WASHINGTON – The federal bank and thrift regulatory agencies June 1 announced the availability of the latest list of distressed or underserved nonmetropolitan middle-income geographies for which banks can receive "community development" credit.
In these areas, bank revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development."
The 2006 list is the first to incorporate a one-year lag period for geographies that were designated in 2005, but not in 2006. Regions subject to the one-year lag period are eligible to receive consideration for community development activities for the 12 months following publication of the 2006 list.
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The criteria used to designate distressed and underserved nonmetropolitan middle-income geographies are available on the Federal Financial Institutions Examination Council Web site (www.FFIEC.gov/cra).
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