About 228 loan
About 228 loan
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(four) Any other evidence demonstrating the bank's Group advancement services are attentive to community progress demands, including the amount of lower- and moderate-profits folks which might be contributors, or number of corporations served; and
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Throughout the phrase of a plan, a financial institution need to submit into the Board for acceptance an amendment to its system if a cloth modify in circumstances:
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The Board considers details furnished by the financial institution and may take into account publicly available details and data furnished by government or Neighborhood sources that demonstrates that a community development company Positive aspects or serves a facility-primarily based evaluation place, Condition, or multistate MSA, or perhaps the nationwide spot.
A bank subject matter to this element could ask for that the Board ensure that a loan, expense, or support is eligible for Group advancement thing to consider by submitting a request to, and in a format prescribed by, the Board.
(D) A small financial institution may perhaps include things like a community progress loan or Group advancement investment element and accompanying yearly measurable plans in its strategy.
If an intermediate bank opts to be evaluated pursuant towards the Local community Enhancement Funding Check in § 228.24, the Board evaluates the intermediate financial institution for the analysis time period previous the lender's subsequent CRA examination pursuant into the Community Improvement Financing Test in § 228.24 and continues evaluations pursuant to this effectiveness exam for subsequent evaluation intervals till the lender opts out.
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Affiliated depository institutions supervised by a similar Federal money supervisory company may prepare a joint strategy, presented that the strategy features, for each financial institution, the applicable overall performance assessments that might use while in the absence of an accredited prepare.
suggests a loan, which include a lawfully binding determination to increase credit history, like a standby letter of credit, that supports Local community improvement, as described in § 228.thirteen. A community improvement loan will not involve any dwelling mortgage loan loan deemed under the Retail Lending Check in § 228.
Notwithstanding the necessities of the section, a armed service financial institution whose clients are certainly not Found in a defined geographic location could delineate all the U.s. and its territories as its sole facility-dependent assessment location.
A sizable bank must acquire and keep in Digital kind, as prescribed by the Board, right until completion with the financial institution's following CRA assessment through which the data are evaluated, the next knowledge with respect to retail banking companies and retail banking solutions provided and furnished click here by the bank all through each calendar year: