In the latest edition of the Office of the Comptroller of the Currency’s (OCC) Community Developments Investments newsletter, OCC officials discuss how national banks and savings associations can help rural communities gain high-speed internet access through broadband networks.
The newsletter – called “Expanding Internet Access: Bank Financing for Rural Broadband Initiatives” — explains how banks can help reduce the digital divide by financing broadband initiatives. This, in turn, can help improve job, educational, and other opportunities in rural communities that are struggling economically with unreliable internet access.
The newsletter also explains how banks financing certain broadband development initiatives may receive Community Reinvestment Act consideration for promoting economic development in rural communities as well as low- and moderate-income areas.
This is the latest effort by the OCC to educate banks, community leaders, and others on the importance of expanding broadband access in rural areas. Earlier this year, the OCC’s Community Affairs staff released a brief video that highlights how banks have financed rural broadband development initiatives. The video — called “Bank Financing for Rural Broadband Initiatives” — is available on the OCC’s Rural Broadband Financing and Development resources page at www.occ.gov/rural.