68450 Federal Register / Vol. 70, No. 217 / Thursday, November 10, 2005 / Notices
PERSON TO CONTACT FOR INFORMATION:
Mr. Robert Biersack, Press Officer,
Telephone (202) 694–1220.
Mary W. Dove,
Secretary of the Commission.
[FR Doc. 05–22565 Filed 11–8–05; 3:31 pm]
BILLING CODE 6715 –01–M
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
[Docket No. 05–17]
FEDERAL RESERVE SYSTEM
[Docket No. OP–1240]
FEDERAL DEPOSIT INSURANCE
CORPORATION
RIN 3064–AC97
Community Reinvestment Act;
Interagency Questions and Answers
Regarding Community Reinvestment;
Notice
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
SUMMARY: This proposal would revise
guidance of the staffs of the OCC, Board,
and FDIC (collectively, ‘‘the agencies’’)
relating to the Community Reinvestment
Act (‘‘the Act’’ or ‘‘CRA’’) to address
topics related to the revisions the
agencies made to their regulations that
implement the CRA. After reviewing
comments on this proposal, these
questions and answers will be added to
the Interagency Questions and Answers,
an existing document that contains
informal staff guidance for examiners
and other agency personnel, financial
institutions, and the public. Public
comment is invited on the proposed
guidance, as well as any other
community reinvestment issues.
DATES: Comments on the proposed
questions and answers are requested by
January 9, 2006.
ADDRESSES: Comments should be
directed to:
OCC: You should include OCC and
Docket Number 05–17 in your comment.
You may submit comments by any of
the following methods:
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• OCC Web Site: http://
www.occ.treas.gov. Click on ‘‘Contact
the OCC,’’ scroll down and click on
‘‘Comments on Proposed Regulations.’’
• E-mail Address:
regs.comments@occ.treas.gov.
• Fax: (202) 874–4448.
• Mail: Office of the Comptroller of
the Currency, 250 E Street, SW., Mail
Stop 1–5, Washington, DC 20219.
• Hand Delivery/Courier: 250 E
Street, SW., Attn: Public Information
Room, Mail Stop 1–5, Washington, DC
20219.
Instructions: All submissions received
must include the agency name (OCC)
and docket number for this notice. In
general, the OCC will enter all
comments received into the docket
without change, including any business
or personal information that you
provide. You may review comments and
other related materials by any of the
following methods:
• Viewing Comments Personally: You
may personally inspect and photocopy
comments at the OCC’s Public
Information Room, 250 E Street, SW.,
Washington, DC. You can make an
appointment to inspect comments by
calling (202) 874–5043.
• Viewing Comments Electronically:
You may request e-mail or CD–ROM
copies of comments that the OCC has
received by contacting the OCC’s Public
Information Room at
regs.comments@occ.treas.gov.
• Docket: You may also request
available background documents and
project summaries using the methods
described above.
Board: You may submit comments,
identified by Docket No. OP–1240, by
any of the following methods:
• Agency Web site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• E-mail:
regs.comments@federalreserve.gov.
Include docket number in the subject
line of the message.
• Fax: 202/452–3819 or 202/452–
3102.
• Mail: Jennifer J. Johnson, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
All public comments are available
from the Board’s Web site at http://
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
except as necessary for technical
reasons. Accordingly, your comments
will not be edited to remove any
identifying or contact information.
Public comments may also be viewed
electronically or in paper in Room MP–
500 of the Board’s Martin Building (20th
and C Streets, NW.) between 9 a.m. and
5 p.m. on weekdays.
FDIC: You may submit comments,
identified by RIN number 3064–AC97
by any of the following methods:
• Agency Web site: http://
www.fdic.gov/regulations/laws/federal/
propose.html. Follow instructions for
submitting comments on the Agency
Web site.
• E-mail: Comments@FDIC.gov.
Include the RIN number in the subject
line of the message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
• Hand Delivery/Courier: Guard
station at the rear of the 550 17th Street
Building (located on F Street) on
business days between 7 a.m. and 5 p.m.
