H.R. 6334 (111th): American Community Investment Reform Act of 2010

Introduced:
Sep 29, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Luis Gutiérrez
Representative for Illinois's 4th congressional district
Party
Democrat
Text
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Last Updated
Sep 29, 2010
Length
23 pages
 
Status

This bill was introduced on September 29, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 29, 2010
Referred to Committee Sep 29, 2010
 
Full Title

To amend the Community Reinvestment Act of 1977 to improve the assessments of regulated financial institutions, and for other purposes.

Summary

No summaries available.

Cosponsors
14 cosponsors (14D) (show)
Committees

House Financial Services

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.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


9/29/2010--Introduced.
American Community Investment Reform Act of 2010 - Revises the Community Reinvestment Act of 1977 with regard to assessments of regulated financial institutions.
Revises the list of appropriate federal financial supervisory agencies to include:
(1) the Bureau of Consumer Financial Protection (established by the Dodd-Frank Wall Street Reform and Consumer Protection Act); and
(2) the Securities and Exchange Commission (SEC) with regard to any U.S. nonbank financial company for which the SEC acts as the primary financial regulatory agency, and any broker or dealer that is a member of the Securities Investor Protection Corporation. Specifies the Board of Governors of the Federal Reserve System as the appropriate federal financial supervisory agency for securities holding companies, and, in consultation with its primary financial regulatory agency, any regulated financial institution not otherwise indicated.
Specifies the community development and other related activities of a regulated financial institution or a U.S. nonbank financial company, including lending and investment in low- and moderate-income and other traditionally underserved neighborhoods, which the appropriate federal financial supervisory agency is required to assess.
Requires the examination of a regulated financial institution to: (1) take into consideration public comments on its record of meeting the credit or other financial needs of its entire community; and (2) require an improvement plan for an institution that receives certain low ratings. Prescribes requirements for an improvement plan, including availability for public comment.
Revises requirements for assessment of the record of a regulated financial institution that is a nonminority-owned, nonwomen-owned institution and that is not a certified community development financial institution.
Requires the appropriate federal financial supervisory agency, in assessing the record of a regulated financial institution, to consider the complexity, innovativeness, effectiveness of its efforts in meeting particularly difficult community needs, or any significant effort extended in specific loans, investments, or services.
Requires the evaluation of a depository institution holding company to incorporate evaluations of its subsidiary regulated financial institutions.
Requires the public section of the written evaluation of a regulated financial institution to disclose whether it provided, or offered to provide, a consumer financial product that the Bureau of Consumer Financial Protection has determined is unfair, deceptive, or abusive.
Replaces the top rank "outstanding record of meeting community credit needs" rating for an institution with the current second rank rating of "satisfactory record." Makes the second rank rating now "sufficient record of meeting community credit or other financial needs." Requires the appropriate federal financial supervisory agencies to develop and implement a process to permit a regulated financial institution to apply for a rating of "outstanding record of meeting community credit or other financial needs." Reserves an "outstanding" rating to an applicant that significantly exceeds the requirements for receiving a "satisfactory" rating and meets other specified criteria.
Allows the supervisory agency to consider community development activities and investments made outside the institution's service area if the financial institution has adequately met the needs of its local assessment area.
Requires the recipient of an "outstanding rating" to be given preference over lower-rated regulated financial institutions in connection with the award of government contracts. Specifies the effect of a "satisfactory" rating.
Prohibits the award of government contracts to, and certain other actions by, any regulated financial institution that receives a rating of: (1) "needs to improve record of meeting community credit or other financial needs" or lower on its two most recent performance evaluations; or (2) "substantial noncompliance in meeting community credit or other financial needs" on its most recent performance evaluations.

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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