Source: https://www.gpo.gov/fdsys/pkg/USCODE-2011-title12/html/USCODE-2011-title12-chap30.htm
Timestamp: 2018-07-18 07:09:25
Document Index: 159968238

Matched Legal Cases: ['§358', '§358', '§358', '§358', '§744', '§1212', '§1031', '§222', '§222', '§222', '§222']

Section 801 of title VIII of Pub. L. 95–128 provided that: “This title [enacting this chapter] may be cited as the ‘Community Reinvestment Act of 1977’.”
“(a) Study.—The Secretary of the Treasury, in consultation with the Federal banking agencies (as defined in section 3(z) of the Federal Deposit Insurance Act [12 U.S.C. 1813(z)]), shall conduct a study of the extent to which adequate services are being provided as intended by the Community Reinvestment Act of 1977 [12 U.S.C. 2901 et seq.], including services in low- and moderate-income neighborhoods and for persons of modest means, as a result of the enactment of this Act [see Tables for classification].
“(1) In general.—The Secretary of the Treasury shall—
“(A) before March 15, 2000, submit a baseline report to the Congress on the study conducted pursuant to subsection (a); and
“(B) before the end of the 2-year period beginning on the date of the enactment of this Act [Nov. 12, 1999], in consultation with the Federal banking agencies, submit a final report to the Congress on the study conducted pursuant to subsection (a).
“(2) Recommendations.—The final report submitted under paragraph (1)(B) shall include such recommendations as the Secretary determines to be appropriate for administrative and legislative action with respect to institutions covered under the Community Reinvestment Act of 1977 [12 U.S.C. 2901 et seq.].”
“(a) In General.—Not later than 12 months after the date of enactment of this section [Oct. 28, 1992], the Board of Governors of the Federal Reserve System, in consultation with the Comptroller of the Currency, the Chairman of the Federal Deposit Insurance Corporation, the Director of the Office of Thrift Supervision, and the Chairman of the National Credit Union Administration, shall submit a report to the Congress comparing residential, small business, and commercial lending by insured depository institutions in low-income, minority, and distressed neighborhoods to such lending in other neighborhoods.
“(b) Contents of Report.—The report required by subsection (a) shall—
“(1) compare the risks and returns of lending in low-income, minority, and distressed neighborhoods with the risks and returns of lending in other neighborhoods;
“(2) analyze the reasons for any differences in risk and return between low-income, minority, and distressed neighborhoods and other neighborhoods; and
“(3) if the risks of lending in low-income, minority, and distressed neighborhoods exceed the risks of lending in other neighborhoods, recommend ways of mitigating those risks.”
(1) the term “appropriate Federal financial supervisory agency” means—
(2) the term “regulated financial institution” means an insured depository institution (as defined in section 1813 of this title); and
(3) the term “application for a deposit facility” means an application to the appropriate Federal financial supervisory agency otherwise required under Federal law or regulations thereunder for—
(4) A financial institution whose business predominately consists of serving the needs of military personnel who are not located within a defined geographic area may define its “entire community” to include its entire deposit customer base without regard to geographic proximity.
Par. (1)(A). Pub. L. 111–203, §358(1)(A)(i), inserted “and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation)” after “banks”.
Par. (1)(B). Pub. L. 111–203, §358(1)(A)(ii), substituted “, bank holding companies, and savings and loan holding companies” for “and bank holding companies”.
Par. (1)(C). Pub. L. 111–203, §358(1)(A)(iii), substituted “, and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation).” for “; and”.
Par. (2). Pub. L. 111–203, §358(1)(B), struck out par. (2) relating to the Director of the Office of Thrift Supervision which read as follows: “section 1818 of this title, by the Director of the Office of Thrift Supervision, in the case of a savings association (the deposits of which are insured by the Federal Deposit Insurance Corporation) and a savings and loan holding company;”.
1989—Par. (1)(D). Pub. L. 101–73, §744(q), directed the general amendment of par. (1)(D) but then set out “(2)” followed by the text of the new provisions. Prior to amendment, par. (1)(D) read as follows: “the Federal Home Loan Bank Board with respect to institutions the deposits of which are insured by the Federal Savings and Loan Insurance Corporation and to savings and loan holding companies;”.
