wlmmyers
07-23-2002, 09:01 PM
To: Community and Consumer Contacts
From: Bud Kanitz, Special Advisor, and Community Relations
Bud.Kanitz@occ.treas.gov
Date: July 22, 2002
National bank involvement in community development activities, consumer
protection, small business financing, and access to financial services
continue to be high priorities for the Office of the Comptroller of the
Currency (OCC). To keep you informed, I am providing you with the
following information that you can access directly on the OCC's Internet
website by clicking on the indicated hyperlink.
Speeches:
* Comptroller Hawke Outlines Benefits of Financial Literacy Programs
*
* In a speech to the Consumer Bankers Association on April 8, Comptroller
John D. Hawke, Jr. said that financial education programs are key to
reaching new banking markets and to meeting the needs of the
underbanked. Mr. Hawke also cited predatory lending as a serious public
policy concern that, while involving only a few institutions, harms the
reputation of the entire industry.
News Release 2002-32:
<http://www.occ.treas.gov/ftp/release/2002-32.doc>
* Speech: <http://www.occ.treas.gov/ftp/release/2002-32a.doc>
*
* OCC Chief Counsel Julie L. Williams Underscores Major Increase In the
Beneficial Relationships Between Banks and CDCs
*
* In a speech before the Local Initiatives Support Corporation (LISC)
annual conference in Cleveland on April 10, Julie L. Williams, First Senior
Deputy Comptroller and Chief Counsel of the Office of the Comptroller of
the Currency, delivered the keynote address on the topic of community
development. Ms. Williams emphasized the importance of measuring impact
well and increasing CDC attractiveness to banks. She noted that "We at the
OCC have seen large increases in bank investments under (the OCC's) Part 24
community development investment authority which allows national banks to
make equity investments in CDCs, community development projects, and other
public welfare activities. National banks made more than $5 billion of
Part 24 investments since 1995, almost ten times more than the amount
invested during the previous 30 years since Part 24 was established."
*
* News release 2002-34:
<http://www.occ.treas.gov/ftp/release/2002-34.doc>
* Speech: <http://www.occ.treas.gov/ftp/release/2002-34a.doc>
*
* Chief of Staff Mark Nishan Urges Bankers to Seek Out New Markets and the
Unbanked
In a speech before a meeting of community bankers held in Minneapolis on
June 4, OCC Chief of Staff Mark A. Nishan urged banks to
"aggressively seek out new markets.... I'm talking about the people we
used to call the unbanked -- the millions of Americans who use financial
services -- and pay for financial services -- but not generally at a bank."
"There are lots of these people out there," Nishan said, "and it may be
that you've seen them -- lined up on payday at the check-cashing shops, or
at the title loan outlets, or at the payday lenders. They're paying for
financial services, all right -- and paying and paying. We estimate that
the fees they pay to check-cashers and payday lenders alone add up to
nearly $4 billion a year. You can make a lot of that business yours -- but
only if you spend some time learning about the people who patronize the
nonbank providers and start catering to their needs."
Speech: <http://www.occ.treas.gov/ftp/release/2002-50.doc>
Publications:
* The Summer 2002 edition of the OCC Community Affairs newsletter,
Community Developments, <http://www.occ.treas.gov/cdd/resource.htm#CD>
focuses on Community Development Financial Institutions (CDFIs) and
Community Development (CD) Banks. It features an article by Comptroller
John D. Hawke, Jr. titled "Community Development Financial Institutions and
CD Banks - Natural Partners for Traditional Lenders" which describes
contributions these institutions have made in underserved communities and
the technical assistance and guidance the OCC has issued for organizers of
Community Development banks. This issue also debuts the OCC's new CD bank
web resource directory on the OCC website at
<http://www.occ.treas.gov/cdd/cdresourcedir.htm>
"Bank Enterprise Awards and New Markets Tax Credits: Two Tools to Increase
the Flow of Private Capital in Targeted Markets", by Tony T. Brown,
Director of the Treasury Department's CDFI Fund provides information about
the New Markets Tax Credit Program, the CDFI Fund's grant programs, and how
to evaluate an investment in a CDFI or CD bank.
