Community Development Investment Enhancements Act of 2006

Bill: 109-hr-6062
Sponsor: Rep. Frank, Barney [D-MA-4]
Introduced: 2006-09-13 in the House
Policy area: Finance and Financial Sector
Subjects: Bank capital
Community development
Community development banking
Depressed areas
Economics and Public Finance
Housing and Community Development
Infrastructure
Investments
Job creation
Law
Liability (Law)
Savings and loan associations
Urban affairs

Summary:
action_date: 2006-09-13
text: 
Community Development Investment Enhancements Act of 2006 - Amends the Revised Statues of the United States and the Federal Reserve Act to increase from 10% to 15% of its capital stock actually paid in and unimpaired, and from 10% to 15% of its unimpaired surplus fund, the maximum aggregate community development investments of a national banking association or a state member bank, including its subsidiaries. Applies such limits to each such investment.
 

 
Amends the Home Owners' Loan Act to authorize a federal savings association to make investments designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments).
 
Requires the Director of the Office of Thrift Supervision to establish: (1) the amount any savings association may invest in any one project; and (2) the aggregate amount of investment of any savings association.
 
Declares that the maximum aggregate amount of investments of any savings association is limited to the same 15% of capital stock actually paid in and unimpaired and 15% of unimpaired surplus fund as imposed by this Act on national banking associations and state member banks.

action_date: 2006-09-27
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

 
 Community Development Investment Enhancements Act of 2006 - Amends the Revised Statues of the United States and the Federal Reserve Act to increase from 10% to 15% of its capital stock actually paid in and unimpaired, and from 10% to 15% of its unimpaired surplus fund, the maximum aggregate community development investments of a national banking association or a state member bank, including its subsidiaries. Applies such limits to each such investment.
 

 
Amends the Home Owners' Loan Act to authorize a federal savings association to make investments designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments).
 
Permits such investments to be made directly or by purchase of interests in an entity primarily engaged in making such investments.
 
Prohibits a federal savings association from making an investment which would subject it to unlimited liability to any person.
 
Requires the Director of the Office of Thrift Supervision to establish: (1) the amount any savings association may invest in any one project; and (2) the aggregate amount of investment of any savings association.
 
Restricts the aggregate amount of investment of any savings association, subject to specified determinations made by the Director.
 
Prohibits the maximum aggregate amount of investments of any savings association from exceeding the same 15% of its capital stock actually paid in and unimpaired and 15% of its unimpaired surplus as imposed by this Act on national banking associations and state member banks.


Legislative actions:
action_date: 2006-11-13
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2006-09-28
text: Received in the Senate.
action_date: 2006-09-27
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2006-09-27
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7601-7602)
action_date: 2006-09-27
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H7601-7602)
action_date: 2006-09-27
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 6062.
action_date: 2006-09-27
text: Considered under suspension of the rules. (consideration: CR H7601-7604)
action_date: 2006-09-27
text: Mr. McHenry moved to suspend the rules and pass the bill.
action_date: 2006-09-13
text: Referred to the House Committee on Financial Services.
action_date: 2006-09-13
text: Introduced in House
action_date: 2006-09-13
text: Introduced in House