[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1479 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1479

 To enhance the availability of capital, credit, and other banking and 
  financial services for all citizens and communities, to ensure that 
community reinvestment requirements are updated to account for changes 
in the financial industry and that reinvestment requirements keep pace 
   as banks, securities firms, and other financial service providers 
   become affiliates as a result of the enactment of the Gramm-Leach-
                  Bliley Act, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 2009

Ms. Eddie Bernice Johnson of Texas introduced the following bill; which 
was referred to the Committee on Financial Services, and in addition to 
 the Committee on Rules, 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

_______________________________________________________________________

                                 A BILL


 
 To enhance the availability of capital, credit, and other banking and 
  financial services for all citizens and communities, to ensure that 
community reinvestment requirements are updated to account for changes 
in the financial industry and that reinvestment requirements keep pace 
   as banks, securities firms, and other financial service providers 
   become affiliates as a result of the enactment of the Gramm-Leach-
                  Bliley Act, and for other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Community 
Reinvestment Modernization Act of 2009''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Purposes.
   TITLE I--MODERNIZATION OF COMMUNITY REINVESTMENT ACT OF 1977 AND 
                     COMMUNITY SERVICE OBLIGATIONS

Sec. 101. Repeal of recent regulatory changes to the application of the 
                            Community Reinvestment Act of 1977 and 
                            restoration of comprehensive examinations.
Sec. 102. Extension of community reinvestment obligations within a 
                            financial holding company.
Sec. 103. Provisions relating to improved responsiveness of insured 
                            depository institutions to Community 
                            Reinvestment Act of 1977.
Sec. 104. Reduction of CRA rating due to predatory lending and other 
                            negative credit practices.
Sec. 105. Small business loan data collection.
Sec. 106. Data collection of deposit accounts.
Sec. 107. Responsiveness to community needs for securities and 
                            investment services.
Sec. 108. Responsiveness to community needs for mortgages and mortgage 
                            related services by mortgage banks.
Sec. 109. Responsiveness to community needs for insurance services.
Sec. 110. Satisfactory ratings required by securities company, mortgage 
                            bank, and insurance company affiliates of 
                            financial holding companies.
Sec. 111. Responsiveness to community needs by credit unions.
                 TITLE II--DATA DISCLOSURE REQUIREMENTS

Subtitle A--Disclosure of Insurance Availability and Insurer Investment 
                              Information

Sec. 201. Short title.
Sec. 202. Establishment of general requirements to submit information.
Sec. 203. Reporting of noncommercial insurance information.
Sec. 204. Reporting of rural insurance information.
Sec. 205. Waiver of reporting requirements.
Sec. 206. Reporting by private mortgage insurers.
Sec. 207. Reporting of information regarding investments by insurers.
Sec. 208. Submission of information to Secretary and maintenance of 
                            information.
Sec. 209. Availability and access system.
Sec. 210. Designations.
Sec. 211. Enforcement.
Sec. 212. Exemption and relation to State laws.
Sec. 213. Regulations.
Sec. 214. Definitions.
Sec. 215. Effective date.
     Subtitle B--Improvements in Other Data Disclosure Requirements

Sec. 221. Maintenance and disclosure of information by the Financial 
                            Institutions Examination Council.
              TITLE III--REGULATORY AND STRUCTURAL REFORMS

