Request for Public Comments, Community Development Financial Institutions Program, 6558-6559 [E8-2008]

Download as PDF 6558 Federal Register / Vol. 73, No. 23 / Monday, February 4, 2008 / Notices informational support to States, localities, and law enforcement agencies that will aid them in their efforts to reduce speeding crashes and injuries. This demonstration project could be a model for how jurisdictions can develop a self-sustaining and effective speed management program using both traditional and automated speed enforcement methods. A demonstration project incorporating rational speed limits, a public communications plan and rigorously enforced speed limits over a defined geographic area will assist jurisdictions in understanding how to gain higher compliance with speed limits and bring about a reduction in speeding-related crashes, injuries and deaths. Description of the Likely Respondents (Including Estimated Number and Proposed Frequency of Response to the Collection of Information) Under this proposed effort, NHTSA intends to conduct telephone surveys to collect data from up to 1,600 licensed drivers age 18 and older. Interviews will be conducted with persons at residential phone numbers selected through random digit dialing and located within the jurisdiction where the speed enforcement demonstration project is conducted, as well as control areas. Businesses will be ineligible for the sample and will not be interviewed. No more than one respondent will be selected per household. Each member of the sample will complete one interview. After each wave is completed and the data analyzed, the findings will be disseminated to the participating States for review. Estimate of the Total Annual Reporting and Recordkeeping Burden Resulting From the Collection of Information NHTSA estimates the respondents in the sample will require an average of 10 minutes to complete the telephone interviews. Thus, the estimated reporting burden hours on the general public will be a maximum of 137 hours per year, for two years. The respondents will not incur any reporting cost from the information collection. The respondents also will not incur any record keeping burden or record keeping cost from the information collection. ebenthall on PRODPC61 with NOTICES Authority: 44 U.S.C. 3506(c)(2)(A). Marilena Amoni, Associate Administrator, Research and Program Development. [FR Doc. E8–2016 Filed 2–1–08; 8:45 am] BILLING CODE 4910–59–P VerDate Aug<31>2005 15:15 Feb 01, 2008 Jkt 214001 DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Request for Public Comments, Community Development Financial Institutions Program Community Development Financial Institutions Fund, Department of the Treasury. SUMMARY: This document invites comments from the public on certain issues regarding, for purposes of the Community Development Financial Institutions (CDFI) Program, the CDFI Fund’s certification of entities as CDFIs, pursuant to the CDFI Program regulations set forth at 12 CFR 1805.201. All materials submitted will be available for public inspection and copying. DATES: Written comments should be received on or before March 5, 2008 to be assured of consideration. ADDRESSES: Comments should be sent by mail to: Certification and Training Manager, CDFI Fund, U.S. Department of the Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005; by e-mail to cdfihelp@cdfi.treas.gov; or by facsimile at (202) 622–7754. This is not a toll free number. FOR FURTHER INFORMATION CONTACT: Information regarding the CDFI Fund and its programs may be downloaded from the CDFI Fund’s Web site at http://www.cdfifund.gov. SUPPLEMENTARY INFORMATION: The Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4701 et seq.) authorizes the CDFI Fund to select and provide financial assistance and technical assistance to eligible applicants through the CDFI Program. Pursuant to 12 U.S.C. 4702(5)(a) and in accordance with regulations set forth at 12 CFR 1805.201, the CDFI Fund certifies eligible entities as CDFIs. The capitalized terms found in this notice are defined in the CDFI Program regulations found at 12 CFR part 1805. Through this notice, the CDFI Fund is seeking comments from the public regarding the CDFI Fund’s certification of organizations as CDFIs. Commentators are encouraged to consider, at a minimum, the following issues: (1) Primary Mission Criteria: To