clause (i) from a regulated financial insti-
tution approves the plan, the financial in-
stitution shall submit reports and data to 
the agency on a quarterly basis so that the 
regulatory agency and the general public 
can monitor CRA performance. 
‘‘(v) ADDITIONAL
LIMITATIONS.—If 
any regulated financial institution receives 
a rating of ‘Needs-to-improve’ or ‘Substan-
tial noncompliance’ in any service area, the 
appropriate Federal financial supervisory 
agency may not accept or approve any ap-
plication by such institution or any merger 
applications involving such institution. 
‘‘(vi) CONSIDERATION
OF
PERFORM-
ANCE IN CERTAIN REVIEWS.—If any regu-
lated financial institution receives a rating 
of ‘low satisfactory’ in any service area, the 
appropriate Federal financial supervisory 
agency shall consider the progress of the 
institution in meeting the goals described 
in the CRA improvement plan as an inte-
gral factor in reviews of any application by 
such institution or any merger applications 
involving such institution.’’. 
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(b) ADDITIONAL PERFORMANCE FACTORS.—Section 
804(a)(1) of the Community Reinvestment Act of 1977 
(12 U.S.C. 2903(a)(1)) is amended— 
(1) by inserting ‘‘and neighborhoods of different 
racial characteristics’’ after ‘‘low- and moderate-in-
come neighborhoods’’; and 
(2) By inserting ‘‘, taking into account the in-
stitution’s share of the total amount of credit ex-
tended in neighborhoods of different racial and in-
come characteristics within such community’’ before 
the semicolon at the end. 
(c) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) Section 807(b)(1)(A)(iii) of the Community 
Reinvestment 
Act 
of 
1977 
(12 
U.S.C. 
2906(b)(1)(A)(iii)) is amended— 
(A) by inserting ‘‘overall’’ after ‘‘the insti-
tution’s’’; and 
(B) by inserting ‘‘, taking into account 
each of the initial ratings determined under 
subparagraph (B) for each State, metropolitan, 
and service area in which the institution makes 
more than 0.5 percent of the total amount of 
loans’’ before the period at the end. 
(2) Section 807 of the Community Reinvest-
ment Act of 1977 (12 U.S.C. 2906) is amended— 
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(A) by striking subsection (d); and 
(B) by redesignating subsection (e) as sub-
section (d). 
SEC. 104. REDUCTION OF CRA RATING DUE TO PREDATORY 
LENDING AND OTHER NEGATIVE CREDIT 
PRACTICES. 
(a) IN GENERAL.—Section 804 of the Community 
Reinvestment Act of 1977 (12 U.S.C. 2903) is amended 
by adding at the end the following new subsections: 
‘‘(d) TREATMENT
OF PREDATORY LENDING
AND 
OTHER DISCRIMINATORY CREDIT PRACTICES.— 
‘‘(1) IN GENERAL.—In the case of a regulated 
financial institution, or an affiliate or business part-
ner of any such institution, which the appropriate 
Federal financial supervisory agency determines has 
engaged in any credit practice which has a negative 
impact on a community or neighborhood, such as 
predatory lending or abusive payday lending, or has 
engaged in any other lending practice or service in 
a manner which unlawfully discriminates against 
any person or against minority or low- and mod-
erate-income neighborhoods, the agency— 
‘‘(A) may not take any such practice or 
service into account in assessing the institu-
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tion’s record of meeting the credit needs of its 
entire community; and 
‘‘(B) shall reduce the rating that would 
otherwise obtain under section 807 with respect 
to such institution after consideration of the ex-
tent of such negative or discriminatory practice 
or service. 
‘‘(2) UNLAWFUL DISCRIMINATION AND PREDA-
TORY
LENDING.—For purposes of paragraph (1), 
the terms ‘predatory lending’ and ‘unlawfully dis-
criminates’ include any lending or discriminatory 
practice those that violates the Fair Housing Act, 
the Equal Credit Opportunity Act, the Truth in 
Lending Act, the Real Estate Settlement Procedures 
Act, the Federal Trade Commission Act, or any 
other consumer and fair lending law, including the 
law of any State or political subdivision of any 
State. 
