What US Community Reinvestment Act (12 USC ch 30): Meeting Community Credit Needs requires
The Community Reinvestment Act (12 U.S.C. ch. 30) requires that insured depository institutions help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operation, enforced by the appropriate Federal financial supervisory agencies, namely the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Reserve. Section 2901 sets the congressional findings and purpose, recording that regulated financial institutions have a continuing and affirmative obligation to help meet the credit needs of their local communities. Section 2903 sets the core duty of the supervisory agency: in connection with its examination of an institution, the agency shall assess the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operation, and shall take that record into account in evaluating an application for a deposit facility, such as a merger, acquisition or branch opening. Section 2906 requires the agency to prepare a written evaluation with a publicly disclosed rating. The Act does not impose loan quotas, but a poor record can lead to denial or conditioning of an application. It is the legal foundation for US assessment of bank lending to underserved communities.
Pillar: Banking & Global Finance · Authority: US Congress / Federal banking agencies (OCC, FDIC, Federal Reserve) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title12/html/USCODE-2022-title12-chap30.htm
SHA-256 integrity: 086b6d24bbbdef21c0108bcb36dda38a0f94de4a5c811965bef08f69e26d13ef
Primary Citations — 8 traced to source
- Community Reinvestment Act, 12 U.S.C. 2901 - congressional findings and statement of purpose.
- Community Reinvestment Act, 12 U.S.C. 2902 - definitions, including regulated financial institution and appropriate agency.
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