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Community Development Corporations, Community Development Projects, and Other Public Welfare Investments

banking-occ · OCC · Rule · Published 1999-12-20 · Effective 2000-01-19 · 64 FR 70986

Document

Document number
99-32635
Federal Register citation
64 FR 70986
CFR reference
12 CFR 24
Type
Rule
Action
Final rule.
Category
banking-occ
Sub-agency
OCC
Publication date
1999-12-20
Effective date
2000-01-19
Treasury docket
Docket No. 99-20

Abstract

The Office of the Comptroller of the Currency (OCC) is changing its regulation governing national bank investments that are designed primarily to promote the public welfare. This final rule simplifies the prior notice and self-certification requirements that apply to national banks' public welfare investments; permits eligible national banks to self-certify any public welfare investment; includes the receipt of Federal low-income housing tax credits by the project in which the investment is made (directly or through a fund that invests in such projects) as an additional way of demonstrating community support or participation for a public welfare investment; expands the types of investments that a national bank may self-certify by removing geographic restrictions; clarifies that the list of investments that were authorized to be made without prior approval now is illustrative of eligible public welfare investments; revises and expands the illustrative list of eligible public welfare investments; removes the private market financing requirement for public welfare investments; and makes clarifying and technical changes. Taken together, these changes will simplify procedural requirements and will make it easier for national banks to make public welfare investments, consistent with the underlying statutory authority.

Source

Authoritative
Federal Register document
Machine
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