FOR IMMEDIATE RELEASE
February 1, 2005
Contact: Kevin Mukri
Community Developments Investments Focuses on Bank-Owned Community Development Corporations
WASHINGTON – The Office of the Comptroller of the Currency (OCC) today published the Winter 2004/2005 edition of Community Developments Investments, which provides a guide for banks interested in creating and operating a community development corporation (CDC) within their institutions.
“CDCs provide banks an innovative way of financing a wide range of community and economic development initiatives,” said acting Comptroller of the Currency Julie L. Williams. “More than 50 national banks have formed CDCs that are supporting a variety of activities ranging from affordable housing to commercial redevelopment.”
The CDC guide covers legal, regulatory, and operational issues that national banks should consider when forming a CDC. In addition, the newsletter provides several case studies of strategies that both small and large banks have used to promote economic development through their CDCs as well as a discussion of how CDCs are considered under the Community Reinvestment Act. The newsletter also contains a regular feature from OCC’s Community Affairs Officers who report on community and economic development banking initiatives and partnership opportunities in each of OCC’s four districts.
“A bank CDC can provide an organizational focal point for community development activities,” noted Barry Wides, Deputy Comptroller for Community Affairs. “National banks that want to learn more about forming a CDC should contact the OCC’s Community Affairs Officer in their district.”
An electronic version of Community Developments Investments can be accessed quickly by selecting “Community Affairs” on the OCC Internet home page, www.occ.gov, and choosing “Publications and Resource Materials.” Included with the electronic version is a listing of community development investments made by national banks, under the OCC’s investment authority of 12 CFR 24 (Part 24). The OCC updates this information quarterly for timely access.
# # #