New CRA Rule: Where are your deposits? Here's how to find out
As you should know, the OCC has approved a final CRA rule and the FRB has proposed a CRA rule that would create "deposit-based" CRA assessment areas. No one, not even the regulators, knows how deposits are geographically dispersed by the location of the depositor. That's why the NPR announced by the OCC on November 25, will require banks to collect and report that information next year.
Because of the importance of deposit location information, GeoDataVision is making a special offer to the first 100 banks who accept our offer no later than December 31, 2020.
For the price of $100 per assessment area, GeoDataVision will geocode the location of your domestic deposits and calculate the relative percent of your deposits inside and outside your assessment area(s). The results will be kept confidential by GeoDataVision except that GDV will develop a report on the overall results for the group of banks. GeoDataVision will return to you an electronic file with the geocoded location of all deposits that can be determined in your file and we will advise you of the results in terms of deposits inside versus outside your assessment area(s).
To accept this offer please respond to this email that you are interested in participating in this special project. GeoDataVision will send to banks participating in this offer specific instructions on files to be returned.
We hope you are as excited and curious as we are about this project and it's potential results. To find out more or if you have any questions please email me or call me direct at (203) 907-7497.