‘‘(e) MAINTENANCE
OF CERTAIN RECORDS.—For 
purposes of determining whether a regulated financial in-
stitution engages in any practice or service described in 
subsection (d), an appropriate Federal financial super-
visory agency may require, by regulation, regulated finan-
cial institutions to maintain records of the terms and con-
ditions of credit extended by the institution or the terms 
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and conditions at which credit was offered even though 
no credit was extended.’’. 
SEC. 105. RESPONSIVENESS TO COMMUNITY NEEDS FOR 
SECURITIES AND INVESTMENT SERVICES. 
(a) AFFIRMATIVE OBLIGATION.—The purpose of this 
section is to recognize that each securities company has, 
with respect to each community comprising an assessment 
area of such company, a continuing and affirmative obliga-
tion to meet the need for financial services in such commu-
nities, including the needs of low- and moderate-income 
neighborhoods and persons of modest means. 
(b) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) ASSESSMENT AREA.—The term ‘‘assessment 
area’’ means, with respect to a securities company, 
each community in which such company— 
(A) maintains a retail office or is rep-
resented by an agent; or 
(B) has not less than 0.5 percent of the 
total market in securities. 
(2) 
COMMUNITY
DEVELOPMENT
INVEST-
MENT.—The term ‘‘community development invest-
ment’’ means investment in activities that revitalize 
and stabilize low- and moderate-income neighbor-
hoods and directly benefit low- and moderate-income 
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individuals, including investment in affordable hous-
ing, community services, small-business development, 
and economic development. 
(3) SECURITIES COMPANY.—The term ‘‘securi-
ties company’’ means any person who is— 
(A) a broker or dealer that is registered 
under the Securities Exchange Act of 1934; 
(B) a registered investment adviser, prop-
erly registered by or on behalf of either the Se-
curities and Exchange Commission, with re-
spect to the investment advisory activities of 
such investment adviser and activities incidental 
to such investment advisory activities; or 
(C) an investment company that is reg-
istered under the Investment Company Act of 
1940. 
(c) PROGRAM.— 
(1) IN
GENERAL.—The Securities and Ex-
change Commission, in consultation with the Sec-
retary of the Treasury, shall develop a program to 
ensure that securities companies meet the obliga-
tions described in subsection (a) and the require-
ments of the program under this subsection. 
(2) FACTORS TO BE INCLUDED.— 
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(A) CUSTOMER
EVALUATION.—The pro-
gram shall include, as appropriate, a method 
for evaluating a securities company’s record of 
helping to meet the securities investment needs 
of its assessment area, including— 
(i) the number and distribution of 
customers throughout the community, in-
cluding minority and low- and moderate-in-
come customers and the dollar amounts of 
the investments made by such customers; 
(ii) the number and distribution of 
customers residing in minority and low- 
and moderate-income census tracts; and 
(iii) the extent to which the company 
has adopted innovative and flexible mar-
keting methods, such as low minimum 
amounts to open accounts and low trans-
action fees, that facilitate the sale of secu-
rities to low- and moderate-income cus-
tomers. 
(B) COMMUNITY
DEVELOPMENT
INVEST-
MENTS.—The program shall include, as appro-
priate, a method for evaluating a securities 
company’s record of community development in-
vestment in each assessment area, including— 
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(i) the number and dollar amount of 
community development investments in the 
assessment area; and 
(ii) the responsiveness of the securi-
ties company, through community develop-
ment investments, to the credit, capital, 
and community development needs of the 
assessment area, including low- and mod-
erate-income neighborhoods. 
(C) SERVICE
PERFORMANCE.—The pro-
gram shall include, as appropriate, a method 
for evaluating a securities company’s record of 
providing access to securities services in each 
assessment area, including— 
(i) the distribution of the company’s 
retail offices by income level and minority 
level of census tract and the range of serv-
ices offered by retail offices across census 
tracts by income level and minority level; 
(ii) the company’s record of opening 
or closing retail offices in the assessment 
area; 
(iii) the extent to which the securities 
company has adopted effective alternate 
service systems in minority and low- and 
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moderate-income neighborhoods, such as 
providing the means for minority and low- 
and moderate-income individuals to gain 
electronic access to the company at work-
places, community centers, and similar lo-
cations in low- and moderate-income neigh-
borhoods; and 
(iv) the extent to which the securities 
company has provided investment edu-
cation and other investment services, such 
as financial counseling classes, in minority 
and low- and moderate-income neighbor-
hoods in the assessment area. 
