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ICBA Explores Myths Versus Facts on CRA

Washington, D.C. (Sept. 9, 2004) - Independent Community Bankers of America (ICBA), the nation's voice for community banks, today released a three-page document exploring the realities of the changes proposed for the streamlined exams for the Community Reinvestment Act (CRA).

The document, titled "The Truth about CRA," lists the six biggest myths about CRA and the asset-size limits for banks eligible for streamlined exams. "There has been a great deal of news coverage recently about CRA," said Camden R. Fine, president and CEO of ICBA. "Unfortunately, some of the information has been inaccurate or misleading about the changes federal agencies have proposed that would allow more community banks to undergo a simplified CRA exam process. ICBA aims to promote greater accuracy and understanding on the issue with the list of myths and corresponding facts regarding the proposed changes."

The document is available at /advocacy/index.cfm?Itemnumber=1775.