I
107TH CONGRESS
1ST SESSION
H. R. 865
To enhance the availability of capital and credit for all citizens and commu-
nities, to ensure that community reinvestment keeps pace as banks,
securities firms, and other financial service providers become affiliates
as a result of the enactment of the Gramm-Leach-Bliley Act, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 6, 2001
Mr. BARRETT (for himself, Mr. GUTIERREZ, Mr. FRANK, Mrs. JONES of Ohio,
Ms. BALDWIN, Ms. MCKINNEY, Mr. MCGOVERN, Ms. HOOLEY of Oregon,
Mr. CAPUANO, Mr. BONIOR, Mr. BLAGOJEVICH, Mr. ACEVEDO-VILA´, Mr.
FILNER, Mr. HINCHEY, Ms. ROYBAL-ALLARD, Mrs. MEEK of Florida,
Mr. ENGEL, Mr. MCDERMOTT, Mr. TOWNS, Mr. RUSH, and Ms. NOR-
TON) introduced the following bill; which was referred to the Committee
on Financial Services
A BILL
To enhance the availability of capital and credit for all citi-
zens and communities, to ensure that community rein-
vestment keeps pace as banks, securities firms, and other
financial service providers become affiliates as a result
of the enactment of the Gramm-Leach-Bliley Act, 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; TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the
‘‘Community Reinvestment Modernization Act of 2001’’.
(b) TABLE OF CONTENTS.—The table of contents for
this Act is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Purposes.
TITLE I—MODERNIZATION OF COMMUNITY REINVESTMENT ACT
OF 1977 AND COMMUNITY SERVICE OBLIGATIONS
Sec. 101. Extension of community reinvestment obligations within a financial
holding company.
Sec. 102. Provisions relating to improved responsiveness of insured depository
institutions to Community Reinvestment Act of 1977.
Sec. 103. Reduction of CRA rating due to predatory lending and other negative
credit practices.
Sec. 104. Responsiveness to community needs for securities and investment
services.
Sec. 105. Responsiveness to community needs for mortgages and mortgage re-
lated services by mortgage banks.
Sec. 106. Responsiveness to community needs for insurance services.
Sec. 107. Satisfactory ratings required by securities company, mortgage bank,
and insurance company affiliates of financial holding compa-
nies.
TITLE II—DATA DISCLOSURE REQUIREMENTS
Subtitle A—Disclosure of Insurance Availability and Insurer Investment
Information
Sec. 201. Short title.
Sec. 202. Establishment of general requirements to submit information.
Sec. 203. Reporting of noncommercial insurance information.
Sec. 204. Reporting of rural insurance information.
Sec. 205. Waiver of reporting requirements.
Sec. 206. Reporting by private mortgage insurers.
Sec. 207. Reporting of information regarding investments by insurers.
Sec. 208. Submission of information to Secretary and maintenance of informa-
tion.
Sec. 209. Availability and access system.
Sec. 210. Designations.
Sec. 211. Enforcement.
Sec. 212. Exemption and relation to State laws.
Sec. 213. Regulations.
Sec. 214. Definitions.
Sec. 215. Effective date.
Subtitle B—Improvements in Other Data Disclosure Requirements
Sec. 221. Improve small business and agriculture lending data disclosure.
Sec. 222. Maintenance and disclosure of information by the Financial Institu-
tions Examination Counsel.
TITLE III—REGULATORY AND STRUCTURAL REFORMS
Sec. 301. Antiredlining requirement for financial holding companies.
Sec. 302. Notice and public comment required before establishing a financial
holding company.
Sec. 303. Public meetings for bank acquisitions and mergers.
Sec. 304. CRA examination schedule for small banks.
Sec. 305. CRA sunshine requirements.
Sec. 306. Continuing community reinvestment requirement for financial holding
companies.
Sec. 307. Changes in reporting requirements under the Home Mortgage Disclo-
sure Act of 1975.
SEC. 2. FINDINGS.
The Congress hereby finds as follows:
(1) It is necessary to increase homeownership
and small business ownership for low- and moderate-
income borrowers and persons of color.
(2) The United States has an overall home-
ownership rate of 66.7 percent, while Hispanic and
African-American homeownership rates are 46.2 per-
cent and 46.9 percent respectively.
(3) The homeownership rate in central cities is
50.3 percent, compared to 73.5 percent for the sub-
urbs.
(4) It is necessary to close the wealth gap in
the United States and to increase access to insur-
ance products.
(5) In 1998, the median net worth for His-
panic, African-American, Asian, and other minority
families was $16,400, which was 17.3 percent of the
median net worth of $94,900 for nonhispanic white
families.
(6) Families earning $10,000 to $25,000 had a
median net worth of $24,800 in 1998 but $31,000
in 1995.
(7) Research conducted by the chief economist
of the National Association of Insurance Commis-
sioners found that after controlling for risk of loss,
a 10 percentage point increase in the number of mi-
norities in a zip code is associated with a 2 percent-
age point increase in the number of ‘‘FAIR plans’’,
which are government-sponsored insurance plans of
last resort for those who cannot obtain insurance in
the private market.
(8) In order to increase access to credit, wealth
and insurance, it is necessary to modernize the Com-
munity Reinvestment Act of 1977 to reflect shifting
trends in the financial services industry.
(9) Currently, about 40 percent of the assets in
the financial industry reside in bank and thrifts and
are covered by the Community Reinvestment Act of
1977, down from about 60 percent in the early
1980s.
SEC. 3. PURPOSES.
The purposes of this Act are as follows:
(1) To enhance the availability of financial serv-
ices to citizens of all economic circumstances and in
all geographic areas.
(2) To enhance the ability of financial institu-
tions to meet the capital and credit needs of all citi-
zens and communities, including underserved com-
munities and populations.
(3) To ensure that community reinvestment
keeps pace with the affiliation of banks, securities
firms, and other financial service providers, as pro-
vided by the Gramm-Leach-Bliley Act.
TITLE 
I—MODERNIZATION 
OF
COMMUNITY REINVESTMENT
ACT OF 1977 AND COMMUNITY
SERVICE OBLIGATIONS.
SEC. 101. EXTENSION OF COMMUNITY REINVESTMENT OB-
LIGATIONS WITHIN A FINANCIAL HOLDING
COMPANY.