(3) RATING.— 
(A) IN GENERAL.—At least once in each 2- 
year period beginning after the date of the en-
actment of this Act, the program shall provide 
for— 
(i) an evaluation and an initial rating 
of the performance of each securities com-
pany in meeting the obligation established 
under subsection (a) in each assessment 
area of the company; and 
(ii) an overall rating, based on the ini-
tial ratings pursuant to clause (i) of the 
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overall achievement of the securities com-
pany in meeting such obligation. 
(B) RATING CATEGORIES.—The rating cat-
egories used in rating the performance of any 
securities company shall include ‘‘Outstanding’’, 
‘‘High Satisfactory’’, ‘‘Satisfactory’’, ‘‘Low Sat-
isfactory’’, ‘‘Needs-to-Improve’’, and ‘‘Substan-
tial Noncompliance’’ or such other categories as 
the Commission may establish by regulation. 
(C) TREATMENT
OF
INVESTMENT
PRAC-
TICES WITH NEGATIVE IMPACTS.—In the case 
of any securities company which the Securities 
and Exchange Commission determines has en-
gaged in securities and investment practices 
which have a negative impact on any assess-
ment area of the company or has otherwise en-
gaged in any practice or provided any service in 
a 
manner 
which 
unlawfully 
discriminates 
against any person or against low- and mod-
erate-income neighborhoods, the Commission— 
(i) may not take any such practice 
into account in assessing the extent to 
which such company has met its obligation 
under subsection (a); and 
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(ii) shall reduce the rating that would 
otherwise obtain under subparagraph (A) 
with respect to such company, after consid-
ering the extent of such negative or dis-
criminatory practice or service.’’. 
(D) 
MAINTENANCE
OF
CERTAIN 
RECORDS.—For purposes of determining wheth-
er a securities company engages in any practice 
or service described in subparagraph (B), the 
Securities and Exchange Commission may re-
quire, by regulation, securities companies to 
maintain records of the terms and conditions at 
which securities products and services were pro-
vided by the company and the terms and condi-
tions at which such securities products or serv-
ices were offered by the company even though 
no transaction occurred. 
(E) IMPROVEMENT PLAN.— 
(i) IN GENERAL.—Whenever a securi-
ties company receives a rating of ‘‘low sat-
isfactory’’ or lower in any assessment area, 
the company shall submit a improvement 
plan, subject to public notice and com-
ment, to the Commission. 
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(ii) CONTENTS
OF
PLAN.—Any im-
provement plan submitted to the Commis-
sion by a securities 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 Commis-
sion shall review any improvement sub-
mitted under clause (i) by a securities com-
pany and either approve the plan or send 
it back to the company for revisions. 
(iv) QUARTERLY REPORTS.—After the 
Commission approves a improvement plan 
submitted by a securities company under 
clause (i), the company shall submit re-
ports and data on a quarterly basis so that 
the Commission and the general public can 
monitor performance. 
(v) 
ADDITIONAL
LIMITATIONS.—If 
any securities company receives a rating of 
‘‘Needs-to-improve’’ or ‘‘Substantial non-
compliance’’ in any assessment area, the 
Commission may not accept or approve 
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any application by such securities company 
or any merger applications involving such 
company. 
(vi) CONSIDERATION
OF
PERFORM-
ANCE IN CERTAIN REVIEWS.—If any secu-
rities company receives a rating of ‘‘low 
satisfactory’’ rating in any assessment area 
while such company is operating under an 
approved improvement plan, the Commis-
sion shall consider the progress in meeting 
the goals described in the improvement 
plan as an integral factor in reviews of any 
application by such securities company or 
any merger applications involving such 
company. 
(4) CONSIDERATION OF SECURITIES COMPANY 
RATING.—Whenever the Commission considers an 
application to the Commission by a securities com-
pany, the Securities and Exchange Commission 
shall— 
(A) take into account the overall rating of 
the securities company under this section and 
any improvement plans submitted pursuant to 
this section; 
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(B) provide opportunity for public com-
ment on such rating; and 
(C) take into account changes in the com-
munity reinvestment performance of such com-
pany since the last overall rating and the likely 
future community reinvestment performance of 
such company. 
(d) RELEASE OF DATA.—Information collected by 
the Securities and Exchange Commission in connection 
with the program under subsection (c) shall be made pub-
licly available by the Commission in a format similar to 
the format for public disclosure of information under the 
Home Mortgage Disclosure Act of 1975, as determined 
to be appropriate by the Commission. 
