federal_register: 94-4184
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| document_number | title | type | abstract | publication_date | pub_year | pub_month | html_url | pdf_url | agency_names | agency_ids | excerpts |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 94-4184 | Definition of Predominantly Minority Neighborhood | Uncategorized Document | The Resolution Trust Corporation (RTC) is hereby adopting an interim rule which defines ``predominantly minority neighborhood'' as used in section 21A(s) of the Federal Home Loan Bank Act (FHLBA) and section 21A(w)(17) of the FHLBA, as amended by the Resolution Trust Corporation Completion Act. Section 21A(w)(17) of the FHLBA requires, among other things, that in considering offers to acquire any insured depository institution, or any branch of an insured depository institution, located in a predominantly minority neighborhood (as defined in regulations prescribed under section 21A(s) of the FHLBA), the Corporation shall give preference to an offer from any minority individual, minority-owned business, or a minority depository institution, over any other offer that results in the same cost to the Corporation, as determined under section 13(c)(4) of the Federal Deposit Insurance Act. Section 21A(s) of the FHLBA permits the RTC to lease to a minority acquiror, on a rent-free basis, subject to certain conditions, any branch of a failed institution which is located in a ``predominantly minority neighborhood.'' Section 21A(w)(17) of the FHLBA also generally provides that the RTC may provide to such minority individual, minority-owned business, or minority depository institution additional preferences in the form of capital assistance and performing assets. The interim rule generally defines ``predominantly minority neighborhood'' as any U.S. Postal Zip Code geographical area in which 50% or more of the persons residing therein are minorities based upon the most recent Census data, unless the RTC has determined, in its sole discretion, that other reasonably reliable, readily accessible data indicates different neighborhood boundaries. The RTC is also seeking comment on the interim rule. This interim rule is effective on February 24, 1994. | 1994-02-24 | 1994 | 2 | https://www.federalregister.gov/documents/1994/02/24/94-4184/definition-of-predominantly-minority-neighborhood | Resolution Trust Corporation | 452 | The Resolution Trust Corporation (RTC) is hereby adopting an interim rule which defines ``predominantly minority neighborhood'' as used in section 21A(s) of the Federal Home Loan Bank Act (FHLBA) and section 21A(w)(17) of the FHLBA, as amended by the... |