Instructions: All submissions received
must include the agency name and RIN
number. All comments received will be
posted without change to http://
www.fdic.gov/regulations/laws/federal/
propose.html including any personal
information provided.
FOR FURTHER INFORMATION CONTACT:
OCC: Margaret Hesse, Special
Counsel, Community and Consumer
Law Division, (202) 874–5750; or Karen
Tucker, National Bank Examiner,
Compliance Policy Division, (202) 874–
4428, Office of the Comptroller of the
Currency, 250 E Street, SW.,
Washington, DC 20219.
Board: Anjanette M. Kichline,
Supervisory Consumer Financial
Services Analyst, (202) 785–6054;
Catherine M.J. Gates, Senior
Supervisory Consumer Financial
Services Analyst, (202) 452–3946;
Kathleen C. Ryan, Counsel, (202) 452–
3667; or Dan S. Sokolov, Senior
Attorney, (202) 452–2412, Division of
Consumer and Community Affairs,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
FDIC: Robert W. Mooney, Chief, (202)
898–3911, or Pamela Freeman, Policy
Analyst, (202) 898–6568, CRA and Fair
Lending Policy Section, Division of
Supervision and Consumer Protection;
Richard M. Schwartz, Counsel, Legal
Division, (202) 898–7424; Susan van
den Toorn, Counsel, Legal Division,
(202) 898–8707; Federal Deposit
Insurance Corporation, 550 17th Street,
NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Background
On August 2, 2005, the OCC, Board,
and FDIC published in the Federal
VerDate Aug<31>2005 19:02 Nov 09, 2005 Jkt 208001 PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 E:\FR\FM\10NON1.SGM 10NON1
PERSON TO CONTACT FOR INFORMATION:
Mr. Robert Biersack, Press Officer,
Telephone (202) 694–1220.
Mary W. Dove,
Secretary of the Commission.
[FR Doc. 05–22565 Filed 11–8–05; 3:31 pm]
BILLING CODE 6715 –01–M
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
[Docket No. 05–17]
FEDERAL RESERVE SYSTEM
[Docket No. OP–1240]
FEDERAL DEPOSIT INSURANCE
CORPORATION
RIN 3064–AC97
Community Reinvestment Act;
Interagency Questions and Answers
Regarding Community Reinvestment;
Notice
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
SUMMARY: This proposal would revise
guidance of the staffs of the OCC, Board,
and FDIC (collectively, ‘‘the agencies’’)
relating to the Community Reinvestment
Act (‘‘the Act’’ or ‘‘CRA’’) to address
topics related to the revisions the
agencies made to their regulations that
implement the CRA. After reviewing
comments on this proposal, these
questions and answers will be added to
the Interagency Questions and Answers,
an existing document that contains
informal staff guidance for examiners
and other agency personnel, financial
institutions, and the public. Public
comment is invited on the proposed
guidance, as well as any other
community reinvestment issues.
DATES: Comments on the proposed
questions and answers are requested by
January 9, 2006.
ADDRESSES: Comments should be
directed to:
OCC: You should include OCC and
Docket Number 05–17 in your comment.
You may submit comments by any of
the following methods:
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• OCC Web Site: http://
www.occ.treas.gov. Click on ‘‘Contact
the OCC,’’ scroll down and click on
‘‘Comments on Proposed Regulations.’’
• E-mail Address:
regs.comments@occ.treas.gov.
• Fax: (202) 874–4448.
• Mail: Office of the Comptroller of
the Currency, 250 E Street, SW., Mail
Stop 1–5, Washington, DC 20219.
• Hand Delivery/Courier: 250 E
Street, SW., Attn: Public Information
Room, Mail Stop 1–5, Washington, DC
20219.
