other · Treasury · Rule · Published 2006-04-12 · Effective 2006-04-12 · 71 FR 18614
Document
Document number
06-3472
Federal Register citation
71 FR 18614
CFR reference
12 CFR 563
Type
Rule
Action
Final rule.
Category
other
Sub-agency
Treasury
Publication date
2006-04-12
Effective date
2006-04-12
Treasury docket
No. 2006-16
Abstract
In this final rule, OTS is revising the definition of "community development" in its Community Reinvestment Act (CRA) regulations to reduce burden and provide greater flexibility to meet community needs. The change is designed to encourage savings associations to increase their community development lending, qualified investments, and community development services in distressed or underserved rural areas and designated disaster areas. This change will make OTS's definition of "community development" and the definition of the other federal banking agencies uniform. OTS is also making a technical change to conform the lettering of its definitions to that of the other federal banking agencies. Accompanying this final rule and published in the Notices portion of today's Federal Register, is a Notice and Request for Comment to revise OTS's CRA guidance. That notice contains proposed questions and answers related to the revised definition of "community development" and other topics as well as revisions to existing questions and answers.