be certified as a CDFI, the entity must have a primary mission of community development (12 CFR 1805.201(b)(1)). (a) Should the primary mission criteria differ by organization type? If so, how? (b)(i) Should the CDFI Fund consider the types of Financial Products offered AGENCY: PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 by an entity as relevant to the primary mission criteria? Specifically, should the CDFI Fund review, as part of the certification process, evidence of the affordability of an entity’s Financial Products to the intended customers? (ii) How else might the CDFI Fund ensure that CDFI certification is not given to entities that engage in what are commonly called ‘‘predatory lending practices’’ or include so-called ‘‘predatory lending terms’’ in their lending products? (iii) Should the CDFI Fund require entities to provide Financial Products at a cost that is at least comparable to market rates or at some minimum level of affordability to their Target Markets in order to satisfy the primary mission criteria? If yes, how should market rates or minimum levels of affordability be determined? (2) Financing Entity Criteria: To be certified as a CDFI, an entity’s predominant business activity must be the provision, in arms-length transactions, of Financial Products, Development Services, and/or other similar financing (12 CFR 1805.201(b)(2)). (a)(i) What minimum level of financing activity (i.e., number of transactions, dollar amount of transactions, years of operation, and/or financing) should the CDFI Fund consider to be acceptable to determine that an entity is a financing entity? (ii) How might this minimum level differ among organization types? (b)(i) Is three (3) months worth of financing capital a reasonable measure of an entity’s ability to sustain its financing activities? Should the period of time be longer or shorter? (ii) What other measure(s) should the CDFI Fund use to determine that an entity can sustain its financing activities? (c) The CDFI Fund’s definition of Financial Products includes Loans, Equity Investments, and similar financing activities (as determined by the CDFI Fund) including the purchase of loans originated by certified CDFIs and the provision of loan guarantees. Should the CDFI Fund expand this definition? If so, what other products should be included? (3) Target Market Criteria: In order to be certified as a CDFI, an entity must serve a Target Market consisting of one or more Investment Areas and/or Targeted Populations (12 CFR 1805.201(b)(3)). (a) Are the CDFI Fund’s Target Market options (Investment Area, Low Income Target Population, and Other Targeted Population) clear? If not, how can the E:\FR\FM\04FEN1.SGM 04FEN1 ebenthall on PRODPC61 with NOTICES Federal Register / Vol. 73, No. 23 / Monday, February 4, 2008 / Notices CDFI Fund make the options more clear? (b) Should a certification applicant be required to demonstrate a track record of serving the requested Target Market? If so, what is an appropriate minimum time-frame to establish such a track record? Please provide reasons to support your response. (c) Should the CDFI Fund allow different types of organizations to meet the Target Market requirement at different benchmarks (i.e., percentage of activities directed toward the Target Market could deviate from the required 60 percent level for certain types of organizations)? If so, what level of activity would be acceptable for specific organization types? (c) Should certification applicants be required to have a physical presence in their Target Markets (i.e., a branch, an office, local partners)? If so, what is an acceptable minimum level of presence? (4) Accountability Criteria: To be certified as a CDFI, an entity must maintain accountability to residents of its Target Market through representation on its governing board or otherwise (12 CFR 1805.201(b)(5)). (a) (i) How many governing and/or advisory board members representing a Target Market should the CDFI Fund require to determine that an entity is accountable to its Target Market? (ii) How should the geographic size, population density of the Target Market, and/or board type (governing vs. advisory) factor into the number of representative board members necessary to demonstrate accountability to a Target Market? (b) Should the CDFI Fund expand or restrict the ways that board members can be