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Banks Can Earn CRA Credit in Gulf Coast Recovery Plan.(community reinvestment act)(Brief article)
Washington -- Banks and thrifts assisting with the recovery and rebuilding of the disaster areas hit by Hurricanes Katrina and Rita are eligible for Community Reinvestment Act credit for at least three years, according to federal regulators. The new guidance states that loans, investments and services in support of disaster recovery that helps to attract new or retain existing businesses and residents to a designated disaster area will receive CRA consideration for a 36-month period.
The guidance, which is in a question-and-answer format, also gives the regulators the flexibility to extend that period, according to the Office of the ...
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Source: HighBeam Research, Banks Can Earn CRA Credit in Gulf Coast Recovery Plan.(community...