---

12 C.F.R. § 944.2   Community support requirement.

Title 12 - Banks and Banking

Title 12: Banks and Banking
PART 944—COMMUNITY SUPPORT REQUIREMENTS

Browse Previous |  Browse Next

§ 944.2   Community support requirement.

(a) Selection for community support review. The Finance Board shall select a member for community support review approximately once every two years.

(b) Notice—(1) By the Finance Board. The Finance Board concurrently shall:

(i) Notify each Bank of the members within its district that are required to submit community support statements during the calendar quarter; and

(ii) Publish a notice in the Federal Register that includes the name and address of each member required to submit a community support statement during the calendar quarter, and the deadline for submission of the community support statement to the Finance Board. The deadline for submission of a community support statement shall be no earlier than 45 calendar days after the date of publication of the notice in the Federal Register.

(2) By the Banks. Within 15 calendar days of the date of publication in the Federal Register of the notice required by paragraph (b)(1)(ii) of this section, a Bank shall provide written notice to:

(i) Each member within its district that is named in the Federal Register notice, that the member is required to submit a community support statement to the Finance Board by the deadline stated in the Federal Register notice; and

(ii) Its Advisory Council and nonprofit housing developers, community groups, and other interested parties in its district of the name and address of each member within its district that is required to submit a community support statement during the calendar quarter.

(c) Required documents. Each member selected for community support review shall submit a completed Community Support Statement Form executed by an appropriate senior officer to the Finance Board and any other information the Finance Board may require to determine whether a member meets the community support standards.

(d) Public comments. In reviewing a member for compliance with the community support requirement, the Finance Board shall take into consideration any public comments it has received concerning the member.

[62 FR 28988, May 29, 1997, as amended at 65 FR 5739, Feb. 7, 2000; 67 FR 12850, Mar. 20, 2002; 70 FR 9510, Feb. 28, 2005]

Browse Previous |  Browse Next