#27: Look Back to Learn How to Look Forward

Many banks make the mistake of spending too much time over-analyzing their performance history without giving equal airtime to formulating new strategies to address performance gaps within their CRA programs. It is imperative to create a self assessment that mimics a regulatory framework to assess your past performance. This document will not only get you exam-ready, but it will also serve as a foundation to build upon. Once you have a solid understanding of your bank’s key performance indicators, you can then move forward in developing strategies and partnerships with community-based initiatives and organizations to proactively address your performance gaps. Make sure your CRA plans include internal and external stakeholders and span over a calendar year as well as over your next examination multi-year scope.Quotes• “So don’t forget to look back and have your comprehensive self-assessment document, but also don’t forget to look forward and forge community-based partnerships to effectuate community development change.” (03:20-03:33)Want to learn more about the CRA? Sign up for CRA Today’s free course: https://hub.cratoday.com/freecourseLinksCRA Today Website: https://cratoday.com/ For more information on the CRA Hub, a membership for bankers to connect, inspire, and master the art of CRA: https://cratoday.com/hub/ Copyright © 2021 by CRA Today LLC(No claim to original U.S. government material)All rights reserved. No part of this podcast may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.This podcast is a periodic publication of CRA Today LLC and is intended to notify and inspire recipients of new developments in the Community Reinvestment Act. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.Podcast production and show notes provided by HiveCast.fm