SEC. 106. RESPONSIVENESS TO COMMUNITY NEEDS FOR 
MORTGAGES 
AND 
MORTGAGE 
RELATED 
SERVICES BY MORTGAGE BANKS. 
(a) AFFIRMATIVE
OBLIGATION.—Each mortgage 
bank shall have, with respect to each community com-
prising an assessment area of such mortgage bank, a con-
tinuing and affirmative obligation to meet the mortgage 
credit and mortgage service needs of such communities, 
including extensions of credit in low- and moderate-income 
neighborhoods of such communities. 
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(b) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) ASSESSMENT AREA.—The term ‘‘assessment 
area’’ means, with respect to a mortgage bank, each 
community in which such company— 
(A) maintains a retail office or is rep-
resented by an agent; or 
(B) has not less than 0.5 percent of the 
total market in housing-related loans. 
(2) 
COMMUNITY
DEVELOPMENT
INVEST-
MENT.—The term ‘‘community development invest-
ment’’ means investment in activities that revitalize 
and stabilize low- and moderate-income neighbor-
hoods and directly benefit low- and moderate-income 
individuals, including investment in affordable hous-
ing, community services, small-business development, 
and economic development. 
(3) MORTGAGE
BANK.—The term ‘‘mortgage 
bank’’ means any lender who does not accept depos-
its (as defined in section 3 of the Federal Deposit 
Insurance Act) and originates housing-related loans. 
(4) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(c) PROGRAM.— 
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(1) IN GENERAL.—The Secretary, in consulta-
tion with the Secretary of the Treasury, shall de-
velop a program to ensure that mortgage banks 
meet the obligations described in subsection (a) and 
the requirements of the program under this sub-
section. 
(2) FACTORS TO BE INCLUDED.— 
(A) CUSTOMER
EVALUATION.—The pro-
gram shall include, as appropriate, a method 
for evaluating a mortgage bank’s record of 
helping to meet the mortgage credit and mort-
gage service needs of its assessment area, in-
cluding— 
(i) the number and distribution of 
customers throughout the community, in-
cluding minority and low- and moderate-in-
come customers and the dollar amounts of 
the mortgage credit extended to such cus-
tomers by the mortgage bank; 
(ii) the number and distribution of 
customers residing in minority and low- 
and moderate-income neighborhoods and 
the dollar amounts of the mortgage credit 
extended to such customers by the mort-
gage bank; 
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(iii) the mortgage bank’s market 
share in neighborhoods of different racial 
and income characteristics; 
(iv) the mortgage bank’s market share 
to borrowers of different racial and income 
characteristics; 
(v) a comparison of the rate at which 
the mortgage bank rejects applications 
from minority and white applicants; 
(vi) any evidence of illegal discrimina-
tory 
credit 
practices, 
including 
prescreening, or offering less favorable 
loan products to applicants of different ra-
cial backgrounds; and 
(vii) the extent to which the mortgage 
bank has adopted innovative and flexible 
marketing methods and products that fa-
cilitate the extension of mortgage credit on 
a nondiscriminatory basis to low- and mod-
erate-income customers. 
(B) COMMUNITY
DEVELOPMENT
INVEST-
MENTS.—The program shall include, as appro-
priate, a method for evaluating a mortgage 
bank’s record of community development invest-
ment in each assessment area, including— 
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(i) the number and dollar amount of 
community development investments in the 
assessment area; and 
(ii) the responsiveness of the mort-
gage bank, through community develop-
ment investments, to the credit, capital, 
and community development needs of the 
assessment area, including low- and mod-
erate-income neighborhoods. 
