W. Va. Code R. § 106-12-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 106-12-3 - Filing Requirements

3.1. All bank or bank holding company applications requiring Board or Commissioner approval shall include the current Community Reinvestment Act statement required pursuant to the Federal Community Reinvestment Act of 1977 and related regulations issued thereunder. For purposes of a bank holding company application, the applicant bank holding company shall submit the information requested pursuant to these regulations for each of its subsidiary banks located in West Virginia and each bank located in West Virginia, which it is to acquire. For purposes of a bank merger application, the acquiring bank or bank holding company shall submit all information requested pursuant to these regulations for each bank or bank holding company involved in the merger.

3.2. In addition to the Community Reinvestment Act (CRA) statement required under subsection 3.1 of this rule, the applicant may include supplemental information supporting the applicant's record of performance in meeting the credit needs of the community or communities it is attempting to serve. Credit activities in the following loan categories are considered important and favorable:

3.2.1. Housing-related Loans

3.2.1.a. Federal Housing Authority/Veterans Administration/Farmers Home Administration mortgage loans.

3.2.1.b. Federal Housing Authority Title I home improvement loans.

3.2.1.c. Mobile home loans.

3.2.1.d. Loans extended via participation in city, county and/or state housing development agencies.

3.2.1.e. Housing loans extended in low - and moderate-income neighborhoods.

3.2.1.f. Use of various secondary market programs and participation in such programs.

3.2.1.g. In-house housing related loan programs.

3.2.2. Commercial and Industrial Loans.

3.2.2.a. Small Business Loans.

3.2.2.a.A. Small Business Administration guaranteed loans.

3.2.2.a.B. Farmers Home Administration guaranteed Business and Industrial Loans.

3.2.2.a.C. In-house small business loan programs.

3.2.2.b. General Commercial Loans.

3.2.2.c. Participation in industrial and economic development programs.

3.2.2.c.A. Extension of industrial development loans.

3.2.2.c.B. Purchase of industrial revenue bonds.

3.2.2.c.C. Investment in local municipal and school bonds (for purpose of this category, local means home county and contiguous counties).

3.2.2.c.D. Community purpose loans.

3.2.3. Agricultural loans.

3.2.4. Consumer loans.

3.2.4.a. Student loans.

3.2.4.b. Consumer counseling.

3.2.4.c. Loans to low - and moderate-income consumers.

3.2.4.d. All other.

3.3. Out-of-state bank holding companies seeking to acquire a West Virginia bank or West Virginia bank holding company pursuant to W. Va. Code '31A-8A-7(c) shall, in addition to the filing of the required CRA statements, include a record of any formal protest and hearing held over the last five years regarding the CRA performance of the Applicant and all of their currently owned affiliate banks.

3.4. The applicant shall furnish any additional information that the Board or the Commissioner may require.

W. Va. Code R. § 106-12-3