H.R. 1289 (110th): Community Reinvestment Modernization Act of 2007

Introduced:
Mar 01, 2007 (110th Congress, 2007–2009)
Sponsor:
Rep. Eddie Johnson [D-TX30]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 1479 (111th) on Mar 12, 2009.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on March 1, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 01, 2007
Cosponsors
14 cosponsors (14D) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To enhance the availability of capital and credit for all citizens and communities, to ensure that community reinvestment keeps pace as banks, securities firms, and other financial service providers become affiliates as a result of the enactment of the Gramm-Leach-Bliley Act, and for other purposes.

Summary

No summaries available.

Text

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Last updated Mar 01, 2007.
95 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/1/2007--Introduced.
Community Reinvestment Modernization Act of 2007 - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision. Reinstates banking agency regulations in effect before the publication of such revisions. Amends the Bank Holding Company Act of 1956 (BHCA) to subject to the Community Reinvestment Act of 1977 (CRA) nonbank affiliates of bank holding companies that engage in lending or offering banking products or services. Amends the CRA to require a rating reduction for a regulated financial institution engaged in negative credit practices, including predatory and discriminatory lending. States that securities companies, mortgage banks, and insurance companies have a continuing affirmative obligation to meet the financial services needs in their assessment areas, including those of low- and moderate-income neighborhoods and persons of modest means. Requires their affiliates to attain satisfactory ratings in accordance with this Act. Insurance Disclosure Act - Directs the Secretary of Housing and Urban Development to establish requirements for insurers to submit information annually regarding noncommercial insurance, rural insurance, and investments by insurers. Requires the Secretary to make such information public. Directs the Financial Institutions Examination Council to maintain a comprehensive database containing the hierarchical structure of financial holding companies, bank holding companies, depository institutions, and non-depository institutions. Amends the BHCA to allow certain expanded financial activities by a bank holding company only if it or its affiliate has neither: (1) been adjudicated in federal court; nor (2) entered into a consent decree or settlement agreement, premised upon a violation of the Fair Housing Act (antiredlining requirement). Requires: (1) public meetings regarding bank acquisitions and mergers; and (2) a period for public comment regarding branch closures. Amends the CRA to subject all regulated financial institutions, regardless of size or aggregate assets, to mandatory biennial examinations.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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