CRA made simple

Dec 9, 2019 8:30:00 AM / by Sophia de Albuquerque

 

Banks are key players when giving back to their community. When partnering with a nonprofit, they have to follow a specific regulation, the Community Reinvestment Act (CRA). 

 

The CRA is a federal law that requires financial institutions to demonstrate their performance in meeting the needs of everyone in their community. Banks need to have a clear understanding of how nonprofits will be able to align their activities with their CRA requirements. That is where InvolveSoft comes into play. On our platform, we have designed a specific area for CRA qualified events. It is entirely customizable by the admin to fulfill the different needs of our partners.

On your InvolveSoft platform, admins can design a CRA form questionnaire. These questions are created under the configurations settings tab, based on the specifics CRA requirements that each bank wants to address. They can be formatted to be answered in different formats, such as: 

  • Multiple choices
  • Decimal 
  • Text

After these changes are saved, users will have the option to check a “this event qualifies for CRA” box when creating an event or adding unique wins.

On the platform, only admins have the option to create company-sponsored events. Based on their requirements, they can decide if the event is CRA qualified or not. However, when users attend an event outside the platform (nonprofit events), they have the option to add their unique wins. Users can add their hours, post comments, and share photos on their past events tab that can be found under their account. This option provides flexibility and motivates users to engage more in their community and expand their involvement with different nonprofits.

We like to provide admins full control of what is posted on the platform. Especially when it comes to fulfilling the CRA requirements since it is a very rigorous process. For this reason, when a user adds a CRA qualified unique win, it will have to be approved by the admin before it gets posted on the “latest activities.” Admins can accept or reject it by going to the CRA form section on the engagement tab under insights. Also, admins can get insights and data by downloading the CRA reports for all accepted CRA events.

On this report, admins will find all the information from the questions they have previously created and will be able to filter according to what information they are looking for. At InvolveSoft we take the hassle away from banks to connect with nonprofits, making the process smoother. 

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