228 loan - An Overview
228 loan - An Overview
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. The bank will have to include the written discover in the general public file in three business days soon after getting notification through the FFIEC of The supply on the disclosure statement.
The Board encourages conversation among members of the general public and financial institutions, like by way of members of the general public submitting written general public responses relating to Local community credit needs and opportunities in addition to a lender's file of helping to meet up with community credit history demands.
Apart from a little bank that opts to become evaluated pursuant for the Retail Lending Take a look at in § 228.22, the Board assigns conclusions for that general performance of a little financial institution evaluated beneath this segment as furnished in appendix E to this aspect.
(A) Publishing the Original draft strategy for publication over the Board's Web-site and by publishing the First draft approach to the bank's Web-site, if the financial institution maintains a single; and
(ix) An indicator for whether the loan was to a company or farm with gross once-a-year revenues larger than $1 million; and
A bank issue to this aspect may request which the Board confirm that a loan, financial investment, or company is eligible for Group progress thing to consider by submitting a request to, and in a structure prescribed by, the Board.
(four) Missing or defective info that would be needed to calculate the suitable metrics and benchmarks or every other components that prevent the Board from calculating a Retail Lending Exam encouraged conclusion.
(2) In the event the members or buyers choose to allocate Neighborhood progress loans or Group development investments among the themselves for consideration under this area, no participant or Trader may well declare a loan origination, loan invest in, or expense for Local community enhancement consideration if An additional participant or investor claims the exact same loan origination, loan invest in, or financial commitment; and
means the time period, commonly in calendar many years, all click here through which a financial institution done the routines the Board evaluates in the CRA examination, in accordance Along with the Board's rules and methods.
When you have inquiries with the Agency that issued The present doc remember to contact the agency straight.
Affiliated depository establishments supervised by the same Federal financial supervisory company could put together a joint plan, presented that the strategy features, for every bank, the applicable functionality exams that would implement inside the absence of the accredited plan.
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(iii) A financial institution that includes supplemental general performance evaluation parts with accompanying yearly measurable objectives in its program must specify the geographic regions wherever All those elements and plans implement.
The Board evaluates a limited intent lender's community development funding functionality while in the nationwide spot, pursuant to § 228.19, and assigns a conclusion with the establishment determined by the Board's thing to consider of the next two parts: