Wholesale and Limited Purpose Banks beneath the grouped community Reinvestment Act (CRA)

Wholesale and Limited Purpose Banks beneath the grouped community Reinvestment Act (CRA)

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At the time of 1, 2020 january

Beneath the Community Reinvestment Act, a bank may affect its main federal regulator become designated a wholesale or a finite purpose bank. Such banking institutions are assessed for performance under criteria available at 12 CFR 25.25. The legislation provides the after definitions:

Restricted function bank means a bank that provides only a product that is narrow (such as for instance bank card or car loans) to a local or wider market as well as for which a designation as a restricted function bank is within impact.

Wholesale bank means a bank which is not in the industry of expanding home loan, small company, tiny farm, or customer loans to retail clients, as well as for which a designation as a wholesale bank is within impact.

Limited Purpose Banks

* additionally operates under a CRA Strategic Arrange.

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