Sec. 104. Home Mortgage Disclosure Act adjustment and study
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Section 304 of the Home Mortgage Disclosure Act of 1975 ( 12 U.S.C. 2803 ) is amended— by redesignating subsection
(i)as paragraph
(3)and adjusting the margins accordingly; by inserting before paragraph (3), as so redesignated, the following: With respect to an insured depository institution or insured credit union, the requirements of paragraphs
(5)and
(6)of subsection
(b)shall not apply with respect to closed-end mortgage loans if the insured depository institution or insured credit union originated fewer than 500 closed-end mortgage loans in each of the 2 preceding calendar years. With respect to an insured depository institution or insured credit union, the requirements of paragraphs
(5)and
(6)of subsection
(b)shall not apply with respect to open-end lines of credit if the insured depository institution or insured credit union originated fewer than 500 open-end lines of credit in each of the 2 preceding calendar years. Notwithstanding paragraphs
(1)and (2), an insured depository institution shall comply with paragraphs
(5)and
(6)of subsection
(b)if the insured depository institution has received a rating of needs to improve record of meeting community credit needs during each of its 2 most recent examinations or a rating of substantial noncompliance in meeting community credit needs on its most recent examination under section 807(b)(2) of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2906(b)(2) ). ; and by adding at the end the following: In this section— the term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); and the term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). . Not earlier than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study to evaluate the impact of the amendments made by subsection
(a)on the amount of data available under the Home Mortgage Disclosure Act of 1975 ( 12 U.S.C. 2801 et seq.) at the national and local level. Not later than 3 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that includes the findings and conclusions of the Comptroller General with respect to the study required under paragraph (1). Section 304(i)(3) of the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a)(1), is amended by striking section 303(2)(A) and inserting section 303(3)(A) .
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Sec. 104
Home Mortgage Disclosure Act adjustment and study
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