I
106TH CONGRESS
1ST SESSION
H. R. 1931
To require agreements entered into between depository institutions and private
parties relating to the Community Reinvestment Act of 1977 to be
made available to the public and the appropriate Federal banking agency,
to require each party to the agreement to regular report to such agency
any amount received from other parties, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 25, 1999
Mr. MCCOLLUM (for himself, Mr. ROYCE, Mr. BACHUS, and Mrs. ROUKEMA)
introduced the following bill; which was referred to the Committee on
Banking and Financial Services
A BILL
To require agreements entered into between depository insti-
tutions and private parties relating to the Community
Reinvestment Act of 1977 to be made available to the
public and the appropriate Federal banking agency, to
require each party to the agreement to regular report
to such agency any amount received from other parties,
and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘CRA Sunshine Act
of 1999’’.
SEC. 2. CRA SUNSHINE REQUIREMENTS.
(a) DISCLOSURE AND REPORTING.—The Federal De-
posit Insurance Act (12 U.S.C. 1811 et seq.), is amended
by adding at the end the following new section:
‘‘SEC. 45. CRA SUNSHINE REQUIREMENTS.
‘‘(a) PUBLIC DISCLOSURE OF AGREEMENTS.—Any
agreement entered into by an insured depository institu-
tion or affiliate with a nongovernmental entity or person
made pursuant to or in connection with the Community
Reinvestment Act of 1977 involving funds or other re-
sources of such insured depository institution or affiliate
shall be, in its entirety, fully disclosed, and the full text
thereof made available to the appropriate Federal banking
agency with supervisory responsibility over the insured de-
pository institution and to the public and shall obligate
each party to comply with the provisions of this section.
‘‘(b) ANNUAL REPORT OF ACTIVITY.—Each party to
the agreement shall report, as applicable, to the appro-
priate Federal banking agency with supervisory responsi-
bility over the insured depository institution, no less fre-
quently than once each year, such information as the Fed-
eral banking agency may, by regulation, require relating
to the following actions taken by the party pursuant to
an agreement described in subsection (a) during the pre-
vious 12-month period:
‘‘(1) Payments, fees, or loans made to any
party to the agreement or received from any party
to the agreement and the terms and conditions of
the same.
‘‘(2) Aggregate data on loans, investments, and
services provided by each party in its community or
communities pursuant to the agreement.
‘‘(3) Such other pertinent matters as deter-
mined by regulation by the appropriate Federal
banking agency with supervisory responsibility over
the insured depository institution.
The Federal banking agency shall ensure that the regula-
tions implementing this section do not impose an undue
burden on the parties and that proprietary and confiden-
tial information is protected.
‘‘(c) EXISTING AGREEMENTS.—The requirements of
subsection (b) (1), (2), and (3) shall be deemed to be ful-
filled with respect to any agreement made prior to May
5, 1999.
‘‘(d) SECONDARY
AGREEMENTS.—Any agreement
made on or after May 5, 1999, pursuant to an agreement
described in subsection (a) shall be subject to the require-
ments of subsections (a) and (b).
‘‘(e) AGREEMENT DEFINED.—For purposes of this
section, the term ‘agreement’—
‘‘(1) means any written contract, written ar-
rangement, or other written understanding with a
value in excess of $10,000 annually, or a group of
substantively related contracts with an aggregate
value of $10,000 annually, made pursuant to or in
connection with the Community Reinvestment Act of
1977, at least 1 party to which is an insured deposi-
tory institution or affiliate thereof, or entity owned
or controlled by an insured depository institution or
affiliate, whether organized on a profit or nonprofit
basis; and
‘‘(2) does not include any specific contract or
commitment for a loan or extension of credit to indi-
viduals, businesses, farms, or other entities, where
the purpose of the loan or extension of credit does
not include any re-lending of the borrowed funds to
other parties.
‘‘(d) VIOLATIONS.—Any violation of the provisions of
this section shall be considered a violation of this Act. If
the party to the agreement that is not an insured deposi-
tory institution or affiliate fails to comply with this sec-
tion, the agreement shall not be enforceable after being
given notice and a reasonable period of time to perform
or comply.
‘‘(e) LIMITATION.—No provision of this section shall
be construed as providing any authority upon any appro-
priate Federal banking agency to enforce the provisions
of the agreements that are subject to the requirements of
subsection (a).
‘‘(f) 
REGULATIONS.—Each 
appropriate 
Federal
banking agency shall prescribe regulations requiring pro-
cedures reasonably designed to assure and monitor compli-
ance with the requirements of this section.’’.
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