Instructions: All submissions received
must include the agency name (OCC)
and docket number for this notice. In
general, the OCC will enter all
comments received into the docket
without change, including any business
or personal information that you
provide. You may review comments and
other related materials by any of the
following methods:
• Viewing Comments Personally: You
may personally inspect and photocopy
comments at the OCC’s Public
Information Room, 250 E Street, SW.,
Washington, DC. You can make an
appointment to inspect comments by
calling (202) 874–5043.
• Viewing Comments Electronically:
You may request e-mail or CD–ROM
copies of comments that the OCC has
received by contacting the OCC’s Public
Information Room at
regs.comments@occ.treas.gov.
• Docket: You may also request
available background documents and
project summaries using the methods
described above.
Board: You may submit comments,
identified by Docket No. OP–1240, by
any of the following methods:
• Agency Web site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• E-mail:
regs.comments@federalreserve.gov.
Include docket number in the subject
line of the message.
• Fax: 202/452–3819 or 202/452–
3102.
• Mail: Jennifer J. Johnson, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
All public comments are available
from the Board’s Web site at http://
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
except as necessary for technical
reasons. Accordingly, your comments
will not be edited to remove any
identifying or contact information.
Public comments may also be viewed
electronically or in paper in Room MP–
500 of the Board’s Martin Building (20th
and C Streets, NW.) between 9 a.m. and
5 p.m. on weekdays.
FDIC: You may submit comments,
identified by RIN number 3064–AC97
by any of the following methods:
• Agency Web site: http://
www.fdic.gov/regulations/laws/federal/
propose.html. Follow instructions for
submitting comments on the Agency
Web site.
• E-mail: Comments@FDIC.gov.
Include the RIN number in the subject
line of the message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
• Hand Delivery/Courier: Guard
station at the rear of the 550 17th Street
Building (located on F Street) on
business days between 7 a.m. and 5 p.m.
Instructions: All submissions received
must include the agency name and RIN
number. All comments received will be
posted without change to http://
www.fdic.gov/regulations/laws/federal/
propose.html including any personal
information provided.
FOR FURTHER INFORMATION CONTACT:
OCC: Margaret Hesse, Special
Counsel, Community and Consumer
Law Division, (202) 874–5750; or Karen
Tucker, National Bank Examiner,
Compliance Policy Division, (202) 874–
4428, Office of the Comptroller of the
Currency, 250 E Street, SW.,
Washington, DC 20219.
Board: Anjanette M. Kichline,
Supervisory Consumer Financial
Services Analyst, (202) 785–6054;
Catherine M.J. Gates, Senior
Supervisory Consumer Financial
Services Analyst, (202) 452–3946;
Kathleen C. Ryan, Counsel, (202) 452–
3667; or Dan S. Sokolov, Senior
Attorney, (202) 452–2412, Division of
Consumer and Community Affairs,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
FDIC: Robert W. Mooney, Chief, (202)
898–3911, or Pamela Freeman, Policy
Analyst, (202) 898–6568, CRA and Fair
Lending Policy Section, Division of
Supervision and Consumer Protection;
Richard M. Schwartz, Counsel, Legal
Division, (202) 898–7424; Susan van
den Toorn, Counsel, Legal Division,
(202) 898–8707; Federal Deposit
Insurance Corporation, 550 17th Street,
NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Background
On August 2, 2005, the OCC, Board,
and FDIC published in the Federal
VerDate Aug<31>2005 19:02 Nov 09, 2005 Jkt 208001 PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 E:\FR\FM\10NON1.SGM 10NON1
68451Federal Register / Vol. 70, No. 217 / Thursday, November 10, 2005 / Notices
Register a joint final rule revising their
Community Reinvestment Act
regulations (70 FR 44256). The joint
final rule became effective September 1,
2005.
The joint final rule addressed
regulatory burden imposed on small
banks with an asset size between $250
million and $1 billion by exempting
them from CRA loan data collection and
reporting obligations. It also exempted
such banks from the large bank lending,
investment, and service tests, and made
them eligible for evaluation under the
small bank lending test and a flexible
new community development test.
Holding company affiliation is no longer
a factor in determining which CRA
evaluation standards apply to a bank.
