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OCC Issues Final Rule on Community Reinvestment Act
The Office of the Comptroller of the Currency (OCC) released a final rule related to the agency’s regulations under the Community Reinvestment Act (CRA). The final rule clarifies and expands the banking activities that qualify for positive consideration, updates how banks delineate the assessment areas in which they are evaluated, provides additional methods for evaluating CRA performance and requires timely and transparent reporting.
Analyzing the Impact of Lowering the 50% Test for 4% Tax-Exempt Bond-Financed Properties
This week, NCSHA published a report showing how lowering the “financed-by” threshold — commonly referred to as the 50 percent test — for bond-financed Housing Credit projects would impact available Private Activity Bond cap and could increase multifamily affordable housing production.
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
