<num style="-uslm-dtd:enum" value="VIII">TITLE VIII—</num><heading style="-uslm-dtd:header">COMMUNITY REINVESTMENT </heading> <section style="-uslm-dtd:section" identifier="/us/sComp/95/128/tVIII/s801" styleType="traditional"> <heading style="-uslm-dtd:header"> <editorialNote style="-uslm-dtd:legis-comment">[short title]</editorialNote> </heading> <num style="-uslm-dtd:enum" value="801">Sec. 801.<ref style="-uslm-dtd:footnote-ref" idref="ID9F91ACD460A44DF4B662A2DB25991868" class="footnoteRef">1</ref> </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef">[<ref href="/us/usc/t12/s2901">12 U.S.C. 2901 note</ref>] </editorialNote><content style="-uslm-dtd:text">This title may be cited as the “<shortTitle style="-uslm-dtd:quote"><inline style="-uslm-dtd:short-title">Community Reinvestment Act of 1977</inline></shortTitle>”.</content><footnote id="ID9F91ACD460A44DF4B662A2DB25991868" style="-uslm-dtd:footnote">1No section headings in law.</footnote> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/128/tVIII/s802" styleType="traditional"> <heading style="-uslm-dtd:header"> <editorialNote style="-uslm-dtd:legis-comment">[findings and purposes]</editorialNote> </heading> <num style="-uslm-dtd:enum" value="802">Sec. 802.<ref style="-uslm-dtd:dangling-footnote-ref" class="footnoteRef">1</ref> </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef">[<ref href="/us/usc/t12/s2901">12 U.S.C. 2901</ref>] </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s802/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><chapeau style="-uslm-dtd:text">The Congress finds that—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s802/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s802/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">the convenience and needs of communities include the need for credit services as well as deposit services; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s802/a/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.</content> </paragraph></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s802/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><content style="-uslm-dtd:text">It is the purpose of this title to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/128/tVIII/s803" styleType="traditional"> <heading style="-uslm-dtd:header"> <editorialNote style="-uslm-dtd:legis-comment">[definitions]</editorialNote> </heading> <num style="-uslm-dtd:enum" value="803">Sec. 803.<ref style="-uslm-dtd:dangling-footnote-ref" class="footnoteRef">1</ref> </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef">[<ref href="/us/usc/t12/s2902">12 U.S.C. 2902</ref>] </editorialNote><chapeau style="-uslm-dtd:text">For the purposes of this title—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s803/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><chapeau style="-uslm-dtd:text">the term “<term style="-uslm-dtd:term">appropriate Federal financial supervisory agency</term>” means—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s803/1/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the Comptroller of the Currency with respect to national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation);</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s803/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the Board of Governors of the Federal Reserve System with respect to State chartered banks which are members of the Federal Reserve System, bank holding companies, and savings and loan holding companies;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s803/1/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">the Federal Deposit Insurance Corporation with respect to State chartered banks and savings banks which are not members of the Federal Reserve System and the deposits of which are insured by the Corporation, and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation).<ref style="-uslm-dtd:footnote-ref" idref="ID7B96A722CB15436695B04A56F6F45728" class="footnoteRef">2</ref></content><footnote id="ID7B96A722CB15436695B04A56F6F45728" style="-uslm-dtd:footnote">2So in law. The period probably should be a semicolon.</footnote> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s803/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">the term “<term style="-uslm-dtd:term">regulated financial institution</term>” means an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act); and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s803/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><chapeau style="-uslm-dtd:text">the term “<term style="-uslm-dtd:term">application for a deposit facility</term>” means an application to the appropriate Federal financial supervisory agency otherwise required under Federal law or regulations thereunder for—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s803/3/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">a charter for a national bank or Federal savings and loan association;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s803/3/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">deposit insurance in connection with a newly chartered State bank, savings bank, savings and loan association or similar institution;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s803/3/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">the establishment of a domestic branch or other facility with the ability to accept deposits of a regulated financial institution;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s803/3/D" styleType="OLC"> <num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">the relocation of the home office or a branch office of a regulated financial institution;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s803/3/E" styleType="OLC"> <num style="-uslm-dtd:enum" value="E">(E) </num><content style="-uslm-dtd:text">the merger or consolidation with, or the acquisition of the assets, or the assumption of the liabilities of a regulated financial institution requiring approval under section 18(c) of the Federal Deposit Insurance Act or under regulations issued under the authority of title IV of the National Housing Act; or</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s803/3/F" styleType="OLC"> <num style="-uslm-dtd:enum" value="F">(F) </num><content style="-uslm-dtd:text">the acquisition of shares in, or the assets of, a regulated financial institution requiring approval under section 3 of the Bank Holding Company Act of 1956 or section 408 (e) of the National Housing Act.