(Sec. 101) Mandates that: (1) the Federal regulatory agency with jurisdiction over the affiliate's bank holding company take into account the record of any such affiliate in meeting community credit, investment, and consumer needs; (2) the Federal financial supervisory agency perform separate evaluations of a depository institution's State, metropolitan, and community service areas; and (3) the CRA rating of a regulated financial institution be reduced to reflect predatory or negative credit practices.
(Sec. 104) Places upon each securities company, mortgage bank, and insurance company the affirmative obligation to meet the need for their respective services in low- and moderate-income neighborhoods as regards each community constituting an assessment area of such entities.
(Sec. 105) Sets forth a statutory framework within which the Securities and Exchange Commission and the Secretary of Housing and Urban Development (HUD), respectively, shall develop a program to ensure that such financial entities meet their obligations.
(Sec. 106) Authorizes the Secretary of HUD to impose specified limitations upon mortgage and insurance companies that engage in practices with negative impacts upon their respective assessment areas.
(Sec. 107) Requires all bank holding company affiliates of securities, mortgage, and insurance companies to maintain satisfactory CRA ratings.
Title II: Data Disclosure Requirements - Subtitle A: Disclosure of Insurance Availability and Insurer Investment Information - Insurance Disclosure Act - Directs the Secretary of HUD to establish data reporting requirements incumbent upon insurers, rural, and small business insurers in order to ascertain the availability and affordability of insurance by type and coverage in connection with: (1) census tract; (2) low- and moderate-income neighborhoods; (3) race and gender of policyholders; and (4) location of principal place of agents and their termination by race.
(Sec. 206) Requires the Financial Institutions Examination Council to determine annually the extent to which each private mortgage insurer makes private mortgage insurance information available to the public and to the appropriate agency in the same manner as mortgage insurance information is required to be reported under the Home Mortgage Disclosure Act of 1975 (HMDA).
(Sec. 207) Directs the Secretary of HUD to require each insurer that makes an investment in a property or business to submit annually data detailing direct loans and loan purchases in connection with: (1) commercial real estate loans; (2) single-family mortgages; (3) commercial and industrial loans; and (4) other investments. Sets forth civil penalties for violations of such insurance data disclosures.
Subtitle B: Improvements in Other Data Disclosure Requirements - Amends the CRA to declare that it may not be construed as authorizing any Federal agency to exempt a depository institution from data disclosure requirements pertaining to farm and small business loans (except an institution that is not an affiliate of a either a bank holding company or savings and loan company).
(Sec. 221) Requires regulated financial institutions to collect data regarding farm and small business loan applications that details: (1) applicant race and gender; (2) minority-owned and women-owned enterprises; (3) the revenue of such applicants; and (4) the actual census tract of the applicants' locale.
Title III: Regulatory and Structural Reforms - Sets forth antiredlining requirements for financial holding companies. Amends certain bank regulatory Acts to require notice and public comment prior to establishing a financial holding company or transacting bank acquisitions, consolidations, or mergers if regulatory authorities believe there will be a substantial public impact.
(Sec. 304) Amends the CRA to reduce the small banks examination schedule by one year.
(Sec. 306) Requires the appropriate Federal banking agency to prohibit a financial holding company or insured depository institution from continued engagement in expanded financial activities if any subsidiary or affiliate of such entities has received in a CRA rating of less than "satisfactory record of meeting community credit needs" in its most recent examination.
(Sec. 307) Amends the HMDA to prohibit a Federal regulatory agency from exempting a depository institution from HMDA reporting requirements.
Mandates expanded data disclosure from depository institutions regarding: (1) prime and subprime mortgage loans; (2) loan pricing and terms; and (3) manufactured home loans that are not treated as real estate loans by depository institutions.
Subjects HMDA depository institutions to specified Federal Deposit Insurance Act requirements. Grants the Secretary of HUD enforcement powers regarding compliance with such requirements.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1277)
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Commerce, 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 Commerce, 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 Commerce, 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 Subcommittee on Finance and Hazardous Materials.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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