Section 4(l) of the Bank Holding Company Act of
1956 (12 U.S.C. 1843(l)) is amended by adding at the
end the following new paragraph:
‘‘(4) COMMUNITY NEEDS.—
‘‘(A) IN GENERAL.—All nonbank affiliates
of bank holding companies that engage in lend-
ing or offer banking products or services shall
be subject to the Community Reinvestment Act
of 1977 in accordance with this paragraph and
in the same manner as a regulated financial in-
stitution (as defined in such Act) and the
record of any such affiliate in meeting commu-
nity credit, investment, and consumer needs
shall be taken into account by the Federal regu-
latory agency with jurisdiction over the affili-
ate’s bank holding company in the course of re-
viewing the activities of the bank holding com-
pany or any application by such affiliate.
‘‘(B) BANKING PRODUCTS AND SERVICES
DEFINED.—For purposes of this paragraph, the
term ‘banking products and services’ includes—
‘‘(i) insured deposits (as defined in
section 3 of the Federal Deposit Insurance
Act) and related deposit services;
‘‘(ii) consumer loans and extensions of
credit and the servicing such loans and ex-
tensions of credit;
‘‘(iii) loans to purchase, refinance,
construct, improve, or repair domestic resi-
dential housing or manufactured housing,
including single-family and multifamily
residential housing loans and home-equity
loans, and the servicing of such loans;
‘‘(iv) small business and commercial
loans and the servicing of such loans; and
‘‘(v) checking accounts, savings ac-
counts, and related accounts or instru-
ments, including accounts from which the
owner may make withdrawals by negotiable
or transferable instruments for the purpose
of making payments to third parties.’’.
SEC. 102. PROVISIONS RELATING TO IMPROVED RESPON-
SIVENESS OF INSURED DEPOSITORY INSTITU-
TIONS TO COMMUNITY REINVESTMENT ACT
OF 1977.
(a) RATING REQUIRED FOR EACH STATE, METRO-
POLITAN AREA, AND SERVICE AREA.—Section 807(b)(1)
of the Community Reinvestment Act of 1977 (12 U.S.C.
2906(b)(1)) is amended by striking subparagraph (B) and
inserting the following new subparagraphs to read as fol-
lows:
‘‘(B) INITIAL SEPARATE EVALUATION AND
RATING
FOR
STATE, METROPOLITAN, OTHER
SERVICE
AREAS
REQUIRED.—The information
required by clauses (i) and (ii) of subparagraph
(A) with respect to any regulated financial in-
stitution shall be presented separately, and an
initial rating shall be determined separately,
for—
‘‘(i) each metropolitan area in which
the regulated financial institution main-
tains 1 or more domestic branches;
‘‘(ii) each State in which the regulated
financial institution maintains 1 or more
domestic branches outside of a metropoli-
tan area; and
‘‘(iii) each community in which the
regulated financial institution makes more
than 0.5 percent of the total amount of
loans.
‘‘(C) CONTENT
OF
SEPARATE
EVALUA-
TION.—A written evaluation to which subpara-
graph (B) applies shall describe how the Fed-
eral financial supervisory agency has performed
the examination of the regulated financial insti-
tution, including a list of the individual domes-
tic branches examined.
‘‘(D) LOW AND HIGH SATISFACTORY RAT-
INGS.—In assigning ratings under subpara-
graphs (A) and (B), a Federal financial super-
visory agency may assign a rating of ‘low satis-
factory record of meeting community credit
needs’ or ‘high satisfactory record of meeting
community credit needs’ in lieu of the rating re-
ferred to in paragraph (2)(B).’’.
(b) ADDITIONAL PERFORMANCE FACTORS.—Section
804(a)(1) of the Community Reinvestment Act of 1977
(12 U.S.C. 2903(a)(1)) is amended—
(1) by inserting ‘‘and neighborhoods of different
racial characteristics’’ after ‘‘low- and moderate-in-
come neighborhoods’’; and
(2) By inserting ‘‘, taking into account the in-
stitution’s share of the total amount of credit ex-
tended in neighborhoods of different racial and in-
come characteristics within such community’’ before
the semicolon at the end.
(c) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Section 807(b)(1)(A)(iii) of the Community
Reinvestment 
Act 
of 
1977 
(12 
U.S.C.
2906(b)(1)(A)(iii)) is amended—
(A) by inserting ‘‘overall’’ after ‘‘the insti-
tution’s’’; and
(B) by inserting ‘‘, taking into account
each of the initial ratings determined under
subparagraph (B) for each State, metropolitan,
and service area in which the institution makes
more than 0.5 percent of the total amount of
loans’’ before the period at the end.
(2) Section 807 of the Community Reinvest-
ment Act of 1977 (12 U.S.C. 2906) is amended—
(A) by striking subsection (d); and
(B) by redesignating subsection (e) as sub-
section (d).
SEC. 103. REDUCTION OF CRA RATING DUE TO PREDATORY
LENDING AND OTHER NEGATIVE CREDIT
PRACTICES.
(a) IN GENERAL.—Section 804 of the Community
Reinvestment Act of 1977 (12 U.S.C. 2903) is amended
by adding at the end the following new subsections:
‘‘(d) TREATMENT
OF PREDATORY LENDING
AND
OTHER DISCRIMINATORY CREDIT PRACTICES.—In the
case of a regulated financial institution, or affiliate of any
such institution, which the appropriate Federal financial
supervisory agency determines has engaged in any credit
practice which has a negative impact on a community or
neighborhood, such as predatory lending, or has engaged
in any other lending practice or service in a manner which
unlawfully discriminates against any person or against
low- and moderate-income neighborhoods, the agency—
‘‘(1) may not take any such practice or service
into account in assessing the institution’s record of
meeting the credit needs of its entire community;
and
‘‘(2) shall reduce the rating that would other-
wise obtain under section 807 with respect to such
institution after consideration of the extent of such
negative or discriminatory practice or service.
‘‘(e) MAINTENANCE
OF CERTAIN RECORDS.—For
purposes of determining whether a regulated financial in-
stitution engages in any practice or service described in
subsection (d), an appropriate Federal financial super-
visory agency may require, by regulation, regulated finan-
cial institutions to maintain records of the terms and con-
ditions of credit extended by the institution or the terms
and conditions at which credit was offered even though
no credit was extended.’’.
SEC. 104. RESPONSIVENESS TO COMMUNITY NEEDS FOR
SECURITIES AND INVESTMENT SERVICES.