Sec. 301. Antiredlining requirement for financial holding companies.
Sec. 302. Notice and public comment required before establishing a 
                            financial holding company.
Sec. 303. Public meetings for bank acquisitions and mergers.
Sec. 304. Branch closure requirements.
Sec. 305. CRA examination schedule for small banks.
Sec. 306. CRA sunshine requirements.
Sec. 307. Continuing community reinvestment requirement for financial 
                            holding companies.
Sec. 308. Changes in reporting requirements under the Home Mortgage 
                            Disclosure Act of 1975.
Sec. 309. Annual report and congressional hearings.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) Because the Community Reinvestment Act of 1977 requires 
        that community needs be met in a safe and sound manner, the Act 
        must be updated and applied to nonbank financial institutions 
        as well as depository institutions.
            (2) The Community Reinvestment Act of 1977 promotes 
        community development through financing activities including 
        affordable housing (rental and homeowner), small businesses, 
        and economic development.
            (3) It is necessary to increase homeownership and small 
        business ownership for low- and moderate-income borrowers and 
        persons of color through safe and sound lending. It also is 
        necessary to close the wealth gap in the United States and to 
        increase access to insurance and securities products.
            (4) The Community Reinvestment Act of 1977 has been 
        effective in increasing access to credit and capital because it 
        imposes an affirmative and continual obligation on banks and 
        thrifts to meet the needs of the local communities in which 
        they are chartered.
            (5) The Community Reinvestment Act of 1977 has leveraged 
        more than $6,000,000,000,000 in loans and investments for low- 
        and moderate-income communities according to the National 
        Community Reinvestment Coalition.
            (6) Major studies, including those conducted by the 
        Secretary of the Treasury, the Board of Governors of the 
        Federal Reserve System, and Harvard University, have found that 
        the Community Reinvestment Act of 1977 increases home mortgage 
        lending to minority and low- and moderate-income communities 
        and that this lending is profitable.
            (7) The Community Reinvestment Act of 1977 has leveraged a 
        tremendous increase in home mortgage lending to minority and 
        low- and moderate-income borrowers as compared to Whites and 
        middle-income borrowers; from 1993 through 2002, home mortgage 
        lending has increased by 79.5 percent to Blacks, by 185.8 
        percent to Hispanics, by 29.6 percent to Whites, by 90.6 
        percent to low- and moderate-income borrowers, and by 51.4 
        percent to middle-income borrowers.
            (8) As recorded by data required by the Community 
        Reinvestment Act of 1977, the annual dollar amount of community 
        development loans more than tripled--from $17,700,000,000 in 
        1996 to $63,800,000,000 in 2007. Depository institutions also 
        made 14,800,000 small business loans totaling more than 
        $581,000,000,000 in low- and moderate-income neighborhoods from 
        1996 through 2007.
            (9) Yet, inequalities in access to credit and barriers to 
        healthy product choice remain: the Board of Governors of the 
        Federal Reserve System documents that lenders covered by the 
        Community Reinvestment Act of 1977 are less likely to offer 
        high-cost and risky loan products such as piggyback loans than 
        lenders which are not subject to such Act.
            (10) The disproportionate amount of high-cost lending in 
        minority and working class communities would be reduced if the 
        Community Reinvestment Act of 1977 was expanded to non-bank 
        institutions currently not covered by the Act.
            (11) Wealth inequalities are stark, and could be reduced in 
        reinvestment requirements were extended to other segments of 
        the financial industry.
            (12) In 2002, the median net worth for Hispanic and 
        African-American households was $7,932 and $5,988 respectively, 
        while, in sharp contrast, the median net worth for White 
        households was $88,651.
            (13) Access to insurance remains unequal, as research 
        conducted by the chief economist of the National Association of 
        Insurance Commissioners found that after controlling for risk 
        of loss, a 10 percentage point increase in the number of 
        minorities in a zip code is associated with a 2 percentage 
        point increase in the number of ``FAIR plans'', which are 
        Government-sponsored insurance plans of last resort for those 
        who cannot obtain insurance in the private market.
            (14) In order to increase access to credit, wealth and 
        insurance, it is necessary to modernize the Community 
        Reinvestment Act of 1977 to reflect shifting trends in the 
        financial services industry as mergers among banks and non-bank 
        financial institutions as well as changes in banking and 
        lending practices.

SEC. 3. PURPOSES.

