WASHINGTON, DC -- The Office of the Comptroller of the
Currency today published its annual directory of community development
investments made during 2002. The National
Bank Community Development Investments, 2002 Directory lists and summarizes
national bank investments that support a public welfare purpose, permitted
under the investment authority of the National Bank Act and part 24 of the OCC
regulations.
When banks invest
in strengthening the communities they serve, theyre also investing in their
own future, said John D. Hawke, Jr., Comptroller of the Currency. Each year
we compile this directory to report their accomplishments, and, just as
importantly, to inspire other banks.
Working in partnership with experienced community
development organizations, banks targeted their investments to benefit low- and
moderate-income individuals, households, and neighborhoods. In 2002, national
banks made 156 community development investments valued at nearly $1 billion
investments that helped create affordable housing, supported small business
start-ups and expansions, and financed community facilities and other
much-needed infrastructure projects.
Since 1965, when community development investments were first authorized,
the OCC has approved approximately 2,000 investments receiving more than $15
billion in funding from national banks and their community development
partners.
In addition to describing recent community development
trends and innovations, the directory explains how recent changes to the part
24 regulations have simplified the process of putting banks investments to
work.
The 2002 directory is designed to be used in conjunction
with comprehensive community development information available online at the
OCCs website. (To access the Community
Development Investments resource page, go to the OCCs home page at
www.occ.treas.gov, select Community Affairs, and then choose Publications
and Resource Materials.)
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The OCC charters, regulates and examines approximately
2,100 national banks and 52 federal branches of foreign banks in the U.S.,
accounting for more than 55 percent of the nations banking assets. Its mission
is to ensure a safe and sound and competitive national banking system that
supports the citizens, communities and economy of the United States.