To All Heads of Government Agencies, Executive Directors of Community-Based Organizations, and Member and Nonmember Banks, in the Second Federal Reserve District:
The following is adapted from a statement issued by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has announced the publication of its annual updated directory of community development investments by banking organizations.
The 1996 directory has been expanded to include a separate section featuring community development investments by state member banks. Previous editions included only bank holding company investments.
The directory consists of descriptive profiles of more than 150 existing community development corporations and investments made by bank holding companies and state member banks.
These profiles provide information on the amount of initial capital invested by an institution, a description of the community development projects or activities undertaken or planned, and contact persons who can provide additional information on the organization and operation of the CDC or other community development investment activity.
In issuing the directory, the Board emphasized that bank holding companies or state member banks in this District that are considering making community development investments are encouraged to consult both with this Bank's Office of Regional and Community Affairs and with our Banking Applications Department.
In the near future, a copy of the directory will be available here as a (pdf) file.