    The purposes of this Act are as follows:
            (1) To enhance the availability of financial services to 
        citizens of all economic circumstances and in all geographic 
        areas.
            (2) To enhance the ability of financial institutions to 
        meet the capital and credit needs, and needs for other banking 
        and financial services of all citizens and communities, 
        including and especially minority and low- and moderate-income 
        communities and populations.
            (3) To ensure that community reinvestment keeps pace with 
        developments in the financial industry and with the affiliation 
        of banks, securities firms, and other financial service 
        providers, as provided by the Gramm-Leach-Bliley Act.

   TITLE I--MODERNIZATION OF COMMUNITY REINVESTMENT ACT OF 1977 AND 
                     COMMUNITY SERVICE OBLIGATIONS

SEC. 101. REPEAL OF RECENT REGULATORY CHANGES TO THE APPLICATION OF THE 
              COMMUNITY REINVESTMENT ACT OF 1977 AND RESTORATION OF 
              COMPREHENSIVE EXAMINATIONS.

    (a) In General.--The revisions to the regulations of the 
Comptroller of the Currency, the Board of Governors of the Federal 
Reserve System, the Federal Deposit Insurance Corporation, and the 
Director of the Office of Thrift Supervision that are described in 
subsection (b) shall cease to be effective as of such date and the 
regulations of such agencies in effect before the date of the 
publication of the regulations described in subsection (b) shall apply 
after such date of enactment.
    (b) Regulations Described.--The regulations referred to in 
subsection (a) are any of the following regulations:
            (1) The regulations published jointly in final form on 
        August 2, 2005, 70 Federal Register 44256 et seq.--
                    (A) by the Comptroller of the Currency, amending 12 
                Code of Federal Regulations part 25;
                    (B) by the Board of Governors of the Federal 
                Reserve System, amending 12 Code of Federal Regulations 
                part 228; and
                    (C) by the Federal Deposit Insurance Corporation, 
                amending 12 Code of Federal Regulations part 345.
            (2) The regulation published as a final regulation on 
        August 18, 2004, 69 Federal Register 51155, et seq., by the 
        Director of the Office of Thrift Supervision, amending 12 Code 
        of Federal Regulations part 563e.
            (3) The regulation published as a final regulation on March 
        2, 2005, 70 Federal Register 10023, et seq., by the Director of 
        the Office of Thrift Supervision, also amending 12 Code of 
        Federal Regulations part 563e.
            (4) The regulation published as a final regulation on March 
        22, 2007, 72, Federal Register 13429, et seq., by the Director 
        of the Office of Thrift Supervision, also amending 12 Code of 
        Federal Regulations part 563e.

SEC. 102. EXTENSION OF COMMUNITY REINVESTMENT OBLIGATIONS WITHIN A 
              FINANCIAL HOLDING COMPANY.

    Section 4(l) of the Bank Holding Company Act of 1956 (12 U.S.C. 
1843(l)) is amended by adding at the end the following new paragraph:
            ``(4) Community needs.--
                    ``(A) In general.--All nonbank affiliates of any 
                bank holding company that engage in lending or offer 
                banking products or services, and all other nonbank 
                financial institution affiliates of any bank holding 
                company (including insurance companies and securities 
                firms), shall be subject to the Community Reinvestment 
                Act of 1977 in accordance with this paragraph and in 
                the same manner as a regulated financial institution 
                (as defined in such Act) and the record of any such 
                affiliate in meeting community credit, investment, and 
                consumer needs shall be taken into account by the 
                Federal regulatory agency with jurisdiction over the 
                affiliate's bank holding company in the course of 
                reviewing the activities of the bank holding company or 
                any application by such affiliate.
                    ``(B) Banking products and services defined.--For 
                purposes of this paragraph, the term `banking products 
                and services' includes--
                            ``(i) insured deposits (as defined in 
                        section 3 of the Federal Deposit Insurance Act) 
                        and related deposit services;
                            ``(ii) consumer loans and extensions of 
                        credit and the servicing such loans and 
                        extensions of credit;
                            ``(iii) loans to purchase, refinance, 
                        construct, improve, or repair domestic 
                        residential housing or manufactured housing, 
                        including single-family and multifamily 
                        residential housing loans and home-equity 
                        loans, and the servicing of such loans;
                            ``(iv) small business and commercial loans 
                        and the servicing of such loans; and
                            ``(v) checking accounts, savings accounts, 
                        and related accounts or instruments, including 
                        accounts from which the owner may make 
                        withdrawals by negotiable or transferable 
                        instruments for the purpose of making payments 
                        to third parties.''.

