12 CFR 1290.2 - Community support requirement.

§ 1290.2 Community support requirement.
(a) Selection for community support review. Except as otherwise provided in this section, FHFA shall select a member for community support review approximately once every two years.
(b) Notice—(1) By the FHFA. FHFA concurrently shall:
(i) Notify each Bank of the members within its district that have to submit community support statements during the calendar quarter; and
(ii) Publish a notice in the Federal Register that includes the name and address of each member required to submit a community support statement during the calendar quarter, and the deadline for submission of the community support statement to FHFA. The deadline for submission of a community support statement shall be no earlier than 45 calendar days after the date of publication of the notice in the Federal Register.
(2) By the Banks. Within 15 calendar days of the date of publication in the Federal Register of the notice required by paragraph (b)(1)(ii) of this section, a Bank shall provide written notice to—
(i) Each member within its district that is named in the Federal Register notice, that the member has to submit a community support statement to FHFA by the deadline stated in the Federal Register notice; and
(ii) Its Advisory Council and nonprofit housing developers, community groups, and other interested parties in its district of the name and address of each member within its district that has to submit a community support statement during the calendar quarter.
(c) Required documents. Each member selected for community support review must submit a completed Community Support Statement Form executed by an appropriate senior officer to FHFA and any other information FHFA may require to determine whether a member meets the community support standards.
(d) Public comments. In reviewing a member for compliance with the community support requirement, FHFA shall take into consideration any public comments it has received concerning the member.
(e) Community Development Financial Institutions. A member that has been certified as a community development financial institution by the CDFI Fund, other than a member that also is an insured depository institution or a CDFI credit union (as defined in § 1263.1), shall be deemed to be in compliance with the community support requirements of section 10(g) of the Federal Home Loan Bank Act (Bank Act), 12 U.S.C. 1430(g), by virtue of that certification and is not subject to periodic review under paragraph (a) of this section.

Title 12 published on 2014-01-01

no entries appear in the Federal Register after this date.

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