This issue also contains three articles by leaders of community
development intermediaries that are available on the OCC web page:
* "Growing Opportunities in Bank/CDFI Partnerships" by Mark Pinsky,
President of the National Community Capital Association
<http://www.occ.treas.gov/cdd/summer-01.pdf> ;
* "Partnering with Community Developing Credit Unions" by Clifford
Rosenthal, Executive Director of the National Federation of
Community Development Credit Unions
<http://www.occ.treas.gov/cdd/summer-04.pdf> ;
and * "National Community Investment Fund: Financing Depository CDFIs
Nationwide" by Lisa Richter, Fund Advisor of the National Community
Investment Fund. <http://www.occ.treas.gov/cdd/summer-02.pdf>
OCC Bulletins Sent to all National Banks:
* Community Reinvestment Act: Income Level, Median Family Income (OCC
2002-18; May 22, 2002)
*
* The Department of Housing and Urban Development (HUD) has issued its 2002
estimates of median family incomes for 337 metropolitan statistical areas
(MSA) and 52 non-MSA portions of each state. This information is used to
determine borrower income levels in Community Reinvestment Act (CRA)
performance evaluations.
*
* The regulation implementing the CRA, 12 CFR 25, classifies the income
level of an individual or geographic area as low-, moderate-,
middle-, or upper-income, based on the area median income. Low-income
means an individual income that is less than 50 percent of the area median
income, or a median family income that is less than 50 percent, in the case
of a geography. Similarly, moderate-income means an individual income that
is at least 50 percent and less than 80 percent of the area median income,
or a median family income that is at least 50 percent and less than 80
percent, in the case of a geography. The estimated incomes are attached to
this bulletin in PDF and Excel files.
*
* <http://www.occ.treas.gov/ftp/bulletin/2002-28.doc>
*
* Homeownership Counseling: Notice of Statutory Requirement (OCC
2002-27; June 17, 2002)
*
* This bulletin announces that under the National Housing Act which became
effective on November 26, 2001, all national banks acting as creditors are
required to provide notice of availability of homeownership counseling to
certain first-time mortgage loan applicants and to certain homeowners who
are delinquent on their home loans.
*
* <http://www.occ.treas.gov/ftp/bulletin/2002-27.doc>
*
* Truth in Lending (Regulation Z): Final Rule (OCC 2002-26; June 10,
2002)
*
* This bulletin announces a final rule adopting revisions to the official
staff commentary to Regulation Z, which implements the Truth in
Lending Act. The revisions clarify how creditors that place Truth in
Lending Act disclosures on the same document with the credit contract may
satisfy the requirement for providing the disclosures, in a form the
consumer may keep, before consummation. Generally, if the consumer
receives and reviews the unsigned contract and disclosures, the requirement
is met. Consumers who sign the contract may then be given a separate copy
of the contract and disclosures to keep. Additionally, the revisions
provide guidance on disclosing costs for certain types of credit insurance
policies or debt cancellation coverage. This rule became effective on April
9 when the Federal Reserve Board published it.
*
* <http://www.occ.treas.gov/ftp/bulletin/2002-26.doc>
*
* Prohibition Against Use of Interstate Branches Primarily for Deposit
Production (OCC 2002-28)
*
* This final rule amends regulations implementing the deposit production
prohibition of the Riegle-Neal Act to conform the regulations to
recent statutory changes made by section 106 of the Gramm-Leach-Bliley Act
(GLBA). Prior to the adoption of this final rule, these regulations
prohibited any bank from establishing or acquiring a branch or branches
outside of its home state under the Riegle-Neal Act primarily for the
purpose of deposit production. Section 106 of the GLBA expanded the
coverage of the deposit production prohibition of the Riegle-Neal Act to
include any branch of a bank controlled by an out-of-state bank holding
company. The final rule conforms the OCC's regulation to this statutory
change and applies the deposit production office rule to any bank or branch
of a bank controlled by an out-of-state bank holding company.