(C) SERVICE
PERFORMANCE.—The pro-
gram shall include, as appropriate, a method 
for evaluating a mortgage bank’s record of pro-
viding access to mortgage credit and mortgage 
services in each assessment area, including— 
(i) the distribution of the mortgage 
bank’s retail offices by income level and 
minority level of census tract and the 
range of services offered by retail offices 
across census tracts by income level and 
minority level; 
(ii) the bank’s record of opening or 
closing retail offices in the assessment 
area; 
(iii) the extent to which the mortgage 
bank has adopted effective alternate serv-
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ice systems in minority and low- and mod-
erate-income neighborhoods, such as pro-
viding the means for low- and moderate-in-
come individuals to gain electronic access 
to the mortgage bank at workplaces, com-
munity centers, and similar locations in 
minority and low- and moderate-income 
neighborhoods; 
(iv) the extent to which the mortgage 
bank has provided home purchaser and 
home owner education and other coun-
seling services, such as financial counseling 
classes, in minority and low- and mod-
erate-income neighborhoods in the assess-
ment area; 
(v) the mortgage bank’s market share 
in neighborhoods of different racial and in-
come characteristics; 
(vi) the number of applications re-
ceived from and loans made to minorities 
and low- and moderate-income persons; 
(vii) a comparison of the rate at which 
the mortgage bank rejects applications 
from minority and white applicants; and 
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(viii) any evidence of illegal discrimi-
natory 
credit 
practices, 
including 
prescreening, or offering less favorable 
loan products to applicants of different ra-
cial backgrounds. 
(3) RATING.— 
(A) IN GENERAL.—The program shall pro-
vide for— 
(i) an evaluation and an initial rating 
of the performance of each mortgage bank 
in meeting the obligation established under 
subsection (a) in each assessment area of 
the bank; and 
(ii) an overall rating, based on the ini-
tial ratings pursuant to clause (i) of the 
overall achievement of the mortgage bank 
in meeting such obligation. 
(B) RATING CATEGORIES.—The rating cat-
egories used in rating the performance of any 
mortgage bank shall include ‘‘Outstanding’’, 
‘‘High Satisfactory’’, ‘‘Satisfactory’’, ‘‘Low Sat-
isfactory’’, ‘‘Needs-to-Improve’’, and ‘‘Substan-
tial Noncompliance’’ or such other categories as 
the Secretary may establish by regulation. 
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(C) TREATMENT
OF
CREDIT
PRACTICES 
WITH NEGATIVE IMPACTS.— 
(i) IN GENERAL.—In the case of any 
mortgage bank which the Secretary deter-
mines has engaged in credit practices 
which have a negative impact on any indi-
viduals or any assessment area of the com-
pany, such as prescreening or predatory 
mortgage lending, or has otherwise en-
gaged in any practice or provided any serv-
ice in a manner which unlawfully discrimi-
nates against any person or against minor-
ity or low- and moderate-income neighbor-
hoods, the Secretary— 
(I) may not take any such prac-
tice into account in assessing the ex-
tent to which such company has met 
its obligation under subsection (a); 
and 
(II) shall reduce the rating that 
would otherwise obtain under sub-
paragraph (A) with respect to such 
company, after considering the extent 
of such negative or discriminatory 
practice or service. 
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(ii) UNLAWFUL DISCRIMINATION AND 
PREDATORY
MORTGAGE
LENDING.—For 
purposes of (i), the terms ‘‘predatory mort-
gage lending’’ and ‘‘unlawfully discrimi-
nates’’ include any lending or discrimina-
tory practice those that violates the Fair 
Housing Act, the Equal Credit Oppor-
tunity Act, the Truth in Lending Act, the 
Real Estate Settlement Procedures Act, 
the Federal Trade Commission Act, or any 
other consumer and fair lending law, in-
cluding the law of any State or political 
subdivision of any State. 
(D) 
MAINTENANCE
OF
CERTAIN 
RECORDS.—For purposes of determining wheth-
er a mortgage bank engages in any practice or 
service described in subparagraph (B), the Sec-
retary may require, by regulation, mortgage 
banks to maintain records of the terms and 
conditions at which mortgage loans and other 
services were provided by the company and the 
terms and conditions at which such mortgage 
loans and other products and services were of-
fered by the bank even though no transaction 
occurred. 
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(E) IMPROVEMENT PLAN.— 
(i) IN GENERAL.—Whenever a mort-
gage bank receives a rating of ‘‘low satis-
factory’’ or lower in any assessment area, 
the bank shall submit a improvement plan, 
subject to public notice and comment, to 
the Secretary. 
(ii) CONTENTS
OF
PLAN.—Any im-
provement plan submitted to the Secretary 
by a mortgage bank pursuant to clause (i) 
shall describe how the bank intends to im-
prove its performance in any assessment 
area where the bank received a rating of 
‘‘low satisfactory’’ or lower. 
