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OCC ISSUES FACT SHEET ON WELFARE INVESTMENTS IN WIND ENERGY TAX CREDIT TRANSACTIONS

Friday, September 13, 2013 - 7:00AM

The Office of the Comptroller of the Currency (OCC) on Tuesday issued a community affairs fact sheet on public welfare investments (PWIs) in wind energy tax credit transactions. According to the fact sheet, national banks and federal savings associations may invest in wind energy facilities if the investment primarily benefits low- and moderate-income individuals/areas, other areas targeted by a governmental entity for redevelopment or if the investment would receive consideration as a “qualified investment” under 12 CFR 25.23 of the Community Reinvestment Act (CRA). A national bank’s aggregate investments under the PWI authority are capped at 5 percent of the bank’s capital and surplus; the OCC may grant case-by-case exceptions that would allow the limit to be increased up to 15 percent. More information can be found in the public welfare investments resource directory at www.occ.gov.

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