[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1211 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1211

    To amend the Community Reinvestment Act of 1977 to enhance the 
availability of investment capital for low- and moderate-income housing 
               in low- and moderate-income neighborhoods.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 10, 1995

 Mrs. Roukema introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
    To amend the Community Reinvestment Act of 1977 to enhance the 
availability of investment capital for low- and moderate-income housing 
               in low- and moderate-income neighborhoods.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Reinvestment Improvement 
Act of 1995''.

SEC. 2. AMENDMENTS TO COMMUNITY REINVESTMENT ACT OF 1977.

    (a) In General.--Section 804(a)(1) of the Community Reinvestment 
Act of 1977 (12 U.S.C. 2903(a)(1)) is amended to read as follows:
            ``(1) assess the institution's record of meeting the credit 
        needs--
                    ``(A) of its entire community, including low- and 
                moderate-income neighborhoods;
                    ``(B) of targeted low- and moderate-income 
                neighborhoods designated by the appropriate Federal 
                financial supervisory agency or the appropriate State 
                bank supervisor; or
                    ``(C) with respect to real property designated for 
                targeted persons with incomes of less than 60 percent 
                of the median income in the area where such property is 
                located,
        consistent with the safe and sound operation of such 
        institution.''.
    (b) Amendment to Purpose.--Section 802(b) of the Community 
Reinvestment Act of 1977 (12 U.S.C. 2901(b)) is amended to read as 
follows:
    ``(b) Purpose.--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--
            ``(1) of the local communities in which they are chartered;
            ``(2) of targeted low- and moderate-income neighborhoods 
        designated by the appropriate Federal financial supervisory 
        agency or the appropriate State bank supervisor; or
            ``(3) with respect to real property designated for targeted 
        persons with incomes of less than 60 percent of the median 
        income in the area where such property is located,
consistent with the safe and sound operation of such institutions.''.
    (c) Amendment to Definitions.--Section 803 of the Community 
Reinvestment Act of 1977 (12 U.S.C. 2902) is amended by adding at the 
end the following new paragraph:
            ``(5) State bank supervisor.--The term `State bank 
        supervisor' has the same meaning as in section 3(r) of the 
        Federal Deposit Insurance Act.''.
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