Interagency Q&A .12(i) – 2: Are personal charitable activities provided by an institution’s employees or directors outside the ordinary course of their employment considered community development services?

Compliance > Regulation BB - CRA
Q:  § __.12(i) – 2: Are personal charitable activities provided by an institution’s employees or directors outside the ordinary course of their employment considered community development services?
 
A:  No.  Services must be provided as a representative of the institution.  For example, if a financial institution’s director, on her own time and not as a representative of the institution, volunteers one evening a week at a local community development corporation’s financial counseling program, the institution may not consider this activity a community development service.
 
 
 
This Interagency Q&A, and others, was released in July 2016.  The 2016 Q&As consolidates and supersedes all previously published “Interagency Questions and Answers Regarding Community Reinvestment,” and were noted as being effective immediately.  They may be found here:  http://www.ffiec.gov/cra/qnadoc.htm
 

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