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s803/4" styleType="OLC"> <num style="-uslm-dtd:enum" value="4">(4) </num><content style="-uslm-dtd:text">A<ref style="-uslm-dtd:footnote-ref" idref="IDBEC9280C6FDC422C8A1B57E3D0D1D95B" class="footnoteRef">3</ref> financial institution whose business predominately consists of serving the needs of military personnel who are not located within a defined geographic area may define its “<quotedText style="-uslm-dtd:quote">entire community</quotedText>” to include its entire deposit customer base without regard to geographic proximity.</content><footnote id="IDBEC9280C6FDC422C8A1B57E3D0D1D95B" style="-uslm-dtd:footnote">3So in law.</footnote> </paragraph> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/128/tVIII/s804" styleType="traditional"> <heading style="-uslm-dtd:header"> <editorialNote style="-uslm-dtd:legis-comment">[assessment of record of meet community credit needs]</editorialNote> </heading> <num style="-uslm-dtd:enum" value="804">Sec. 804.<ref style="-uslm-dtd:footnote-ref" idref="ID2140011E87EF4627822C9ED7B9205735" class="footnoteRef">4</ref> </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef">[<ref href="/us/usc/t12/s2903">12 U.S.C. 2903</ref>] </editorialNote><subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s804/a" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><chapeau style="-uslm-dtd:text">In connection with its examination of a financial institution, the appropriate Federal financial supervisory agency shall—</chapeau><footnote id="ID2140011E87EF4627822C9ED7B9205735" style="-uslm-dtd:footnote">4No section headings in law.</footnote> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s804/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">assess the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s804/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">take such record into account in its evaluation of an application for a deposit facility by such institution.</content> </paragraph></subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s804/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Majority-Owned Institutions.—</heading><content style="-uslm-dtd:text">In assessing and taking into account, under subsection (a), the record of a nonminority-owned and nonwomen-owned financial institution, the appropriate Federal financial supervisory agency may consider as a factor capital investment, loan participation, and other ventures undertaken by the institution in cooperation with minority- and women-owned financial institutions and low-income credit unions provided that these activities help meet the credit needs of local communities in which such institutions and credit unions are chartered.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s804/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Financial Holding Company Requirement.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s804/c/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">In general.—</heading><chapeau style="-uslm-dtd:text">An election by a bank holding company to become a financial holding company under section 4 of the Bank Holding Company Act of 1956 shall not be effective if—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s804/c/1/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the Board finds that, as of the date the declaration of such election and the certification is filed by such holding company under section 4(l)(1)(C) of the Bank Holding Company Act of 1956, not all of the subsidiary insured depository institutions of the bank holding company had achieved a rating of “<quotedText style="-uslm-dtd:quote">satisfactory record of meeting community credit needs</quotedText>”, or better, at the most recent examination of each such institution; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s804/c/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the Board notifies the company of such finding before the end of the 30-day period beginning on such date.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s804/c/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Limited exclusions for newly acquired insured depository institutions.—</heading><chapeau style="-uslm-dtd:text">Any insured depository institution acquired by a bank holding company during the 12-month period preceding the date of the submission to the Board of the declaration and certification under section 4(l)(1)(C) of the Bank Holding Company Act of 1956 may be excluded for purposes of paragraph (1) during the 12-month period beginning on the date of such acquisition if—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s804/c/2/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">the bank holding company has submitted an affirmative plan to the appropriate Federal financial supervisory agency to take such action as may be necessary in order for such institution to achieve a rating of “<quotedText style="-uslm-dtd:quote">satisfactory record of meeting community credit needs</quotedText>”, or better, at the next examination of the institution; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s804/c/2/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">the plan has been accepted by such agency.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s804/c/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Definitions.—</heading><chapeau style="-uslm-dtd:text">For purposes of this subsection, the following definitions shall apply:</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s804/c/3/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">Bank holding company; financial holding company.—</heading><content style="-uslm-dtd:text">The terms “<term style="-uslm-dtd:term">bank holding company</term>” and “<quotedText style="-uslm-dtd:quote">financial holding company</quotedText>” have the meanings given those terms in section 2 of the Bank Holding Company Act of 1956.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s804/c/3/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Board.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">Board</term>” means the Board of Governors of the Federal Reserve System.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s804/c/3/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><heading style="-uslm-dtd:header">Insured depository institution.