Volume 10; No. 4; Fall 1998
New Community Investment Profiles
The Community Affairs Unit of the Federal Reserve Bank of San
Francisco is proud to announce four new Community Investment Profiles
for Alaska, Hawaii, Santa Clara County and San Diego. Community
Profiles are also available for: Idaho, Fresno, Las Vegas, Los Angeles,
Oakland, Oregon, Phoenix, Pomona, Portland, Sacramento, San Francisco,
Seattle, Spokane, and Utah. Each profile includes an analysis of
the areas economic outlook and credit needs as well as descriptions
of potential community-based partners. To order complimentary copies,
please fax your name, address, company, telephone number and the
name of the profile desired to Ariel Andres in Community Affairs
at (415) 393-1920.
Property Location Reporting for Large Institutions
Subject to CRA
|A reminder for large institutions subject to the CRA:
Property location must be reported for all applications and loans
on the Home Mortgage Disclosure Act - Loan Application Register (HMDA-LAR).
This requirement applies whether the property is located in an MSA
where the institution has a home or branch office, in some other MSA,
or in a non-MSA area. This requirement applies to banks and savings
associations that had total assets of $250 million as of December
31 for each of the preceding two years. It also applies to banks and
savings institutions that are subsidiaries of holding companies whose
total banking and thrift assets were $1 billion or more.
FIER Funds for Brownfields Cleanup
FIER, The Financing Initiative for Environmental Restoration, is
a pioneering effort to provide funds for brownfields cleanup. Launched
by The Development Fund, FIER creates a major new private-sector
financing source for the cleanup and redevelopment of └brownfields"
and other impaired lands. By restoring these properties to productive
use, FIER aims to achieve environmental cleanup on a significant
scale. The site restorations will also spur economic revitalization
in disadvantaged areas and reduce urban sprawl. Additionally, FIER
can provide a financially sound investment vehicle for investors.
To date, 32 banks and corporations have joined the FIER planning
process. In addition to establishing FIER, The Development Fund
has a successful track record of creating innovative, far-reaching,
and self-sustaining programs in different parts of the country.
For more information on the FIER program or The Development Fund,
contact Susan Phinney Silver at (415) 981-1070.
CRA Rating Search & Fact Sheet Now Available
The Federal Financial Institutions Examination Council (FFIEC)
has added a new CRA Rating Search function to its Internet site
The site allows consumers, researchers, community groups, and others
to perform queries against a population of CRA ratings from all
four regulatory agencies. The database contains CRA ratings for
examinations dating back to July 1, 1990, and will be updated on
a quarterly basis. Copies of the FFIEC fact sheet, └Findings from
Analysis of Nationwide Summary Statistics for 1997 Community Reinvestment
Act Data," with illustrative tables, are available from the Corporate
Services Department of the Federal Reserve Bank of San Francisco.
To request copies, please call (415) 974-2748. This material is
also available on the FFIEC web site (www.ffiec.gov).
FFIEC Releases 1997 Data
| The Federal Financial Institutions Examination
Council (FFIEC) recently announced the availability of 1997 HMDA,
Small Business, Small Farm and Community Development Lending data.
The data reflect lending activity for nearly 8,000 institutions covered
by HMDA and CRA, and is available at central depositories in metropolitan
areas or via the Internet. The FFIEC makes HMDA and CRA data available
in various formats, including paper, magnetic tape, PC diskette, and
CD-ROM. An order form for data available from the FFIEC and the location
of the central depositories can be found on the FFEIC web site, (www.ffiec.gov.)
California Small Business Report and Directory
Improved access to credit for small businesses in California --
its a worthwhile goal and were one step closer. A new publication
entitled, Sustainable Economic Development: Developing Effective
Partnerships Between Banks and Technical Assistance Providers was
jointly released by the Community Affairs Unit of the Federal Reserve
Bank of San Francisco and the California Reinvestment Committee.
The publication includes specific recommendations on small business
credit issues affecting bankers and technical assistance providers
throughout California. It also includes a handy index of California-based
contacts and resources. For a free copy, please fax your name, company,
address, telephone number and the title of the publication to Ariel
Andres at (415) 393-1920.
Free subscriptions and additional copies are available
upon request from the Community Affairs Department, Federal Reserve
Bank of San Francisco, 101 Market Street, San Francisco, California
94105, or call (415) 974-2978.
The views expressed are not necessarily those of the
Federal Reserve Bank of San Francisco or the Federal Reserve System.
Material herein may be reprinted or abstracted as long as Community
Investments is credited. Please provide our Community Affairs Department
with a copy of any publication in which such material is reprinted.