(A) IN GENERAL.—The program shall pro-
vide 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) RATING CATEGORIES.—The rating cat-
egories used in rating the performance of any 
insurance 
company 
shall 
include 
‘‘Out-
standing’’, ‘‘High Satisfactory’’, ‘‘Satisfactory’’, 
‘‘Low Satisfactory’’, ‘‘Needs-to-Improve’’, and 
‘‘Substantial Noncompliance’’. 
(C) 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 in any assessment area of the 
company or has otherwise engaged in any prac-
tice or provided any service in a manner which 
unlawfully discriminates against any person or 
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against any minority or low- or moderate-in-
come neighborhood, the Secretary— 
(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. 
(D) 
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. 
(E) IMPROVEMENT PLAN.— 
(i) IN GENERAL.—Whenever an insur-
ance company receives a rating of ‘‘low 
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satisfactory’’ or lower in any assessment 
area, the company shall submit an im-
provement plan, subject to public notice 
and comment, to the Secretary. 
(ii) CONTENTS
OF
PLAN.—Any im-
provement plan submitted to the Secretary 
by an insurance company pursuant to 
clause (i) shall describe how the institution 
intends to improve its performance in any 
assessment area where the company re-
ceived a rating of ‘‘low satisfactory’’ or 
lower. 
(iii) REVIEW
OF
PLAN.—The Sec-
retary shall review any improvement sub-
mitted under clause (i) by an insurance 
company and either approve the plan or 
send it back to the company for revisions. 
(iv) QUARTERLY REPORTS.—After the 
Secretary approves an improvement plan 
submitted by an insurance company under 
clause (i), the company shall submit re-
ports and data on a quarterly basis so that 
the Secretary and the general public can 
monitor performance. 
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(v) 
ADDITIONAL
LIMITATIONS.—If 
any insurance company receives a rating of 
‘‘Needs-to-improve’’ or ‘‘Substantial non-
compliance’’ in any assessment area, the 
Secretary may not accept or approve any 
application by such insurance company or 
any merger applications involving such 
company until performance improves on a 
subsequent evaluation. 
(vi) CONSIDERATION
OF
PERFORM-
ANCE
IN
CERTAIN
REVIEWS.—The Sec-
retary shall consider the progress in meet-
ing the goals described in any improvement 
plan as an integral factor in reviews of any 
application by such insurance company or 
any merger applications involving such 
company. 
(d) CONSIDERATION
OF
INSURANCE
COMPANY’S 
RATING.— 
(1) REVIEW OF RATING.—At least once in each 
2-year period beginning after the date of the enact-
ment of this Act, the Secretary shall— 
(A) conduct an examination of and assign 
ratings to each insurance company under this 
section; 
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(B) provide opportunity for public com-
ment 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) CONSIDERATION OF INSURANCE COMPANY 
RATING.—Whenever the Secretary considers an ap-
plication to the agency by an insurance company, 
the agency shall— 
(A) take into account the overall rating of 
the insurance company under this section and 
any improvement plans submitted pursuant to 
this section; 
(B) provide opportunity for public com-
ment on such rating (at least a 30 day public 
comment period); 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. 
(3) NOTIFICATION
OF
UNSATISFACTORY
PER-
FORMANCE.—If, in conjunction with a review pursu-
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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. 
(4) 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 (3) (or such additional period as 
the Secretary may permit), the insurance company 
shall execute an agreement, based on an improve-
ment plan, with the Secretary to comply with the ob-
ligations and requirements applicable to the insur-
ance company under this section. 
(5) SECRETARY
MAY
IMPOSE
LIMITATIONS.— 
Until the conditions described in a notice to an in-
surance company under paragraph (3) 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-
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quired by the Federal Home Mortgage Corporation, 
the Federal National Mortgage Association, or the 
Government National Mortgage Association, as the 
Secretary determines to be appropriate under the 
circumstances and consistent with the purposes of 
this section. 
(6) FAILURE TO CORRECT.—If the conditions 
described in a notice to an insurance company under 
paragraph (3) are not corrected within 180 days 
after the date of receipt by the insurance company 
of a notice under paragraph (3), the Secretary 
shall— 
(A) prohibit the Federal Home Mortgage 
Corporation, the Federal National Mortgage 
Association, and the Government National 
Mortgage Association from acquiring any mort-
gage loan secured by real property insured by 
such insurance 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. 
(7) CONSULTATION.—In taking any action 
under this subsection, the Secretary shall consult 
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with all relevant Federal and State regulatory agen-
cies and authorities. 
(e) HEALTH AND LIFE INSURANCE LINES NOT IN-
CLUDED.—This section and section 110 shall not apply 
to life or health lines of insurance or to insurance compa-
nies that provide only life or health insurance products. 
SEC. 110. 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 107 of the Community Reinvestment 
Modernization Act of 2009; 
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‘‘(D) all of the mortgage bank affiliates of 
the bank holding company have a satisfactory 
rating of meeting community needs under sec-
tion 108 of the Community Reinvestment Mod-
ernization Act of 2009; 
‘‘(E) all of the insurance company affili-
ates of the bank holding company have a satis-
factory rating of meeting community needs 
under section 109 of the Community Reinvest-
ment Modernization Act of 2009; 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)’’. 
SEC. 111. RESPONSIVENESS TO COMMUNITY NEEDS BY 
CREDIT UNIONS. 
Title II of the Federal Credit Union Act (12 U.S.C. 
1781 et seq.) is amended by adding at the end the fol-
lowing new section: 
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‘‘SEC. 217. AFFIRMATIVE OBLIGATION TO MEET THE CRED-
IT NEEDS OF THE COMMUNITY. 
‘‘(a) CONTINUING AND AFFIRMATIVE OBLIGATION.— 
The purpose of this section is to reaffirm that covered 
credit unions have a continuing and affirmative obligation 
to meet the needs of its assessment area, including minor-
ity and low- and moderate-income neighborhoods, con-
sistent with safe and sound operation. 
‘‘(b) DEFINITIONS.—For purposes of this section the 
following definitions shall apply: 
‘‘(1) ASSESSMENT
AREA.—The term ‘assess-
ment area’ means an area delineated by a covered 
credit union consistent with the requirements de-
scribed in subsection (d). 
‘‘(2) COVERED CREDIT UNION.—The term ‘cov-
ered credit union’— 
‘‘(A) means an insured credit union (as de-
fined in section 101); and 
‘‘(B) does not include a credit union des-
ignated by the Board as a low-income credit 
union for purposes of the Community Develop-
ment Credit Union Revolving Loan Fund 
Transfer Act. 
‘‘(3) FEDERAL BANKING AGENCIES.—The term 
‘Federal banking agencies’ has the same meaning as 
in section 3 of the Federal Deposit Insurance Act. 
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‘‘(4) LOW-INCOME AND MODERATE-INCOME.— 
The term ‘low-income and moderate-income’ shall be 
defined by the Board, by regulation, consistent with 
the definition of such terms in regulations prescribed 
by the Federal banking agencies to implement the 
Community Reinvestment Act of 1977. 