The joint final rule also revised the
term ‘‘community development’’ to
include activities to revitalize and
stabilize distressed or underserved
nonmetropolitan middle-income areas
and designated disaster areas. Finally,
the rule adopted amendments to the
regulations to address the impact on a
bank’s CRA rating of evidence of
discrimination or other credit practices
that violate an applicable law, rule, or
regulation.
To help financial institutions meet
their responsibilities under the CRA and
to increase public understanding of the
CRA regulations, the staffs of the OCC,
Board, FDIC, and Office of Thrift
Supervision have previously published
answers to the most frequently asked
questions about the community
reinvestment regulations of the four
federal financial regulatory agencies.
This guidance is intended to provide
informal staff guidance for use by
examiners and other agency personnel,
financial institutions, and the public,
and is supplemented periodically. The
staffs of the OCC, Board, and FDIC are
jointly issuing these proposed Questions
and Answers to provide additional
guidance specific to the new OCC,
Board, and FDIC rules issued on August
2, 2005, that apply to their institutions.
Just as in the Interagency Questions
and Answers currently in effect (65 FR
36620 (July 12, 2001)), the proposed
questions and answers are grouped by
the provision of the CRA regulations
that they discuss and are presented in
the same order as the regulatory
provisions. The proposed questions and
answers employ the same abbreviated
method to cite to the regulations that the
agencies used in the Interagency
Questions and Answers. Because the
regulations of the three agencies are
substantially identical, corresponding
sections of the different regulations
usually bear the same suffix. Therefore,
the proposed questions and answers cite
only to the suffix. For example, the
small bank performance standards for
national banks appear at 12 CFR 25.26;
for Federal Reserve System member
banks supervised by the Board, they
appear at 12 CFR 228.26; and for
nonmember state banks, at 12 CFR
345.26. Accordingly, the citation in this
document would be to § l .26. Each
question is numbered using a system
that consists of the regulatory citation
(as described above) and a number,
connected by a dash. For example, the
first proposed question addressing
§ ll.12(g)(4) would be identified as
§ ll.12(g)(4)–1.
As a result of technical changes made
to the agencies’ regulations (70 FR
15570 (March 28, 2005)) and the recent
revisions mentioned above, some of the
numbering in the existing 2001
Interagency Questions and Answers
does not correspond to the appropriate
sections of the revised regulation.
However, in the proposed questions and
answers, if a reference is made to an
existing question and answer, the
number of the existing question and
answer, as published in the 2001
Interagency Questions and Answers, is
given, even if the old reference does not
accurately describe the current
provision in the regulations. When the
proposed questions and answers are
adopted as final and the rest of the
questions and answers are updated to
reflect the revisions to the regulations
made by the three agencies, as discussed
above, the references in the questions
and answers will be updated.
Proposed Questions and Answers
Because the agencies made several
significant revisions to the regulations,
new Interagency Questions and
Answers addressing those revisions are
necessary. Therefore, thirteen new
questions and answers addressing the
new revisions are being published for
comment.
Revised ‘‘Community Development’’
Definition
Of the thirteen proposed new
questions and answers, seven questions
and answers address the revised
definition of ‘‘community
development,’’ which includes activities
that revitalize or stabilize a distressed or
underserved nonmetropolitan middle-
income geography or a designated
disaster area. First, the proposed
guidance clarifies that the revised
definition of ‘‘community development’’
applies to all banks, and not only to
intermediate small banks. It also
discusses what is meant by a designated
disaster area. Disaster areas are
designated by Federal agencies or
States, and these designations are made
public. Therefore, the agencies do not
intend to maintain a separate list of all
government-designated disaster areas.
