FOR IMMEDIATE RELEASE
September 28, 2010
Contact: Kevin M. Mukri
OCC Newsletter Focuses on National Bank Community Development Investments
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today published the fall edition of Community Developments Investments, its on-line newsletter that provides a guide for national banks seeking a wide range of community and economic development investments under the public welfare investment authority. Under this authority, national banks may make investments that otherwise are not expressly permitted under the National Bank Act.
"National banks' public welfare investments over the past decade have totaled over $35 billion," said Acting Comptroller of the Currency John Walsh. "The OCC strongly encourages these types of community development investments, which can help to stabilize economically distressed communities and can often help banks meet their Community Reinvestment Act objectives."
This guide highlights the various types of public welfare investments that national banks have made in small businesses, affordable housing, and other community and economic development initiatives. It describes how banks can invest in and support community development corporations, community development financial institutions, small business development companies, and obtain various types of Federal tax credits. Most of the public welfare investments made by national banks may also qualify for positive Community Reinvestment Act consideration.
The guide provides links to the OCC's on-line listing of community development investments, precedent-setting community development investment letters, 12 CFR Part 24 regulations relating to public welfare investments, and frequently asked questions. It also includes detailed information on how to gain OCC approval for public welfare investments and file after-the-fact notices.
Community Developments Investments can be accessed on the OCC's Web site. Banks interested in learning more about these opportunities may contact the OCC's District Community Affairs Officers (DCAOs) located throughout the nation.
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