Consumer Compliance Outlook 2Q 2011 – CRA – When is it acceptable to use “unknown” for gross annual revenues when reporting CRA data?

Compliance > Regulation BB - CRA
Q:  When is it acceptable to use “unknown” for gross annual revenues when reporting CRA data?
 
A:     Q&A __.42(a)(4)-2 addresses circumstances in which no revenue information is requested or considered in making the credit decision. In these instances, institutions should enter the code indicating “revenues not known.” Examples of these transactions include loans secured by certificates of deposit or savings, which often do not require revenue information in the credit decision.
 
 
ADDITIONAL INFORMATION:
This information was obtained from the Federal Reserve’s Consumer Compliance Outlook website and related materials from the November 2010 webinar on “Tips for Reporting Accurate HMDA and CRA Data,” which may be accessed here:  https://consumercomplianceoutlook.org/2011/second-quarter/hmda-and-cra-data-reporting/
Users are advised that references to CRA Interagency Q&As may have been updated since that webinar.
 

Add Feedback