3.0.0 6334 2023-01-11T13:21:30Z 2023-01-11T13:21:30Z House H HR 2010-09-29 111 hsba00 Financial Services Committee House Standing Referred to 2010-09-29T14:23:30Z 2010-09-29 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2010-09-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-09-29 Introduced in House IntroReferral 1000 9 Library of Congress G000535 Rep. Gutierrez, Luis V. [D-IL-4] LUIS GUTIERREZ D IL V. 4 N W000187 Rep. Waters, Maxine [D-CA-35] MAXINE WATERS D CA 35 2010-09-29 True G000553 Rep. Green, Al [D-TX-9] Al Green D TX 9 2010-09-29 True J000126 Rep. Johnson, Eddie Bernice [D-TX-30] EDDIE JOHNSON D TX BERNICE 30 2010-09-29 True N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2010-12-02 False C000380 Del. Christensen, Donna M. [D-VI-At Large] DONNA CHRISTENSEN D VI M. 0 2010-12-02 False D000210 Rep. Delahunt, Bill [D-MA-10] Bill Delahunt D MA 10 2010-12-02 False F000455 Rep. Fudge, Marcia L. [D-OH-11] Marcia Fudge D OH L. 11 2010-12-02 False L000551 Rep. Lee, Barbara [D-CA-9] BARBARA LEE D CA 9 2010-12-02 False H001034 Rep. Honda, Michael M. [D-CA-15] MICHAEL HONDA D CA M. 15 2010-12-02 False G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2010-12-02 False F000043 Rep. Fattah, Chaka [D-PA-2] CHAKA FATTAH D PA 2 2010-12-09 False W000738 Rep. Woolsey, Lynn C. [D-CA-6] LYNN WOOLSEY D CA 6 2010-12-21 False K000336 Rep. Kucinich, Dennis J. [D-OH-10] DENNIS KUCINICH D OH J. 10 2010-12-21 False R000515 Rep. Rush, Bobby L. [D-IL-1] BOBBY RUSH D IL L. 1 2010-12-21 False Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Corporate finance and management Credit and credit markets Department of Commerce Department of the Treasury Federal Deposit Insurance Corporation (FDIC) Federal Reserve System Financial services and investments Housing and community development funding Housing finance and home ownership Interest, dividends, interest rates Public contracts and procurement Securities and Exchange Commission (SEC) Wages and earnings Finance and Financial Sector 00 2010-09-29 Introduced in House 2011-01-25T22:24:16Z American Community Investment Reform Act of 2010 - Revises the Community Reinvestment Act of 1977 with regard to assessments of regulated financial institutions.

Revises the list of appropriate federal financial supervisory agencies to include: (1) the Bureau of Consumer Financial Protection (established by the Dodd-Frank Wall Street Reform and Consumer Protection Act); and (2) the Securities and Exchange Commission (SEC) with regard to any U.S. nonbank financial company for which the SEC acts as the primary financial regulatory agency, and any broker or dealer that is a member of the Securities Investor Protection Corporation. Specifies the Board of Governors of the Federal Reserve System as the appropriate federal financial supervisory agency for securities holding companies, and, in consultation with its primary financial regulatory agency, any regulated financial institution not otherwise indicated.

Specifies the community development and other related activities of a regulated financial institution or a U.S. nonbank financial company, including lending and investment in low- and moderate-income and other traditionally underserved neighborhoods, which the appropriate federal financial supervisory agency is required to assess.

Requires the examination of a regulated financial institution to: (1) take into consideration public comments on its record of meeting the credit or other financial needs of its entire community; and (2) require an improvement plan for an institution that receives certain low ratings. Prescribes requirements for an improvement plan, including availability for public comment.

Revises requirements for assessment of the record of a regulated financial institution that is a nonminority-owned, nonwomen-owned institution and that is not a certified community development financial institution.

Requires the appropriate federal financial supervisory agency, in assessing the record of a regulated financial institution, to consider the complexity, innovativeness, effectiveness of its efforts in meeting particularly difficult community needs, or any significant effort extended in specific loans, investments, or services.

Requires the evaluation of a depository institution holding company to incorporate evaluations of its subsidiary regulated financial institutions.

Requires the public section of the written evaluation of a regulated financial institution to disclose whether it provided, or offered to provide, a consumer financial product that the Bureau of Consumer Financial Protection has determined is unfair, deceptive, or abusive.

Replaces the top rank "outstanding record of meeting community credit needs" rating for an institution with the current second rank rating of "satisfactory record." Makes the second rank rating now "sufficient record of meeting community credit or other financial needs." Requires the appropriate federal financial supervisory agencies to develop and implement a process to permit a regulated financial institution to apply for a rating of "outstanding record of meeting community credit or other financial needs." Reserves an "outstanding" rating to an applicant that significantly exceeds the requirements for receiving a "satisfactory" rating and meets other specified criteria. Allows the supervisory agency to consider community development activities and investments made outside the institution's service area if the financial institution has adequately met the needs of its local assessment area.

Requires the recipient of an "outstanding rating" to be given preference over lower-rated regulated financial institutions in connection with the award of government contracts. Specifies the effect of a "satisfactory" rating.

Prohibits the award of government contracts to, and certain other actions by, any regulated financial institution that receives a rating of: (1) "needs to improve record of meeting community credit or other financial needs" or lower on its two most recent performance evaluations; or (2) "substantial noncompliance in meeting community credit or other financial needs" on its most recent performance evaluations.

]]> American Community Investment Reform Act of 2010 Display Title American Community Investment Reform Act of 2010 Official Title as Introduced To amend the Community Reinvestment Act of 1977 to improve the assessments of regulated financial institutions, and for other purposes. Introduced in House IH Short Titles as Introduced American Community Investment Reform Act of 2010 Introduced in House 2010-09-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr6334ih/xml/BILLS-111hr6334ih.xml 2010-09-29 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.