(a) AFFIRMATIVE OBLIGATION.—The purpose of this
section is to recognize that each securities company has,
with respect to each community comprising an assessment
area of such company, a continuing and affirmative obliga-
tion to meet the need for financial services in such commu-
nities, including the needs of low- and moderate-income
neighborhoods and persons of modest means.
(b) DEFINITIONS.—For purposes of this section, the
following definitions shall apply:
(1) ASSESSMENT AREA.—The term ‘‘assessment
area’’ means, with respect to a securities company,
each community in which such company—
(A) maintains a retail office or is rep-
resented by an agent; or
(B) has not less than 0.5 percent of the
total market in securities.
(2) 
COMMUNITY
DEVELOPMENT
INVEST-
MENT.—The term ‘‘community development invest-
ment’’ means investment in activities that revitalize
and stabilize low- and moderate-income neighbor-
hoods and directly benefit low- and moderate-income
individuals, including investment in affordable hous-
ing, community services, small-business development,
and economic development.
(3) SECURITIES COMPANY.—The term ‘‘securi-
ties company’’ means any person who is—
(A) a broker or dealer that is registered
under the Securities Exchange Act of 1934;
(B) a registered investment adviser, prop-
erly registered by or on behalf of either the Se-
curities and Exchange Commission, with re-
spect to the investment advisory activities of
such investment adviser and activities incidental
to such investment advisory activities; or
(C) an investment company that is reg-
istered under the Investment Company Act of
1940.
(c) PROGRAM.—
(1) IN
GENERAL.—The Securities and Ex-
change Commission, in consultation with the Sec-
retary of the Treasury, shall develop a program to
ensure that securities companies meet the obliga-
tions described in subsection (a) and the require-
ments of the program under this subsection.
(2) FACTORS TO BE INCLUDED.—
(A) CUSTOMER
EVALUATION.—The pro-
gram shall include, as appropriate, a method
for evaluating a securities company’s record of
helping to meet the securities investment needs
of its assessment area, including—
(i) the number and distribution of
customers throughout the community, in-
cluding low- and moderate-income neigh-
borhoods and the dollar amounts of the in-
vestments made by such customers; and
(ii) the extent to which the company
has adopted innovative and flexible mar-
keting methods, such as low minimum
amounts to open accounts and low trans-
action fees, that facilitate the sale of secu-
rities to low- and moderate-income cus-
tomers.
(B) COMMUNITY
DEVELOPMENT
INVEST-
MENTS.—The program shall include, as appro-
priate, a method for evaluating a securities
company’s record of community development in-
vestment in each assessment area, including—
(i) the number and dollar amount of
community development investments in the
assessment area; and
(ii) the responsiveness of the securi-
ties company, through community develop-
ment investments, to the credit, capital,
and community development needs of the
assessment area, including low- and mod-
erate-income neighborhoods.
(C) PERFORMANCE.—The program shall
include, as appropriate, a method for evaluating
a securities company’s record of providing ac-
cess to securities services in each assessment
area, including—
(i) the company’s record of opening or
closing retail offices in the assessment
area;
(ii) the extent to which the securities
company has adopted effective alternate
marketing systems in low- and moderate-
income neighborhoods, such as providing
the means for low- and moderate-income
individuals to gain electronic access to the
company at community centers and similar
locations in low- and moderate-income
neighborhoods; and
(iii) the extent to which the securities
company has provided investment edu-
cation and other investment services, such
as financial counseling classes, in low- and
moderate-income neighborhoods in the as-
sessment area.
(3) RATING.—
(A) IN GENERAL.—The program shall pro-
vide for—
(i) an evaluation and an initial rating
of the performance of each securities com-
pany in meeting the obligation established
under subsection (a) in each assessment
area of the company; and
(ii) an overall rating, based on the ini-
tial ratings pursuant to clause (i) of the
overall achievement of the securities com-
pany in meeting such obligation.
(B) TREATMENT
OF
INVESTMENT
PRAC-
TICES WITH NEGATIVE IMPACTS.—In the case
of any securities company which the Securities
and Exchange Commission determines has en-
gaged in securities and investment practices
which have a negative impact on any assess-
ment area of the company or has otherwise en-
gaged in any practice or provided any service in
a 
manner 
which 
unlawfully 
discriminates
against any person or against low- and mod-
erate-income neighborhoods, the Commission—
(i) may not take any such practice
into account in assessing the extent to
which such company has met its obligation
under subsection (a); and
(ii) shall reduce the rating that would
otherwise obtain under subparagraph (A)
with respect to such company, after consid-
ering the extent of such negative or dis-
criminatory practice or service.’’.
(C) 
MAINTENANCE
OF
CERTAIN
RECORDS.—For purposes of determining wheth-
er a securities company engages in any practice
or service described in subparagraph (B), the
Securities and Exchange Commission may re-
quire, by regulation, securities companies to
maintain records of the terms and conditions at
which securities products and services were pro-
vided by the company and the terms and condi-
tions at which such securities products or serv-
ices were offered by the company even though
no transaction occurred.
(4) CONSIDERATION OF SECURITIES COMPANY
RATING.—Whenever the Commission considers an
application to the Commission by a securities com-
pany, the Securities and Exchange Commission
shall—
(A) take into account the overall rating of
the securities company under this subsection;
(B) provide opportunity for comment on
such rating; and
(C) take into account changes in the com-
munity reinvestment performance of such com-
pany since the last overall rating and the likely
future community reinvestment performance of
such company.
(d) RELEASE OF DATA.—Information collected by
the Securities and Exchange Commission in connection
with the program under subsection (c) shall be made pub-
licly available by the Commission in a format similar to
the format for public disclosure of information under the
Home Mortgage Disclosure Act of 1975, as determined
to be appropriate by the Commission.
SEC. 105. RESPONSIVENESS TO COMMUNITY NEEDS FOR
MORTGAGES 
AND 
MORTGAGE 
RELATED
SERVICES BY MORTGAGE BANKS.
(a) AFFIRMATIVE
OBLIGATION.—Each mortgage
bank shall have, with respect to each community com-
prising an assessment area of such mortgage bank, a con-
tinuing and affirmative obligation to meet the mortgage
credit and mortgage service needs of such communities,
including extensions of credit in low- and moderate-income
neighborhoods of such communities.