*
* <http://www.occ.treas.gov/ftp/bulletin/2002-28.doc>
*
* Other Information:
*
* OCC Information Service: The OCC has an electronic information service
available free to the public. You can now receive press releases, speeches
by Comptroller John D. Hawke, Jr., and other OCC issuances (advisory
letters, bulletins, etc.) about the national banking system automatically
via e-mail. Just sign up for "OCC-News", an Internet subscription list, by
going to <http://www.occ.treas.gov/listserv.htm> and following these
instructions. Address an e-mail to
<http://listserv@peach.ease.lsoft.com/> In the body of the message, type:
*
* Subscribe OCC-News Your Name
* For example, if John Jones subscribed, his message would read:
* Subscribe OCC-News John Jones
* (You must put your name in the message.)
*
* I encourage you to use the OCC's Internet Website <at
http://www.occ.treas.gov/> The button labeled "CRA Information" leads to the
following information:
*
* CRA ratings of national banks examined since May 1996:
* http://www.occ.treas.gov/cra/crasrch.htm
* Schedule of upcoming CRA exams:
<http://www.occ.treas.gov/cra/duecra.htm>
* Copies of CRA performance evaluations<:
http://www.occ.treas.gov/cra/electric.htm>
* CRA "Q and As": <http://www.ffiec.gov/cra/qnadoc.htm>
* CRA interpretive letters:
<http://www.occ.treas.gov/cra/craintrp.htm>
Information about the OCC's Community Affairs office can be accessed at
<http://www.occ.treas.gov/cdd/commfoc.htm.>
If you have questions about any of the information in this memo, or the
OCC's community affairs activities, please feel free to contact me at (202)
874-5556. For printed copies of any of the documents listed above, please
contact Tom Goffe Thomas.Goffe@occ.treas.gov or Norman Hatton at the OCC's
Community Affairs Department at (202) 874-5556.
This post transferred from the cdb-l mailing list
From: Bud Kanitz, Special Advisor, and Community Relations
Bud.Kanitz@occ.treas.gov
Date: July 22, 2002
National bank involvement in community development activities, consumer
protection, small business financing, and access to financial services
continue to be high priorities for the Office of the Comptroller of the
Currency (OCC). To keep you informed, I am providing you with the
following information that you can access directly on the OCC's Internet
website by clicking on the indicated hyperlink.
Speeches:
* Comptroller Hawke Outlines Benefits of Financial Literacy Programs
*
* In a speech to the Consumer Bankers Association on April 8, Comptroller
John D. Hawke, Jr. said that financial education programs are key to
reaching new banking markets and to meeting the needs of the
underbanked. Mr. Hawke also cited predatory lending as a serious public
policy concern that, while involving only a few institutions, harms the
reputation of the entire industry.
News Release 2002-32:
<http://www.occ.treas.gov/ftp/release/2002-32.doc>
* Speech: <http://www.occ.treas.gov/ftp/release/2002-32a.doc>
*
* OCC Chief Counsel Julie L. Williams Underscores Major Increase In the
Beneficial Relationships Between Banks and CDCs
*
* In a speech before the Local Initiatives Support Corporation (LISC)
annual conference in Cleveland on April 10, Julie L. Williams, First Senior
Deputy Comptroller and Chief Counsel of the Office of the Comptroller of
the Currency, delivered the keynote address on the topic of community
development. Ms. Williams emphasized the importance of measuring impact
well and increasing CDC attractiveness to banks. She noted that "We at the
OCC have seen large increases in bank investments under (the OCC's) Part 24
community development investment authority which allows national banks to
make equity investments in CDCs, community development projects, and other
public welfare activities. National banks made more than $5 billion of
Part 24 investments since 1995, almost ten times more than the amount
invested during the previous 30 years since Part 24 was established."
