Transparency in Lending Act of 2022

Bill: 117-hr-9414
Sponsor: full_name: Rep. Mfume, Kweisi [D-MD-7]
Introduced: 2022-12-02
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-12-02
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-12-02
action_desc: Introduced in House
text: <p><b>Transparency in Lending Act of 2022 </b></p> <p>This bill requires federal financial supervisory agencies to submit to the Federal Financial Institutions Examination Council specified information regarding an examination of a large financial institution. Specifically, the agency must report on the status of the examination and any findings. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 9414 IN THE HOUSE OF REPRESENTATIVES December 2, 2022 Mr. Mfume (for himself, Mr. Blumenauer , Ms. Norton , Mr. Thompson of Mississippi , Mr. Grijalva , and Mr. Evans ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Community Reinvestment Act of 1977 to require that appropriate Federal financial supervisory agencies make publicly available updates with respect to examinations of covered financial institutions, and for other purposes.

1. Short title This Act may be cited as the Transparency in Lending Act of 2022 . 2. Reports required during examination of covered financial institutions Section 804 of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2903 ) is amended by adding at the end the following: (e) Reports required during examination of covered financial institutions (1) In general In connection with its examination of a covered financial institution, the appropriate Federal financial supervisory agency shall, not less than 2 years after the date on which the examination of the financial institution begins, and every 2 years thereafter until the examination is completed, submit to the Council a report that includes the following: (A) An estimated timeline with respect to the completion of the examination. (B) Any findings related to the examination made during the preceding 24-month period. (C) A summary of the elements of the examination that, at the time of the report, are completed. (D) A summary of the elements of the examination that, at the time of the report, are not completed. (2) Publication The Council shall make each report submitted under paragraph (1) publicly available on the interagency CRA rating search website of the Council. (3) Definitions In this subsection: (A) Council The term Council means the Financial Institutions Examination Council established by section 1004(a) of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3303 ). (B) Covered financial institution The term covered financial institution means a financial institution with aggregate assets of greater than $250,000,000,000. .