(b) DEFINITIONS.—For purposes of this section, the
following definitions shall apply:
(1) ASSESSMENT AREA.—The term ‘‘assessment
area’’ means, with respect to a mortgage bank, each
community in which such company—
(A) maintains a retail office or is rep-
resented by an agent; or
(B) has not less than 0.5 percent of the
total market in housing-related loans.
(2) 
COMMUNITY
DEVELOPMENT
INVEST-
MENT.—The term ‘‘community development invest-
ment’’ means investment in activities that revitalize
and stabilize low- and moderate-income neighbor-
hoods and directly benefit low- and moderate-income
individuals, including investment in affordable hous-
ing, community services, small-business development,
and economic development.
(3) MORTGAGE
BANK.—The term ‘‘mortgage
bank’’ means any lender who does not accept depos-
its (as defined in section 3 of the Federal Deposit
Insurance Act) and originates housing-related loans.
(4) SECRETARY.—The term ‘‘Secretary’’ means
the Secretary of Housing and Urban Development.
(c) PROGRAM.—
(1) IN GENERAL.—The Secretary, in consulta-
tion with the Secretary of the Treasury, shall de-
velop a program to ensure that mortgage banks
meet the obligations described in subsection (a) and
the requirements of the program under this sub-
section.
(2) FACTORS TO BE INCLUDED.—
(A) CUSTOMER
EVALUATION.—The pro-
gram shall include, as appropriate, a method
for evaluating a mortgage bank’s record of
helping to meet the mortgage credit and mort-
gage service needs of its assessment area, in-
cluding—
(i) the number and distribution of
customers throughout the community, in-
cluding low- and moderate-income neigh-
borhoods and the dollar amounts of the
mortgage credit extended to such cus-
tomers by the mortgage bank; and
(ii) the extent to which the mortgage
bank has adopted innovative and flexible
marketing methods that facilitate the ex-
tension of mortgage credit on a non-
discriminatory basis to low- and moderate-
income customers.
(B) COMMUNITY
DEVELOPMENT
INVEST-
MENTS.—The program shall include, as appro-
priate, a method for evaluating a mortgage
bank’s record of community development invest-
ment in each assessment area, including—
(i) the number and dollar amount of
community development investments in the
assessment area; and
(ii) the responsiveness of the mort-
gage bank, through community develop-
ment investments, to the credit, capital,
and community development needs of the
assessment area, including low- and mod-
erate-income neighborhoods.
(C) PERFORMANCE.—The program shall
include, as appropriate, a method for evaluating
a mortgage bank’s record of providing access to
mortgage credit and mortgage services in each
assessment area, including—
(i) the bank’s record of opening or
closing retail offices in the assessment
area;
(ii) the extent to which the mortgage
bank has adopted effective alternate mar-
keting systems in low- and moderate-in-
come neighborhoods, such as providing the
means for low- and moderate-income indi-
viduals to gain electronic access to the
mortgage bank at community centers and
similar locations in low- and moderate-in-
come neighborhoods;
(iii) the extent to which the mortgage
bank has provided home purchaser and
home owner education and other coun-
seling services, such as financial counseling
classes, in low- and moderate-income
neighborhoods in the assessment area.
(iv) the mortgage bank’s market share
in neighborhoods of different racial and in-
come characteristics;
(v) the number of applications re-
ceived from and loans made to minorities
and low- and moderate-income persons;
(vi) a comparison of the rate at which
the mortgage bank rejects applications
from minority and white applicants; and
(vii) any evidence of illegal discrimina-
tory 
credit 
practices, 
including
prescreening, or offering less favorable
loan products to applicants of different ra-
cial backgrounds.
(3) RATING.—
(A) IN GENERAL.—The program shall pro-
vide for—
(ii) shall reduce the rating that would
otherwise obtain under subparagraph (A)
with respect to such company, after consid-
ering the extent of such negative or dis-
criminatory practice or service.
(C) 
MAINTENANCE
OF
CERTAIN
RECORDS.—For purposes of determining wheth-
er a mortgage bank engages in any practice or
service described in subparagraph (B), the Sec-
retary may require, by regulation, mortgage
banks to maintain records of the terms and
conditions at which mortgage loans and other
services were provided by the company and the
terms and conditions at which such mortgage
loans and other products and services were of-
fered by the bank even though no transaction
occurred.
(d) CONSIDERATION OF MORTGAGE BANK’S RAT-
ING.—
(1) REVIEW OF RATING.—On an annual basis
or at such shorter time-period as the Secretary may
determine to be appropriate, the Secretary shall—
(A) review the overall rating of each mort-
gage bank under this subsection;
(B) provide opportunity for comment on
such rating; and
(C) review changes in the community rein-
vestment performance of such mortgage bank
since the last overall rating and the likely fu-
ture community reinvestment performance of
such mortgage bank.
(2) NOTIFICATION
OF
UNSATISFACTORY
PER-
FORMANCE.—If, in conjunction with a review pursu-
ant to paragraph (1), the Secretary determines that
a mortgage bank has failed to meet the bank’s obli-
gations described in subsection (a) and the require-
ments of the program under this subsection or failed
to make satisfactory improvements in meeting such
obligations and requirements, the Secretary shall no-
tify the mortgage bank of such determination, de-
scribing the conditions giving rise to the notice.
(3) AGREEMENT TO CORRECT CONDITIONS RE-
QUIRED.—Not later than 45 days after the date of
receipt by a mortgage bank of a notice given under
paragraph (2) (or such additional period as the Sec-
retary may permit), the mortgage bank shall execute
an agreement with the Secretary to comply with the
obligations and requirements applicable to the mort-
gage bank under this section.
(4) SECRETARY
MAY
IMPOSE
LIMITATIONS.—
Until the conditions described in a notice to a mort-
gage bank under paragraph (2) are corrected, the
Secretary may impose such limitations on the extent
to which mortgage loans originated, held, or serviced
by such mortgage bank may be acquired by the Fed-
eral Home Mortgage Corporation or the Federal Na-
tional Mortgage Association as the Secretary deter-
mines to be appropriate under the circumstances
and consistent with the purposes of this section.
(5) FAILURE TO CORRECT.—If the conditions
described in a notice to a mortgage bank under
paragraph (2) are not corrected within 180 days
after the date of receipt by the mortgage bank of a
notice under paragraph (2), the Secretary shall pro-
hibit the Federal Home Mortgage Corporation and
the Federal National Mortgage Association from ac-
quiring any mortgage loan originated, held, or serv-
iced by such mortgage bank.