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">insured depository institution</term>” has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act.</content> </subparagraph> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s804/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Low-Cost Education Loans.—</heading><content style="-uslm-dtd:text">In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider, as a factor, low-cost education loans provided by the financial institution to low-income borrowers.</content> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/128/tVIII/s805" styleType="traditional"> <heading style="-uslm-dtd:header"> <editorialNote style="-uslm-dtd:legis-comment">[report to congress]</editorialNote> </heading> <num style="-uslm-dtd:enum" value="805">Sec. 805.<ref style="-uslm-dtd:footnote-ref" idref="ID248DF59FE5A548BF9919A882420DA4B0" class="footnoteRef">5</ref> </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef">[<ref href="/us/usc/t12/s2904">12 U.S.C. 2904</ref>] </editorialNote><content style="-uslm-dtd:text">Each appropriate Federal financial supervisory agency shall include in its annual report to the Congress a section outlining the actions it has taken to carry out its responsibilities under this title.</content><footnote id="ID248DF59FE5A548BF9919A882420DA4B0" style="-uslm-dtd:footnote">5No section headings in law.</footnote> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/128/tVIII/s806" styleType="traditional"> <heading style="-uslm-dtd:header"> <editorialNote style="-uslm-dtd:legis-comment">[regulations]</editorialNote> </heading> <num style="-uslm-dtd:enum" value="806">Sec. 806.<ref style="-uslm-dtd:footnote-ref" idref="ID07ACA610DEAB436E9B796A79EA784BAD" class="footnoteRef">6</ref> </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef">[<ref href="/us/usc/t12/s2905">12 U.S.C. 2905</ref>] </editorialNote><content style="-uslm-dtd:text">Regulations to carry out the purposes of this title shall be published by each appropriate Federal financial supervisory agency, except that the Comptroller of the Currency shall prescribe regulations applicable to savings associations and the Board of Governors shall prescribe regulations applicable to insured State member banks, bank holding companies and savings and loan holding companies,,<ref style="-uslm-dtd:footnote-ref" idref="ID4DFCD5EC47C8401F99AF9CCE1A70CB72" class="footnoteRef">7</ref> and shall take effect no later than 390 days after the date of enactment of this title.<ref style="-uslm-dtd:footnote-ref" idref="IDFC3C9F5377BC4338AF023437028E0807" class="footnoteRef">8</ref></content><footnote id="ID07ACA610DEAB436E9B796A79EA784BAD" style="-uslm-dtd:footnote">6No section headings in law.</footnote><footnote id="ID4DFCD5EC47C8401F99AF9CCE1A70CB72" style="-uslm-dtd:footnote">7Two commas so in law.</footnote><footnote id="IDFC3C9F5377BC4338AF023437028E0807" style="-uslm-dtd:footnote">8The date of enactment was October 12, 1977.</footnote> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/128/tVIII/s807" styleType="OLC"> <num style="-uslm-dtd:enum" value="807">SEC. 807. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef">[<ref href="/us/usc/t12/s2906">12 U.S.C. 2906</ref>] </editorialNote><heading style="-uslm-dtd:header">WRITTEN EVALUATIONS. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s807/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">Required.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">In general.—</heading><content style="-uslm-dtd:text">Upon the conclusion of each examination of an insured depository institution under section 804, the appropriate Federal financial supervisory agency shall prepare a written evaluation of the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Public and confidential sections.—</heading><content style="-uslm-dtd:text">Each written evaluation required under paragraph (1) shall have a public section and a confidential section.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s807/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Public Section of Report.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/b/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Findings and conclusions.—</heading><subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/b/1/A" styleType="OLC" class="inline"><num style="-uslm-dtd:enum" value="A">(A) </num><heading style="-uslm-dtd:header">Contents of written evaluation.—</heading><chapeau style="-uslm-dtd:text">The public section of the written evaluation shall—</chapeau> <clause style="-uslm-dtd:clause" identifier="/us/sComp/95/128/tVIII/s807/b/1/A/i" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="i">(i) </num><content style="-uslm-dtd:text">state the appropriate Federal financial supervisory agency's conclusions for each assessment factor identified in the regulations prescribed by the Federal financial supervisory agencies to implement this Act;</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/95/128/tVIII/s807/b/1/A/ii" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="ii">(ii) </num><content style="-uslm-dtd:text">discuss the facts and data supporting such conclusions; and</content> </clause> <clause style="-uslm-dtd:clause" identifier="/us/sComp/95/128/tVIII/s807/b/1/A/iii" styleType="OLC" class="leftIndentDecrease1"> <num style="-uslm-dtd:enum" value="iii">(iii) </num><content style="-uslm-dtd:text">contain the institution's rating and a statement describing the basis for the rating.</content> </clause></subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/b/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><heading style="-uslm-dtd:header">Metropolitan area distinctions.—</heading><content style="-uslm-dtd:text">The information required by clauses (i) and (ii) of subparagraph (A) shall be presented separately for each metropolitan area in which a regulated depository institution maintains one or more domestic branch offices.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/b/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Assigned rating.—</heading><chapeau style="-uslm-dtd:text">The institution's rating referred to in paragraph (1)(C) shall be one of the following:</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/b/2/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">``Outstanding record of meeting community credit needs''.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/b/2/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">``Satisfactory record of meeting community credit needs''.