and Overview program is designed to equip financial professionals with a general understanding of the new CRA final rule and how it is going to affect their bank. While not the deepest of dives into this new rule (which would take several hours to do), this one hour program is more than just an executive summary as our instructor explains the framework of the new CRA final rule, what parts of the rule are going to apply to which banks (large, intermediate, and small), how the rule has made changes to the assessment area requirements, and concludes the program with a discussion of the compliance dates for the various parts of the rule, including the parts that become effective on April 1, 2024. Our CRA Final Rule Introduction & Overview program is the first step for banks in understanding this new rule and what they are going to need to do.
This program would be good for anyone wanting to understand the basics of the 2023 CRA final rule, including those who are tasked with digesting and understanding this new rule for their organizations. For example, this class would be good for Compliance Officers, CRA Officers, CRA staff, Chief Lending Officers, loan officers, compliance analysts, senior management, compliance/CRA committees, project managers, and auditors.
NOTE: Our CRA Final Rule: Introduction and Overview program will NOT be submitted to ABA for preapproval of continuing education credits. For those looking for CRCM/CERP continuing education credits, our Winter 2024 Quarterly Compliance Update includes our CRA Final Rule Introduction & Overview program in entirety, and is also pre-approved for CRCM/CERP CE credits. You can learn more about our Winter 2024 Quarterly Compliance Update class by clicking here.
Early Bird: $299 (Regular: $349)
ADD ON: “+ Unlimited” - Add a private portal for anyone in your organization to view this program for an additional $129. Access is still available for 60 days, so those in your organization must view the program during your 60 day access window. Limit of 5 total Certificates of Attendance, though anyone in your organization can view the program through the portal we set up. You will be contacted with information on the private portal sometime after purchase.
NOTE: If you would like to demo this class before you purchase it to make sure it's what you are looking for, just let us know and we can work something out.
The class is presented in a single video and will provide you with an introduction to the new CRA Final Rule. The total time of video instruction in this program is 57 minutes.
See below for the tentative curriculum:
Introduction
Overview of Current CRA Regulations
Summary of the Final Rule
Asset Size Change
Assessment Area Changes
Changes in the Performance Evaluation Framework
Changes in the Definition of Community Development
Applicable Dates for Compliance, including what is required on April 1, 2024
This Compliance Class provides you with a deep dive into the requirements for financial institutions.
The class includes the following:
A comprehensive manual
A “virtual classroom” instructional video
60-day access to the class
Certificate of completion (1 per registration - available upon request)
All of our Compliance Classes are presented in our virtual classroom approach. This approach is designed to bring the presenter to you (at a fraction of the cost of having a live person) and includes a video of the presenter in front of a slide presentation that replicates a typical seminar environment. In addition, our presenters take a three-part approach to compliance instruction: to educate, to empower, and to entertain. This is achieved by focusing on relevant topics, speaking in simple to understand, layman's terms, and by keeping it light and humorous whenever possible. We have found that this "3-E" approach allow students to learn as quickly and effectively as possible. And, it adds a little bit of fun to an otherwise dreadful topic.
Certificates of completion are now available upon request. One certificate is available per registration.
When you purchase this compliance class, you get instant access to the online version of this class for 60 days. You will also receive an electronic version of the accompanying manual to keep.
We believe in our training products so much that we are offering a 100% money back guarantee within the first 10 business days after purchase. If you do not feel that you received the value promised for this training session, contact us within the first 10 business days after purchase and we will either make things right or provide 100% of the purchase price back to you.
