Feds Release List of Rural, Middle-Income Geographies Qualifying for Community Development Credit
Today, federal banking regulators released the list of “distressed or underserved nonmetropolitan middle-income geographies” for 2014. The list can be found here. Bank activities in these geographies will receive consideration as “community development” under the Community Reinvestment Act.
According to today’s release, the list of communities is based on criteria developed by the Federal Financial Institutions Examination Council (FFIEC), which can be found here. Factors include unemployment, poverty, and population changes. The designation includes a one-year “lag” for geographies that no longer meet the criteria.
In Maine, distressed communities (listed by census tract rather than by municipality) were designated in portions of Aroostook County, Washington County, Knox County, Piscataquis County, and Lincoln County.
A full copy of today’s release can be found at PR-51-2014.