Sec. 5421. Consideration of small home mortgage lending under Community Reinvestment Act
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Section 804 of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2903 ) is amended by adding at the end the following: As part of assessing a financial institution under subsection (a), the appropriate Federal financial supervisory agency shall evaluate the financial institution’s performance in facilitating home mortgage lending targeted to low- and moderate-income borrowers in a safe and sound manner, including— mortgages of $100,000 or less in value that facilitate a home purchase or help a borrower to refinance an existing mortgage; mortgages of $100,000 or less in value originated in cooperation with a minority depository institution, women’s depository institution, low-income credit union, or a community development financial institution certified by the Secretary of the Treasury (as defined under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994); mortgages of $100,000 or less in value originated to purchase or refinance a home as part of a special purpose credit program (as defined under section 1002.8(a) of title 12, Code of Federal Regulations).
Each large financial institution shall collect, maintain, and report to the appropriate Federal financial supervisory agency— mortgage loan data needed to calculate retail lending volume and distribution metrics; information related to demographics of borrowers, including the income, disability, gender identity, race, and ethnicity of mortgage applicants; the number of mortgage loans originated with a value of $100,000 or less as well as the demographics of borrowers, including income, race, gender, and ethnicity; and all mortgage loans for the purpose of a home purchase and a refinance originated by the bank through a special purpose credit program, to focus on Black, Latinx, Native American, Asian American, Pacific Islander borrowers.
The appropriate Federal financial supervisory agencies shall, jointly, issue rules to establish a template that large financial institutions shall use to collect information required to be collected under this paragraph. The appropriate Federal financial supervisory agencies shall, jointly, define the term large financial institution for purposes of this paragraph. . Subparagraph
(A)of section 7(a)(3) of the Federal Reserve Act ( 12 U.S.C. 289(a)(3)(A) ) is amended by reducing the dollar figure described in such subparagraph by $3,000,000. The amendment made by paragraph
(1)shall take effect on September 30, 2022.
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Sec. 5421
Consideration of small home mortgage lending under Community Reinvestment Act
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