About 228 loan
About 228 loan
Blog Article
The Board critiques the impact and responsiveness with the lender's Neighborhood improvement loans and Neighborhood growth investments that reward or serve a Condition, as supplied in § 228.15.
(E) Allocation on the dollar volume of the Neighborhood improvement loan or community enhancement investment to geographic locations served through the loan or financial investment:
The Board costs the functionality of the intermediate lender evaluated beneath this area as delivered in appendix D to this part.
Components deemed in evaluating the impression and responsiveness of the bank's Group growth loans, Local community advancement investments, and community development companies include, but are not restricted to, if the community progress loan, Local community advancement expenditure, or Group progress support:
(v) To amass ownership or control of shares or all or substantially all the belongings of a discounts association, to induce a discounts association to become a subsidiary of a price savings and loan holding company, or to merge or consolidate a price savings and loan Keeping organization with any other price savings and loan Keeping corporation within a transaction that needs approval less than segment ten of the house Owners' Loan Act (twelve U.S.C. 1467a).
) A Local community development loan originated or procured, or a Neighborhood progress financial investment produced, which include a lawfully binding motivation to extend credit score or possibly a lawfully binding dedication to speculate, inside the calendar yr, as described in paragraph I.a.1.i of appendix B to this element;
(B) The usefulness of the financial institution's methods for providing retail banking products and services and the availability and responsiveness of the financial institution's retail banking products, pursuant to § 228.23, as relevant;
. The bank should include the created observe in the public file inside a few business enterprise times just after acquiring notification in the FFIEC of the availability from the disclosure assertion.
) The excellent harmony of a community advancement loan originated, procured, refinanced, or renewed in preceding yrs or Neighborhood improvement financial investment manufactured or renewed in previous a long time, as of December 31 for annually which the loan or financial investment continues to be on the bank's stability sheet; or
For those who have queries for the Company that issued The existing document you should contact the company instantly.
To get a designation for a restricted function financial institution, a financial institution have to file a written ask for with the Board a minimum of 90 times prior to the proposed helpful day with the designation.
The Board evaluates a limited goal financial institution's Local community development financing functionality in a very facility-dependent assessment place and assigns a conclusion in the ability-centered assessment location dependant on the Board's:
(two) A home mortgage loan or a multifamily loan is situated while in the census tract in which the house securing the loan is website found; and
(1) For banking institutions that sustain a web site, all information required with the lender's community file below this section must be managed within the bank's website.