Interagency Q&A .12(t) – 7: Will the Agencies consider as a qualified investment the wages of an employee or director who provides assistance to a community development organization on behalf of the institution?

Compliance > Regulation BB - CRA
Q:  § __.12(t) – 7: Will the Agencies consider as a qualified investment the wages or other compensation of an employee or director who provides assistance to a community development organization on behalf of the institution?
 
A:  No.  However, the Agencies will consider donated labor of employees or directors of a financial institution as a community development service if the activity meets the regulatory definition of “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
 
 

Add Feedback