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Cra Sunshine Agreements

CRA Sonnenschein applies to written agreements that are made in accordance with the CRA. Covered agreements include loans, resources or other resources; agreements are made between an insured custody institution (or its related business) and an entity or non-governmental person. (e) the application of the provisions contained in the covered agreements. No provision of this part should be construed as authorizing the OCC to apply the provisions of a covered agreement. If an IDI or NGEP believes that it could have a covered agreement, it should first review its current partnerships for the development of the Community. It should then contact all parties involved to discuss whether the agreements are covered. Where agreements are covered, IDIs or nGEPs should ensure that all reporting obligations are met. Commentators generally argued for maximum flexibility to make covered agreements available to the public and to charge applicants appropriate fees to cover the costs of providing covered agreements. [23] Therefore, the final rule does not impose a specific method that a party must use to make a covered agreement accessible to the public.

Agencies expect parties to the covered agreements to use methods to make available agreements that do not require applicants to make inappropriate efforts to obtain agreements. For example, a party may make a covered agreement available to any individual or corporation by handing it over to the applicant. A party may also make an agreement available to a natural or legal person with access to the Internet by publishing the agreement on a website or members of the public in a local geographical area, making the agreement available in an office located in that area. In addition, a party may decide to publish a list of its covered agreements and provide the full text of an agreement to a single individual or legal person who requires a specific agreement on the list. The agencies believe it is important for agencies to be informed when the parties reach a covered agreement and to be able to quickly access the covered agreement. This communication and access allows agencies to monitor the parties` compliance with the advertising and reporting obligations set out in Section 48 and to respond to requests from interested citizens regarding copies or information relating to covered agreements. However, agencies have attempted to streamline agency advertising obligations imposed on insured custodians and related companies in a manner consistent with these principles. The rule requires that an NGEP submit a covered agreement with a competent supervisory authority only at the request of the Agency. In addition, the final rule allows an insured custody facility or a related company, in response to comments, to make a covered agreement available to the relevant supervisory authority, either by handing over a copy of the covered agreement with the Agency, or by presenting to the Agency a list of briefly the covered agreements in which the institution or related company is involved. These applications must be filed 60 days after the end of the relevant calendar term. The final rule also allows two or more insured custodians and companies associated with the same covered agreement to jointly submit the information that must be disclosed to the relevant supervisory authority. In February, an insured deposit-taking institution entered into a written agreement with Partnership A, whereby the institution provided a $9,000 grant to Partnership A for the rehabilitation of affordable residential units.