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Is there a regulatory requirement to have a designated CRA officer? We have an employee who is the designated contact for CRA inquiries and issues. – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Is there a regulatory requirement to have a designated CRA officer? We have an employee who is the designated contact for CRA inquiries and issues.

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No, there is no regulatory or statutory requirement to designate a CRA officer. Your bank is required to designate an official to accept written comments about your CRA performance, but that individual is not required to have the title “CRA Officer.”

For resources related to our guidance, please see:

  • FDIC CRA Regulations, 12 CFR 345, Appendix B, CRA Notice (“ You may send written comments about our performance in helping to meet community credit needs to (name and address of official at bank) and FDIC Regional Director. . . .”)