FAQ Question
43. Are Applicants able to use Financial Services to demonstrate service to a Target Market?
FAQ Answer
A Depository Institution that has directed less than 60% but at least 50% of either the dollar volume or the total number of its Financial Products to one or more eligible Target Market(s), also has the option of meeting the Target Market test by demonstrating that at least 60% of its total unique depository account9 holders are members of one or more eligible Target Market(s) AND that it delivers to one or more eligible Target Market(s) at least:
- 60% number of Financial Products and 50% dollar volume of Financial Products; or
- 50% number of Financial Products and 60% dollar volume of Financial Products.
9 Depository accounts are savings/share accounts, checking accounts, and money market accounts.