‘‘(5) CRA IMPROVEMENT
PLAN.—The term 
‘CRA improvement plan’ means a plan of a covered 
credit union to improve its performance in meeting 
the credit needs, including minority and low- and 
moderate-income neighborhoods, in the service areas 
where the credit union received a rating of ‘low sat-
isfactory’ or lower. 
‘‘(c) ASSESSMENT OF RECORD OF MEETING COMMU-
NITY CREDIT NEEDS.— 
‘‘(1) REGULATIONS.—The Board shall prescribe 
regulations for evaluating not less than once every 
two years a covered credit union’s record of meeting 
its obligations described in subsection (a). 
‘‘(2) PERFORMANCE
TESTS.—The regulations 
prescribed under paragraph (1) shall 
‘‘(A) include performance criteria for lend-
ing, investment, services tests, and other tests 
substantially similar to such tests established in 
regulations prescribed by the Federal banking 
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agencies to implement the Community Reinvest-
ment Act of 1977; and 
‘‘(B) ensure that the criteria established 
pursuant to subparagraph (A) include an as-
sessment of the covered credit union’s home 
mortgage, small business, and consumer lending 
activities, including to low- and moderate-in-
come individuals. 
‘‘(3) ASSESSMENT INFORMATION.—In addition 
to the criteria prescribed under paragraph (2), the 
Board’s evaluation of a covered credit union shall in-
clude consideration, for purposes of subsections (a) 
and (f), of— 
‘‘(A) any information about lending, in-
vestment, and service opportunities maintained 
by the covered credit union or obtained from 
community organizations, state, local, and tri-
bunal 
governments, 
economic 
development 
agencies, or other sources; 
‘‘(B) a covered credit union’s investment in 
community development financial institutions 
pursuant to the Community Development Bank-
ing and Financial Institutions Act of 1994; 
‘‘(C) a covered credit union’s lending and 
investment activities that revitalize and stabilize 
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minority or low- and moderate-income neighbor-
hoods, or directly benefit minority or low- and 
moderate-income individuals, including financ-
ing and investment in affordable housing, com-
munity services, and economic development; 
‘‘(D) a covered credit union‘s lending activ-
ity in its assessment area in comparison to the 
credit union’s total lending activity and such 
relative percentage shall be taken into consider-
ation for purposes of the credit union’s lending 
test under paragraph (2)(A); 
‘‘(E) the covered credit union’s perform-
ance in comparison to similarly situated lend-
ers, including banks, savings associations and 
credit unions, based on information contained 
in such lenders’ public file, data collected pur-
suant to the Home Mortgage Disclosure Act, 
and any other publicly available information 
that may assist the Board in a meaningful com-
parison; and 
‘‘(F) any written comments about the cov-
ered credit union’s record of performance under 
this section submitted to the credit union or to 
the Board. 
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‘‘(4) MEETING
OBLIGATIONS.—A single com-
mon-bond credit union with fewer than 3,000 mem-
bers in which the common-bond is not based on em-
ployment in a trade, industry, or profession shall be 
considered to have met its obligation under sub-
section (a). 
‘‘(d) ASSESSMENT AREA.— 
‘‘(1) CRITERIA FOR DELINEATING.—The Board 
shall, by regulation, prescribe criteria for a covered 
credit union to use in delineating 1 or more assess-
ment areas. 
‘‘(2) CRITERIA
FOR
REGULATIONS.—Regula-
tions prescribed pursuant to paragraph (1) shall— 
‘‘(A) be consistent with regulations pre-
scribed by the Federal banking agencies under 
the Community Reinvestment Act of 1977; 
‘‘(B) take into consideration, as appro-
priate, the differences between common-bond 
and community credit unions to the extent that 
such differences affect a covered credit union’s 
delineation of an assessment area; 
‘‘(C) ensure that the assessment area in-
cludes areas in which a covered credit union in-
cludes 
membership 
permitted 
by 
section 
109(c)(2); 
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‘‘(D) provide for consideration of a covered 
credit union’s shared branch; 
‘‘(E) provide that if the covered credit 
union’s field of membership is based on a com-
mon-bond other than geography the credit 
union may delineate such field of membership 
as its assessment area; and 
‘‘(F) provide that the delineation of a cov-
ered credit union’s assessment area may include 
a combination of geographic boundaries and 
field of membership, such as a covered credit 
union that includes membership permitted by 
section 109(c)(2). 
‘‘(3) FACILITATING COMPLIANCE.—The Board 
shall ensure that any assessment area of a covered 
credit union is delineated in a manner that— 
‘‘(A) does not permit the covered credit 
union to evade its obligations under this sec-
tion; and 
‘‘(B) reflects the spirit and intent of this 
section. 
‘‘(4) PROHIBITIONS.—A covered credit union’s 
assessment area shall not— 
‘‘(A) reflect illegal discrimination; or 
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‘‘(B) exclude minority or low- or moderate- 
income segments of, or communities in, the cov-
ered credit union’s field of membership. 
‘‘(e) WRITTEN EVALUATIONS.—Upon the conclusion 
of each examination of a covered credit union the Board 
shall prepare a written evaluation of the credit union’s 
record of meeting the credit needs of its entire community, 
including minority and low- and moderate-income neigh-
borhoods. 
‘‘(1) PUBLIC SECTION.—Each written evalua-
tion required by this subsection shall have a public 
section. 
‘‘(2) PUBLIC SECTION.—The public section of 
the written evaluation shall— 
‘‘(A) state the conclusion for each perform-
ance test identified in the regulations prescribed 
pursuant to subsection (c); 
‘‘(B) discuss the facts and data supporting 
such conclusions; and 
‘‘(C) contain the credit union’s rating and 
an explanation describing the basis for the rat-
ing. 
‘‘(3) RATINGS.—The covered credit union’s rat-
ing referred to in paragraph (2)(C) shall be one of 
the following: 
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‘‘(A) Outstanding record of meeting com-
munity needs. 
‘‘(B) High Satisfactory record of meeting 
community needs. 
‘‘(C) Satisfactory record of meeting com-
munity needs. 
‘‘(D) Low Satisfactory record of meeting 
community needs. 
‘‘(E) Needs to improve record of meeting 
community needs. 
‘‘(F) Substantial noncompliance in meeting 
community needs. 
‘‘(f) INITIAL SEPARATE EVALUATION AND RATING 
FOR STATE, METROPOLITAN, OTHER SERVICE AREAS RE-
QUIRED.—The information required by this act with re-
spect to any credit union shall be presented separately, 
and an initial rating shall be determined separately, for— 
‘‘(1) each metropolitan area in which the credit 
union maintains 1 or more domestic branches; 
‘‘(2) each State in which the credit union main-
tains 1 or more domestic branches outside of a met-
ropolitan area; 
‘‘(3) each community in which the credit union 
makes more than 0.5 percent of the total amount of 
loans; and 
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‘‘(4) the communities and assessment areas 
rated by the evaluation shall include the commu-
nities and assessment areas in which the great ma-
jority of loans have been issued. 
