4613. DISCLOSURE AND REPORTING OF CRA-RELATED AGREEMENTS
Priority: Substantive, Nonsignificant
Legal Authority: PL 106-102
CFR Citation: 12 CFR 346
Legal Deadline: None
Abstract: This rulemaking implements the requirements of section 711 of
the Gramm-Leach-Bliley Act. Section 711 requires an insured depository
institution to disclose any agreement with nongovernmental entities in
connection with the CRA, if the agreement involves a grant of more than
$10,000 or a loan of more than $50,000 to the community group annually.
In addition, annual reports must be made by the depository institutions
and the nongovernmental entities to the appropriate Federal banking
agency of the institutions containing information about the payments,
loans, and fees paid under the agreement, and how the nongovernmental
entity used the funds.