*
* News release 2002-34:
<http://www.occ.treas.gov/ftp/release/2002-34.doc>
* Speech: <http://www.occ.treas.gov/ftp/release/2002-34a.doc>
*
* Chief of Staff Mark Nishan Urges Bankers to Seek Out New Markets and the
Unbanked
In a speech before a meeting of community bankers held in Minneapolis on
June 4, OCC Chief of Staff Mark A. Nishan urged banks to
"aggressively seek out new markets.... I'm talking about the people we
used to call the unbanked -- the millions of Americans who use financial
services -- and pay for financial services -- but not generally at a bank."
"There are lots of these people out there," Nishan said, "and it may be
that you've seen them -- lined up on payday at the check-cashing shops, or
at the title loan outlets, or at the payday lenders. They're paying for
financial services, all right -- and paying and paying. We estimate that
the fees they pay to check-cashers and payday lenders alone add up to
nearly $4 billion a year. You can make a lot of that business yours -- but
only if you spend some time learning about the people who patronize the
nonbank providers and start catering to their needs."
Speech: <http://www.occ.treas.gov/ftp/release/2002-50.doc>
Publications:
* The Summer 2002 edition of the OCC Community Affairs newsletter,
Community Developments, <http://www.occ.treas.gov/cdd/resource.htm#CD>
focuses on Community Development Financial Institutions (CDFIs) and
Community Development (CD) Banks. It features an article by Comptroller
John D. Hawke, Jr. titled "Community Development Financial Institutions and
CD Banks - Natural Partners for Traditional Lenders" which describes
contributions these institutions have made in underserved communities and
the technical assistance and guidance the OCC has issued for organizers of
Community Development banks. This issue also debuts the OCC's new CD bank
web resource directory on the OCC website at
<http://www.occ.treas.gov/cdd/cdresourcedir.htm>
"Bank Enterprise Awards and New Markets Tax Credits: Two Tools to Increase
the Flow of Private Capital in Targeted Markets", by Tony T. Brown,
Director of the Treasury Department's CDFI Fund provides information about
the New Markets Tax Credit Program, the CDFI Fund's grant programs, and how
to evaluate an investment in a CDFI or CD bank.
This issue also contains three articles by leaders of community
development intermediaries that are available on the OCC web page:
* "Growing Opportunities in Bank/CDFI Partnerships" by Mark Pinsky,
President of the National Community Capital Association
<http://www.occ.treas.gov/cdd/summer-01.pdf> ;
* "Partnering with Community Developing Credit Unions" by Clifford
Rosenthal, Executive Director of the National Federation of
Community Development Credit Unions
<http://www.occ.treas.gov/cdd/summer-04.pdf> ;
and * "National Community Investment Fund: Financing Depository CDFIs
Nationwide" by Lisa Richter, Fund Advisor of the National Community
Investment Fund. <http://www.occ.treas.gov/cdd/summer-02.pdf>
OCC Bulletins Sent to all National Banks:
* Community Reinvestment Act: Income Level, Median Family Income (OCC
2002-18; May 22, 2002)
*
* The Department of Housing and Urban Development (HUD) has issued its 2002
estimates of median family incomes for 337 metropolitan statistical areas
(MSA) and 52 non-MSA portions of each state. This information is used to
determine borrower income levels in Community Reinvestment Act (CRA)
performance evaluations.
*
* The regulation implementing the CRA, 12 CFR 25, classifies the income
level of an individual or geographic area as low-, moderate-,
middle-, or upper-income, based on the area median income. Low-income
means an individual income that is less than 50 percent of the area median
income, or a median family income that is less than 50 percent, in the case
of a geography. Similarly, moderate-income means an individual income that
is at least 50 percent and less than 80 percent of the area median income,
or a median family income that is at least 50 percent and less than 80
percent, in the case of a geography. The estimated incomes are attached to
this bulletin in PDF and Excel files.