(iii) REVIEW
OF
PLAN.—The Sec-
retary shall review any improvement sub-
mitted under clause (i) by a mortgage 
bank and either approve the plan or send 
it back to the bank for revisions. 
(iv) QUARTERLY REPORTS.—After the 
Secretary approves a improvement plan 
submitted by a mortgage bank under 
clause (i), the bank shall submit reports 
and data on a quarterly basis so that the 
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Secretary and the general public can mon-
itor performance. 
(v) 
ADDITIONAL
LIMITATIONS.—If 
any mortgage bank 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 mortgage bank or any 
merger applications involving such bank. 
(vi) CONSIDERATION
OF
PERFORM-
ANCE IN CERTAIN REVIEWS.—If any mort-
gage bank receives a rating of ‘‘low satis-
factory’’ rating in any assessment area, the 
Secretary shall consider the progress in 
meeting the goals described in the improve-
ment plan as an integral factor in reviews 
of any application by such mortgage bank 
or any merger applications involving such 
bank. 
(d) CONSIDERATION OF MORTGAGE BANK’S RAT-
ING.— 
(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— 
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(A) conduct an examination of, and assign 
ratings to, mortgage banks under this sub-
section; 
(B) review the overall rating of each mort-
gage bank under this subsection; 
(C) provide opportunity for public com-
ment on such rating; and 
(D) review changes in the community rein-
vestment performance of such mortgage bank 
since the last overall rating and the likely fu-
ture community reinvestment performance of 
such mortgage bank. 
(2) NOTIFICATION
OF
UNSATISFACTORY
PER-
FORMANCE.—If, in conjunction with a review pursu-
ant to paragraph (1), the Secretary determines that 
a mortgage bank has failed to meet the bank’s obli-
gations described in subsection (a) and the require-
ments of the program under this subsection or failed 
to make satisfactory improvements in meeting such 
obligations and requirements, the Secretary shall no-
tify the mortgage bank of such determination, de-
scribing the conditions giving rise to the notice. 
(3) AGREEMENT TO CORRECT CONDITIONS RE-
QUIRED.—Not later than 45 days after the date of 
receipt by a mortgage bank of a notice given under 
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paragraph (2) (or such additional period as the Sec-
retary may permit), the mortgage bank shall execute 
an agreement, based on an improvement plan, with 
the Secretary to comply with the obligations and re-
quirements applicable to the mortgage bank under 
this section. 
(4) SECRETARY
MAY
IMPOSE
LIMITATIONS.— 
Until the conditions described in a notice to a mort-
gage bank under paragraph (2) are corrected, the 
Secretary may impose such limitations on the extent 
to which mortgage loans originated, held, or serviced 
by such mortgage bank may be acquired by the Fed-
eral Home Mortgage Corporation, the Federal Na-
tional Mortgage Association, or the Government Na-
tional Mortgage Association, as the Secretary deter-
mines to be appropriate under the circumstances 
and consistent with the purposes of this section. 
(5) FAILURE TO CORRECT.—If the conditions 
described in a notice to a mortgage bank under 
paragraph (2) are not corrected within 180 days 
after the date of receipt by the mortgage bank of a 
notice under paragraph (2), the Secretary shall pro-
hibit the Federal Home Mortgage Corporation, the 
Federal National Mortgage Association, or the Gov-
ernment National Mortgage Association from acquir-
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ing any mortgage loan originated, held, or serviced 
by such mortgage bank. 
(6) CONSULTATION.—In taking any action 
under this subsection, the Secretary shall consult 
with all relevant Federal and State regulatory agen-
cies and authorities. 
SEC. 107. RESPONSIVENESS TO COMMUNITY NEEDS FOR IN-
SURANCE SERVICES. 
(a) AFFIRMATIVE OBLIGATION.—The purpose of this 
section is to recognize that each insurance company has, 
with respect to each community comprising an assessment 
area of such company, a continuing and affirmative obliga-
tion to meet the need for insurance services in such com-
munities, including the needs of low- and moderate-income 
neighborhoods and persons of modest means. 
(b) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) ASSESSMENT AREA.—The term ‘‘assessment 
area’’ means, with respect to an insurance company, 
each community in which such company— 
(A) maintains a retail office or is rep-
resented by an agent; or 
(B) has not less than 0.5 percent of the 
total market in insurance. 
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