Bankowość · 6/10/1999

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

The Office of the Comptroller of the Currency (OCC) is proposing to amend part 24, the regulation governing national bank investments that are designed primarily to promote the public welfare. This proposal simplifies the prior notice and self-certification requirements that apply to national banks' public welfare investments; expands the types of investments that a national bank may self-certify by removing geographic restrictions; and permits eligible national banks with assets of less than $250 million to self-certify any public welfare investment. The OCC is also seeking comment on whether to modify the methods of demonstrating community support or participation currently prescribed by part 24, and whether the OCC could simplify or streamline the procedures and standards contained in part 24. The proposal encourages national banks to make public welfare investments by making it easier to comply with the applicable procedures.