(6) CONSULTATION.—In taking any action
under this subsection, the Secretary shall consult
with all relevant Federal and State regulatory agen-
cies and authorities.
SEC. 106. RESPONSIVENESS TO COMMUNITY NEEDS FOR IN-
SURANCE SERVICES.
(a) AFFIRMATIVE OBLIGATION.—The purpose of this
section is to recognize that each insurance company has,
with respect to each community comprising an assessment
area of such company, a continuing and affirmative obliga-
tion to meet the need for insurance services in such com-
munities, including the needs of low- and moderate-income
neighborhoods and persons of modest means.
(b) DEFINITIONS.—For purposes of this section, the
following definitions shall apply:
(1) ASSESSMENT AREA.—The term ‘‘assessment
area’’ means, with respect to an insurance company,
each community in which such company—
(A) maintains a retail office or is rep-
resented by an agent; or
(B) has not less than 0.5 percent of the
total market in insurance.
(2) 
COMMUNITY
DEVELOPMENT
INVEST-
MENT.—The term ‘‘community development invest-
ment’’ means investment in activities that revitalize
and stabilize low- and moderate-income neighbor-
hoods and directly benefit low- and moderate-income
individuals, including investment in affordable hous-
ing, community services, small-business development,
and economic development.
(3) INSURANCE COMPANY.—The term ‘‘insur-
ance company’’ includes any person engaged in the
business of insurance to the extent of such activities.
(4) SECRETARY.—The term ‘‘Secretary’’ means
the Secretary of Housing and Urban Development.
(c) PROGRAM.—
(1) IN GENERAL.—The Secretary, in consulta-
tion with the Secretary of the Treasury, shall de-
velop a program to ensure that insurance companies
meet the obligations described in subsection (a) and
the requirements of the program under this sub-
section.
(2) FACTORS TO BE INCLUDED.—
(A) CUSTOMER
EVALUATION.—The pro-
gram shall include, as appropriate, a method
for evaluating an insurance company’s record of
helping to meet the insurance needs of its as-
sessment area, including—
(i) the number and distribution of
customers throughout the community, in-
cluding low- and moderate-income neigh-
borhoods and the dollar amounts of the in-
surance policies held by such customers;
and
(ii) the extent to which the company
has adopted innovative and flexible mar-
keting methods that facilitate the sale of
insurance on a nondiscriminatory basis to
low- and moderate-income customers.
(B) COMMUNITY
DEVELOPMENT
INVEST-
MENTS.—The program shall include, as appro-
priate, a method for evaluating an insurance
company’s record of community development in-
vestment in each assessment area, including—
(i) the number and dollar amount of
community development investments in the
assessment area; and
(ii) the responsiveness of the insur-
ance company, through community devel-
opment investments, to the credit, capital,
and community development needs of the
assessment area, including low- and mod-
erate-income neighborhoods.
(C) PERFORMANCE.—The program shall
include, as appropriate, a method for evaluating
an insurance company’s record of providing ac-
cess to insurance services in each assessment
area, including—
(i) the company’s record of opening or
closing retail offices or affiliating with
agents in the assessment area;
(ii) the extent to which the insurance
company has adopted effective alternate
marketing systems in low- and moderate-
income neighborhoods, such as providing
the means for low- and moderate-income
individuals to gain electronic access to the
company at community centers and similar
locations in low- and moderate-income
neighborhoods; and
(iii) the extent to which the insurance
company has provided insurance education
and other insurance services, such as fi-
nancial counseling classes, in low- and
moderate-income neighborhoods in the as-
sessment area.
(3) RATING.—The program shall provide for—
(i) an evaluation and an initial rating
of the performance of each insurance com-
pany in meeting the obligation established
under subsection (a) in each assessment
area of the company; and
(ii) an overall rating, based on the ini-
tial ratings pursuant to clause (i) of the
overall achievement of the insurance com-
pany in meeting such obligation.
(B) TREATMENT
OF
INSURANCE
PRAC-
TICES WITH NEGATIVE IMPACTS.—In the case
of any insurance company which the Secretary
determines has engaged in practices which have
a negative impact on any assessment area of
the company or has otherwise engaged in any
practice or provided any service in a manner
which unlawfully discriminates against any per-
son or against low- and moderate-income neigh-
borhoods, the Commission—
(i) may not take any such practice
into account in assessing the extent to
which such company has met its obligation
under subsection (a); and
(ii) shall reduce the rating that would
otherwise obtain under subparagraph (A)
with respect to such company after consid-
eration of the extent of such negative or
discriminatory practice or service.
(C) 
MAINTENANCE
OF
CERTAIN
RECORDS.—For purposes of determining wheth-
er an insurance company engages in any prac-
tice or service described in subparagraph (B),
the Secretary may require, by regulation, insur-
ance companies to maintain records of the
terms and conditions at which insurance prod-
ucts and services were provided by the company
and the terms and conditions at which such in-
surance products or services were offered by the
company even though no transaction occurred.
(d) CONSIDERATION
OF
INSURANCE
COMPANY’S
RATING.—
(1) REVIEW OF RATING.—On an annual basis
or at such shorter time-period as the Secretary may
determine to be appropriate, the Secretary shall—
(A) review the overall rating of each insur-
ance company under this subsection;
(B) provide opportunity for comment on
such rating; and
(C) review changes in the community rein-
vestment performance of such insurance com-
pany since the last overall rating and the likely
future community reinvestment performance of
such insurance company.
(2) NOTIFICATION
OF
UNSATISFACTORY
PER-
FORMANCE.—If, in conjunction with a review pursu-
ant to paragraph (1), the Secretary determines that
an insurance company has failed to meet the com-
pany’s obligations described in subsection (a) and
the requirements of the program under this sub-
section or failed to make satisfactory improvements
in meeting such obligations and requirements, the
Secretary shall notify the insurance company and
each appropriate State insurance regulator of such
determination, describing the conditions giving rise
to the notice.
(3) AGREEMENT TO CORRECT CONDITIONS RE-
QUIRED.—Not later than 45 days after the date of
receipt by an insurance company of a notice given
under paragraph (2) (or such additional period as
the Secretary may permit), the insurance company
shall execute an agreement with the Secretary to
comply with the obligations and requirements appli-
cable to the insurance company under this section.