‘‘(g) EFFECT
OF
PERFORMANCE
ON
APPLICA-
TIONS.—The Board shall provide a 30-day public com-
ment period on applications submitted by credit unions. 
The Board shall take into account a covered credit union’s 
performance, or expected performance in connection with 
a new charter, under this section when considering— 
‘‘(1) an application for the credit union to— 
‘‘(A) convert to an insured Federal credit 
union; 
‘‘(B) convert to an insured State credit 
union; or 
‘‘(C) convert to a new field of membership 
charter; 
‘‘(2) an application by a covered credit union to 
alter or expand its field of membership; 
‘‘(3) a merger with another credit union; and 
‘‘(4) an application to establish or relocate a 
branch. 
‘‘(h) CRA IMPROVEMENT PLAN.— 
‘‘(1) IN GENERAL.—Whenever a credit union 
receives a rating of ‘low satisfactory’ or lower in any 
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State, metropolitan area, or other community in 
which it made more than 0.5 percent of total 
amount of loans, the credit union shall submit a 
CRA improvement plan, subject to public notice and 
comment, to the appropriate Federal financial super-
visory agency. 
‘‘(2) CONTENTS OF PLAN.—Any CRA improve-
ment plan submitted to the Board by the credit 
union pursuant to paragraph (1) shall describe how 
the institution intends to improve its performance in 
meeting the credit needs, including minority and 
low- and moderate-income neighborhoods, in the 
service areas where the institution received a rating 
of ‘low satisfactory’ or lower. 
‘‘(3) REVIEW OF PLAN.—The Board which re-
ceives a CRA improvement plan under paragraph 
(1) from a credit union shall review the plan and ei-
ther approve the plan or send it back to the credit 
union for revisions. 
‘‘(4) QUARTERLY REPORTS.—After the Board 
receives a CRA improvement plan under paragraph 
(1) from a credit union approves the plan, the credit 
union shall submit reports and data to the agency 
on a quarterly basis so that the regulatory agency 
and the general public can monitor to the perform-
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ance of the credit union in meeting the credit needs, 
including minority and low- and moderate-income 
neighborhoods, in the service areas where the insti-
tution received a rating of ‘low satisfactory’ or lower. 
‘‘(5) ADDITIONAL LIMITATIONS.—If any credit 
union receives a rating of ‘Needs-to-improve’ or 
‘Substantial noncompliance’ in any assessment area, 
the Board may not accept or approve any applica-
tion by such institution or any merger applications 
involving such institution until performance im-
proves on a subsequent evaluation. 
‘‘(6) CONSIDERATION
OF
PERFORMANCE
IN 
CERTAIN REVIEWS.—The Board shall consider the 
progress of the institution in meeting the goals de-
scribed in any CRA improvement plan as an integral 
factor in reviews of any application by such institu-
tion or any merger applications involving such insti-
tution. 
‘‘(i) REPORTING AND PUBLICATION.— 
‘‘(1) ANNUAL REPORTS.—The Board shall in-
clude in its annual report to the Congress under sec-
tion 102(d) a description of actions the Board has 
taken to carry out its responsibilities under this sec-
tion. 
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‘‘(2) PUBLICATION OF EXAM SCHEDULE.—The 
Board shall publish at least 30 days in advance of 
the beginning of each calendar quarter a list of cov-
ered credit unions scheduled for examinations re-
quired by this section in that quarter. 
‘‘(j) REPORT ON IMPLEMENTATION.— 
‘‘(1) REPORT TO THE CONGRESS.—Within 90 
days of final issuance of the regulations required 
under this section, the Board shall report to the 
Congress on— 
‘‘(A) the implementation of the regulations 
required under this section; 
‘‘(B) reasons for instances where the 
Board’s regulations deviate from regulations 
prescribed by the Federal banking agencies pur-
suant to the Community Reinvestment Act of 
1977; and 
‘‘(C) the manner in which the Board will 
measure whether a covered credit union is 
meeting the credit needs of individuals located 
in an underserved area, including low-income 
individuals in such underserved area. 
‘‘(2) GENERAL ACCOUNTING OFFICE STUDY.— 
Before the end of the three-year period beginning on 
the date of final issuance of regulations required 
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under this section, the Comptroller General of the 
United States shall— 
‘‘(A) conduct a study detailing the effec-
tiveness of the Board’s implementation of this 
act; and 
‘‘(B) submit a report containing the find-
ings and conclusions of the Comptroller General 
in connection with the study required by sub-
paragraph (A), together with recommendations 
the Comptroller General may determine are 
necessary to improve the Board’s regulations to 
serve the spirit and intent of this act.’’. 
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 
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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-
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surance coverage, by census tract, including mi-
nority and low- and moderate-income neighbor-
hoods, and the race and gender of policyholders; 
and 
(B) the location of the principal place of 
business of insurance agents, and the location 
of the principal place of business of insurance 
agents terminated, by census tract, including 
minority and low- and moderate-income neigh-
borhoods; 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 202 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 minority and low- and moderate-in-
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come neighborhoods, 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 
minority and low- and moderate-income neigh-
borhoods, in which the insured risk is located; 
(C) the total number of— 
(i) licensed agents of such insurer sell-
ing insurance in the designated line, by 
census tract, including minority and low- 
and moderate-income neighborhoods, in 
which the agent’s principal place of busi-
ness 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 minority and 
low- and moderate-income neighborhoods, in 
which the insured risk is located. 
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(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 minority and low- and moderate- 
income neighborhoods, in which the in-
sured risk is located; 
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(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 
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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, 
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 
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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— 
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(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.— 
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(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) of this subsection, but only with re-
spect 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. 
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(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 
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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 
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complies with the provisions of section 206 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 or extends credit shall compile and submit to the Sec-
retary for each annual reporting period, the following in-
formation: 
(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 minority and low- and moderate-income 
neighborhoods, 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 minority and low- and mod-
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erate-income neighborhoods, in which the dwell-
ing for which the loan was made is located, 
which information shall be disaggregated by ra-
cial 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 mi-
nority and 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. 
(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 minority and low- and moderate-in-
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come neighborhoods, 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 minority and low- and 
moderate-income neighborhoods, in which the 
dwelling for which the loan was made is located, 
which information shall be disaggregated by ra-
cial characteristics, income level, and gender of 
the borrower 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 
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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 minority and 
low- and moderate-income neighborhoods, in which 
the property or business involved in the investment 
is located, as determined by the Secretary, which in-
formation shall be disaggregated by the size of busi-
ness of the borrower under the loan and by the own-
ership characteristic of the business, which shall be 
classified as either minority-owned, women-owned, or 
otherwise-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 
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(A) activities and investments that significantly ben-
efit minority and low- and moderate-income families 
and persons, small businesses in distressed commu-
nities, or minority- or women-owned businesses, and 
(B) activities and investments that contribute to the 
creation of jobs and economic development of dis-
tressed communities. 
