The U.S. Department of the Treasury invites the general public and other Federal agencies to take this opportunity to comment on its revised interim rule implementing the Bank Enterprise Award Program (BEA Program), administered by the Community Development Financial Institutions Fund (CDFI Fund).
The purpose of the BEA Program is to provide an incentive to FDIC-insured depository institutions to increase their activities — in the form of loans, investments, services, and technical assistance — within distressed communities; and to provide financial assistance to Community Development Financial Institutions through grants, stock purchases, loans, deposits, and other forms of financial and technical assistance. The CDFI Fund will make awards through the BEA Program to FDIC-insured depository institutions based upon such institutions’ completion of certain Qualified Activities.
The revised interim rule reflects the CDFI Fund’s programmatic decision to create two subcategories within the Distressed Community Financing Activities category of Qualified Activities in order to differentiate between: (1) Consumer Loans and (2) Commercial Loans and Investments. The rule includes additional revisions necessary to implement this modification to the Distressed Community Financing Activities category, as well as to make certain technical corrections and other updates to the current rule.
Public comment is solicited on all aspects of this interim rule. Comments must be submitted in writing on or before October 11, 2016 via the Federal e-Rulemaking Portal at http://www.regulations.gov (please follow the instructions for submitting comments). All submissions received must include the agency name and Regulatory Information Number (RIN) for this rulemaking.
To learn more about the BEA Program, please visit www.cdfifund.gov/bea.