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/b/2/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">``Needs to improve record of meeting community credit needs''.</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/b/2/D" styleType="OLC"> <num style="-uslm-dtd:enum" value="D">(D) </num><content style="-uslm-dtd:text">``Substantial noncompliance in meeting community credit needs''.</content> </subparagraph><continuation style="-uslm-dtd:continuation-text" role="paragraph">Such ratings shall be disclosed to the public on and after July 1, 1990.</continuation> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s807/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Confidential Section of Report.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/c/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Privacy of named individuals.—</heading><content style="-uslm-dtd:text">The confidential section of the written evaluation shall contain all references that identify any customer of the institution, any employee or officer of the institution, or any person or organization that has provided information in confidence to a Federal or State financial supervisory agency.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/c/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Topics not suitable for disclosure.—</heading><content style="-uslm-dtd:text">The confidential section shall also contain any statements obtained or made by the appropriate Federal financial supervisory agency in the course of an examination which, in the judgment of the agency, are too sensitive or speculative in nature to disclose to the institution or the public.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/c/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Disclosure to depository institution.—</heading><content style="-uslm-dtd:text">The confidential section may be disclosed, in whole or part, to the institution, if the appropriate Federal financial supervisory agency determines that such disclosure will promote the objectives of this Act. However, disclosure under this paragraph shall not identify a person or organization that has provided information in confidence to a Federal or State financial supervisory agency.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s807/d" styleType="OLC"> <num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Institutions With Interstate Branches.—</heading> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/d/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">State-by-state evaluation.—</heading><chapeau style="-uslm-dtd:text">In the case of a regulated financial institution that maintains domestic branches in 2 or more States, the appropriate Federal financial supervisory agency shall prepare—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/d/1/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">a written evaluation of the entire institution's record of performance under this title, as required by subsections (a), (b), and (c); and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/d/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">for each State in which the institution maintains 1 or more domestic branches, a separate written evaluation of the institution's record of performance within such State under this title, as required by subsections (a), (b), and (c).</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/d/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Multistate metropolitan areas.—</heading><content style="-uslm-dtd:text">In the case of a regulated financial institution that maintains domestic branches in 2 or more States within a multistate metropolitan area, the appropriate Federal financial supervisory agency shall prepare a separate written evaluation of the institution's record of performance within such metropolitan area under this title, as required by subsections (a), (b), and (c). If the agency prepares a written evaluation pursuant to this paragraph, the scope of the written evaluation required under paragraph (1)(B) shall be adjusted accordingly.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/d/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Content of state level evaluation.—</heading><chapeau style="-uslm-dtd:text">A written evaluation prepared pursuant to paragraph (1)(B) shall—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/d/3/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">present the information required by subparagraphs (A) and (B) of subsection (b)(1) separately for each metropolitan area in which the institution maintains 1 or more domestic branch offices and separately for the remainder of the nonmetropolitan area of the State if the institution maintains 1 or more domestic branch offices in such nonmetropolitan area; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s807/d/3/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">describe how the Federal financial supervisory agency has performed the examination of the institution, including a list of the individual branches examined.</content> </subparagraph> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s807/e" styleType="OLC"> <num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Definitions.—</heading><chapeau style="-uslm-dtd:text">For purposes of this section the following definitions shall apply:</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/e/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Domestic branch.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">domestic branch</term>” means any branch office or other facility of a regulated financial institution that accepts deposits, located in any State.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/e/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Metropolitan area.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">metropolitan area</term>” means any primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area, as defined by the Director of the Office of Management and Budget, with a population of 250,000 or more, and any other area designated as such by the appropriate Federal financial supervisory agency.</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s807/e/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">State.