A bill to exempt certain financial institutions from the examination requirements of the Community Reinvestment Act of 1977.

Amends the Community Reinvestment Act of 1977 to exempt from its examination requirements a regulated financial institution if: (1) its main office is located in an area of 15,000 or less population outside a metropolitan statistical area; (2) the institution and its parent bank holding company have maximum aggregate assets of $75,000,000; and (3) the aggregate outstanding balances of secured and unsecured loans made by the institution constitute at least 50 percent of its deposits.

 
S 2511 IS
102d CONGRESS
2d Session
S. 2511
To exempt certain financial institutions from the examination requirements
of the Community Reinvestment Act of 1977.
IN THE SENATE OF THE UNITED STATES
April 1 (legislative day, MARCH 26), 1992
Mrs. KASSEBAUM introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To exempt certain financial institutions from the examination requirements
of the Community Reinvestment Act of 1977.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. COMMUNITY REINVESTMENT ACT EXEMPTION.
  The Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.) is amended
  by adding at the end the following new section:
`SEC. 808. EXAMINATION EXEMPTION.
  `A regulated financial institution shall not be subject to the examination
  requirements of this title or any regulations issued hereunder if--
  `(1) the main office (and each branch of such institution) is located in
  a town, political subdivision, or other unit of general local government
  of a State that has a population of not more than 15,000 persons and which
  is not part of a metropolitan statistical area;
  `(2) the institution and its parent bank holding company has aggregate
  assets of not more than $75,000,000; and
  `(3) the aggregate outstanding balances of secured and unsecured loans
  made by the institution comprise not less than 50 percent of the deposits
  of the institution.'.