Par. (2). Pub. L. 101–73, §1212(a), substituted “insured depository institution (as defined in section 1813 of this title)” for “insured bank as defined in section 1813 of this title or an insured institution as defined in section 401 of the National Housing Act”.
In assessing and taking into account, under subsection (a) of this section, the record of a nonminority-owned and nonwomen-owned financial institution, the appropriate Federal financial supervisory agency may consider as a factor capital investment, loan participation, and other ventures undertaken by the institution in cooperation with minority- and women-owned financial institutions and low-income credit unions provided that these activities help meet the credit needs of local communities in which such institutions and credit unions are chartered.
(A) the Board finds that, as of the date the declaration of such election and the certification is filed by such holding company under section 1843(l)(1)(C) 1 of this title, not all of the subsidiary insured depository institutions of the bank holding company had achieved a rating of “satisfactory record of meeting community credit needs”, or better, at the most recent examination of each such institution; and
(A) the bank holding company has submitted an affirmative plan to the appropriate Federal financial supervisory agency to take such action as may be necessary in order for such institution to achieve a rating of “satisfactory record of meeting community credit needs”, or better, at the next examination of the institution; and
The terms “bank holding company” and “financial holding company” have the meanings given those terms in section 1841 of this title.
The term “insured depository institution” has the meaning given the term in section 1813(c) of this title.
Pub. L. 110–315, title X, §1031(b), Aug. 14, 2008, 122 Stat. 3488, provided that: “Not later than 1 year after the date of enactment of this Act [Aug. 14, 2008], each appropriate Federal financial supervisory agency shall issue rules in final form to implement section 804(d) of the Community Reinvestment Act of 1977 [12 U.S.C. 2903(d)], as added by this section.”
2010—Pub. L. 111–203 inserted “, except that the Comptroller of the Currency shall prescribe regulations applicable to savings associations and the Board of Governors shall prescribe regulations applicable to insured State member banks, bank holding companies and savings and loan holding companies,” after “supervisory agency”.
(A) “Outstanding record of meeting community credit needs”.
(B) “Satisfactory record of meeting community credit needs”.
(C) “Needs to improve record of meeting community credit needs”.
(D) “Substantial noncompliance in meeting community credit needs”.
1991—Subsec. (a)(1). Pub. L. 102–242, §222(b)(1), substituted “financial supervisory” for “depository institutions regulatory”.
Subsec. (b)(1)(A). Pub. L. 102–242, §222(b)(2), substituted “financial supervisory” for “depository institutions regulatory” in two places.
Subsec. (b)(1)(B). Pub. L. 102–242, §222(a), inserted “and data” after “facts”.
Subsec. (c). Pub. L. 102–242, §222(b)(3), substituted “financial supervisory” for “depository institutions regulatory” wherever appearing.
1 So in original. Probably should be paragraph “(1)(A)(iii)”.
The term “minority institution” 1 means a depository institution (as defined in section 1813(c) of this title)—
The term “women's depository institution” means a depository institution (as defined in section 1813(c) of this title)—
1 So in original. Probably should be “minority depository institution”.
Except as provided in subsections (b) and (c) of this section, any regulated financial institution with aggregate assets of not more than $250,000,000 shall be subject to routine examination under this chapter—
(1) not more than once every 60 months for an institution that has achieved a rating of “outstanding record of meeting community credit needs” at its most recent examination under section 2903 of this title;
(2) not more than once every 48 months for an institution that has received a rating of “satisfactory record of meeting community credit needs” at its most recent examination under section 2903 of this title; and
(3) as deemed necessary by the appropriate Federal financial supervisory agency, for an institution that has received a rating of less than “satisfactory record of meeting community credit needs” at its most recent examination under section 2903 of this title.
A regulated financial institution described in subsection (a) of this section shall remain subject to examination under this chapter in connection with an application for a deposit facility.
A regulated financial institution described in subsection (a) of this section may be subject to more frequent or less frequent examinations for reasonable cause under such circumstances as may be determined by the appropriate Federal financial supervisory agency.