To amend the Community Reinvestment Act of 1977, the Equal Credit Opportunity Act, and the Fair Housing Act to improve the administration of such Acts, to prohibit redlining in connection with the provision of credit, and for other purposes.
Credit Opportunity Amendments Act of 1999 - Amends the Community Reinvestment Act of 1977 to repeal the requirement that the appropriate Federal financial supervisory agency take an institution's record of meeting it's entire community's credit needs into its evaluation of such institution's deposit facility application.
Requires each financial institution to prepare a public description of its lending and related programs designed to enhance the availability of community credit, including low- and moderate-income neighborhoods.
Amends the Consumer Credit Protection Act and the Fair Housing Act to prohibit: (1) creditor discrimination on the basis of the racial or ethnic characteristics of the applicant's surrounding neighborhood; (2) the Attorney General from initiating a civil enforcement action pursuant to the Consumer Credit Protection Act except upon referral; and (3) the use of statistical data indicating a disparate impact on various classes of applicants of a creditor's credit decisions as evidence of violations of such Act(s) unless accompanied by additional evidence demonstrating actual discrimination and intent to discriminate.
Introduced in House
Introduced in House
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sponsor introductory remarks on measure. (CR E60)
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the Subcommittee on the Constitution.
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