(3) CONSIDERATIONS.—The Secretary shall 
specifically consider for designation under this sub-
section investments in community development fi-
nancial institutions, community development cor-
porations, State-issued bonds, and securities backed 
by State development funds. 
(c) SIZE OF BUSINESS.—The Secretary shall, by reg-
ulation, establish various categories of the sizes of busi-
nesses, for purposes of disaggregating information under 
paragraphs (1)(C), (2)(C), and (3) of subsection (a) by 
various sizes of businesses. 
SEC. 208. SUBMISSION OF INFORMATION TO SECRETARY 
AND MAINTENANCE OF INFORMATION. 
(a) PERIOD OF MAINTENANCE.—Each insurer re-
quired by this title to compile and submit information to 
the Secretary shall maintain such information for the 3- 
year period beginning upon the conclusion of the annual 
reporting period to which such information relates. The 
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Secretary shall maintain any information submitted to the 
Secretary for such period as the Secretary considers ap-
propriate and feasible to carry out the purposes of this 
title and to allow for historical analysis and comparison 
of the information. 
(b) SUBMISSION.—The Secretary shall issue regula-
tions prescribing a standard schedule (taking into consid-
eration the provisions of section 209(a)), format, and 
method for submitting information under this title to the 
Secretary. The format and method of submitting the infor-
mation shall facilitate and encourage the submission in a 
form readable by a computer. Any insurer submitting in-
formation to the Secretary may submit in writing to the 
Secretary any additional information or explanations that 
the insurer considers relevant to the decision by the in-
surer to sell insurance. 
SEC. 209. AVAILABILITY AND ACCESS SYSTEM. 
(a) AVAILABILITY TO PUBLIC.— 
(1) IN GENERAL.—The Secretary shall main-
tain and make available to the public, in accordance 
with the requirements of this section, any informa-
tion submitted to the Secretary under this title and 
any information compiled by the Secretary under 
this title. 
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(2) TIMING.—The Secretary shall make such 
information publicly available on a timetable deter-
mined by the Secretary, but not later than 9 months 
after the conclusion of the annual reporting period 
to which the information relates. 
(b) PUBLIC ACCESS SYSTEM.— 
(1) IMPLEMENTATION.—The Secretary shall 
implement a system to facilitate access to any infor-
mation required to be made available to the public 
under this title. 
(2) BASES OF AVAILABILITY.—The system shall 
provide access in the following manners: 
(A) ACCESS TO ITEMIZED INFORMATION.— 
With respect to information submitted under by 
insurers, on the basis of the insurer submitting 
the information, on the basis of the census 
tract, including minority and low- and mod-
erate-income neighborhoods, and on any other 
basis the Secretary considers feasible and ap-
propriate. 
(B) ACCESS
TO
AGGREGATE
INFORMA-
TION.—With respect to aggregate information 
compiled by the Secretary, on the basis of (i) 
the insurer submitting the information, and (ii) 
the census tract, including minority and low- 
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and moderate-income neighborhoods, and on 
any other basis the Secretary considers feasible 
and appropriate. 
(c) PROTECTIONS
REGARDING
LOSS
INFORMA-
TION.— 
(1) PROHIBITION OF DISCLOSURE OF LOSS IN-
FORMATION.—Notwithstanding any other provision 
of this title, the Secretary may not make available 
to the public or otherwise disclose any information 
submitted under this title regarding the amount or 
number of claims paid by any insurer, the amount 
of losses of any insurer, or the loss experience for 
any insurer, except in the form of a loss ratio (ex-
pressing the relationship of claims paid to pre-
miums) for the industry aggregate on a census tract 
level. 
(2) PROTECTION OF IDENTITY OF INSURER.— 
In making available to the public or otherwise dis-
closing a loss ratio for an insurer— 
(A) the Secretary may not identify the in-
surer to which the loss ratio relates; and 
(B) the Secretary may disclose the loss 
ratio only in a manner that does not allow any 
party to determine the identity of the specific 
insurer to which the loss ratio relates, except 
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parties having access to information under 
paragraph (3). 
(3) CONFIDENTIALITY
OF
INFORMATION
DIS-
CLOSED TO GOVERNMENTAL AGENCIES.—The Sec-
retary may make information referred to in para-
graph (1) and the identity of the specific insurer to 
which such information relates available to any Fed-
eral entity and any State agency responsible for reg-
ulating insurance in a State and may otherwise dis-
close such information to any such entity or agency, 
but only to the extent such entity or agency agrees 
not to make any such information available or dis-
close such information to any other person. 
SEC. 210. DESIGNATIONS. 
(a) DESIGNATION OF LINES OF INSURANCE.— 
(1) IN GENERAL.—The Secretary shall, by reg-
ulation, designate lines of insurance as designated 
lines for purposes of this title, as follows: 
(A) AUTOMOBILE.—The Secretary shall 
designate private passenger automobile insur-
ance and shall also designate any sublines and 
coverage types of private passenger automobile 
insurance that the Secretary considers appro-
priate to determine and compare the avail-
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ability, affordability, and type of coverage in 
such line among applicable regions. 
(B) NONCOMMERCIAL
INSURANCE
FOR 
RESIDENTIAL PROPERTY.—The Secretary shall 
designate homeowners insurance and dwelling 
fire and allied lines, and shall distinguish the 
coverage types in such lines by the perils cov-
ered and by market or replacement value. For 
purposes of this title, homeowners insurance 
shall include any renters coverage or coverage 
for the personal property of a condominium 
owner 
(2) REPORT.—At any time the Secretary deter-
mines that any line of insurance not described in 
paragraph (1) should be a designated line because 
disparities in coverage provided under such line exist 
among geographic areas having different income lev-
els or racial composition, the Secretary shall submit 
a report recommending designating such line of in-
surance as a designated line for purposes of this title 
to the Committee on Financial Services of the House 
of Representatives and the appropriate Committees 
of the Senate. 
(3) DURATION.— 
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(A) IN GENERAL.—Except as provided in 
subparagraph (B), the Secretary shall make the 
designations under this subsection once every 5 
years, by regulation, and each line and subline 
or coverage type designated under such regula-
tions shall be designated for each of the first 5 
successive annual reporting periods occurring 
after issuance of the regulations. 
(B) ALTERATION.—During any 5-year pe-
riod referred to in subparagraph (A) in which 
designations are in effect, the Secretary may 
amend or revise the designated lines, sublines, 
and coverage types only by regulation and only 
in accordance with the requirements of this 
subsection. Such regulations amending or revis-
ing designations shall apply only to annual re-
porting periods beginning after the expiration 
of the 6-month period beginning on the date of 
issuance of the regulations. 