The guidance also proposes a one-
year ‘‘lag period’’ during which a bank
may continue to receive consideration
for activities in a disaster area for which
the Federal or state designation has
expired. The lag will help promote
investments that may take an extended
period of time to arrange and that have
extended periods of duration that may
continue to provide meaningful benefits
to the community after the government
designation has ended. During the
proposed lag period, community
development activities will continue to
receive consideration just as they would
have if the area were still designated as
a disaster area. Comment is specifically
requested on the appropriateness of a
one-year lag period. Is one extra year
generally long enough for a bank to
finish the preparations for a community
development project investment or loan,
the development of which was
commenced while the area was still a
designated disaster area? Should a
longer or shorter period be selected? If
so, how long and why?
Comment is also requested on the
appropriate description of a disaster
designation’s duration. The proposed
guidance would recognize the
revitalization and stabilization efforts in
disaster areas during such time that
Federal, State, or local governments
have determined that the area continues
to be affected by the disaster event, and
provides a one-year period after the
expiration of the disaster designation in
which revitalization and stabilization
activities targeted to those areas will
receive favorable recognition. The
agencies specifically seek comment on
this aspect of the proposal. In particular,
the agencies seek comment on whether
the period starting with ‘‘designation’’
and ending with ‘‘expiration’’ of the
designation is the most appropriate and
meaningful way to describe the duration
of the effect of the disaster for CRA
purposes. Or, should the guidance be
more broadly worded to reflect other
relevant governmental measures of the
duration of a disaster event? For
example, should the guidance also refer
to ‘‘periods of assistance,’’ ‘‘registration
periods,’’ or other relevant timeframes?
The proposed guidance next explains
that all revitalization activities in
designated disaster areas are not
considered equally—those that are most
responsive to community needs,
including the needs of low- or
moderate-income individuals, may be
given more weight than other
revitalization and stabilization activities
VerDate Aug<31>2005 19:02 Nov 09, 2005 Jkt 208001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 E:\FR\FM\10NON1.SGM 10NON1
Register a joint final rule revising their
Community Reinvestment Act
regulations (70 FR 44256). The joint
final rule became effective September 1,
2005.
The joint final rule addressed
regulatory burden imposed on small
banks with an asset size between $250
million and $1 billion by exempting
them from CRA loan data collection and
reporting obligations. It also exempted
such banks from the large bank lending,
investment, and service tests, and made
them eligible for evaluation under the
small bank lending test and a flexible
new community development test.
Holding company affiliation is no longer
a factor in determining which CRA
evaluation standards apply to a bank.
The joint final rule also revised the
term ‘‘community development’’ to
include activities to revitalize and
stabilize distressed or underserved
nonmetropolitan middle-income areas
and designated disaster areas. Finally,
the rule adopted amendments to the
regulations to address the impact on a
bank’s CRA rating of evidence of
discrimination or other credit practices
that violate an applicable law, rule, or
regulation.
To help financial institutions meet
their responsibilities under the CRA and
to increase public understanding of the
CRA regulations, the staffs of the OCC,
Board, FDIC, and Office of Thrift
Supervision have previously published
answers to the most frequently asked
questions about the community
reinvestment regulations of the four
federal financial regulatory agencies.
This guidance is intended to provide
informal staff guidance for use by
examiners and other agency personnel,
financial institutions, and the public,
and is supplemented periodically. The
staffs of the OCC, Board, and FDIC are
jointly issuing these proposed Questions
and Answers to provide additional
guidance specific to the new OCC,
Board, and FDIC rules issued on August
2, 2005, that apply to their institutions.
Just as in the Interagency Questions
and Answers currently in effect (65 FR
36620 (July 12, 2001)), the proposed
questions and answers are grouped by
the provision of the CRA regulations
that they discuss and are presented in
the same order as the regulatory
provisions. The proposed questions and
answers employ the same abbreviated
method to cite to the regulations that the
agencies used in the Interagency
Questions and Answers. Because the
regulations of the three agencies are
substantially identical, corresponding
sections of the different regulations
usually bear the same suffix. Therefore,
the proposed questions and answers cite
only to the suffix. For example, the
small bank performance standards for
national banks appear at 12 CFR 25.26;
for Federal Reserve System member
banks supervised by the Board, they
appear at 12 CFR 228.26; and for
nonmember state banks, at 12 CFR
345.26. Accordingly, the citation in this
document would be to § l .26. Each
question is numbered using a system
that consists of the regulatory citation
(as described above) and a number,
connected by a dash. For example, the
first proposed question addressing
§ ll.12(g)(4) would be identified as
§ ll.12(g)(4)–1.
