Sec. 4. Community Reinvestment Act performance
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Section 18(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1828(c) ), as amended by section 3, is further amended by adding at the end the following new paragraphs: The responsible agency shall not approve a proposed merger transaction under this section if the largest insured depository institution that is party to such transaction, based on a comparison of the average total risk-weighted assets controlled by each insured depository institution that is party to such transaction during the previous 12-month period, has received a rating lower than outstanding record of meeting community credit needs on— two out of the three most recent written evaluations required under section 807 of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2906 ); or if three such evaluations are not available, the most recent written evaluation required under such section.
In reviewing any application filed under this paragraph, the responsible agency shall require— submission to the appropriate Federal financial supervisory agency of a community benefits plan; that the insured depository institution consult with community-based organizations and other community stakeholders in developing the community benefits plan; and a public hearing to be held if any insured depository institution involved in the transaction has received a substantial noncompliance in meeting community credit needs or needs to improve record of meeting community credit needs rating in any assessment area during the last examination of such institution conducted pursuant to the Community Reinvestment Act of 1977.
For purposes of this paragraph, community benefits plan means a plan that provides measurable goals for future amounts of safe and sound loans, investments, services, and other financial products for low- and moderate-income communities and other distressed or underserved communities. . Section 3(c) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1842(c) ), as amended by section 3, is further amended by adding at the end the following new paragraphs: The Board shall deny an application under this section if either the lead insured depository institution of the applicant or the insured depository institution that would be the lead insured depository institution of the resulting company following consummation of the proposed transaction has received a rating lower than outstanding record of meeting community credit needs on— two out of the three most recent written evaluations required under section 807 of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2906 ); or if three such evaluations are not available, the most recent written evaluation required under such section.
In reviewing any application filed under this paragraph, the Board shall require— submission to the appropriate Federal financial supervisory agency of a community benefits plan; that the company consult with community-based organizations and other community stakeholders in developing the community benefits plan; and a public hearing to be held if any bank that would be controlled by the resulting company has received a substantial noncompliance in meeting community credit needs or needs to improve record of meeting community credit needs rating in any assessment area during the last examination of such institution conducted pursuant to the Community Reinvestment Act of 1977.
For purposes of this paragraph, community benefits plan means a plan that provides measurable goals for future amounts of safe and sound loans, investments, services, and other financial products for low- and moderate-income communities and other distressed or underserved communities. . Section 4(j)(2) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(j)(2) ), as amended by section 3, is further amended by adding at the end the following new subparagraphs: The Board shall deny a notice filed pursuant to this subsection if the lead insured depository institution of the applicant or the insured depository institution that would be the lead insured depository institution of the resulting company following consummation of the proposed transaction or activity has received a rating lower than outstanding record of meeting community credit needs on— two out of the three most recent written evaluations required under section 807 of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2906 ); or if three such evaluations are not available, the most recent written evaluation required under such section.
In reviewing any notice filed under this paragraph, the Board shall require— submission to the appropriate Federal financial supervisory agency of a community benefits plan; that the company consult with community-based organizations and other community stakeholders in developing the community benefits plan; and a public hearing to be held if any bank that would be controlled by the resulting company has received a substantial noncompliance in meeting community credit needs or needs to improve record of meeting community credit needs rating in any assessment area during the last examination of such institution conducted pursuant to the Community Reinvestment Act of 1977.
For purposes of this paragraph, community benefits plan means a plan that provides measurable goals for future amounts of safe and sound loans, investments, services, and other financial products for low- and moderate-income communities and other distressed or underserved communities. . Section 804 of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2903 ) is amended by adding at the end the following new subsection: In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider as a factor the financial institution’s record of compliance with any community benefits plan pursuant to section 3(c)(10) or 4(j)(2)(F) of the Bank Holding Company Act of 1956 or section 18(c)(16) of the Federal Deposit Insurance Act, as applicable. .
Section 807(b)(1) of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2906(b)(1) ) is amended— in subparagraph (A)— in clause (ii), by striking and at the end; by redesignating clause
(iii)as clause (iv); and by inserting after clause
(ii)the following new clause: contain statistical analyses of the institution’s fair lending performance using data reported under the Home Mortgage Disclosure Act; and ; and in subparagraph (B), by striking clauses
(i)and
(ii)and inserting clauses (i), (ii), and
(iii).
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Sec. 4
Community Reinvestment Act performance
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