(b) TIMING OF DESIGNATIONS.—The Secretary shall 
make the designations required by subsection (a)(3)(A) 
and notify interested parties during the 6-month period 
ending 6 months before the commencement of the first 
annual reporting period to which such designations apply. 
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(c) OBTAINING INFORMATION.—The Secretary may 
require insurers to submit to the Secretary such informa-
tion as the Secretary considers necessary to make designa-
tions specifically required under this title. The Secretary 
may not require insurers to submit any information under 
this subsection that relates to any line of insurance not 
specifically authorized to be designated pursuant to this 
title or that is to be used solely for the purpose of a report 
under subsection (a)(2). 
SEC. 211. ENFORCEMENT. 
(a) CIVIL PENALTIES.—Any insurer who is deter-
mined by the Secretary, after providing opportunity for 
a hearing on the record, to have violated any requirement 
pursuant to this title shall be subject to a civil penalty 
of not to exceed $5,000 for each day during which such 
violation continues. 
(b) INJUNCTION.—The Secretary may bring an ac-
tion in an appropriate United States district court for ap-
propriate declaratory and injunctive relief against any in-
surer who violates the requirements referred to in sub-
section (a). 
(c) INSURER LIABILITY.—An insurer shall be respon-
sible under subsections (a) and (b) for any violation of 
a statistical agent acting on behalf of the insurer. 
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100 
SEC. 212. EXEMPTION AND RELATION TO STATE LAWS. 
(a) EXEMPTION FOR UNITED STATES PROGRAMS.— 
Reporting shall not be required under this title with re-
spect to insurance provided by any program underwritten 
or administered by the United States. 
(b) RELATION TO STATE LAWS.—This title shall not 
be construed as annulling, altering, or affecting the laws 
of any State or any political subdivision of a State relating 
to public disclosure, submission of information, and rec-
ordkeeping or exempting any insurer subject to this title 
from any obligation under, or an obligation to comply 
with, any such law. 
SEC. 213. REGULATIONS. 
(a) AUTHORIZATION.— 
(1) IN
GENERAL.—The Secretary shall issue 
any regulations required under this title and any 
other regulations that may be necessary to carry out 
this title. 
(2) SUBSTANTIVE REGULATIONS.—The regula-
tions shall be issued in accordance with the proce-
dures under section 553 of title 5, United States 
Code, for substantive regulations. 
(3) EFFECTIVE
DATE.—Except as otherwise 
provided in this title, such final regulations shall be 
issued before the end of the 18-month period begin-
ning on the date of the enactment of this Act. 
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(b) BURDENS.—In prescribing such regulations, the 
Secretary shall take into consideration the administrative, 
paperwork, and other burdens on insurance agents, includ-
ing independent insurance agents, involved in complying 
with the requirements of this title and shall minimize the 
burdens imposed by such requirements with respect to 
such agents. 
SEC. 214. DEFINITIONS. 
For purposes of this subtitle, the following definitions 
shall apply: 
(1) AGENT.—The term ‘‘agent’’— 
(A) means, with respect to an insurer, an 
agent licensed by a State who sells property and 
casualty insurance; and 
(B) includes agents who are employees of 
the insurer, agents who are independent con-
tractors working exclusively for the insurer, and 
agents who are independent contractors ap-
pointed to represent the insurer on a nonexclu-
sive basis. 
(2) 
COMMERCIAL
INSURANCE.—The 
term 
‘‘commercial insurance’’ means any line of property 
and casualty insurance, except private passenger 
automobile, homeowner’s insurance and dwelling fire 
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102 
and allied lines, and other personal lines of insur-
ance. 
(3) DESIGNATED LINE.—The term ‘‘designated 
line’’ means a line of insurance or bid, performance, 
and payment bonds designated by the Secretary 
under section 210(a). 
(4) 
EXPOSURES.—The 
term 
‘‘exposures’’ 
means, for purposes of section 203, with respect to 
an insurance policy, an expression of an exposure 
unit covered under the policy compared to the dura-
tion of the policy (pursuant to standards established 
by the Secretary for uniform reporting of expo-
sures). 
(5) EXPOSURE
UNITS.—The term ‘‘exposure 
units’’ means, for purposes of section 203, an auto-
mobile or dwelling covered under an insurance policy 
for private passenger automobile or homeowners or 
dwelling fire and allied lines coverage. 
(6) INSURANCE.—The term ‘‘insurance’’ means 
property and casualty insurance. Such term includes 
primary insurance, surplus lines insurance, and any 
other arrangement for the shifting and distributing 
of risks that is determined to be insurance under the 
law of any State in which the insurer or insurer 
group engages in an insurance business. 
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(7) INSURER.—The term ‘‘insurer’’— 
(A) means any corporation, association, so-
ciety, order, firm, company, mutual, partner-
ship, individual, aggregation of individuals, or 
any other legal entity that is authorized to 
transact the business of property or casualty in-
surance in any State or that is engaged in a 
property or casualty insurance business; and 
(B) does not include an individual or entity 
which represents an insurer as agent solely for 
the purpose of selling or which represents a 
consumer as a broker solely for the purpose of 
buying insurance. 
(8) ISSUED.—The term ‘‘issued’’ means, with 
respect to an insurance policy, newly issued or re-
newed. 
(9) JOINT UNDERWRITING ASSOCIATION.—The 
term ‘‘joint underwriting association’’ means an un-
incorporated association of insurers established to 
provide a particular form of insurance to the public. 
(10) 
MORTGAGE
INSURANCE.—The 
term 
‘‘mortgage insurance’’ means insurance against the 
nonpayment of, or default on, a mortgage or loan 
for residential or commercial property. 
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(11) PRIVATE
MORTGAGE
INSURANCE.—The 
term ‘‘private mortgage insurance’’ means mortgage 
insurance other than mortgage insurance made 
available under the National Housing Act, title 38 of 
the United States Code, or title V of the Housing 
Act of 1949. 
(12) PROPERTY AND CASUALTY INSURANCE.— 
The term ‘‘property and casualty insurance’’— 
(A) means insurance against loss of or 
damage to property, insurance against loss of 
income or extra expense incurred because of 
loss of, or damage to, property, and insurance 
against third party liability claims caused by 
negligence or imposed by statute or contract; 
and 
(B) does not include workers’ compensa-
tion, professional liability, or title insurance. 
(13) RESIDUAL MARKET.—The term ‘‘residual 
market’’— 
(A) means an assigned risk plan, joint un-
derwriting association, or any similar mecha-
nism designed to make insurance available to 
those unable to obtain it in the voluntary mar-
ket; and 
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(B) includes each statewide plan under 
part A of title XII of the National Housing Act 
to assure fair access to insurance requirements. 
(14) RURAL
AREA.—The term ‘‘rural area’’ 
means any area that— 
(A) has a population of 10,000 or more; 
(B) has a continuous boundary; and 
(C) contains only areas that are rural 
areas, as such term is defined in section 520 of 
the Housing Act of 1949 (except that clause 
(3)(B) of such section 520 shall not apply for 
purposes of this title). 