SEC. 103. PROVISIONS RELATING TO IMPROVED RESPONSIVENESS OF INSURED 
              DEPOSITORY INSTITUTIONS TO COMMUNITY REINVESTMENT ACT OF 
              1977.

    (a) Rating Required for Each State, Metropolitan Area, and Service 
Area.--Section 807(b)(1) of the Community Reinvestment Act of 1977 (12 
U.S.C. 2906(b)(1)) is amended by striking subparagraph (B) and 
inserting the following new subparagraphs:
                    ``(B) Initial separate evaluation and rating for 
                state, metropolitan, other service areas required.--The 
                information required by clauses (i) and (ii) of 
                subparagraph (A) with respect to any regulated 
                financial institution shall be presented separately, 
                and an initial rating shall be determined separately, 
                for--
                            ``(i) each metropolitan area in which the 
                        regulated financial institution maintains 1 or 
                        more domestic branches;
                            ``(ii) each State in which the regulated 
                        financial institution maintains 1 or more 
                        domestic branches outside of a metropolitan 
                        area;
                            ``(iii) each community in which the 
                        regulated financial institution makes more than 
                        0.5 percent of the total amount of loans; and
                            ``(iv) the communities rated by the 
                        evaluation shall include the communities in 
                        which the great majority of loans have been 
                        issued.
                    ``(C) Content of separate evaluation.--A written 
                evaluation to which subparagraph (B) applies shall 
                describe how the Federal financial supervisory agency 
                has performed the examination of the regulated 
                financial institution, including a list of the 
                individual domestic branches examined.
                    ``(D) Low and high satisfactory ratings.--In 
                assigning ratings under subparagraphs (A) and (B), a 
                Federal financial supervisory agency may assign a 
                rating of `low satisfactory record of meeting community 
                credit needs' or `high satisfactory record of meeting 
                community credit needs' in lieu of the rating referred 
                to in paragraph (2)(B).
                    ``(E) CRA improvement plan.--
                            ``(i) In general.--Whenever a regulated 
                        financial institution receives a rating of `low 
                        satisfactory' or lower in any State, 
                        metropolitan area, or other community in which 
                        it made more than 0.5 percent of total amount 
                        of loans, the financial institution shall 
                        submit a CRA improvement plan, subject to 
                        public notice and comment, to the appropriate 
                        Federal financial supervisory agency.
                            ``(ii) Contents of plan.--Any CRA 
                        improvement plan submitted to an appropriate 
                        Federal financial supervisory agency by a 
                        regulated financial institution pursuant to 
                        clause (i) shall describe how the institution 
                        intends to improve its performance in meeting 
                        the credit needs, including minority and low- 
                        and moderate-income neighborhoods, in the 
                        service areas where the institution received a 
                        rating of `low satisfactory' or lower.
                            ``(iii) Review of plan.--Any appropriate 
                        Federal financial supervisory agency regulatory 
                        agency which receives a CRA improvement plan 
                        under clause (i) from a regulated financial 
                        institution shall review the plan and either 
                        approve the plan or send it back to the 
                        institution for revisions.
                            ``(iv) Quarterly reports.--After an 
                        appropriate Federal financial supervisory 
                        regulatory agency which receives a CRA 
                        improvement plan under clause (i) from a 
                        regulated financial institution approves the 
                        plan, the financial institution shall submit 
                        reports and data to the agency on a quarterly 
                        basis so that the regulatory agency and the 
                        general public can monitor CRA performance.
                            ``(v) Additional limitations.--If any 
                        regulated financial institution receives a 
                        rating of `Needs-to-improve' or `Substantial 
                        noncompliance' in any assessment area, the 
                        appropriate Federal financial supervisory 
                        agency may not accept or approve any 
                        application by such institution or any merger 
                        applications involving such institution until 
                        the institution improves this performance on a 
                        subsequent evaluation.
                            ``(vi) Consideration of performance in 
                        certain reviews.--The appropriate Federal 
                        financial supervisory agency shall consider the 
                        progress of a regulated financial institution 
                        that submits a CRA improvement plan in meeting 
                        the goals described in such plan as an integral 
                        factor in reviews of any application by such 
                        institution or any merger applications 
                        involving such institution.
                            ``(vii) CRA improvement plan.--For purposes 
                        of this paragraph, the term `CRA improvement 
                        plan' means a plan of a regulated financial 
                        institution to improve its performance in 
                        meeting the credit needs, including minority 
                        and low- and moderate-income neighborhoods, in 
                        the service areas where the institution 
                        received a rating of `low satisfactory' or 
                        lower.''.
    (b) Additional Performance Factors.--Section 804(a)(1) of the 
Community Reinvestment Act of 1977 (12 U.S.C. 2903(a)(1)) is amended--
            (1) by inserting ``and neighborhoods of different racial 
        characteristics'' after ``low- and moderate-income 
        neighborhoods''; and
            (2) by inserting ``, taking into account the institution's 
        share of the total amount of credit extended in neighborhoods 
        of different racial and income characteristics within such 
        community'' before the semicolon at the end.
    (c) Technical and Conforming Amendments.--
            (1) Section 807(b)(1)(A)(iii) of the Community Reinvestment 
        Act of 1977 (12 U.S.C. 2906(b)(1)(A)(iii)) is amended--
                    (A) by inserting ``overall'' after ``the 
                institution's''; and
                    (B) by inserting ``, taking into account each of 
                the initial ratings determined under subparagraph (B) 
                for each State, metropolitan, and service area in which 
                the institution makes more than 0.5 percent of the 
                total amount of loans'' before the period at the end.
            (2) Section 807 of the Community Reinvestment Act of 1977 
        (12 U.S.C. 2906) is amended--
                    (A) by striking subsection (d); and
                    (B) by redesignating subsection (e) as subsection 
                (d).

