[Federal Register Volume 65, Number 110 (Wednesday, June 7, 2000)]
[Notices]
[Page 36219]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-14308]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Community Development Financial Institutions Fund Open Meetings

AGENCY: Community Development Financial Institutions Fund, Department 
of the Treasury.

ACTION: Notice of open meetings.

-----------------------------------------------------------------------

SUMMARY: The Community Development Financial Institutions Fund (the 
``Fund'') is considering revising its regulations implementing the Bank 
Enterprise Award (``BEA'') Program. Before revising such regulations in 
the form of an interim rule, the Fund seeks to provide the public with 
meaningful participation in advance of the rulemaking process. 
Specifically, the Fund intends to convene four regional meetings that 
are open to the public for purposes of gathering facts and information 
on how to improve the BEA Program. The Fund will consider the facts and 
information gathered from such regional meetings in deciding whether to 
revise the BEA Program regulations.

DATES AND LOCATIONS: The four regional meetings are scheduled for the 
following cities and dates: (1) June 21, 2000, Los Angeles, CA; (2) 
June 23, 2000, Dallas, TX; (3) June 28, 2000, New York, NY; and (4) 
June 30, 2000, Chicago, IL. Registration is required, because space is 
limited in each city to 40 members of the public.

FOR FURTHER INFORMATION OR TO REGISTER CONTACT: The Community 
Development Financial Institutions Fund (the Fund), U.S. Department of 
Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC, 20005, 
(202) 622-8662 (this is not a toll free number) or visit the Fund's 
website at http://www.treas.gov/cdfi. Other information regarding the 
Fund and its programs also may be obtained through the Fund's website 
at http://www.treas.gov/cdfi.

SUPPLEMENTARY INFORMATION: The purpose of the BEA Program is to assist 
in the revitalization of distressed urban and rural communities. Under 
the BEA Program, the Fund issues grant awards annually (e.g. in 
September 1999) to insured depository institutions that have increased 
their level of investment in Community Development Financial 
Institutions and distressed communities (``BEA Program activities'') 
between a six month assessment period (e.g. January 1 through June 30, 
1999) and a six month baseline period (e.g. January 1 through June 30, 
1998). As part of its strategy to maximize the effectiveness of scarce 
public resources, the Fund is considering various means to enhance the 
efficacy of the BEA Program in revitalizing distressed urban and rural 
communities.
    For example, the Fund is considering whether to measure increases 
in BEA Program activities from six month baseline/assessment periods 
(e.g. January 1 through June 30) to annual baseline/assessment periods 
(e.g. January 1 through December 31) for purposes of affording insured 
depository institutions greater flexibility in planning BEA Program 
activities year round as part of their community reinvestment 
strategies and to take into account the longer lead times often 
required to close complicated large dollar transactions.
    The Fund also is considering selecting insured depository 
institutions to participate in the BEA Program before the commencement 
of the assessment period. The Fund is considering such a change to: (1) 
Provide greater incentives for insured depository institutions to 
engage in BEA Program activities that they would not otherwise engage 
in by (a) Assuring such institutions that if they carry out their BEA 
Program activities within the assessment period, they will receive a 
BEA Program award and (b) enabling such institutions to take into 
consideration the economic value of an award when underwriting a 
transaction; and (2) reduce paperwork burdens for those insured 
depository institutions that are not deemed competitive by relieving 
such institutions of the burden of having to submit a final report at 
the end of the assessment period. As part of this change, the Fund 
would utilize a competitive evaluation and selection process.
    The Fund intends to provide the public with meaningful 
participation in improving the efficacy of the BEA Program by obtaining 
facts and information from the public prior to making any regulatory 
changes. The Fund intends to accomplish this by convening four regional 
information gathering sessions in the month of June that are open to 
the public. The Fund will consider the facts and information from such 
public meetings in deciding whether to revise the BEA Program 
regulations.

    Authority: 12 U.S.C. 4703; 12 U.S.C. 4713; 12 U.S.C. 1834a; and 
E.O. 12866, Sec. 6(a).

    Dated: June 1, 2000.
Maurice A. Jones,
Deputy Director for Policy and Programs, Community Development 
Financial Institutions Fund.
[FR Doc. 00-14308 Filed 6-6-00; 8:45 am]
BILLING CODE 4810-70-P