H.R. 2707 (103rd): Bank Enterprise Act Amendments of 1993

Introduced:
Jul 22, 1993 (103rd Congress, 1993–1994)
Status:
Died (Referred to Committee)
Sponsor
Floyd Flake
Representative for New York's 6th congressional district
Party
Democrat
Text
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Last Updated
Jul 22, 1993
Length
71 pages
Related Bills
H.R. 3474 (Related)
Riegle Community Development and Regulatory Improvement Act of 1994

Signed by the President
Sep 23, 1994

 
Status

This bill was introduced on July 22, 1993, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 22, 1993
Referred to Committee Jul 22, 1993
 
Full Title

To establish the Community Development Fund, to promote community development lending by financial institutions in economically distressed areas, to authorize the Federal Home Loan Bank System to engage in activities to satisfy housing finance and community development needs that are not being met, and for other purposes.

Summary

No summaries available.

Cosponsors
26 cosponsors (19D, 7R) (show)
Committees

House Financial Services

Housing and Insurance

House Small Business

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

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The bill’s title was written by its sponsor.

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.


7/22/1993--Introduced.
TABLE OF CONTENTS:
Title I - Bank Enterprise Act Enhancements Title II: Bank Community Development Incentives Title III: Housing and Small Business Finance Title IV: Credit Union Amendments Title V: Consumer Education Title VI: Community Development Task Force Bank Enterprise Act Amendments of 1993
Title I - Bank Enterprise Act Enhancements
Amends the Bank Enterprise Act (BEA) to establish the Community Development Fund, to be administered by the Community Enterprise Assessment Credit Board (created by this Act). Requires the Fund to establish a national information clearinghouse in coordination with designated Federal agencies.
Earmarks the Fund for:
(1) investments and assistance to enable community development financial institutions to target distressed communities;
(2) financial and technical assistance to such institutions; and
(3) the clearinghouse.
Authorizes appropriations.
Section 102 -
Amends the Bank Enterprise Act of 1991 (BEA 91) to make community development banks newly chartered under this Act eligible for community enterprise assessment credit.
Section 103 -
Authorizes any insured depository institution located in a qualified distressed community to sell property and casualty insurance to residents and/or individuals employed within such community. Amends Federal banking law and the Home Owners' Loan Act, respectively, to authorize a well-capitalized national bank or savings association located in a qualified distressed community to trade in securities issued by any small business located in that community.
Section 104 -
Amends the BEA 91 to direct the Community Enterprise Assessment Credit Board to:
(1) establish independent criteria for distressed rural area eligibility as a qualified distressed community; and
(2) grant priority to qualified distressed communities when it allocates funds.
Provides for the establishment of nonprofit, private, community development corporations whose purpose is to sponsor enterprises providing employment, housing, and business development opportunities for low- and moderate-income residents of a qualified distressed community.
Title II - Bank Community Development Incentives
Amends the Community Reinvestment Act of 1977 to direct the Financial Institutions Examination Council to:
(1) establish performance rating standards to assess the record of a regulated financial institution in meeting the credit needs of its community, including low- and moderate-income neighborhoods;
(2) list those activities and investments which qualify as community reinvestment activities;
(3) establish procedures under which a regulated financial institution can obtain a written opinion on the qualification of a proposed transaction as a community reinvestment activity;
(4) establish criteria and procedures for delineating the service area of a regulated financial institution on the basis of existing market conditions and the local credit needs of low- and moderate-income neighborhoods; and
(5) solicit community comments before making any final determination regarding the proposed treatment of a transaction as a qualified community reinvestment.
Section 204 -
Amends the Bank Holding Company Act of 1956 to set forth expedited procedures under which a bank holding company may gain ownership or control of a community development corporation.
Section 205 -
Amends Federal banking law and the Home Owners' Loan Act to authorize national banks and Federal savings associations, respectively, to deal in securities issued by companies located and primarily doing business in qualified distressed communities.
Section 206 -
Amends the Bank Holding Company Act of 1956 to cite circumstances under which a bank holding company may acquire enhanced passive investment interests in the shares of any company located and primarily doing business in a qualified distressed community.
Section 207 -
Directs the Financial Institutions Examination Council to give awards annually for outstanding efforts by insured depository institutions to meet community credit needs.
Section 208 -
Amends the Home Owners' Loan Act to modify the guidelines under which shares of stock shall be treated as a qualified stock issuance.
Title III - Housing and Small Business Finance
Amends the Federal Home Loan Bank Act to authorize Federal home loan banks to establish programs and engage in activities designed to meet housing finance and community development needs in qualified distressed communities that are unmet by the private sector.
Section 302 -
Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Secretary of Housing and Urban Development to establish separate specific goals for: (1) low- and moderate-income housing; (2) special affordable housing; and (3) housing for underserved areas. Directs the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to help community development organizations assist low- and moderate-income families with first-home purchases.
Section 303 -
Amends the Home Owners' Loan Act to include among the qualified thrift investments of a savings association loans or extensions of credit for certain building projects and small businesses located within a qualified distressed community.
Section 304 -
Amends the Small Business Act to authorize the Small Business Administration to establish a model program to determine the feasibility of developing a private secondary market for loans guaranteed under the microloan guarantee demonstration programs.
Title IV - Credit Union Amendments
Amends the Federal Credit Union Act to modify guidelines for community development credit unions to reflect this Act, including authority to invest in U.S. securities certain money in the Community Development Credit Union Revolving Loan Fund.
Title V - Consumer Education
Directs the Federal banking regulatory agencies to encourage insured depository institutions to promote educational services regarding their financial products for consumers residing in qualified distressed communities located in the service area of such institutions.
Title VI - Community Development Task Force
Directs the President to appoint a community development task force to report to the Congress on the progress made by Federal agencies and instrumentalities in implementing the policies and programs established by this Act and the BEA 91.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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