(4) SECRETARY
MAY
IMPOSE
LIMITATIONS.—
Until the conditions described in a notice to an in-
surance company under paragraph (2) are corrected,
the Secretary may impose such limitations on the ex-
tent to which mortgage loans secured by real prop-
erty insured by such insurance company may be ac-
quired by the Federal Home Mortgage Corporation
or the Federal National Mortgage Association as the
Secretary determines to be appropriate under the
circumstances and consistent with the purposes of
this section.
(5) FAILURE TO CORRECT.—If the conditions
described in a notice to a mortgage bank under
paragraph (2) are not corrected within 180 days
after the date of receipt by the mortgage bank of a
notice under paragraph (2), the Secretary shall—
(A) prohibit the Federal Home Mortgage
Corporation and the Federal National Mortgage
Association from acquiring any mortgage loan
secured by real property insured by such insur-
ance company;
(B) publish notice of such failure to cor-
rect in the Federal Register; and
(C) notify each appropriate State insur-
ance regulator of such failure to correct.
(6) CONSULTATION.—In taking any action
under this subsection, the Secretary shall consult
with all relevant Federal and State regulatory agen-
cies and authorities.
(e) HEALTH AND LIFE INSURANCE LINES NOT IN-
CLUDED.—This section and section 107 shall not apply
to life or health lines of insurance or to insurance compa-
nies that provide only life or health insurance products.
SEC. 107. SATISFACTORY RATINGS REQUIRED BY SECURI-
TIES COMPANY, MORTGAGE BANK, AND IN-
SURANCE COMPANY AFFILIATES OF FINAN-
CIAL HOLDING COMPANIES.
(a) IN GENERAL.—Section 4(l)(1) of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1843(l)(1)) is
amended—
(1) by striking ‘‘and’’ at the end of subpara-
graph (B);
(2) by redesignating subparagraph (C) as sub-
paragraph (F); and
(3) by inserting after subparagraph (B) the fol-
lowing new subparagraphs:
‘‘(C) all of the securities company affiliates
of the bank holding company have a satisfac-
tory rating of meeting community needs under
section 104 of the Community Reinvestment
Modernization Act of 2001;
‘‘(D) all of the mortgage bank affiliates of
the bank holding company have a satisfactory
rating of meeting community needs under sec-
tion 105 of the Community Reinvestment Mod-
ernization Act of 2001;
‘‘(E) all of the insurance company affili-
ates of the bank holding company have a satis-
factory rating of meeting community needs
under section 106 of the Community Reinvest-
ment Modernization Act of 2001; and’’.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Section 5(a) of the Bank Holding Company
Act of 1956 (12 U.S.C. 1844(a)) is amended by
striking ‘‘section 4(l)(1)(C)’’ and inserting ‘‘section
4(l)(1)(F)’’.
(2) Section 8(c)(3)(A) of the International
Banking Act of 1978 (12 U.S.C. 3106(c)(3)(A)) is
amended by striking ‘‘section 4(l)(1)(C)’’ and insert-
ing ‘‘section 4(l)(1)(F)’’.
TITLE II—DATA DISCLOSURE
REQUIREMENTS
Subtitle A—Disclosure of Insurance
Availability and Insurer Invest-
ment Information
SEC. 201. SHORT TITLE.
This title may be cited as the ‘‘Insurance Disclosure
Act’’.
SEC. 202. ESTABLISHMENT OF GENERAL REQUIREMENTS
TO SUBMIT INFORMATION.
(a) IN GENERAL.—The Secretary of Housing and
Urban Development shall, by regulation, establish require-
ments for insurers to compile and submit information to
the Secretary for each annual reporting period, in accord-
ance with this title.
(b) CONSULTATION.—In establishing the require-
ments for the submission of information under this title,
the Secretary shall consult with Federal agencies having
appropriate expertise, the National Association of Insur-
ance Commissioners, State insurance regulators, statis-
tical agents, representatives of small businesses, rep-
resentatives of insurance agents (including minority insur-
ance agents), representatives of property and casualty in-
surers, and community, consumer, and civil rights organi-
zations, as appropriate.
(c) HEALTH AND LIFE INSURANCE LINES NOT IN-
CLUDED.—This title shall not apply to life or health lines
of insurance or to insurers that provide only life or health
insurance products.
SEC. 203. REPORTING OF NONCOMMERCIAL INSURANCE IN-
FORMATION.
(a) IN GENERAL.—The requirements established pur-
suant to section 202 to carry out this section shall—
(1) be designed to ensure that information is
submitted and compiled under this section as may be
necessary to permit analysis and comparison of—
(A) the availability and affordability of in-
surance coverage and the quality or type of in-
surance coverage, by census tract, including
low- and moderate-income neighborhoods, and
the race and gender of policyholders; and
(B) the location of the principal place of
business of insurance agents and the race of
such agents, and the location of the principal
place of business of insurance agents termi-
nated and the race of such agents, by census
tract, including low- and moderate-income
neighborhoods; and
(2) specify the data elements required to be re-
ported under this section and require uniformity in
the definitions of the data elements.
(b) INSURERS.—
(1) AGGREGATE
INFORMATION.—The regula-
tions issued under section 203 shall require that
each insurer for a designated line of insurance under
subparagraph (A) or (B) of section 210(a)(1) shall
compile and submit to the Secretary, for each an-
nual reporting period—
(A) the total number of policies issued in
such line, total exposures covered by such poli-
cies, and total amount of premiums for such
policies, by designated line and by census tract,
including low- and moderate-income neighbor-
hoods, in which the insured risk is located;
(B) the total number of cancellations and
nonrenewals (expressed in terms of policies or
exposures, as determined by the Secretary), by
designated line and by census tract, including
low- and moderate-income neighborhoods, in
which the insured risk is located;
(C) the total number and racial character-
istics of—
(i) licensed agents of such insurer sell-
ing insurance in the designated line, by
census tract, including low- and moderate-
income neighborhoods, in which the agent’s
principal place of business is located; and
(ii) such agents who were terminated
by the insurer, by census tract in which
the agent’s principal place of business was
located; and
(D) for such designated line of insurance,
information that will enable the Secretary to as-
sess the aggregate loss experience for the in-
surer, by census tract, including low- and mod-
erate-income neighborhoods, in which the in-
sured risk is located.
