The final rule addresses four aspects of the underserved areas chapter of the Chartering Manual by: (1) clarifying the procedure by which an “underserved area” qualifies as a local community; (2) establishing a test to determine whether an area is sufficiently “distressed” to qualify as “underserved”; (3) providing the requirements for demonstrating that a proposed area has “significant unmet needs” for loans and applicable financial services; and (4) providing data to credit unions to assess whether an area is underserved by other depository institutions.
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