As a result of technical changes made
to the agencies’ regulations (70 FR
15570 (March 28, 2005)) and the recent
revisions mentioned above, some of the
numbering in the existing 2001
Interagency Questions and Answers
does not correspond to the appropriate
sections of the revised regulation.
However, in the proposed questions and
answers, if a reference is made to an
existing question and answer, the
number of the existing question and
answer, as published in the 2001
Interagency Questions and Answers, is
given, even if the old reference does not
accurately describe the current
provision in the regulations. When the
proposed questions and answers are
adopted as final and the rest of the
questions and answers are updated to
reflect the revisions to the regulations
made by the three agencies, as discussed
above, the references in the questions
and answers will be updated.
Proposed Questions and Answers
Because the agencies made several
significant revisions to the regulations,
new Interagency Questions and
Answers addressing those revisions are
necessary. Therefore, thirteen new
questions and answers addressing the
new revisions are being published for
comment.
Revised ‘‘Community Development’’
Definition
Of the thirteen proposed new
questions and answers, seven questions
and answers address the revised
definition of ‘‘community
development,’’ which includes activities
that revitalize or stabilize a distressed or
underserved nonmetropolitan middle-
income geography or a designated
disaster area. First, the proposed
guidance clarifies that the revised
definition of ‘‘community development’’
applies to all banks, and not only to
intermediate small banks. It also
discusses what is meant by a designated
disaster area. Disaster areas are
designated by Federal agencies or
States, and these designations are made
public. Therefore, the agencies do not
intend to maintain a separate list of all
government-designated disaster areas.
The guidance also proposes a one-
year ‘‘lag period’’ during which a bank
may continue to receive consideration
for activities in a disaster area for which
the Federal or state designation has
expired. The lag will help promote
investments that may take an extended
period of time to arrange and that have
extended periods of duration that may
continue to provide meaningful benefits
to the community after the government
designation has ended. During the
proposed lag period, community
development activities will continue to
receive consideration just as they would
have if the area were still designated as
a disaster area. Comment is specifically
requested on the appropriateness of a
one-year lag period. Is one extra year
generally long enough for a bank to
finish the preparations for a community
development project investment or loan,
the development of which was
commenced while the area was still a
designated disaster area? Should a
longer or shorter period be selected? If
so, how long and why?
Comment is also requested on the
appropriate description of a disaster
designation’s duration. The proposed
guidance would recognize the
revitalization and stabilization efforts in
disaster areas during such time that
Federal, State, or local governments
have determined that the area continues
to be affected by the disaster event, and
provides a one-year period after the
expiration of the disaster designation in
which revitalization and stabilization
activities targeted to those areas will
receive favorable recognition. The
agencies specifically seek comment on
this aspect of the proposal. In particular,
the agencies seek comment on whether
the period starting with ‘‘designation’’
and ending with ‘‘expiration’’ of the
designation is the most appropriate and
meaningful way to describe the duration
of the effect of the disaster for CRA
purposes. Or, should the guidance be
more broadly worded to reflect other
relevant governmental measures of the
duration of a disaster event? For
example, should the guidance also refer
to ‘‘periods of assistance,’’ ‘‘registration
periods,’’ or other relevant timeframes?
The proposed guidance next explains
that all revitalization activities in
designated disaster areas are not
considered equally—those that are most
responsive to community needs,
including the needs of low- or
moderate-income individuals, may be
given more weight than other
revitalization and stabilization activities
VerDate Aug<31>2005 19:02 Nov 09, 2005 Jkt 208001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 E:\FR\FM\10NON1.SGM 10NON1