deemed to be representative of a Target Market? (c) (i) Should the CDFI Fund continue to allow certification applicants to demonstrate accountability to Target Markets through ‘‘other mechanisms’’ (i.e. annual meetings, surveys)? (ii) If so, what additional types of mechanisms should be considered to demonstrate accountability? (5) Development Services Criteria: To be certified as a CDFI, an entity must provide Development Services in conjunction with its Financial Products, either directly or through an Affiliate, or through contract with another provider (12 CFR 1805.201(b)(4)). (a) What minimum level of Development Services should be expected of a CDFI (i.e. is one-on-one counseling enough or should training be more formal/standardized?)? (b) Should the CDFI Fund require an entity to provide Development Services VerDate Aug<31>2005 15:15 Feb 01, 2008 Jkt 214001 that are linked to each Financial Product that it offers? (c) Should Development Services include broad efforts to increase financial education and literacy within an entity’s Target Market? (6) Non-Governmental Entity Criteria: To be certified as a CDFI, an entity cannot be an agency or instrumentality of the United States, or any State or political subdivision thereof. An entity that is created by, or that receives substantial assistance from, one or more government entities may be a CDFI provided it is not controlled by such entities and maintains independent decision-making power over its activities (12 CFR 1805.201(b)(6)). (a) What minimal levels of government support for an entity’s operations (e.g., funding and capitalization) or government involvement in an entity’s lending or investment decisions (e.g., underwriting criteria or loan approval) should be considered acceptable for certification? (b) Should governmental ‘‘operations support’’ and government ‘‘involvement in lending and investment decisions’’ be considered separately or should evidence of both be required in order to deem an entity as having failed to satisfy the non-governmental entity criteria? (7) CDFI Certification Application Process: (a) Should an electronic, web-based CDFI certification application process be implemented and, if so, should paper applications continue to be accepted? (b) (i) Should CDFI certification status extend for a fixed period of time before it expires? If so, is three (3) years an appropriate duration? (ii) Should CDFI certification be continued indefinitely if the certified CDFI does not request an award from the CDFI Fund? (iii) Is there any policy justification to designate different certification periods for different types of organizations? If so, how long should certification periods be for specific types of organizations? (c) What should be the primary components of a recertification process? (8) General: What other changes could the CDFI Fund make to improve the CDFI certification process that has not been addressed in the preceding questions? Authority: 12 U.S.C. 4703, 4703 note, 4704, 4706, 4707, 4717; 12 CFR part 1805. PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 6559 Dated: January 28, 2008. Donna J. Gambrell, Director, Community Development Financial Institutions Fund. [FR Doc. E8–2008 Filed 2–1–08; 8:45 am] BILLING CODE 4810–70–P DEPARTMENT OF THE TREASURY Internal Revenue Service [IA–62–91] Proposed Collection; Comment Request for Regulation Project Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing final and temporary regulations, IA–62–91 (TD 8482), Capitalization and Inclusion in Inventory of Certain Costs (§§ 1.263A–2 and 1.263A–3). DATES: Written comments should be received on or before April 4, 2008 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the regulations should be directed to Carolyn N. Brown at Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or at (202) 622–6688, or through the internet at (Carolyn.N.Brown@irs.gov). SUPPLEMENTARY INFORMATION: Title: Capitalization and Inclusion in Inventory of Certain Costs. OMB Number: 1545–0987. Regulation Project Number: IA–62– 91. Abstract: The requirements are necessary to determine whether taxpayers comply with the cost allocation rules of Internal Revenue Code section 263A and with the requirements for changing their methods of accounting. The information will be used to verify taxpayers’ changes in method of accounting. E:\FR\FM\04FEN1.SGM 04FEN1

