Regulatory AlertsAmendment to SBD Opinion No. 93-1 Regarding Bank Investment in Qualified Housing Projects
The Alabama State Banking Department amended SBD Opinion No. 93-1 to eliminate three previously required criteria for state-chartered banks investing in qualified housing projects. This change, effective July 11, 1995, removes mandates regarding board risk resolutions, local community benefit requirements, and specific quarterly documentation retention procedures. The remaining guidelines continue to restrict such investments to 2% of total assets and 10% of capital accounts while requiring compliance with federal definitions and accounting standards.
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