Who is Responsible for Maintaining Mitigation Credits at the Bank?
Pursuant to a binding legal agreement between the bank sponsor and the regulatory/resource agencies, the bank sponsor must monitor and maintain the mitigation credits at the bank until which time pre-determined performance standards have been met. These standards are set to guarantee that the mitigation wetlands have achieved a jurisdictional, functional, and self-sustaining status. (The bank sponsor is solely responsible for meeting these standards – the credit purchaser has no further mitigation liabilities or responsibilities once the sale transaction is complete). Upon meeting these standards, a permanent conservation easement on the property is assigned to a non-profit entity that will ensure that the wetlands remain in perpetuity. This way, the wetlands are protected over the long-term for the enjoyment of generations to come.
