How does a bank keep track of its progress with regard to CRA?
Every loan originated by a lender is coded by geography, which includes the MSA/MA, State Code, County Code and Census Tract. Using this information in conjunction with the bank’s defined market, a bank can monitor its own performance using a variety of software products. The federal government provides two such products free of charge and there a number of vendor products available that offer analytical tools designed specifically for this purpose.