CRA Regulations Redefine Community Development

Wednesday, April 12, 2006 - 2:00PM

The Office of Thrift Supervision (OTS) today published a revised definition of "community development" in its Community Reinvestment Act (CRA) regulations designed to encourage savings associations to increase their community development lending, qualified investments and community development services in distressed or underserved rural areas and designated disaster areas. This change will make OTS's definition of community development and the definition of the other federal banking agencies uniform. OTS also published additional guidance related to this definition and other aspects of its CRA regulations in Q&A; form.

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