According to a Sept. 17, 1997, CRA interpretive letter from the banking regulators, financial institutions would receive favorable credit for participating in the Academy of Finance project based on the following description of activities:
The regulatory agencies indicated that the financial education activities, as described, have a community development purpose if targeted to low- and moderate-income individuals. Therefore, examiners may consider them favorably during a CRA examination. For a copy of the interagency letter, please contact Judy Armstrong at (314) 444-8646.
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FedCommunities.org is a portal to community development resources from all 12 Federal Reserve Banks and the Federal Reserve Board of Governors.