(15) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of Housing and Urban Develop-
ment. 
(16) STATE.—The term ‘‘State’’ means any 
State, the District of Columbia, the Commonwealth 
of Puerto Rico, the Northern Mariana Islands, the 
Virgin Islands, American Samoa, and the Trust Ter-
ritory of the Pacific Islands. 
SEC. 215. EFFECTIVE DATE. 
The requirements of this title relating to reporting 
of information by insurers shall take effect with respect 
to the first annual reporting period that begins more than 
24 months after the date of the enactment of this Act. 
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106 
Subtitle B—Improvements in Other 
Data Disclosure Requirements 
SEC. 221. MAINTENANCE AND DISCLOSURE OF INFORMA-
TION BY THE FINANCIAL INSTITUTIONS EX-
AMINATION COUNCIL. 
(a) IN GENERAL.—In collecting information from fi-
nancial institutions, and affiliates of financial institutions, 
under the Community Reinvestment Act of 1977 and the 
Home Mortgage Disclosure Act of 1975 relating to farm, 
small business, and home loans, and maintaining such in-
formation on and disclosing such information from the na-
tional information center database, the Financial Institu-
tions Examination Council shall identify whether the fi-
nancial institution or affiliate is transmitting such infor-
mation pursuant to the Community Reinvestment Act of 
1977 or the Home Mortgage Disclosure Act of 1975. 
(b) MAINTENANCE OF DATABASE.—The Financial 
Institutions Examination Council shall maintain a com-
prehensive database containing the hierarchical structure 
of organizations including financial holding companies, 
bank holding companies, depository institutions, and non- 
depository institutions. 
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TITLE III—REGULATORY AND 
STRUCTURAL REFORMS 
SEC. 301. ANTIREDLINING REQUIREMENT FOR FINANCIAL 
HOLDING COMPANIES. 
Section 4(l)(1) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1843(l)(1)) (as amended by section 108 
of this Act) is amended— 
(1) by striking ‘‘and’’ at the end of subpara-
graph (E); 
(2) by striking the period at the end of sub-
paragraph (F) (as so redesignated by such section 
110 of title I) and inserting ‘‘; and’’; and 
(3) by adding at the end the following new sub-
paragraph: 
‘‘(G) in the case of any bank holding com-
pany which underwrites or sells, or any affiliate 
of which underwrites or sells, annuities con-
tracts or contracts insuring, guaranteeing, or 
indemnifying against loss, harm, damage, ill-
ness, disability, or death— 
‘‘(i) the company or affiliate has not 
been adjudicated in any Federal court, and 
has not entered into a consent decree filed 
in a Federal court or into a settlement 
agreement, premised upon a violation of 
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108 
the Fair Housing Act for the activities de-
scribed in this subparagraph; or 
‘‘(ii) if such company or affiliate has 
entered into any such consent decree or 
settlement agreement, the company or the 
affiliate is not in violation of the decree or 
settlement agreement as determined by a 
court of competent jurisdiction or the 
agency with which the decree or agreement 
was entered into.’’. 
SEC. 302. NOTICE AND PUBLIC COMMENT REQUIRED BE-
FORE ESTABLISHING A FINANCIAL HOLDING 
COMPANY. 
Paragraph (6) of section 4(k) of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1843(k)) is amended 
to read as follows: 
‘‘(6) NOTICE AND OPPORTUNITY FOR COMMENT 
REQUIRED.— 
‘‘(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 
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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-
graph, the Board shall take into consider-
ation— 
‘‘(i) whether the company is in com-
pliance with all applicable criteria set forth 
in subsection (b) and the provisions of sub-
section (d); 
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110 
‘‘(ii) whether the proposed combina-
tion represents an undue aggregation of 
resources; 
‘‘(iii) whether the proposed combina-
tion poses a risk to the deposit insurance 
system; 
‘‘(iv) whether the proposed combina-
tion poses a risk to State insurance guar-
anty funds; 
‘‘(v) whether the proposed combina-
tion can reasonably be expected to be in 
the best interests of depositors or policy-
holders of the respective entities; 
‘‘(vi) whether the proposed trans-
action can reasonably be expected to fur-
ther the purposes of this Act and produce 
benefits to the public; 
‘‘(vii) whether, and the extent to 
which, the proposed combination poses an 
undue risk to the stability of the financial 
system in the United States; and 
‘‘(viii) the community reinvestment 
record of all parties to the proposed trans-
action. 
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111 
‘‘(C) 
REQUIRED
INFORMATION.—The 
Board may disapprove any prior notice filed 
under this paragraph if the company submitting 
such notice neglects, fails, or refuses to furnish 
to the Board all relevant information required 
by the Board. 
‘‘(D) SOLICITATION OF VIEWS OF OTHER 
SUPERVISORY AGENCIES.— 
‘‘(i) IN GENERAL.—Upon receiving a 
prior notice under this paragraph, in order 
to provide for the submission of their views 
and recommendations, the Board shall give 
notice of the proposal to— 
‘‘(I) 
the 
appropriate 
Federal 
banking agency of any bank involved; 
‘‘(II) the appropriate functional 
regulator of any functionally regulated 
nondepository institution (as defined 
in section 5(c)(1)(C)) involved; and 
‘‘(III) the Secretary of the Treas-
ury, the Attorney General, and the 
Federal Trade Commission. 
‘‘(ii) TIMING.—The views and rec-
ommendations of any agency provided no-
tice under this paragraph shall be sub-
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112 
mitted to the Board not later than 30 cal-
endar days after the date on which notice 
to the agency was given, unless the Board 
determines that another shorter time pe-
riod is appropriate.’’. 
SEC. 303. PUBLIC MEETINGS FOR BANK ACQUISITIONS AND 
MERGERS. 
(a) BANK HOLDING COMPANY ACT OF 1956.—Sec-
tion 3(c)(2) of the Bank Holding Company Act of 1956 
(12 U.S.C. 1842(c)(2)) is amended— 
(1) by striking ‘‘FACTORS.—In every case’’ and 
inserting ‘‘FACTORS.— 
‘‘(A) IN GENERAL.—In every case’’; and 
(2) by adding at the end the following new sub-
paragraphs: 
‘‘(B) MEETINGS.—Upon the request of any 
person that commented on the application, the 
Board shall— 
‘‘(i) hold a meeting involving the com-
menters and the institution; and 
‘‘(ii) gather and consider additional 
information discussed at the meeting. 
‘‘(C) PUBLIC HEARINGS.— 
‘‘(i) IN
GENERAL.—In the case of 
each application for approval under this 
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113 
section, the Board shall, as necessary and 
on a timely basis, conduct public hearings 
in 1 or more areas where the Board be-
lieves there will be a substantial public im-
pact. 
