Community Development Financial Institutions Fund; Request for Information, 34799-34800 [2020-12339]

Download as PDF Federal Register / Vol. 85, No. 110 / Monday, June 8, 2020 / Notices B. Technical Amendments to Exclusions Subparagraph A of the Annex makes one technical amendment to U.S. note 20(q)(131) to subchapter III of chapter 99 of the HTSUS, as set out in the Annex of the notice published at 84 FR 49564 (September 20, 2019). The U.S. Trade Representative will continue to issue determinations on a periodic basis as needed. Annex A. Effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on July 6, 2018: 1. U.S. note 20(q)(131) to subchapter III of chapter 99 of the Harmonized Tariff Schedule of the United States is modified by deleting ‘‘each valued over $20 but not over $35’’ and inserting ‘‘each valued not over $35’’ in lieu thereof. Joseph Barloon, General Counsel, Office of the United States Trade Representative. [FR Doc. 2020–12318 Filed 6–5–20; 8:45 am] BILLING CODE 3290–F0–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration khammond on DSKJM1Z7X2PROD with NOTICES Jkt 250001 BILLING CODE 4910–13–P DEPARTMENT OF THE TREASURY Notice and request for information. SUMMARY: The Community Development Financial Institutions Fund (CDFI Fund), Department of the Treasury, requests comments from the public to gain a better understanding of how Community Development Financial Institutions (CDFIs) treat equity investments in their organizations to help inform policy decisions regarding the CDFI Fund’s management and oversight of its investment portfolio. DATES: Written comments must be received on or before July 8, 2020 to be assured of consideration. ADDRESSES: Submit your comments via email to Tanya McInnis, Certification, Compliance Monitoring and Evaluation (CCME) Program Manager, CDFI Fund, at cdfihelp@cdfi.treas.gov. FOR FURTHER INFORMATION CONTACT: Tanya McInnis, CCME Program ANNOUNCEMENT TYPE: The Federal Aviation Administration (FAA) is considering a proposal and invites public comment to change a portion of the airport from aeronautical use to non-aeronautical use at Salinas Municipal Airport (SNS), Salinas, Monterey County, California. The proposal consists of one parcel containing 13.25 acres of airport land, located outside of the airfield, south of Airport Boulevard, between Mercer Way and Skyway Boulevard, and north of Mortensen Avenue. DATES: Comments must be received on or before July 8, 2020. ADDRESSES: Comments on the request may be mailed or delivered to the FAA at the following address: Ms. Laurie J. Suttmeier, Manager, San Francisco Airports District Office, Federal Aviation Administration, 1000 Marina Boulevard, Suite 220, Brisbane, 17:09 Jun 05, 2020 Issued in El Segundo, California, on May 27, 2020. Brian Q. Armstrong, Manager, Safety and Standards Branch, Airports Division, Western-Pacific Region. Community Development Financial Institutions Fund; Request for Information Federal Aviation Administration, DOT. ACTION: Notice of request to release airport land. AGENCY: VerDate Sep<11>2014 The land was originally acquired from the federal government as surplus land, via quitclaim deed issued by the War Assets Administration on February 4, 1949. The land will be leased for nonaeronautical revenue generation. Such use of the land represents a compatible land use that will not interfere with the airport or its operation, thereby protecting the interests of civil aviation. The airport will be compensated for the fair market value of the use of the land. In accordance with the Wendell H. Ford Aviation Investment and Reform Act for the 21st Century (AIR 21), Public Law 106–181 (Apr. 5, 2000; 114 Stat. 75), this notice must be published in the Federal Register 30 days before the DOT Secretary may waive any condition imposed on a federally obligated airport by surplus property conveyance deeds or grant agreements. SUPPLEMENTARY INFORMATION: [FR Doc. 2020–12129 Filed 6–5–20; 8:45 am] Notice of Release of Land Affecting Federal Grant Assurance Obligations at Salinas Municipal Airport, Salinas, Monterey County, California SUMMARY: California, 94005–1835. In addition, one copy of the