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Economic Recovery

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today published Community Developments Investments, its on-line newsletter that describes how banks and their local partners can help promote the growth of the U.S. economy while aiding their own communities.

“The American Recovery and Reinvestment Act of 2009 offers banks unique opportunities to participate in the economic recovery,” said Comptroller of the Currency John C. Dugan. “Economic development, housing finance, and bond investment programs included in the Recovery Act provide profitable lending and investment opportunities for banks seeking to partner with community groups, and state and local governments to revitalize their communities and stimulate the economy.”

This edition provides a snapshot of various Recovery Act programs that are designed to encourage lending, investments and community development services activities in response to community needs. In addition, banks that support such community efforts may receive positive Community Reinvestment (CRA) consideration.

This edition highlights some of the programs and incentives created or expanded by the Recovery Act to promote small business financing and to stimulate housing and economic development. Its articles help banks understand how funds are being disbursed and how they are being used a year after the Act’s passage to support critical community initiatives around the country.

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