‘‘(ii) NUMBER.—When a significant 
number of members of the general public 
request a public hearing, the Board shall 
hold 1 or more public hearings, the num-
ber of which are to be determined by the 
number of requesters of the hearing and 
the areas in which the merger is likely to 
have a substantial public impact. 
‘‘(iii) OPPORTUNITY TO BE HEARD ON 
IMPACT
OF
ACQUISITION
OR
MERGER.— 
Public hearings shall provide an oppor-
tunity for commenters and other members 
of the general public to speak as witnesses 
regarding the impacts of the acquisition or 
merger.’’. 
(b) FEDERAL DEPOSIT INSURANCE ACT.—Section 
18(c) of the Federal Deposit Insurance Act (12 U.S.C. 
1828(c)) is amended by adding at the end the following 
new paragraphs: 
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114 
(12) MEETINGS.—Upon the request of any per-
son(s) that commented on the application, the agen-
cy shall hold a meeting involving the commenters 
and the institution. The agency shall gather and 
consider additional information discussed at the 
meeting. 
‘‘(13) MEETINGS.—Upon the request of any 
person that commented on an application, the re-
sponsible agency shall— 
‘‘(A) hold a meeting involving the com-
menters and any insured depository institution 
involved; and 
‘‘(B) gather and consider additional infor-
mation discussed at the meeting. 
‘‘(14) PUBLIC HEARINGS.— 
‘‘(A) IN GENERAL.—In each merger trans-
action involving 1 or more insured depository 
institutions, the responsible agency shall, as 
necessary and on a timely basis, conduct public 
hearings in 1 or more areas where the agency 
believes there will be a substantial public im-
pact. 
‘‘(B) NUMBER.—When a significant num-
ber of members of the general public request a 
public hearing, the agency shall hold 1 or more 
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115 
public hearings, the number of which are to be 
determined by the number of requesters of the 
hearing and the areas in which the merger is 
likely to have a substantial public impact. 
‘‘(C) OPPORTUNITY TO BE HEARD ON IM-
PACT
OF
ACQUISITION
OR
MERGER.—Public 
hearings shall provide an opportunity for com-
menters and other members of the general pub-
lic to speak as witnesses regarding the impacts 
of the acquisition or merger.’’. 
(c) NATIONAL BANK CONSOLIDATION AND MERGER 
ACT.—The National Bank Consolidation and Merger Act 
(12 U.S.C. 215 et seq.) is amended by adding at the end 
the following new section: 
‘‘SEC. 6. PUBLIC MEETINGS FOR BANK CONSOLIDATIONS 
AND MERGERS. 
‘‘(a) MEETINGS.—Upon the request of any person 
that commented on the application of any national bank, 
the Comptroller of the Currency shall— 
‘‘(1) hold a meeting involving the commenters 
and the bank; and 
‘‘(2) gather and consider additional information 
discussed at the meeting. 
‘‘(b) PUBLIC HEARINGS.— 
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116 
‘‘(1) IN GENERAL.—In each case of a consolida-
tion or merger under this Act, the Comptroller shall, 
as necessary and on a timely basis, conduct public 
hearings in 1 or more areas where the Comptroller 
believes, there will be a substantial public impact. 
‘‘(2) NUMBER.—When a significant number of 
members of the general public request a public hear-
ing, the Comptroller shall hold 1 or more public 
hearings, the number of which are to be determined 
by the number of requesters of the hearing and the 
areas in which the merger is likely to have a sub-
stantial public impact. 
‘‘(3) OPPORTUNITY TO BE HEARD ON IMPACT 
OF ACQUISITION OR MERGER.—Public hearings shall 
provide an opportunity for commenters and other 
members of the general public to speak as witnesses 
regarding the impacts of the acquisition or merger.’’. 
(d) HOME OWNERS’ LOAN ACT.—Section 10(e) of 
the Home Owners’ Loan Act (12 U.S.C. 1463) is amended 
by adding at the end the following new paragraphs: 
‘‘(7) PUBLIC MEETINGS FOR DEPOSITORY IN-
STITUTION ACQUISITIONS AND MERGERS.— 
‘‘(A) MEETINGS.—Upon the request of any 
person(s) that commented on the application, 
the Director shall hold a meeting involving the 
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commenters and the institution. The Director 
shall gather and consider additional information 
discussed at the meeting. 
‘‘(B) PUBLIC HEARINGS.— 
‘‘(i) IN GENERAL.—In each case in-
volving an application under this sub-
section, the Director shall, as necessary 
and on a timely basis, conduct public hear-
ings in 1 or more areas where the Director 
believes there will be a substantial public 
impact. 
‘‘(ii) NUMBER.—When a significant 
number of members of the general public 
request a public hearing, the Director shall 
hold 1 or more public hearings, the num-
ber of which are to be determined by the 
number of requesters of the hearing and 
the areas in which the merger is likely to 
have a substantial public impact. 
‘‘(iii) OPPORTUNITY TO BE HEARD ON 
IMPACT
OF
ACQUISITION
OR
MERGER.— 
Public hearings shall provide an oppor-
tunity for commenters and other members 
of the general public to speak as witnesses 
regarding the impacts of the merger.’’. 
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118 
SEC. 304. BRANCH CLOSURE REQUIREMENTS. 
Subsection (a) of section 42 of the Federal Deposit 
Insurance Act (12 U.S.C. 1831r–1(a)) is amended by add-
ing at the end the following new paragraphs: 
‘‘(3) PUBLIC COMMENT.—Upon receiving a no-
tice from an insured depository institution pursuant 
to paragraph (1), the appropriate Federal agency 
shall— 
‘‘(A) promptly initiate a 60-day period for 
receiving public comment on the proposed clos-
ing of a branch of the depository institution; 
and 
‘‘(B) provide adequate notice of such pub-
lic comment period in media of general circula-
tion or public broadcast in the area served by 
such branch. 
‘‘(4) PUBLIC MEETING FOR DISCUSSION OF AL-
TERNATIVES.—If, during any period for public com-
ment under paragraph (3) on the proposed closing 
of a branch of the depository institution, the appro-
priate Federal banking agency soliciting such com-
ments receives a request for a public hearing on the 
proposal, the agency shall promptly schedule a pub-
lic meeting to be held at least 30 days before the 
date of the proposed closure at a convenient location 
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119 
in the vicinity of such branch so that alternatives to 
closure can be considered by all stakeholders.’’. 
SEC. 305. CRA EXAMINATION SCHEDULE FOR SMALL 
BANKS. 
Section 809(a) of the Community Reinvestment Act 
of 1977 (12 U.S.C. 2908(a)) is amended to read as fol-
lows: 
‘‘(a) IN GENERAL.—All regulated financial institu-
tions shall be examined under this title at least once in 
each 2-year period and the scheduling of regularly occur-
ring examinations may not take into account the size or 
the aggregate assets of the financial institution.’’. 
SEC. 306. CRA SUNSHINE REQUIREMENTS. 