SEC. 104. REDUCTION OF CRA RATING DUE TO PREDATORY LENDING AND OTHER 
              NEGATIVE CREDIT PRACTICES.

    (a) In General.--Section 804 of the Community Reinvestment Act of 
1977 (12 U.S.C. 2903) is amended by adding at the end the following new 
subsections:
    ``(d) Treatment of Predatory Lending and Other Discriminatory 
Credit Practices.--
            ``(1) In general.--In the case of a regulated financial 
        institution, or an affiliate or business partner of any such 
        institution, which the appropriate Federal financial 
        supervisory agency determines has engaged in any credit 
        practice or securitization activity which has a negative impact 
        on a community or neighborhood, such as predatory lending or 
        abusive payday lending, or has engaged in any other practice or 
        service in a manner which unlawfully discriminates against any 
        person or against minority or low- and moderate-income 
        neighborhoods, the agency--
                    ``(A) may not take any such practice or service 
                into account in assessing the institution's record of 
                meeting the credit needs of its entire community; and
                    ``(B) shall reduce the rating that would otherwise 
                obtain under section 807 with respect to such 
                institution after consideration of the extent of such 
                negative or discriminatory practice or service.
            ``(2) Unlawful discrimination and predatory lending.--For 
        purposes of paragraph (1), the terms `predatory lending' and 
        `unlawfully discriminates' include any lending or 
        discriminatory practice those that violates the Fair Housing 
        Act, the Equal Credit Opportunity Act, the Truth in Lending 
        Act, the Real Estate Settlement Procedures Act, the Federal 
        Trade Commission Act, or any other consumer and fair lending 
        law, including the law of any State or political subdivision of 
        any State.
    ``(e) Maintenance of Certain Records.--For purposes of determining 
whether a regulated financial institution engages in any practice or 
service described in subsection (d), an appropriate Federal financial 
supervisory agency may require, by regulation, regulated financial 
institutions to maintain records of the terms and conditions of credit 
extended by the institution or the terms and conditions at which credit 
was offered even though no credit was extended.''.

