12 C.F.R. § 944.6 Bank community support programs.
Title 12 - Banks and Banking
(a) Requirement. Consistent with the safe and sound operation of the Bank, each Bank shall establish and maintain a community support program. A Bank's community support program shall: (1) Provide technical assistance to members; (2) Promote and expand affordable housing finance; (3) Identify opportunities for members to expand financial and credit services in underserved neighborhoods and communities; (4) Encourage members to increase their targeted community lending and affordable housing finance activities by providing incentives such as awards or technical assistance to nonprofit housing developers or community groups with outstanding records of participation in targeted community lending or affordable housing finance partnerships with members; and (5) Include an annual Targeted Community Lending Plan, approved by the Bank's board of directors and subject to modification, which shall require the Bank to: (i) Conduct market research in the Bank's district; (ii) Describe how the Bank will address identified credit needs and market opportunities in the Bank's district for targeted community lending; (iii) Consult with its Advisory Council and with members, housing associates, and public and private economic development organizations in the Bank's district in developing and implementing its Targeted Community Lending Plan; and (iv) Establish quantitative targeted community lending performance goals. (b) Notice. A Bank shall provide annually to each of its members a written notice: (1) Identifying CICA programs and other Bank activities that may provide opportunities for a member to meet the community support requirements and to engage in targeted community lending; and (2) Summarizing targeted community lending and affordable housing activities undertaken by members, housing associates, nonprofit housing developers, community groups, or other entities in the Bank's district, that may provide opportunities for a member to meet the community support requirements and to engage in targeted community lending. [62 FR 28988, May 29, 1997, as amended at 63 FR 65545, Nov. 27, 1998; 65 FR 44428, July 18, 2000; 67 FR 12850, Mar. 20, 2002]
Title 12: Banks and Banking
PART 944—COMMUNITY SUPPORT REQUIREMENTS
§ 944.6 Bank community support programs.