comment submitted to the FAA must be mailed or delivered to Mr. Brett J. Godown, Airport Manager, 30 Mortensen Avenue, Salinas, California 93905. PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 34799 Manager, CDFI Fund, 1500 Pennsylvania Avenue NW, Washington, DC 20220 or email to cdfihelp@ cdfi.treas.gov. Through the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program), the CDFI Fund provides Financial Assistance (FA) awards in variety of forms, including equity investments. The CDFI Fund is working to provide more context and clarity regarding policies and procedures related to equity investments it provides in two specific areas: Compliance remedies and cure periods for CDFIs noncompliant with the CDFI Fund’s existing control restrictions and the adoption of an exit strategy for new equity investment awards. Control Restrictions: By statute, the CDFI Fund may not own more than fifty percent (50%) of a CDFI’s equity, nor may it otherwise control a CDFI. Periodically, CDFIs have taken actions with respect to equity investments in their organization that have resulted in the CDFI Fund owning more than fifty percent (50%) of a CDFI’s equity, or otherwise controlling a CDFI. The CDFI Fund is interested in learning from the industry their perspective on methods CDFIs may be afforded to cure noncompliance with this requirement. Options under consideration include requiring a Recipient to repurchase or redeem the CDFI Fund’s equity investment to decrease CDFI Fund ownership to fifty percent (50%) or below; permitting a Recipient to issue more shares to dilute the CDFI Fund’s equity investment percentage to the fifty percent (50%) threshold or below; or a combination thereof. Equity Investment Exit Strategy: The CDFI Fund has an internal investment policy with language outlining a practice to conduct a yearly review of the existing investments in its portfolio and to provide recommendations to Senior Management of possible next steps, if any. The current policy does not provide specific plans of action or indicia for exiting equity investments. SUPPLEMENTARY INFORMATION: I. General Questions on CDFI Equity and Related Policies 1. How does your CDFI use equity investments from the CDFI Fund and other organizations as part of your lending and or business model? 2. What are the risk/factors your organization takes into account when developing an equity strategy (e.g., increasing or decreasing the amount of equity)? The CDFI Fund is trying to E:\FR\FM\08JNN1.SGM 08JNN1 34800 Federal Register / Vol. 85, No. 110 / Monday, June 8, 2020 / Notices understand the impact/risks/benefits of mandating a CDFI repurchase or redeem CDFI Fund equity investments at a specific future date. 3. How does your organization determine the value of equity shares on its balance sheet? 4. What is your policy for redeeming or repurchasing equity from shareholders? 5. What is your preferred schedule for redeeming or repurchasing equity from shareholders? Is your schedule to return equity to shareholders based on percentages of shares or specific deadlines? Authority: 12 U.S.C. 4701 et seq.; 12 CFR 1805. II. CDFI Fund Control Restriction AGENCY: 1. The Riegle Act requires that the CDFI Fund may not own more than fifty percent (50%) equity in a CDFI. a. How frequently does your organization assess the percent of equity controlled by all shareholders, including the CDFI Fund? b. Are there specific policies and procedures CDFIs should have in place for ensuring that the CDFI Fund does not own more than fifty percent (50%) of the organization’s equity? If so, what are they? 2. A possible solution for reducing the percentage of CDFI Fund ownership to below fifty percent (50%) would be for an organization to issue more equity. What other ways can CDFIs reduce the percentage of CDFI Fund ownership? 3. What factors should the CDFI Fund consider if it were to require CDFIs to repurchase or redeem shares versus increasing the number of shares? 