(a) Illustrative list.
(1) Issuing and
maintaining the illustrative list. The Board, the FDIC, and the
OCC jointly issue and maintain a publicly available illustrative list
of non-exhaustive examples of loans, investments, and services that
qualify for community development consideration as provided in section
228.13.
(2) Modifying the illustrative list.
(i) The
Board, the FDIC, and the OCC update the illustrative list in paragraph
(a)(1) of this section periodically.
(ii) If the Board, the FDIC, and the
OCC determine that a loan or investment is no longer eligible for
community development consideration, the owner of the loan or investment
at the time of the determination will continue to receive community
development consideration for the remaining term or period of the
loan or investment. However, these loans or investments will not be
considered eligible for community development consideration for any
new purchasers of that loan or investment after the agencies make
a determination that the loan or investment is no longer eligible
for community development consideration.
(b) Confirmation of eligibility.
(1) Request for
confirmation of eligibility. A bank subject to this part may
request that the Board confirm that a loan, investment, or service
is eligible for community development consideration by submitting
a request to, and in a format prescribed by, the Board.
(2) Determination of eligibility.
(i) To determine the eligibility
of a loan, investment, or service for which a request has been submitted
under paragraph (b)(1) of this section, the Board considers:
(A) Information
that describes and supports the request; and
(B) Any other information that the Board deems
relevant.
(ii) The Board, the FDIC, and the OCC expect and are presumed to
jointly determine eligibility of a loan, investment, or service under
paragraph (b)(2)(i) of this section to promote consistency. Before
making a determination under paragraph (b)(2)(i) of this section,
the Board consults with the OCC and FDIC regarding the eligibility
of a loan, investment, or service.
(iii) The Board may impose limitations
or requirements on a determination of the eligibility of a loan, investment,
or service to ensure consistency with this part.
(3) Notification of eligibility. The Board notifies the requestor
and the OCC and FDIC in writing of any determination under paragraph
(b)(2) of this section, as well as the rationale for such determination.
