A new Q&A, § __.12(g)(2) –1, provides examples of ways an institution, providing community services targeted to low- and moderate-income individuals, can determine that the community services are appropriately targeted when information on actual income is not available.
A revised Q&A, § __12(h) – 8, addresses when an activity can be considered to have a "primary purpose" of community development. It indicates that activities related to the provision of mixed-income housing—such as a development that has an affordable housing set-aside for low- and moderate-income individuals—would be considered community development activities. For such a project, an institution may receive pro rata consideration for the dollar amount of the loan or investment based on the percent of units set aside for affordable housing for low- or moderate-income individuals. As in the past, when the express, bona fide intent of an activity is community development, such as for the Low-income Housing Tax Credit Program, the full amount will be considered.
A revised Q&A, § __.42(b)(2) – 3, adjusts reporting requirements for community development loans to address the percent of units set aside for low- or moderate-income individuals.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officers
Community Reinvestment Act
Interagency Questions and Answers Regarding Community Reinvestment - PDF (PDF Help)
Janet Gordon, Senior Policy Analyst, Compliance Policy Section, firstname.lastname@example.org or (202) 898-3850; or Susan van den Toorn, Counsel, email@example.com or (202) 898-8707
FIL-9-2010 - PDF (PDF Help)
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2010/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).