Federal regulators issue final illustrations of consumer information for hybrid ARMsMortgagePress.comARMs, Community Reinvestment Act, FFIEC
The federal bank and thrift regulatory agencies today announced
the availability of the 2008 list of distressed or underserved
nonmetropolitan middle-income geographies where bank revitalization
or stabilization activities will receive Community Reinvestment Act
(CRA) consideration as "community development." As in past
releases, the 2008 list will incorporate a one-year lag period for
geographies that were designated as distressed or underserved in
2007, but were not designated as such in the 2008 release.
Geographies subject to the one-year lag period are eligible to
receive consideration for community development activities for the
12 months following publication of the 2008 list.
"Distressed nonmetropolitan middle-income geographies" and
"underserved nonmetropolitan middle-income geographies" are
designated by the agencies in accordance with their CRA
regulations. The criteria used to designate these areas are
available on the Federal Financial Institutions Examination Council
(FFIEC) Web site, www.ffiec.gov/cra.
The 2008 list and lists from previous years can be found on the
FFIEC website, along with data source information used to generate
the list of distressed or underserved geographies for each
For more information, visit www.fdic.gov.