*
* <http://www.occ.treas.gov/ftp/bulletin/2002-28.doc>
*
* Homeownership Counseling: Notice of Statutory Requirement (OCC
2002-27; June 17, 2002)
*
* This bulletin announces that under the National Housing Act which became
effective on November 26, 2001, all national banks acting as creditors are
required to provide notice of availability of homeownership counseling to
certain first-time mortgage loan applicants and to certain homeowners who
are delinquent on their home loans.
*
* <http://www.occ.treas.gov/ftp/bulletin/2002-27.doc>
*
* Truth in Lending (Regulation Z): Final Rule (OCC 2002-26; June 10,
2002)
*
* This bulletin announces a final rule adopting revisions to the official
staff commentary to Regulation Z, which implements the Truth in
Lending Act. The revisions clarify how creditors that place Truth in
Lending Act disclosures on the same document with the credit contract may
satisfy the requirement for providing the disclosures, in a form the
consumer may keep, before consummation. Generally, if the consumer
receives and reviews the unsigned contract and disclosures, the requirement
is met. Consumers who sign the contract may then be given a separate copy
of the contract and disclosures to keep. Additionally, the revisions
provide guidance on disclosing costs for certain types of credit insurance
policies or debt cancellation coverage. This rule became effective on April
9 when the Federal Reserve Board published it.
*
* <http://www.occ.treas.gov/ftp/bulletin/2002-26.doc>
*
* Prohibition Against Use of Interstate Branches Primarily for Deposit
Production (OCC 2002-28)
*
* This final rule amends regulations implementing the deposit production
prohibition of the Riegle-Neal Act to conform the regulations to
recent statutory changes made by section 106 of the Gramm-Leach-Bliley Act
(GLBA). Prior to the adoption of this final rule, these regulations
prohibited any bank from establishing or acquiring a branch or branches
outside of its home state under the Riegle-Neal Act primarily for the
purpose of deposit production. Section 106 of the GLBA expanded the
coverage of the deposit production prohibition of the Riegle-Neal Act to
include any branch of a bank controlled by an out-of-state bank holding
company. The final rule conforms the OCC's regulation to this statutory
change and applies the deposit production office rule to any bank or branch
of a bank controlled by an out-of-state bank holding company.
*
* <http://www.occ.treas.gov/ftp/bulletin/2002-28.doc>
*
* Other Information:
*
* OCC Information Service: The OCC has an electronic information service
available free to the public. You can now receive press releases, speeches
by Comptroller John D. Hawke, Jr., and other OCC issuances (advisory
letters, bulletins, etc.) about the national banking system automatically
via e-mail. Just sign up for "OCC-News", an Internet subscription list, by
going to <http://www.occ.treas.gov/listserv.htm> and following these
instructions. Address an e-mail to
<http://listserv@peach.ease.lsoft.com/> In the body of the message, type:
*
* Subscribe OCC-News Your Name
* For example, if John Jones subscribed, his message would read:
* Subscribe OCC-News John Jones
* (You must put your name in the message.)
*
* I encourage you to use the OCC's Internet Website <at
http://www.occ.treas.gov/> The button labeled "CRA Information" leads to the
following information:
*
* CRA ratings of national banks examined since May 1996:
* http://www.occ.treas.gov/cra/crasrch.htm
* Schedule of upcoming CRA exams:
<http://www.occ.treas.gov/cra/duecra.htm>
* Copies of CRA performance evaluations<:
http://www.occ.treas.gov/cra/electric.htm>
* CRA "Q and As": <http://www.ffiec.gov/cra/qnadoc.htm>
* CRA interpretive letters:
<http://www.occ.treas.gov/cra/craintrp.htm>
Information about the OCC's Community Affairs office can be accessed at
<http://www.occ.treas.gov/cdd/commfoc.htm.>
If you have questions about any of the information in this memo, or the
OCC's community affairs activities, please feel free to contact me at (202)
874-5556. For printed copies of any of the documents listed above, please
contact Tom Goffe Thomas.Goffe@occ.treas.gov or Norman Hatton at the OCC's
Community Affairs Department at (202) 874-5556.
This post transferred from the cdb-l mailing list