FOR IMMEDIATE RELEASE
November 26, 2018
Contact: Stephanie Collins
OCC Publication Discusses Importance of Bank Financing for Rural Broadband Initiatives
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments newsletter, “Expanding Internet Access: Bank Financing for Rural Broadband Initiatives.”
This edition of Community Developments Investments discusses the important role national banks and federal savings associations can play in helping rural communities gain reliable, high-speed internet access through broadband networks. The newsletter explains how banks financing broadband initiatives can help reduce the digital divide and improve job, educational, and other opportunities in rural communities that are struggling economically with unreliable internet access.
In addition, the newsletter explains how banks financing certain broadband development initiatives may receive Community Reinvestment Act consideration for promoting economic development in rural communities and helping to revitalize distressed and low- and moderate-income communities.
This edition of Community Developments Investments is the latest information released by the OCC to educate banks, community leaders, and others on the importance of expanding broadband access in rural areas. Earlier in 2018, the OCC’s Community Affairs staff released a brief video that highlights how banks have financed rural broadband development initiatives. The video, titled “Bank Financing for Rural Broadband Initiatives,” is available on the OCC’s Rural Broadband Financing and Development resources page at www.occ.gov/rural. These resources can also be found by searching with the keywords “rural broadband” on www.occ.gov.
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