Section 48 of the Federal Deposit Insurance Act (12 
U.S.C. 1831y) (as added by section 711 of the Gramm- 
Leach-Bliley Act) is hereby repealed. 
SEC. 307. CONTINUING COMMUNITY REINVESTMENT RE-
QUIREMENT FOR FINANCIAL HOLDING COM-
PANIES. 
(a) IN GENERAL.—Section 4(l)(2) of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1843(l)(2)) is 
amended— 
(1) in subparagraph (A), by inserting ‘‘or con-
tinuing’’ after ‘‘commencing’’; and 
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120 
(2) in subparagraph (B), by inserting ‘‘or main-
taining’’ after ‘‘acquiring’’. 
(b) TECHNICAL AND CONFORMING AMENDMENT.— 
(1) Paragraph (1) of section 4(m) of the Bank 
Holding 
Company 
Act 
of 
1956 
(12 
U.S.C. 
1843(m)(1)) is amended by striking ‘‘subsection 
(l)(1)’’ and inserting ‘‘paragraph (1) or (2) of sub-
section (l)’’. 
(2) Paragraph (2) of section 4(m) of the Bank 
Holding 
Company 
Act 
of 
1956 
(12 
U.S.C. 
1843(m)(2)) is amended by striking ‘‘subsection 
(l)(1)’’ and inserting ‘‘paragraphs (1) and (2) of 
subsection (l)’’. 
SEC. 308. CHANGES IN REPORTING REQUIREMENTS UNDER 
THE HOME MORTGAGE DISCLOSURE ACT OF 
1975. 
(a) PROHIBITION
ON REGULATORY EXEMPTIONS 
FROM REPORTING REQUIREMENTS.—Section 304 of the 
Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) 
is amended by adding at the end the following new sub-
section: 
‘‘(n) PROHIBITION ON REGULATORY EXEMPTIONS 
FROM
REPORTING
REQUIREMENTS.—Subject to sub-
section (i)— 
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121 
‘‘(1) no provision of this title may be construed 
as authorizing the Board, the Secretary, or any 
other Federal agency to exempt any depository insti-
tution from the requirements of this title; and 
‘‘(2) any exemption from the requirements of 
this title provided in any regulation, such as the ex-
emption provided in Appendix A to part 203 of the 
Code of Federal Regulations for lending institutions 
described in section 303(2)(B) whose total dollar 
amount of purchase loans originated in any year did 
not exceed 10 percent of the total dollar amount of 
all loan originations by such institution in such year, 
shall cease to be effective as of the date of the enact-
ment of the Community Reinvestment Modernization 
Act of 2009.’’. 
(b) REPORTING OF ADDITIONAL DATA REQUIRED.— 
Section 304(b) of the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2803(b)) is amended— 
(1) by striking ‘‘and’’ at the end of paragraph 
(3); 
(2) by striking the period at the end of para-
graph (4) and inserting a semicolon; and 
(3) by adding at the following new paragraph: 
‘‘(5) information on loan pricing and terms, in-
cluding interest rates, annual percentage rates, bona 
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fide discount points, origination fees, other fees re-
quired to be disclosed in the Good Faith Estimate 
and the HUD–1 document, yield-spread premiums, 
financing of lump sum insurance premium pay-
ments, balloon payment, prepayment penalties, loan- 
to-value ratios, debt-to-income ratios, housing pay-
ment-to-income ratios, and credit score information, 
information on whether the loan is a fixed-rate loan 
or a variable rate mortgage loan (and if it is a vari-
able rate mortgage loan, the length of any initial 
rate, and how often the rate adjusts); information on 
whether the financial institution required full docu-
mentation of borrower income; information on the 
loan channel, including whether a broker received 
the loan application and approved or rejected the ap-
plication; and’’. 
(c) REPORTING ON MANUFACTURED HOME LOANS 
THAT ARE NOT TREATED BY THE DEPOSITORY INSTITU-
TION AS REAL ESTATE LOANS.— 
(1) IN GENERAL.—Section 304(b) of the Home 
Mortgage Disclosure Act of 1975 (12 U.S.C. 
2803(b)) is amended by inserting after paragraph 
(5) (as added by subsection (B) of this section) the 
following new paragraph: 
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‘‘(6) the number and dollar amount of mort-
gage loans secured by manufactured homes (as de-
fined in section 603 of the National Manufactured 
Housing Construction and Safety Act of 1974).’’. 
(2) MORTGAGE
LOAN
DEFINED
TO
INCLUDE 
MANUFACTURED HOME LOANS.—Section 303(1) of 
the Home Mortgage Disclosure Act of 1975 (12 
U.S.C. 2802(1)) is amended by inserting ‘‘or a man-
ufactured home’’ after ‘‘residential real property’’. 
(d) CREATION OF DATABASE ON LOAN PERFORM-
ANCE.— 
(1) IN GENERAL.—The Board of Governors of 
the Federal Reserve System shall— 
(A) create a database on loan performance 
(whether loans are current, delinquent, or in de-
fault or foreclosure); 
(B) link the database on loan performance 
with data collected pursuant to the Home Mort-
gage Disclosure Act of 1975; and 
(C) make such information publicly avail-
able. 
(2) OTHER INFORMATION.—The database es-
tablished pursuant to paragraph (1)(A) shall also 
contain information on loan modifications, including 
the type of loan modification, such as interest rate 
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reductions, principal loan balance reductions, repay-
ment plans, forbearance, and modifications that in-
crease outstanding balance owed. 
(3) COLLABORATION
AND
COLLECTION.—The 
Board of Governors of the Federal Reserve System 
shall— 
(A) collaborate with other relevant Federal 
and State agencies; and 
(B) collect information for the database on 
loan performance from loan servicers and other 
financial institutions. 
(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 
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‘‘(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).’’. 
SEC. 309. ANNUAL REPORT AND CONGRESSIONAL HEAR-
INGS. 
(a) IN GENERAL.—On an annual basis, the Com-
mittee on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate shall hold hearings to consider the 
effectiveness of implementation of this Act by the Federal 
agencies with responsibilities under this Act. 
(b) CONSIDERATION OF FURTHER AMENDMENTS.— 
The Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate shall consider, as appro-
priate, any enhancements or modifications to this Act to 
increase the effectiveness of the objectives and purposes 
of this Act and the amendments made by this Act to other 
provisions of law. 
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(c) RULES OF HOUSE OF REPRESENTATIVES AND 
SENATE.—Subsections (a) and (b) are enacted by the 
Congress— 
(1) as an exercise of the rulemaking power of 
the Senate and House of Representatives, respec-
tively, and as such it is deemed a part of the rules 
of each House, respectively, but applicable only with 
respect to the procedure to be followed in that 
House and it supersedes other rules only to the ex-
tent that it is inconsistent with such rules; and 
(2) with full recognition of the constitutional 
right of either House to change the rules (so far as 
relating to the procedure of that House) at any time, 
in the same manner, and to the same extent as in 
the case of any other rule of that House. 
Æ 
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