This ruling should make it easier to fund community development partnerships that serve a broad geographic area, as many of yours do. But, clearly, the market's evolution will require the participation of others in the financial services industry as well. A fourth reason for optimism is that public and private partnerships are being developed and are working to achieve lasting results across the country. As I travel around the country and visit communities that are being revitalized, it's apparent that sustainable economic development requires concerted, coordinated effort. It simply cannot be forged alone.
Collaboration is critical.
Local government officials like you have a leading role to play as a catalyst and broker of resources. You know your communities best, and you have the opportunity to bring together those parties that share a stake in your community's future. The OCC can help in the creating strong partnerships. Our community reinvestment and development specialists are available to assist you and the banking industry. Our Community Development Division here in Washington can work with lenders to prepare investment proposals.