OCC 2003-7
OCC BULLETIN	

Subject:      Public Welfare Investments
Description:  Proposed Rule

Date:         February 12, 2003

TO:  Chief Executive Officers of All National Banks, Federal 
     Branches and Agencies, Department and Division Heads, and All 
     Examining Personnel

The attached notice of proposed rulemaking (NPRM), which would amend 
12 CFR 24, the OCC’s rules governing public welfare investments by 
national banks, was published in the Federal Register on January 10, 
2003.  Comments are due March 11.

The NPRM would amend part 24 to:
·  Update the definition section of the regulation to reflect the 
   additional types of public welfare investment structures that 
   have become more common in recent years and that are permissible 
   under the governing statute;
·  Clarify the statutory standard that applies to the activities of 
   those entities;
·  Simplify the standards for making public welfare investments;
·  Clarify how a national bank calculates the value of its public 
   welfare investments for purposes of complying with the rule’s 
   investment limits;
·  Simplify the regulation’s investment self-certification and 
   prior approval processes; and
·  Expand the list of examples of qualifying public welfare 
   investments that satisfy the rule’s requirements.

These changes are intended to encourage additional public welfare 
investments by national banks by simplifying the regulation and by 
further reducing unnecessary burden associated with part 24 
investments.

For questions concerning this NPRM, contact Michele Meyer, counsel, 
Legislative and Regulatory Activities Division at (202) 874-5090; 
or Barry Wides, director, or Karen Bellesi, investments manager, 
Community Development Division at (202) 874-4930.



Julie L. Williams
First Senior Deputy Comptroller and Chief Counsel


Attachment – 68 FR 1394
[ http://www.occ.treas.gov/fr/fedregister/68fr1394.pdf ]