Correspondence Date: August 14, 1997
Dear [ ]:
Your letter to Stephen Cross, Deputy Comptroller of the Currency, has been referred to me for response. You inquired whether investment by your bank in two subsidiary community development corporations (CDCs), described below, would be considered favorably during the bank’s Community Reinvestment Act (CRA) evaluation. As discussed below and based on the information you have provided, examiners would give favorable consideration to investments in CDCs such as those in which your bank intends to invest.
Correspondence Date: January 31, 1996
Dear [ ]:
I am responding to your letter to Stephen Cross, Deputy Comptroller of the Currency, of December 5, 1995, in which you asked for confirmation that financial institutions that provide grants to the [ ] Clinic will receive positive consideration under the Community Reinvestment Act (CRA) regulations. As discussed below, this type of grant would receive positive consideration under both the old and new CRA regulations.
Correspondence Date: February 16, 1996
Dear [ ]:
This letter responds to your correspondence of November 15, 1995, concerning the [ ] Housing Fund [F] proposal. As your letter explains, [F] has asked [ B ] and several other community banks operating in [ ] County, [ ], to participate in a pilot project to provide funding to [F]. The banks would provide these funds either in the form of loans to [F] or investments in [F]. These funds would enable [F] to provide private mortgage insurance for affordable housing loans for low- and moderate-income persons in [ ] County.
Correspondence Date: February 21, 1996
Dear [ ]:
This letter responds to your request addressed to John Gilliam, Wayne Rickards, Duane Thorkildsen, and Linda Ortega, for an interpretation of the provisions of the newly promulgated Community Reinvestment Act (CRA) regulations that govern consideration in an institution's CRA evaluation of lending by an affiliate. As you know, the four bank and thrift agencies have promulgated substantively identical regulations. Therefore, staff from all of the agencies have considered the issues you raised, and they concur in the opinions expressed in this letter.
Correspondence Date: September 2, 1997
Dear [ ]:
This letter responds to your correspondence regarding consideration under the Community Reinvestment Act (CRA) regulations of an investment in socio-economic investment notes (Notes) offered by SEinvestors Fund (Fund).
Background
You state that the Fund is a wholly owned, but semi-autonomous, fund created by the [ ]. You state that [ ] is a not-for-profit corporation whose threefold principal purpose is: