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"The goal is to have all examiners trained in the new rules by the beginning of 1996," says Dennis Truskey, course administrator for the Federal Reserve Board of Governors. The seminars are sponsored by the Federal Financial Institutions Examination Council, a consortium of the five regulatory agencies designed to establish uniform standards for examining financial institutions.
The revised rules, adopted in April, place greater emphasis on a financial institution's performance in making loans to low-income and minority individuals, neighborhoods, and communities. They allow for a more performance-based approach to assessing CRA performance and require examiners to use more data in conducting examinations, while accounting for differences among banks and the communities they serve. (For a more complete description of the new CRA rules, see the Summer 1995 issue of Community Reinvestment Forum.)
In all, the FFIEC is conducting five intensive training seminars. The first, held in September in Dallas, included an overview of the new rules; lectures and panel discussions of the impact on large, small, and wholesale/limited-purpose financial institutions; a small business case study; a panel presentation consisting of heads of several local community groups; and breakout sessions for examiners from each agency.
The Cleveland Fed, in conjunction with the Federal Deposit Insurance Corporation, is planning to hold training sessions on the new regulations at several sites around the Fourth District in 1996. Questions about the regulations should be directed to the Bank's Consumer Affairs director, Laura Boughner, at (216) 579-2967.
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