To amend the Community Reinvestment Act of 1977 to reduce onerous recordkeeping and reporting requirements for regulated financial institutions, and for other purposes.
Community Reinvestment Improvement Act of 1997 - Amends the Community Reinvestment Act of 1977 to set forth a modified evaluation procedure for certain mid-sized financial institutions which meet specified criteria.
Requires the appropriate financial institutions supervisory agency to: (1) conduct a compliance evaluation in connection with its examination of such institutions or every two years, whichever is more frequent; and (2) provide public notice of such evaluation upon its commencement.
Disqualifies from this Act's modified evaluation procedure for a ten-year period any institution that has intentionally submitted false information or willfully violated the requirements of this Act.
Exempts from the evaluation requirements of this Act certain small-sized regulated financial institutions.
Cites criteria under which a regulated financial institution's application for a deposit facility shall not be denied on the basis of its compliance with this Act.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E68)
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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