Reduce liability for losses on commercial accounts by adhering to four requirements.
OCC Promotes Bank Financing to Expand Access to Healthy Food
Aug 23 - The Office of the Comptroller of the Currency has published the latest edition of its Community Developments Investments electronic newsletter, titled "Bank Financing of Healthy-Food Initiatives." The newsletter describes how national banks and federal savings associations can and are helping to finance projects that bring fresh produce and healthy food choices to underserved low-income neighborhoods.
“Through the use of New Markets Tax Credits, the Community Development Financial Institutions Fund and other programs, we can expand access to grocery stores and farmers markets, spur community development and job growth, and create hubs of activity, particularly in low income urban, rural and minority communities,” said Comptroller of the Currency Thomas J. Curry.
In addition to the New Markets Tax Credits and Community Development Financial Institutions Fund, the newsletter looks at how banks can take advantage of other public-private partnerships through programs sponsored by U.S. Departments of Treasury, Agriculture, and Health and Human Services. Many of the initiatives using these programs may be eligible for positive consideration in a bank’s Community Reinvestment Act examination.
Featured articles inside the newsletter include:
- The Reinvestment Fund: A Healthy-Food Financing Leader
- Financing Helps Rural Towns Keep Healthy Food, Community Pride
- Federal Agencies Support Financing Efforts to Improve Access to Healthy Food
- Taking Care of Business and Health
- The California Fresh Works Fund: Bring Food to the Community
- New Markets Tax Credit Transaction Brings Food Jobs to Newark
- Community Developments Investments can be accessed on the OCC's Web site.
Banks interested in learning more about these opportunities may contact the OCC's District Community Affairs Officers located throughout the nation.
Click here for the August 2012 Community Development Investments electronic newsletter.