§__.12(t) Employee Wages and Contributions

§__.12(t) – 7

Q: 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?

A7. 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.”

 

Source: Interagency Questions & Answers Regarding Community Reinvestment | July 2016

Related Articles

Leave A Comment?

You must be logged in to post a comment.