A bank received a signed letter criticizing its performance in meeting the credit needs of the community, but not adversely reflecting upon any individual bank employee's reputation. What must the bank do with this letter?

Question

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According to Community Reinvestment Act (CRA) regulations, the bank must retain the letter in its CRA public comment file. This file is made available to the public and reviewed by the bank's regulators as part of its examination process. The bank should also consider the contents of the letter when evaluating its performance and take any necessary steps to address any issues raised. However, there is no requirement to review it with the board of directors or file it with the regional office of the bank's federal regulator. There is also no requirement to answer it within 10 business days, although the bank may choose to respond to the writer if it wishes.

A Bank Received a Signed Letter Criticizing Its Performance in Meeting