Profiles of Existing Government Corporations - US Government ...

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Nm: Neighborhood ReinVeStment Corporation (NRC)
CORPORATION PROPILe
NRC
PuRPoi9l: NRC promotes reinvestment in older neighborhood8 by
local financial institutionm in cooperation vith the community,
residents, and local governmsnt. NRC continues the joint efforts
of the federal financial supe~isory agencies and the Departm.nt
of Housing and Urban Dwelopment (HUD), as the successor to the
Urban Reinvestment Task Force.
LEGAL AUTHORITY: 42 U.S.C. 8101-8107
DATE C!RZ&TED: October 31, 1978
LEGISLATED -ATION DATE: Succesmion until dissolved by an
act of the Congrsss
LEGAL STATUS: Public, nonprofit corporation
AGKNCY STATDS: Not a dspartment, agency, or instrumentality of
the federal government
BOARDO?DIRECWRS: The Board has six n.mbers; all are required
to be holding prssidential appointments. NRC's board is
comprised of:
--the Chairman of the Fsdsral Home Loan Bank Board or a
member of the Federal liom. Loan Bank Board to be
designated by the Chairman:
--the Secretary of HUD:
--the Chairman of the Fedora1 Deposit Insurance
Corporation or th. appointive member of the Board of
Directors of the Federal Deposit Insurance Corporation if
so dasignatod by the Chairman;
--the Chairman of the Board of Gwernors of the Federal
R.s.N. System, or a muber of the Board of Governors of
the Federal Reserve System to be designated by the
Chairman:
--the Comptroller of the Currency; and
--tha Chairman of th. National Credit Union Adminimtration
or a muber of the Board of the National Credit Union
Administration to be designated by ths Chairman.
A director vho is necessarily absent from a meeting of the board,
or of a committoe of the board, may participate in such mmeting
through a duly des1gnat.d rspressntativs who is sewing pursuant
to appointment by the Presid.nt of the Unitsd States, by and vith
the advice and consent of ths Senatm, in the same department,
ag*ncy , corporation, or instrumentality as the absent director,
or in the cams of the Comptroller of ths Currancy, through a duly
designatsd Deputy Comptroller.
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