SEC. 105. SMALL BUSINESS LOAN DATA COLLECTION.

    (a) In General.--The Equal Credit Opportunity Act (15 U.S.C. 1691 
et seq.) is amended by inserting after section 704A the following new 
section:

``SEC. 704B. SMALL BUSINESS LOAN DATA COLLECTION.

    ``(a) In General.--Subject to the requirements of this section, in 
the case of any application to a depository institution for credit for 
a small business, the depository institution shall--
            ``(1) inquire whether the business is a women- or minority-
        owned business, without regard to whether such application is 
        received in person, by mail, by telephone, by electronic mail 
        or other form of electronic transmission, or by any other means 
        and whether or not such application is in response to a 
        solicitation by the depository institution; and
            ``(2) maintain a record of the responses to such inquiry 
        separate from the application and accompanying information.
    ``(b) Right To Refuse.--Any applicant for credit may refuse to 
provide any information requested pursuant to subsection (a) in 
connection with any application for credit.
    ``(c) No Access by Underwriters.--No loan underwriter or other 
officer or employee of a depository institution, or any affiliate of a 
depository institution, involved in making any determination concerning 
an application for credit shall have access to any information provided 
by the applicant pursuant to a request under subsection (a) in 
connection with such application.
    ``(d) Form and Manner of Information.--
            ``(1) In general.--Each depository institution shall 
        compile and maintain, in accordance with regulations of the 
        Board, a record of the information provided by any loan 
        applicant pursuant to a request under subsection (a).
            ``(2) Itemized.--Information compiled and maintained under 
        paragraph (1) shall also be itemized in order to clearly and 
        conspicuously disclose the following:
                    ``(A) The number of the application and the date 
                the application was received.
                    ``(B) The type and purpose of the loan or other 
                credit being applied for.
                    ``(C) The amount of the credit or credit limit 
                applied for and the amount of the credit transaction or 
                the credit limit approved for such applicant.
                    ``(D) The type of action taken with respect to such 
                application and the date of such action.
                    ``(E) The census tract in which is located the 
                principal place of business of the small business loan 
                applicant.
                    ``(F) The gross annual revenue of the business in 
                the last fiscal year of the small business loan 
                applicant preceding the date of the application.
            ``(3) No personally identifiable information.--In compiling 
        and maintaining any record of information under this section, a 
        depository institution may not include in such record the name, 
        specific address (other than the census tract required under 
        paragraph (1)(E)), telephone number, electronic mail address, 
        and any other personally identifiable information concerning 
        any individual who is, or is connected with, the small business 
        loan applicant.
    ``(e) Availability of Information.--
            ``(1) Submission to agencies.--The data required to be 
        compiled and maintained under this section by any depository 
        institution shall be submitted annually to the agency to whom 
        the enforcement of the requirements of this title are committed 
        under section 704.
            ``(2) Availability of information.--Information compiled 
        and maintained under this section shall be retained for not 
        less than 3 years after the date of preparation and shall be 
        made available to the public, upon request, in the form 
        required under regulations prescribed by the Board. In 
        addition, the Board shall annually provide this data to the 
        public.
    ``(f) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1) Depository institution.--The term `depository 
        institution'--
                    ``(A) has the meaning given the term in section 3 
                of the Federal Deposit Insurance Act; and
                    ``(B) includes any credit union.
            ``(2) Minority-owned business.--The term `minority-owned 
        business' means a business--
                    ``(A) more than 50 percent of the ownership or 
                control of which is held by 1 or more minority 
                individuals; and
                    ``(B) more than 50 percent of the net profit or 
                loss of which accrues to 1 or more minority 
                individuals.
            ``(3) Women-owned business.--The term `women-owned 
        business' means a business--
                    ``(A) more than 50 percent of the ownership or 
                control of which is held by 1 or more women; and
                    ``(B) more than 50 percent of the net profit or 
                loss of which accrues to 1 or more women.
            ``(4) Minority.--The term `minority' has the meaning given 
        to such term by section 1204(c)(3) of the Financial 
        Institutions Reform, Recovery and Enforcement Act of 1989.
            ``(5) Small business loan.--The term `small business loan' 
        includes any loan described or defined as a small business loan 
        under any of the following provisions of title 12 of the Code 
        of Federal Regulations:
                    ``(A) Section 25.12(u) of subpart A of part 25.
                    ``(B) Section 228.12(u) of part 228.
                    ``(C) Section 345.12(u) of part 345.
                    ``(D) Section 563e.12(t) of part 563e.''.
    (b) Technical and Conforming Amendments.--Section 701(b) of the 
Equal Credit Opportunity Act (15 U.S.C. 1691(b)) is amended--
            (1) by striking ``or'' after the semicolon at the end of 
        paragraph (3);
            (2) in paragraph (4), by striking the period at the end and 
        inserting ``; or''; and
            (3) by inserting after paragraph (4), the following new 
        paragraph:
            ``(5) to make an inquiry under section 704B in accordance 
        with the requirements of such section.''.
    (c) Clerical Amendment.--The table of sections for title VII of the 
Consumer Credit Protection Act is amended by inserting after the item 
relating to section 704A the following new item:

