§ 1290.6. Bank community support programs.
575 words·~3 min read·
/us/cfr/t12/s§ 1290.6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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. The Bank's board of directors shall not delegate to a committee of the board, Bank officers, or other Bank employees the responsibility to adopt or amend the Targeted Community Lending Plan. The Targeted Community Lending Plan shall:
(i)Reflect market research conducted 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)Be developed in consultation with (and may only be amended after consultation with) its Advisory Council and with members, housing associates, and public and private economic development organizations in the Bank's district;
(iv)Establish quantitative targeted community lending performance goals;
(v)Identify and assess significant affordable housing needs in its district that will be addressed through its Affordable Housing Program under 12 CFR part 1291, reflecting market research conducted or obtained by the Bank; and
(vi)For any Targeted Funds established by the Bank under its Affordable Housing Program, specify, from among the identified affordable housing needs, the particular affordable housing needs the Bank plans to address through such Targeted Funds.
(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.
(c)Public access. A Bank shall publish its current Targeted Community Lending Plan on its publicly available website, and shall publish any amendments to its Targeted Community Lending Plan on the website within 30 days after the date of their adoption by the Bank's board of directors and no later than the date of publication on the website of its annual Affordable Housing Program Implementation Plan (as amended). If such amendments relate to the Bank's Affordable Housing Program, the Bank shall publish them no later than the date of publication on its website of its annual Affordable Housing Program Implementation Plan (as amended). If a Bank plans to establish any Targeted Funds under its Affordable Housing Program, the Bank must publish its Targeted Community Lending Plan (as amended) on the website at least 90 days before the first day that applications may be submitted to the Targeted Fund, unless the Targeted Fund is specifically targeted to address a Federal- or State-declared disaster. [80 FR 30342, May 28, 2015, as amended at 83 FR 61231, Nov. 28, 2018; 87 FR 32969, June 1, 2022]
Connections17 cite this
Cited by 17 sections · top 8
1 reference not yet in our index
- 12 CFR 1291
Citation graph
cites case law
§ 1290.6
Bank community support programs.
Fed. Reg.×15
C.F.R.×2
Cite12 CFR 1291
Cites 1Cited by 17 across 2 sources