4. Are there any other factors the CDFI Fund should consider when evaluating compliance with the CDFI Fund Control restriction? khammond on DSKJM1Z7X2PROD with NOTICES III. CDFI Fund Investment Exit Strategy 1. In general, what impact does repurchasing or redeeming CDFI Fund equity shares have on the mission and business model of a CDFI? 2. What are the primary considerations the CDFI Fund should consider when developing an equity strategy including an exit strategy? 3. What is a typical or reasonable exit strategy for equity investments in CDFIs? Is there a minimum amount of time the CDFI Fund should hold an equity investment in a CDFI? 4. Are there any other factors the CDFI Fund should consider when developing an Investment Exit Strategy? VerDate Sep<11>2014 17:09 Jun 05, 2020 Jkt 250001 Jodie L. Harris, Director, Community Development Financial Institutions Fund. [FR Doc. 2020–12339 Filed 6–5–20; 8:45 am] BILLING CODE 4810–70–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Brian P. Brooks, Acting Comptroller of the Currency. [Docket ID OCC–2020–0022] Mutual Savings Association Advisory Committee Office of the Comptroller of the Currency (OCC), Department of the Treasury. ACTION: Notice of Federal Advisory Committee meeting. The OCC announces a meeting of the Mutual Savings Association Advisory Committee (MSAAC). SUMMARY: A public meeting of the MSAAC will be held on Monday, June 29, 2020, via webinar, beginning at 1:00 p.m. Eastern Daylight Time (EDT). ADDRESSES: The OCC will hold the June 29, 2020 meeting of the MSAAC via webinar. DATES: FOR FURTHER INFORMATION CONTACT: Michael R. Brickman, Deputy Comptroller for Thrift Supervision, (202) 649–5420, Office of the Comptroller of the Currency, Washington, DC 20219. SUPPLEMENTARY INFORMATION: By this notice, the OCC is announcing that the MSAAC will convene a meeting on Monday, June 29, 2020, via webinar. The meeting is open to the public and will begin at 1:00 p.m. EDT. The purpose of the meeting is for the MSAAC to advise the OCC on regulatory or other changes the OCC may make to ensure the health and viability of mutual savings associations. The agenda includes a discussion of current topics of interest to the industry. Members of the public may submit written statements to the MSAAC. The OCC must receive written statements no later than 5:00 p.m. EDT on Monday, June 22, 2020. Members of the public may submit written statements to MSAAC@occ.treas.gov. Members of the public who plan to attend the meeting via webinar should contact the OCC by 5:00 p.m. EDT on Monday, June 22, 2020, to inform the OCC of their desire to attend the meeting and to obtain information about PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 participating in the meeting. Members of the public may contact the OCC via email at MSAAC@OCC.treas.gov or by telephone at (202) 649–5420. Members of the public who are hearing impaired should call (202) 649–5597 (TTY) by 5:00 p.m. EDT on Monday, June 22, 2020, to arrange auxiliary aids for this meeting. Attendees should provide their full name, email address, and organization, if any. [FR Doc. 2020–12347 Filed 6–5–20; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Taxpayer Communications Project Committee Internal Revenue Service (IRS), Treasury. AGENCY: ACTION: Notice of meeting. An open meeting of the Taxpayer Advocacy Panel’s Taxpayer Communications Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service. SUMMARY: The meeting will be held Tuesday, July 14, 2020. DATES: FOR FURTHER INFORMATION CONTACT: Cedric Jeans at 1–888–912–1227 or 901– 707–3935. Notice is hereby given pursuant to Section 10(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. App. (1988) that a meeting of the Taxpayer Advocacy Panel Taxpayer Communications Project Committee will be held Tuesday, July 14, 2020, at 12:00 p.m. Eastern Time. The public is invited to make oral comments or submit written statements for consideration. Due to limited time and structure of meeting, notification of intent to participate must be made with Cedric Jeans. For more information please contact Cedric Jeans at 1–888–912–1227 or 901–707–3935, or write TAP Office, 5333 Getwell Road, Memphis, TN 38118 or contact us at the website: https:// www.improveirs.org. The agenda will include various IRS issues. SUPPLEMENTARY INFORMATION: E:\FR\FM\08JNN1.SGM 08JNN1

