CRA and Reporting Loan Origination
Issue/Inquiry
The Bank originated a straight line of credit in 2019 for $700,000, which was reported on the Community Reinvestment Act Loan Register (“CRA LR”). A year has passed and the loan has been extended, at which time it had a balance of $350,000. Should the term extension be reported on the CRA LR? If so, should the original amount be reported or the present balance? What if there was new money given?
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