(2) SPECIFICATION
OF
INFORMATION
FOR
ITEMIZED DISCLOSURE.—
(A) IN GENERAL.—The regulations issued
under section 202 regarding annual reporting
requirements for insurers for a designated line
of insurance under subparagraph (A) or (B) of
section 210(a)(1) shall, with respect to policies
issued under the designated line or exposure
units covered by such policies, as determined by
the Secretary—
(i) specify the data elements that shall
be submitted;
(ii) provide for the submission of in-
formation on an individual insurer basis;
(iii) provide for the submission of the
information with the least burden on insur-
ers, particularly small insurers, and insur-
ance agents;
(iv) take into account existing statis-
tical reporting systems in the insurance in-
dustry;
(v) require reporting by census tract,
including low- and moderate-income neigh-
borhoods, in which the insured risk is lo-
cated;
(vi) provide for the submission of in-
formation that—
(I) identifies the designated line,
and subline or coverage type; and
(II) 
where 
applicable, 
distin-
guishes between the type of policy
under each such subline or coverage
type that provides full replacement
cost and all other bases for computing
claims, such as actual cash value and
fair market value;
(vii) provide for the submission of in-
formation that distinguishes policies writ-
ten in a residual market from policies writ-
ten in the voluntary market;
(viii) specify—
(I) whether information shall be
submitted on the basis of policy or ex-
posure unit; and
(II) whether information, when
submitted, shall be aggregated by like
policyholders with like policies, except
that the Secretary shall not permit
such aggregation if it will adversely
affect the accuracy of the information
reported;
(ix) in addition to reporting approvals,
provide for the submission of information
regarding the number of denials, cancella-
tions, and nonrenewals of policies under
the designated line by census tract in
which the insured risk is located, by race,
gender, and income of the policyholder (if
known to the insurer), and by whether the
policy was issued in a voluntary or residual
market; and
(x) provide for the submission of in-
formation on the racial characteristics,
gender, and income levels of policyholders
at the level of detail comparable to that re-
quired by the Home Mortgage Disclosure
Act of 1975 (and the regulations issued
thereunder).
(B) RULES REGARDING OBTAINING RACIAL
INFORMATION.—
(i) WRITING REQUIREMENT.—The in-
formation specified in subparagraph (A)(x)
relating to the racial characteristics of ap-
plicants for, and policyholders of, insur-
ance shall be obtained only in accordance
with the procedures for requesting and re-
cording racial information established in
Regulation C of the Board of Governors of
the Federal Reserve System under the
Home Mortgage Disclosure Act of 1975, as
in effect on the date of the enactment of
this Act.
(ii) NOTICE OF VOLUNTARY NATURE
OF QUESTION.—Any such written question
shall clearly indicate that a response to the
question is voluntary on the part of the ap-
plicant or policyholder, but encouraged,
and that the information is being re-
quested by the Federal Government to
monitor the availability and affordability of
insurance.
(iii) PROVISION OF INFORMATION BY
AGENT OR INSURER.—If an applicant for,
or policyholder of, insurance declines to
provide such information, the agent or in-
surer for such insurance may provide such
information.
(3) RULE FOR REPORTING BY INSURERS.—An
insurer for a designated line shall submit—
(A) information required under subpara-
graphs (A), (B), and (D) of paragraph (1) and
information required pursuant to paragraph
(2), for risks insured under such line that are
located within each census tract any part of
which is located in a State for which the insurer
is offering the designated line; and
(B) information required under paragraph
(1)(C) for agents within such census tracts.
SEC. 204. REPORTING OF RURAL INSURANCE INFORMA-
TION.
(a) IN GENERAL.—The Secretary shall, by regula-
tion, establish requirements for insurers to annually com-
pile and submit to the Secretary information concerning
the availability, affordability, and quality or type of insur-
ance in rural areas and to small businesses.
(b) CONTENT.—The regulations under this section
shall provide that the information compiled and submitted
under this section shall be compiled and submitted on the
basis of each census tract in which the insured risks are
located.
SEC. 205. WAIVER OF REPORTING REQUIREMENTS.
(a) WAIVER FOR STATES COLLECTING EQUIVALENT
INFORMATION.—
(1) AUTHORITY.—Subject to the requirements
under this section, the Secretary shall provide, by
regulation, for the waiver of the applicability of the
provisions of sections 203 and 204 for each insurer
transacting business within a State referred to in
paragraph (2), but only with respect to information
required to be submitted under such sections that
relates to agents or insured risks located in the
State.
(2) REQUIREMENTS.—The Secretary may make
a waiver pursuant to paragraph (1) only with re-
spect to a State that the Secretary determines has
in effect a law or other requirement that—
(A) requires insurers to submit to the
State information that is at least the same or
equivalent to the information that is required to
be submitted to the Secretary pursuant to sec-
tions 203 and 204;
(B) provides for adequate enforcement of
such law or other requirements; and
(C) provides for the same annual reporting
period used by the Secretary under this title
and for submission of the information to the
Secretary in a timely fashion, as determined by
the Secretary.
(3) DURATION.—A waiver pursuant to para-
graph (1) may remain in effect only during the pe-
riod for which the State law or other requirement re-
quired under paragraph (2) remains in effect.
(b) MULTIPLE-STATE AREAS.—In the case of any
census tract that contains area within (1) any State for
which a waiver has been made pursuant to subsection (a),
and (2) any State for which such a waiver has not been
made, the provisions of this title requiring submission of
information to the Secretary regarding such tract or area
shall be considered to apply only to the portion that is
located within the State for which such a waiver has not
been made.
(c) AUTHORITY FOR SECRETARY TO OBTAIN INFOR-
MATION DIRECTLY FROM INSURERS.—If the State for
which a waiver has been made pursuant to subsection (a)
does not submit to the Secretary the information required
under subsection (a)(2)(A) or submits information that is
not complete, the Secretary shall require the insurers
transacting business within the State to submit such infor-
mation directly to the Secretary.
SEC. 206. REPORTING BY PRIVATE MORTGAGE INSURERS.
(a) HMDA REPORTING.—On an annual basis, the
Financial Institutions Examination Council shall deter-
mine the extent to which each insurer providing private
mortgage insurance is making available to the public and
submitting to the appropriate agency information regard-
ing such insurance that is equivalent to the information
regarding mortgages required to be reported under the
Home Mortgage Disclosure Act of 1975.
