Washington - The Office of the Comptroller of the Currency is considering a plan to smooth its approval process for banks that want to invest more money in their community development bank units. The plan, which also covers individual community development projects, was published Friday for public comment.
If the plan is adopted, banks with less than $100 million in assets could invest up to 5% of their unimpaired capital in community development banks or projects without regulatory approval. The capital limit for larger banks would be 2%. When OCC approval is necessary, the agency's plan promises that requests will be processed within 30 days.