Reg G: CRA Sunshine Flashcards
What does Reg G (CRA Sunshine) require banks to do?
Requires banks that entered into a covered agreement to 1. make it available to the public and bank’s regulator, and 2. file annual report with regulator concerning it.
What is a covered agreement under Reg G (CRA sunshine)?
A written agreement between one or more institutions or affiliates and one or more nongovernmental entities or persons (NGEPs) to provide a grant or payment with an AGGREGATE value of more than $10,000 in any calendar year, OR loans that have an AGGREGATE principal amount of $50,000 or more in any calendar year.
What obligation does a bank have to disclose a covered CRA agreement 40 months after it terminates?
a. It must maintain a copy in its CRA public file.
b. It must send a copy to its regulatory agency upon request.
c. It must send a copy to a member of the public upon request.
d. It has no obligation to disclose these covered CRA agreements.
d. It has no obligation to disclose these covered CRA agreements.
The bank’s obligation to send agreements to regulatory agencies terminates 36 months after the end of the term of the agreement. There is no requirement to disclose the agreement when it has been terminated for such a long time.
All written agreements under Reg G in which the bank or an affiliate is a party will be considered to be a ________ agreement if they:
- are entered into with the same NGEP;
- were entered into within the same 12-month period; and
- are each in fulfillment of CRA.
single
T/F: Each NGEP and each bank or affiliate that enters into a covered agreement must promptly make a copy of the covered agreement available to any individual or entity on request.
True
Under Reg G, each party must file its annual report no later than __ months following the end of the fiscal year covered by the report.
6