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">State</term>” has the same meaning as in section 3 of the Federal Deposit Insurance Act.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/128/tVIII/s808" styleType="OLC"> <num style="-uslm-dtd:enum" value="808">SEC. 808. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef">[<ref href="/us/usc/t12/s2907">12 U.S.C. 2907</ref>] </editorialNote><heading style="-uslm-dtd:header">OPERATION OF BRANCH FACILITIES BY MINORITIES AND WOMEN. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s808/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><content style="-uslm-dtd:text">In the case of any depository institution which donates, sells on favorable terms (as determined by the appropriate Federal financial supervisory agency), or makes available on a rent-free basis any branch of such institution which is located in any predominantly minority neighborhood to any minority depository institution or women's depository institution, the amount of the contribution or the amount of the loss incurred in connection with such activity may be a factor in determining whether the depository institution is meeting the credit needs of the institution's community for purposes of this title.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s808/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Definitions.—</heading><chapeau style="-uslm-dtd:text">For purposes of this section—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s808/b/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Minority depository institution.—</heading><chapeau style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">minority institution</term>” means a depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act)—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s808/b/1/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">more than 50 percent of the ownership or control of which is held by 1 or more minority individuals; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s808/b/1/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s808/b/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Women's depository institution.—</heading><chapeau style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">women's depository institution</term>” means a depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act)—</chapeau> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s808/b/2/A" styleType="OLC"> <num style="-uslm-dtd:enum" value="A">(A) </num><content style="-uslm-dtd:text">more than 50 percent of the ownership or control of which is held by 1 or more women;</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s808/b/2/B" styleType="OLC"> <num style="-uslm-dtd:enum" value="B">(B) </num><content style="-uslm-dtd:text">more than 50 percent of the net profit or loss of which accrues to 1 or more women; and</content> </subparagraph> <subparagraph style="-uslm-dtd:subparagraph" identifier="/us/sComp/95/128/tVIII/s808/b/2/C" styleType="OLC"> <num style="-uslm-dtd:enum" value="C">(C) </num><content style="-uslm-dtd:text">a significant percentage of senior management positions of which are held by women.</content> </subparagraph> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s808/b/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Minority.—</heading><content style="-uslm-dtd:text">The term “<term style="-uslm-dtd:term">minority</term>” has the meaning given to such term by section 1204(c)(3) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989.</content> </paragraph> </subsection> </section> <section style="-uslm-dtd:section" identifier="/us/sComp/95/128/tVIII/s809" styleType="OLC"> <num style="-uslm-dtd:enum" value="809">SEC. 809. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef">[<ref href="/us/usc/t12/s2908">12 U.S.C. 2908</ref>] </editorialNote><heading style="-uslm-dtd:header">SMALL BANK REGULATORY RELIEF. </heading> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s809/a" styleType="OLC"> <num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><chapeau style="-uslm-dtd:text">Except as provided in subsections (b) and (c), any regulated financial institution with aggregate assets of not more than $250,000,000 shall be subject to routine examination under this title—</chapeau> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s809/a/1" styleType="OLC"> <num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">not more than once every 60 months for an institution that has achieved a rating of “<quotedText style="-uslm-dtd:quote">outstanding record of meeting community credit needs</quotedText>” at its most recent examination under section 804;</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s809/a/2" styleType="OLC"> <num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">not more than once every 48 months for an institution that has received a rating of “<quotedText style="-uslm-dtd:quote">satisfactory record of meeting community credit needs</quotedText>” at its most recent examination under section 804; and</content> </paragraph> <paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/95/128/tVIII/s809/a/3" styleType="OLC"> <num style="-uslm-dtd:enum" value="3">(3) </num><content style="-uslm-dtd:text">as deemed necessary by the appropriate Federal financial supervisory agency, for an institution that has received a rating of less than “<quotedText style="-uslm-dtd:quote">satisfactory record of meeting community credit needs</quotedText>” at its most recent examination under section 804.</content> </paragraph> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s809/b" styleType="OLC"> <num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">No Exception From CRA Examinations in Connection With Applications for Deposit Facilities.—</heading><content style="-uslm-dtd:text">A regulated financial institution described in subsection (a) shall remain subject to examination under this title in connection with an application for a deposit facility.</content> </subsection> <subsection style="-uslm-dtd:subsection" identifier="/us/sComp/95/128/tVIII/s809/c" styleType="OLC"> <num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Discretion.—</heading><content style="-uslm-dtd:text">A regulated financial institution described in subsection (a) may be subject to more frequent or less frequent examinations for reasonable cause under such circumstances as may be determined by the appropriate Federal financial supervisory agency.</content> </subsection> </section>