Probation or restriction on member access to long-term Bank advances.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) The member failed to sign its Community Support Statement submitted to FHFA pursuant to § 1290.2(b), failed to include its CRA rating in its Community Support Statement submitted to FHFA if subject to the CRA, or failed to submit a Community Support Statement at all to FHFA; (2) The member is subject to the CRA and its most recent CRA rating was “Substantial Noncompliance”; (3) The member is subject to the CRA, its most recent CRA rating was “Needs to Improve,” and its second-most recent CRA rating was “Needs to Improve”; (4) The member is subject to the CRA, its most recent CRA rating was “Needs to Improve,” its second-most recent CRA rating was “Substantial Noncompliance,” and its third-most recent CRA rating was “Needs to Improve” or “Substantial Noncompliance”; or (5) The member has not demonstrated compliance with the first-time homebuyer standard. (c) (2) (d) (2) FHFA may remove a restriction on a member's access to long-term advances imposed under this section if FHFA determines that the member subsequently has complied with the requirements of this part. A member may submit a written request to FHFA to remove a restriction on access to long-term advances under this paragraph (d)(2). The written request must state with specificity how the member has complied with the requirements of this part. FHFA will consider each written request within 30 calendar days of receipt. (3) FHFA may remove a restriction on a member's access to long-term advances imposed under

official document · source cfr-2024 · id 12:§ 1290.5