(A) activities and investments that significantly ben-
efit low- and moderate-income families and persons,
small businesses in distressed communities, or
minority- or women-owned businesses, and (B) ac-
tivities and investments that contribute to the cre-
ation of jobs and economic development of distressed
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
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.
(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, except that such
information shall not be made available to the public
until it is available in its entirety unless not all the
information required to be reported is available by
such date.
(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 low- and moderate-income
neighborhoods, and on any other basis the Sec-
retary considers feasible and appropriate.
(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 low- and moderate-
income neighborhoods, and on any other basis
the Secretary considers feasible and appro-
priate.
(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 (A) in the form of a loss ratio
(expressing the relationship of claims paid to pre-
miums) made available or disclosed in compliance
with the provisions of paragraph (2), or (B) as pro-
vided in paragraph (3).
(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
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-
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 not include any renters coverage or cov-
erage for the personal property of a condo-
minium 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 Banking, Finance and Urban
Affairs of the House of Representatives and the ap-
propriate Committees of the Senate.
(3) DURATION.—
(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.
(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.
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.
(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
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.
(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.
(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
(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
36 months after the date of the enactment of this Act.
Subtitle B—Improvements in Other
Data Disclosure Requirements
SEC. 221. IMPROVE SMALL BUSINESS AND AGRICULTURE
LENDING DATA DISCLOSURE.
(a) REPORTING REQUIREMENTS.—Section 806 of the
Community Reinvestment Act of 1977 (12 U.S.C. 2905)
is amended—
(1) by inserting ‘‘(a) IN GENERAL.—’’ after
‘‘SEC. 806.’’; and
(2) by adding at the end the following new sub-
section:
‘‘(b) REGULATORY EXEMPTIONS FROM REPORTING
REQUIREMENTS.—
‘‘(1) PROHIBITION
ON
REGULATORY
EXEMP-
TIONS
FROM
CERTAIN
REPORTING
REQUIRE-
MENTS.—No provision of this title may be construed
as authorizing the Board or any other Federal agen-
cy to exempt any depository institution from the re-
quirements of any regulation prescribed under this
title relating to the provision of data relating to
farm and small business loans, except with regard to
any institution described in section 809(a) which is
not an affiliate of any bank holding company or sav-
ings and loan holding company.
‘‘(2) IMPROVED DATA COLLECTION FOR SMALL
BUSINESS
AND
FARM
LOANS.—Regulations pre-
scribed under this section shall require the following
information to be collected by regulated financial in-
stitutions in connection with applications for farm
and small business loans:
‘‘(A) The race and gender of applicants,
including minority-owned and women-owned
farms or small businesses.
‘‘(B) The revenue of applicants for farm
and small business loans.
‘‘(C) The actual census tract in which the
applicant resides or is located.
‘‘(D) The disposition of the application by
the regulated financial institution and appli-
cant.
‘‘(3) DEFINITIONS.—For purposes of this para-
graph (2), the following definitions shall apply:
‘‘(A) MINORITY-OWNED
FARM
OR
SMALL
BUSINESS.—The term ‘minority-owned farm or
small business’ means a farm or small busi-
ness—
‘‘(i) more than 50 percent of the own-
ership or control of which is held by 1 or
more minority individuals; and
‘‘(ii) more than 50 percent of the net
profit or loss of which accrues to 1 or more
minority individuals.
‘‘(B) WOMEN-OWNED
FARM
OR
SMALL
BUSINESS.—The term ‘women-owned farm or
small business’ means a farm or small busi-
ness—
‘‘(i) more than 50 percent of the own-
ership or control of which is held by 1 or
more women; and
‘‘(ii) more than 50 percent of the net
profit or loss of which accrues to 1 or more
women.
‘‘(C) MINORITY.—The term ‘minority’ has
the meaning given to such term by section
1204(c)(3) of the Financial Institutions Re-
form, Recovery and Enforcement Act of 1989.’’.
SEC. 222. MAINTENANCE AND DISCLOSURE OF INFORMA-
TION BY THE FINANCIAL INSTITUTIONS EX-
AMINATION COUNSEL.
In collecting information from financial institutions,
and affiliates of financial institutions, under the Commu-
nity Reinvestment Act of 1977 and the Home Mortgage
Disclosure Act of 1975 relating to farm, small business,
and home loans, and maintaining such information on and
disclosing such information from the national information
center database, the Financial Institutions Examination
Council shall identify whether the financial institution or
affiliate is transmitting such information pursuant to the
Community Reinvestment Act of 1977 or the Home Mort-
gage Disclosure Act of 1975.
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)) is amended—
(1) by striking ‘‘and’’ at the end of subpara-
graph (B);
(2) by striking the period at the end of sub-
paragraph (C) and inserting ‘‘; and’’; and
(3) by adding at the end the following new sub-
paragraph:
‘‘(D) 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
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.—
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);
‘‘(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.
‘‘(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-
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-
paragraph:
‘‘(B) PUBLIC MEETINGS.—In the case of
each application for approval under this section,
the Board shall, as necessary and on a timely
basis, conduct public meetings in 1 or more
areas where the Board believes, in the sole dis-
cretion of the Board, there will be a substantial
public impact.’’.
(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 paragraph:
‘‘(12) PUBLIC MEETINGS.—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 meetings in 1 or more areas where
the agency believes, in the sole discretion of the agency,
there will be a substantial public impact.’’.
(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.
‘‘In each case of a consolidation or merger under this
Act, the Comptroller shall, as necessary and on a timely
basis, conduct public meetings in 1 or more areas where
the Comptroller believes, in the sole discretion of the
Comptroller, there will be a substantial public impact.’’.
(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 paragraph:
‘‘(7) PUBLIC MEETINGS FOR DEPOSITORY IN-
STITUTION ACQUISITIONS AND MERGERS.—In each
case involving an application under this subsection,
the Director shall, as necessary and on a timely
basis, conduct public meetings in 1 or more areas
where the Director believes, in the sole discretion of
the Director, there will be a substantial public im-
pact.’’.
SEC. 304. CRA EXAMINATION SCHEDULE FOR SMALL
BANKS.
Section 809(a) of the Community Reinvestment Act
of 1977 (12 U.S.C. 2908(a)) is amended—
(1) in paragraph (1), by striking ‘‘60 months’’
and inserting ‘‘48 months’’; and
(2) in paragraph (2), by striking ‘‘48 months’’
and inserting ‘‘36 months’’.
SEC. 305. CRA SUNSHINE REQUIREMENTS.
(a) IN GENERAL.—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 amended—