Community Reinvestment Act Reform Act of 1993

TABLE OF CONTENTS:

Title I: Community Credit Availability Improvements

Title II: Community Support Requirements

Title III: Pattern or Practice

Community Reinvestment Act Reform Act of 1993 - Title I Community Credit Availability Improvements - (Sec. 101) Amends the Community Reinvestment Act of 1977 (CRA) to direct the appropriate Federal financial supervisory agencies to jointly develop a format for collecting data from regulated financial institutions in connection with examinations of their record of meeting the credit needs of their local communities, including low- and moderate-income neighborhoods.

Includes the following among the data required: (1) home mortgage lending; (2) small business lending; (3) community development; (4) consumer loans; and (5) branch closures.

(Sec. 102) Prescribes guidelines under which the appropriate Federal financial supervisory agencies, as part of their written evaluations of the institutions under their purview, must actively solicit comments from affected community members, with particular emphasis upon low- and moderate-income and minority residents.

(Sec. 103) Amends the Home Mortgage Disclosure Act of 1975 to include among the required public disclosures of depository institutions located in specified metropolitan statistical areas the number and total dollar amount by census tract of small business loans and of personal loans to consumers.

(Sec. 104) Amends the CRA to require financial institutions to be rated on the adequacy of their record of meeting community credit needs. Precludes such institutions from receiving a rating unless they have actually extended significant amounts of credit in low-income neighborhoods, and not merely been in compliance with a plan for extending such credit in the future.

Sets forth a "prompt corrective action" implementation and enforcement scheme.

Title II: Community Support Requirements - (Secs. 201-205) Prescribes community support obligations of mortgage banks. Directs the Secretary of Housing and Urban Development (the Secretary) to establish the Office of Mortgage Bank and Insurance Supervision (the Office) to evaluate the community performance of mortgage banks and mortgage insurance companies. Requires such Office to: (1) require each mortgage bank to submit a biennial community support statement, detailing its efforts at meeting the housing credit needs of each community in which it conducts significant credit transactions; and (2) evaluate a mortgage bank's community support performance. Sets forth a penalty and enforcement scheme.

(Sec. 206) Sets forth certain community support requirements for mortgage insurance companies, including a biennial report to the Secretary on the availability of, and underwriting guidelines for, mortgage insurance policies for low- and moderate-income families within those areas in which the companies write a significant number of mortgage insurance policies.

Directs the Office to conduct biennial community support reviews of private mortgage insurance companies.

Title III: Pattern or Practice - (Secs. 301-304) Amends the CRA, the Bank Holding Company Act of 1956, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to require the appropriate Federal financial supervisory agencies to deny an application for a deposit facility by a regulated financial institution if the institution has exhibited a pattern or practice of opening or closing branches in a way that tends to exclude low- and moderate-income or minority communities.