Interagency Q&A .29(b) – 2: Is an institution required to enter into agreements with private parties?

Compliance > Regulation BB - CRA
Q:  § __.29(b) – 2: Is an institution required to enter into agreements with private parties?
 
A:  No.  Although communications between an institution and members of its community may provide a valuable method for the institution to assess how best to address the credit needs of the community, the CRA does not require an institution to enter into agreements with private parties.  The Agencies do not monitor compliance with nor enforce these agreements.
 
 
 
This Interagency Q&A, and others, was released in July 2016.  The 2016 Q&As consolidates and supersedes all previously published “Interagency Questions and Answers Regarding Community Reinvestment,” and were noted as being effective immediately.  They may be found here:  http://www.ffiec.gov/cra/qnadoc.htm
 

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