the Launch of the Center for Community Development Investments
John Olson, Community Affairs Specialist, Federal Reserve Bank of San
In this issue of Community Investments, we
are pleased to introduce the Center
for Community Development Investments, an online clearinghouse
of community development investment resources. On the Center website,
you will find:
- a listing of community development investments
with explanations of how they work and how they are booked;
- comprehensive regulatory resources on the Investment
Test, the CRA exam process, and investment authority;
- directories of investment opportunities gleaned
from actual CRA examinations;
- original research on Investment Test performances
and ratings; and
- links to community development investment training
opportunities and conferences.
An advisory committee made up of a group of industry
experts helped us create the Center and will work with us to ensure it
is relevant to you.
Financial institution investors and others have become
increasingly knowledgeable about community development investments, and
the field continues to grow in size and complexity. The continued growth
of the industry will depend not only on the regulatory environment, but
also on the efficient dissemination of information and resources to all
parties interested in community development investments, including financial
institutions, insurance companies, investment banks, community-based and
not-for-profit organizations, and regulatory agencies. It is our aim for
the Center to serve as a unique vehicle for the dissemination of this
information and as a forum for rich discussion.
To help kick off the Center, this issue is in part
dedicated to community development investments. In this issue, we build
on an existing series (see the March 2002
issue of Community Investments on our website) with an article
on the New Markets Tax Credit and with information on Variable Rate Demand
Notes and Auction Rate Securities. We have also included highlights of
a lively panel discussion from a Federal Reserve conference earlier this
year, where industry leaders were brought together to discuss the future
of the community development investment industry.
We hope you enjoy this issue of Community Investments,
and that you'll take a moment to look at the Center for Community Development
Investments on the web at www.frbsf.org/cdinvestments.
Please let us know what you think by sending us an e-mail to SF.CommunityAffairs@sf.frb.org.