(b) REPORTING UNDER THIS TITLE.—
(1) CERTIFICATION
OF
NONCOMPLIANCE.—If,
for any annual period referred to in subsection (a),
such Council determines that any insurer providing
private mortgage insurance is not making available
to the public or submitting the information referred
to in subsection (a) or that the information made
available or submitted is not equivalent information
as described in subsection (a), then the Council shall
notify the insurer of such noncompliance. If, after
the expiration of a reasonable period of time, the in-
surer has not remedied such noncompliance to the
satisfaction of the Council, then the Council shall
immediately certify such noncompliance to the Sec-
retary.
(2) REQUIREMENT.—Upon the receipt of a cer-
tification under paragraph (1), the Secretary shall,
by order, require such insurer to submit to the Sec-
retary information regarding such insurance that
complies with the provisions of section 203 that are
applicable to such insurance.
SEC. 207. REPORTING OF INFORMATION REGARDING IN-
VESTMENTS BY INSURERS.
(a) IN GENERAL.—The Secretary of Housing and
Urban Development shall, by regulation, require that each
insurer that makes an investment in a property or busi-
ness shall compile and submit to the Secretary for each
annual reporting period, the following information:
(1) DIRECT LOANS.—
(A) COMMERCIAL REAL ESTATE LOANS.—
The total number of loans for the purchase of
commercial real estate made by the insurer, the
aggregate amount of such loans, and the
amount of each such loan, by census tract, in-
cluding low- and moderate-income neighbor-
hoods, in which the real estate for which the
loan was made is located.
(B) 
SINGLE-FAMILY
MORTGAGES.—The
total number of mortgage loans for the pur-
chase of 1- to 4-family dwellings made by the
insurer, the aggregate amount of such loans,
and the amount of each such loan, by census
tract, including low- and moderate-income
neighborhoods, in which the dwelling for which
the loan was made is located, which information
shall be disaggregated by racial characteristics,
income level, and gender of the borrower under
the loan.
(C) 
COMMERCIAL
AND
INDUSTRIAL
LOANS.—The total number of commercial and
industrial loans made by the insurer, the aggre-
gate amount of such loans, and the amount of
each such loan, by census tract, including low-
and moderate-income neighborhoods, in which
the property or business involved in the loan is
located, 
which 
information 
shall 
be
disaggregated by the size of business of the bor-
rower under the loan and by the ownership
characteristic of the business, which shall be
classified as either minority-owned, women-
owned, or otherwise-owned.
(2) LOAN PURCHASES.—
(A) COMMERCIAL REAL ESTATE LOANS.—
The total number of loans for the purchase of
commercial real estate purchased by the in-
surer, the aggregate amount of such loans, and
the amount of each such loan, by census tract,
including low- and moderate-income neighbor-
hoods, in which the real estate for which the
loan was made is located.
(B) 
SINGLE-FAMILY
MORTGAGES.—The
total number of mortgage loans for the pur-
chase of 1- to 4-family dwellings purchased by
the insurer, the aggregate amount of such
loans, and the amount of each such loan, by
census tract, including low- and moderate-in-
come neighborhoods, in which the dwelling for
which the loan was made is located, which in-
formation shall be disaggregated by racial char-
acteristics, income level, and gender of the bor-
rower under the loan.
(C) 
COMMERCIAL
AND
INDUSTRIAL
LOANS.—The total number of commercial and
industrial loans purchased by the insurer, the
aggregate amount of such loans, and the
amount of each such loan, by census tract, in-
cluding low- and moderate-income neighbor-
hoods, in which the property or business in-
volved in the loan is located, which information
shall be disaggregated by the size of business of
the borrower under the loan and by the owner-
ship characteristic of the business, which shall
be classified as either minority-owned, women-
owned, or otherwise-owned.
(3) OTHER INVESTMENTS.—For such other in-
vestments made by the insurer as the Secretary may
designate pursuant to subsection (b), the total num-
ber of such investments, the aggregate amount of
such investments, and the amount of each such in-
vestment, by census tract, including low- and mod-
erate-income neighborhoods, in which the property
or business involved in the investment is located, as
determined by the Secretary, which information shall
be disaggregated by the size of business of the bor-
rower under the loan and by the ownership char-
acteristic of the business, which shall be classified
as either minority-owned, women-owned, or other-
wise-owned.
(b) DESIGNATION OF OTHER INVESTMENTS.—
(1) IN GENERAL.—For purposes of subsection
(a)(3), the Secretary may designate activities and in-
vestments other than the investments described in
paragraphs (1) and (2) of subsection (a) for which
insurers shall compile and submit information under
this section.
(2) REQUIREMENT.—In making designations
under this subsection, the Secretary shall designate
‘‘(A) IN GENERAL.—No financial holding
company shall directly or indirectly acquire, and
no company that becomes a financial holding
company shall directly or indirectly acquire con-
trol of, any company in the United States, in-
cluding through merger, consolidation, or other
type of business combination, that is engaged in
activities permitted under this subsection or
subsection (n) or (o), unless—
‘‘(i) such holding company has pro-
vided notice to the Board, not later than
60 days prior to such proposed acquisition
or prior to becoming a financial holding
company, and during that time period, or
such longer time period not exceeding an
additional 60 days, as established by the
Board;
‘‘(ii) the Board has provided public
notice and opportunity for comment for
not less than 30 days; and
‘‘(iii) the Board has not issued a no-
tice disapproving the proposed acquisition
or retention.
‘‘(B) FACTORS FOR CONSIDERATION.—In
reviewing any prior notice filed under this para-
U.S.C. 2802(1)) is amended by inserting ‘‘or a man-
ufactured home’’ after ‘‘residential real property’’.
(e) ENFORCEMENT POWERS FOR SECRETARY.—Sec-
tion 305 of the Home Mortgage Disclosure Act of 1975
(12 U.S.C. 2804) is amended by inserting at the end the
following new subsection:
‘‘(d) AUTHORITY
TO
CARRY
OUT
SUBSECTION
(b)(4).—For purposes of enforcing compliance with the re-
quirements of this title pursuant to subsection (b)(4)—
‘‘(1) subsections (b) through (n) of section 8 of
the Federal Deposit Insurance Act shall apply to de-
pository institutions described in section 303(2)(B)
in the same manner they apply to depository institu-
tions (as defined in section 3 of the Federal Deposit
Insurance Act); and
‘‘(2) the Secretary shall have the same powers
and duties under such subsections with respect to
depository 
institutions 
described 
in 
section
303(2)(B) as an appropriate Federal banking agen-
cy (as defined in such Act) has with respect to de-
pository institutions (as defined in section 3 of the
Federal Deposit Insurance Act).’’.
Æ