Interagency Q&A .42 – 2: Should an institution develop its own program for data collection, or will the regulators require a certain format?

Compliance > Regulation BB - CRA
Q:  § __.42 – 2: Should an institution develop its own program for data collection, or will the regulators require a certain format?
 
A:  An institution may use the free software that is provided by the FFIEC to reporting institutions for data collection and reporting or develop its own program.  Those institutions that develop their own programs may create a data submission using the File Specifications and Edit Validation Rules that have been set forth to assist with electronic data submissions.  For information about specific electronic formatting procedures, contact CRAHELP@FRB.GOV.
 
 
 
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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