§ 228.14 Community development illustrative list; Confirmation of eligibility.

(a) Illustrative list—(1) Issuing and maintaining the illustrative list. The Board, the FDIC, and the OCC jointly issue and maintain a publicly available illustrative list of non-exhaustive examples of loans, investments, and services that qualify for community development consideration as provided in § 228.13. (2) Modifying the illustrative list. (i) The Board, the FDIC, and the OCC update the illustrative list in paragraph (a)(1) of this section periodically. (ii) If the Board, the FDIC, and the OCC determine that a loan or investment is no longer eligible for community development consideration, the owner of the loan or investment at the time of the determination will continue to receive community development consideration for the remaining term or period of the loan or investment. However, these loans or investments will not be considered eligible for community development consideration for any new purchasers of that loan or investment after the agencies make a determination that the loan or investment is no longer eligible for community development consideration. (b) Confirmation of eligibility—(1) Request for confirmation of eligibility. A bank subject to this part may request that the Board confirm that a loan, investment, or service is eligible for community development consideration by submitting a request to, and in a format prescribed by, the Board. (2) Determination of eligibility. (i) To determine the eligibility of a loan, investment, or service for which a request has been submitted under paragraph (b)(1) of this section, the Board considers: (A) Information that describes and supports the request; and (B) Any other information that the Board deems relevant. (ii) The Board, the FDIC, and the OCC expect and are presumed to jointly determine eligibility of a loan, investment, or service under paragraph (b)(2)(i) of this section to promote consistency. Before making a determination under paragraph (b)(2)(i) of this section, the Board consults with the OCC and FDIC regarding the eligibility of a loan, investment, or service. (iii) The Board may impose limitations or requirements on a determination of the eligibility of a loan, investment, or service to ensure consistency with this part. (3) Notification of eligibility. The Board notifies the requestor and the OCC and FDIC in writing of any determination under paragraph (b)(2) of this section, as well as the rationale for such determination.