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QuestSoft Updates Software to Accomodate New MSAs

Dec 10, 2013

QuestSoft is updating all of its software to reflect new Metropolitan Statistical Area (MSA) realignment changes that impact compliance in 2014. In an analysis of the new regions, QuestSoft and its consulting partner, Connecticut-based GeoDataVision, mapped and studied changes regarding MSA’s. The analysis details eliminated and expanded MSA’s, which become effective Jan. 1, 2014 and will impact demographics affecting Community Reinvestment Act (CRA) and Fair Lending programs. “Every CRA officer should be aware of impending MSA changes and the potential implications for their bank,” said Leonard Ryan, president of QuestSoft. “Not only will many census tract income classifications be affected, but many banks that are not Home Mortgage Disclosure Act (HMDA) reporters may find themselves in a MSA that did not exist before or was expanded to include counties that now fall under HMDA coverage. QuestSoft’s software adheres to the realigned MSA’s, ensuring compliance and smoothing an unforeseen transition.” Forty states will be affected by new MSA changes; however, Maine, New Hampshire, Vermont, Rhode Island, California, Nevada, New Mexico, Wyoming, Colorado and Alaska will remain unaffected for the time being. “The analysis concludes that the implementation of the new MSA’s may affect Assessment Area delineation because the MSA regulation proscribes encroachment of an MSA boundary when constructing an assessment area,” said Len Suzio, president of GeoDataVision. “All CRA officers will need to research and understand their new or combined MSA to determine if they are affected and the implications on their bank.”
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Dec 10, 2013
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