Agencies

[Federal Register Volume 73, Number 23 (Monday, February 4, 2008)]
[Notices]
[Pages 6558-6559]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2008]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Request for Public Comments, Community Development Financial 
Institutions Program

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

SUMMARY: This document invites comments from the public on certain 
issues regarding, for purposes of the Community Development Financial 
Institutions (CDFI) Program, the CDFI Fund's certification of entities 
as CDFIs, pursuant to the CDFI Program regulations set forth at 12 CFR 
1805.201. All materials submitted will be available for public 
inspection and copying.

DATES: Written comments should be received on or before March 5, 2008 
to be assured of consideration.

ADDRESSES: Comments should be sent by mail to: Certification and 
Training Manager, CDFI Fund, U.S. Department of the Treasury, 601 13th 
Street, NW., Suite 200 South, Washington, DC 20005; by e-mail to 
cdfihelp@cdfi.treas.gov; or by facsimile at (202) 622-7754. This is not 
a toll free number.

FOR FURTHER INFORMATION CONTACT: Information regarding the CDFI Fund 
and its programs may be downloaded from the CDFI Fund's Web site at 
http://www.cdfifund.gov.

SUPPLEMENTARY INFORMATION: The Community Development Banking and 
Financial Institutions Act of 1994 (12 U.S.C. 4701 et seq.) authorizes 
the CDFI Fund to select and provide financial assistance and technical 
assistance to eligible applicants through the CDFI Program. Pursuant to 
12 U.S.C. 4702(5)(a) and in accordance with regulations set forth at 12 
CFR 1805.201, the CDFI Fund certifies eligible entities as CDFIs. The 
capitalized terms found in this notice are defined in the CDFI Program 
regulations found at 12 CFR part 1805. Through this notice, the CDFI 
Fund is seeking comments from the public regarding the CDFI Fund's 
certification of organizations as CDFIs. Commentators are encouraged to 
consider, at a minimum, the following issues:
    (1) Primary Mission Criteria: To be certified as a CDFI, the entity 
must have a primary mission of community development (12 CFR 
1805.201(b)(1)).
    (a) Should the primary mission criteria differ by organization 
type? If so, how?
    (b)(i) Should the CDFI Fund consider the types of Financial 
Products offered by an entity as relevant to the primary mission 
criteria? Specifically, should the CDFI Fund review, as part of the 
certification process, evidence of the affordability of an entity's 
Financial Products to the intended customers?
    (ii) How else might the CDFI Fund ensure that CDFI certification is 
not given to entities that engage in what are commonly called 
``predatory lending practices'' or include so-called ``predatory 
lending terms'' in their lending products?
    (iii) Should the CDFI Fund require entities to provide Financial 
Products at a cost that is at least comparable to market rates or at 
some minimum level of affordability to their Target Markets in order to 
satisfy the primary mission criteria? If yes, how should market rates 
or minimum levels of affordability be determined?
    (2) Financing Entity Criteria: To be certified as a CDFI, an 
entity's predominant business activity must be the provision, in arms-
length transactions, of Financial Products, Development Services, and/
or other similar financing (12 CFR 1805.201(b)(2)).
    (a)(i) What minimum level of financing activity (i.e., number of 
transactions, dollar amount of transactions, years of operation, and/or 
financing) should the CDFI Fund consider to be acceptable to determine 
that an entity is a financing entity?
    (ii) How might this minimum level differ among organization types?
    (b)(i) Is three (3) months worth of financing capital a reasonable 
measure of an entity's ability to sustain its financing activities? 
Should the period of time be longer or shorter?
    (ii) What other measure(s) should the CDFI Fund use to determine 
that an entity can sustain its financing activities?
    (c) The CDFI Fund's definition of Financial Products includes 
Loans, Equity Investments, and similar financing activities (as 
determined by the CDFI Fund) including the purchase of loans originated 
by certified CDFIs and the provision of loan guarantees. Should the 
CDFI Fund expand this definition? If so, what other products should be 
included?
    (3) Target Market Criteria: In order to be certified as a CDFI, an 
entity must serve a Target Market consisting of one or more Investment 
Areas and/or Targeted Populations (12 CFR 1805.201(b)(3)).
    (a) Are the CDFI Fund's Target Market options (Investment Area, Low 
Income Target Population, and Other Targeted Population) clear? If not, 
how can the

[[Page 6559]]

