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Wise Presents for Harland Financial Solutions
October 29, 2013

Neal C. Wise, an associate in the firm’s Banking & Financial Services Practice Group in the Jackson office, presented “Community Development Financial Institutions:  A Strategic Opportunity?” at the Harland Financial Solutions Network of State & Federal Counsel 2013 Conference on October 23, 2013 at the Royal Palms Resort and Spa in Phoenix, Arizona. Mr. Wise addressed a strategic opportunity for financial institutions as they grapple with how they will comply with the impending Ability to Repay rules. Community Development Financial Institutions (CDFI) are exempt from the onerous Ability to Repay rules, but properly determining that a financial institution qualifies as a CDFI can be complex. Banks may become CDFIs, generally, if 60% of their financial activities are in low-to-moderate income “Investment Areas.” The presentation discussed the legal elements of CDFIs, and how financial institutions can successfully apply for, and operate under CDFI status.