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Post by bot on Dec 29, 2010 22:22:36 GMT -5
Community Reinvestment Act Revisions to Interagency Regulations FIL-92-2010 December 29, 2010 Summary: The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision have published revisions to their Community Reinvestment Act Regulations to encourage depository institutions to support eligible development activities in areas designated under the Neighborhood Stabilization Program (NSP) administered by the U.S. Department of Housing and Urban Development (HUD). Under the NSP, HUD has provided funds to state and local governments and nonprofit organizations for the purchase and redevelopment of abandoned and foreclosed properties in designated target areas with high levels of foreclosures. The rule is effective January 19, 2011. Distribution: FDIC-Supervised Banks (Commercial and Savings) Complete Financial Institution Letter: www.fdic.gov/news/news/financial/2010/fil10092.html
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