CDFI Fund make the options more clear?
    (b) Should a certification applicant be required to demonstrate a 
track record of serving the requested Target Market? If so, what is an 
appropriate minimum time-frame to establish such a track record? Please 
provide reasons to support your response.
    (c) Should the CDFI Fund allow different types of organizations to 
meet the Target Market requirement at different benchmarks (i.e., 
percentage of activities directed toward the Target Market could 
deviate from the required 60 percent level for certain types of 
organizations)? If so, what level of activity would be acceptable for 
specific organization types?
    (c) Should certification applicants be required to have a physical 
presence in their Target Markets (i.e., a branch, an office, local 
partners)? If so, what is an acceptable minimum level of presence?
    (4) Accountability Criteria: To be certified as a CDFI, an entity 
must maintain accountability to residents of its Target Market through 
representation on its governing board or otherwise (12 CFR 
1805.201(b)(5)).
    (a) (i) How many governing and/or advisory board members 
representing a Target Market should the CDFI Fund require to determine 
that an entity is accountable to its Target Market?
    (ii) How should the geographic size, population density of the 
Target Market, and/or board type (governing vs. advisory) factor into 
the number of representative board members necessary to demonstrate 
accountability to a Target Market?
    (b) Should the CDFI Fund expand or restrict the ways that board 
members can be deemed to be representative of a Target Market?
    (c) (i) Should the CDFI Fund continue to allow certification 
applicants to demonstrate accountability to Target Markets through 
``other mechanisms'' (i.e. annual meetings, surveys)?
    (ii) If so, what additional types of mechanisms should be 
considered to demonstrate accountability?
    (5) Development Services Criteria: To be certified as a CDFI, an 
entity must provide Development Services in conjunction with its 
Financial Products, either directly or through an Affiliate, or through 
contract with another provider (12 CFR 1805.201(b)(4)).
    (a) What minimum level of Development Services should be expected 
of a CDFI (i.e. is one-on-one counseling enough or should training be 
more formal/standardized?)?
    (b) Should the CDFI Fund require an entity to provide Development 
Services that are linked to each Financial Product that it offers?
    (c) Should Development Services include broad efforts to increase 
financial education and literacy within an entity's Target Market?
    (6) Non-Governmental Entity Criteria: To be certified as a CDFI, an 
entity cannot be an agency or instrumentality of the United States, or 
any State or political subdivision thereof. An entity that is created 
by, or that receives substantial assistance from, one or more 
government entities may be a CDFI provided it is not controlled by such 
entities and maintains independent decision-making power over its 
activities (12 CFR 1805.201(b)(6)).
    (a) What minimal levels of government support for an entity's 
operations (e.g., funding and capitalization) or government involvement 
in an entity's lending or investment decisions (e.g., underwriting 
criteria or loan approval) should be considered acceptable for 
certification?
    (b) Should governmental ``operations support'' and government 
``involvement in lending and investment decisions'' be considered 
separately or should evidence of both be required in order to deem an 
entity as having failed to satisfy the non-governmental entity 
criteria?
    (7) CDFI Certification Application Process:
    (a) Should an electronic, web-based CDFI certification application 
process be implemented and, if so, should paper applications continue 
to be accepted?
    (b) (i) Should CDFI certification status extend for a fixed period 
of time before it expires? If so, is three (3) years an appropriate 
duration?
    (ii) Should CDFI certification be continued indefinitely if the 
certified CDFI does not request an award from the CDFI Fund?
    (iii) Is there any policy justification to designate different 
certification periods for different types of organizations? If so, how 
long should certification periods be for specific types of 
organizations?
    (c) What should be the primary components of a recertification 
process?
    (8) General: What other changes could the CDFI Fund make to improve 
the CDFI certification process that has not been addressed in the 
preceding questions?

    Authority: 12 U.S.C. 4703, 4703 note, 4704, 4706, 4707, 4717; 12 
CFR part 1805.

    Dated: January 28, 2008.
Donna J. Gambrell,
Director, Community Development Financial Institutions Fund.
[FR Doc. E8-2008 Filed 2-1-08; 8:45 am]
BILLING CODE 4810-70-P