Agencies

[Federal Register Volume 85, Number 110 (Monday, June 8, 2020)]
[Notices]
[Pages 34799-34800]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12339]


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DEPARTMENT OF THE TREASURY


Community Development Financial Institutions Fund; Request for 
Information

Announcement Type:  Notice and request for information.

SUMMARY: The Community Development Financial Institutions Fund (CDFI 
Fund), Department of the Treasury, requests comments from the public to 
gain a better understanding of how Community Development Financial 
Institutions (CDFIs) treat equity investments in their organizations to 
help inform policy decisions regarding the CDFI Fund's management and 
oversight of its investment portfolio.

DATES: Written comments must be received on or before July 8, 2020 to 
be assured of consideration.

ADDRESSES: Submit your comments via email to Tanya McInnis, 
Certification, Compliance Monitoring and Evaluation (CCME) Program 
Manager, CDFI Fund, at [email protected].

FOR FURTHER INFORMATION CONTACT:  Tanya McInnis, CCME Program Manager, 
CDFI Fund, 1500 Pennsylvania Avenue NW, Washington, DC 20220 or email 
to [email protected].

SUPPLEMENTARY INFORMATION:  Through the Community Development Financial 
Institutions Program (CDFI Program) and Native American CDFI Assistance 
Program (NACA Program), the CDFI Fund provides Financial Assistance 
(FA) awards in variety of forms, including equity investments. The CDFI 
Fund is working to provide more context and clarity regarding policies 
and procedures related to equity investments it provides in two 
specific areas: Compliance remedies and cure periods for CDFIs 
noncompliant with the CDFI Fund's existing control restrictions and the 
adoption of an exit strategy for new equity investment awards.
    Control Restrictions: By statute, the CDFI Fund may not own more 
than fifty percent (50%) of a CDFI's equity, nor may it otherwise 
control a CDFI. Periodically, CDFIs have taken actions with respect to 
equity investments in their organization that have resulted in the CDFI 
Fund owning more than fifty percent (50%) of a CDFI's equity, or 
otherwise controlling a CDFI. The CDFI Fund is interested in learning 
from the industry their perspective on methods CDFIs may be afforded to 
cure noncompliance with this requirement. Options under consideration 
include requiring a Recipient to repurchase or redeem the CDFI Fund's 
equity investment to decrease CDFI Fund ownership to fifty percent 
(50%) or below; permitting a Recipient to issue more shares to dilute 
the CDFI Fund's equity investment percentage to the fifty percent (50%) 
threshold or below; or a combination thereof.
    Equity Investment Exit Strategy: The CDFI Fund has an internal 
investment policy with language outlining a practice to conduct a 
yearly review of the existing investments in its portfolio and to 
provide recommendations to Senior Management of possible next steps, if 
any. The current policy does not provide specific plans of action or 
indicia for exiting equity investments.

I. General Questions on CDFI Equity and Related Policies

    1. How does your CDFI use equity investments from the CDFI Fund and 
other organizations as part of your lending and or business model?
    2. What are the risk/factors your organization takes into account 
when developing an equity strategy (e.g., increasing or decreasing the 
amount of equity)? The CDFI Fund is trying to

[[Page 34800]]

understand the impact/risks/benefits of mandating a CDFI repurchase or 
redeem CDFI Fund equity investments at a specific future date.
    3. How does your organization determine the value of equity shares 
on its balance sheet?
    4. What is your policy for redeeming or repurchasing equity from 
shareholders?
    5. What is your preferred schedule for redeeming or repurchasing 
equity from shareholders? Is your schedule to return equity to 
shareholders based on percentages of shares or specific deadlines?

II. CDFI Fund Control Restriction

    1. The Riegle Act requires that the CDFI Fund may not own more than 
fifty percent (50%) equity in a CDFI.
    a. How frequently does your organization assess the percent of 
equity controlled by all shareholders, including the CDFI Fund?
    b. Are there specific policies and procedures CDFIs should have in 
place for ensuring that the CDFI Fund does not own more than fifty 
percent (50%) of the organization's equity? If so, what are they?
    2. A possible solution for reducing the percentage of CDFI Fund 
ownership to below fifty percent (50%) would be for an organization to 
issue more equity. What other ways can CDFIs reduce the percentage of 
CDFI Fund ownership?
    3. What factors should the CDFI Fund consider if it were to require 
CDFIs to repurchase or redeem shares versus increasing the number of 
shares?
    4. Are there any other factors the CDFI Fund should consider when 
evaluating compliance with the CDFI Fund Control restriction?

III. CDFI Fund Investment Exit Strategy

    1. In general, what impact does repurchasing or redeeming CDFI Fund 
equity shares have on the mission and business model of a CDFI?
    2. What are the primary considerations the CDFI Fund should 
consider when developing an equity strategy including an exit strategy?
    3. What is a typical or reasonable exit strategy for equity 
investments in CDFIs? Is there a minimum amount of time the CDFI Fund 
should hold an equity investment in a CDFI?
    4. Are there any other factors the CDFI Fund should consider when 
developing an Investment Exit Strategy?

    Authority:  12 U.S.C. 4701 et seq.; 12 CFR 1805.

Jodie L. Harris,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2020-12339 Filed 6-5-20; 8:45 am]
 BILLING CODE 4810-70-P
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