``704B. Small business loan data collection.''.
    (d) Effective Date.--This section and the amendments made by this 
section shall take effect at the end of the 6-month period beginning on 
the date of the enactment of this Act.

SEC. 106. DATA COLLECTION OF DEPOSIT ACCOUNTS.

    (a) In General.--
            (1) Records required.--For each branch, automated teller 
        machine at which deposits are accepted, and other deposit 
        taking service facility with respect to any depository 
        institution, the depository institution shall maintain records 
        of the number and dollar amounts of deposit accounts of 
        customers.
            (2) Geocoded addresses of depositors.--The customers' 
        addresses shall be geocoded so that data shall be collected 
        regarding the census tracts of the residence or business 
        location of the customers.
            (3) Identification of type of depositor.--In maintaining 
        records on any depositor under this paragraph, the depository 
        institution shall also report whether the deposit account is 
        for a residential or commercial customer.
            (4) Public availability.--
                    (A) In general.--The following information shall be 
                publicly available on an annual basis:
                            (i) The address and census tracts of each 
                        branch, automated teller machine at which 
                        deposits are accepted, and other deposit taking 
                        service facility with respect to any depository 
                        institution.
                            (ii) The type of deposit account including 
                        whether the account was a checking or savings 
                        account.
                            (iii) Data on the number and dollar amounts 
                        of the accounts, presented by census tract 
                        location of the residential and commercial 
                        customers, shall also be collected and 
                        disseminated.
                    (B) Protection of identity.--In the publicly 
                available data, any personally identifiable data 
                element shall be removed so as to protect the 
                identities of the commercial and residential customers.
    (b) Availability of Information.--
            (1) Submission to agencies.--The data required to be 
        compiled and maintained under this section by any depository 
        institution shall be submitted annually to the agency to whom 
        the enforcement of the requirements of this title are 
        committed.
            (2) Availability of information.--Information compiled and 
        maintained under this section shall be retained for not less 
        than 3 years after the date of preparation and shall be made 
        available to the public, upon request, in the form required 
        under regulations prescribed by the Board.
    (c) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Depository institution.--The term ``depository 
        institution''--
                    (A) has the meaning given the term in section 3 of 
                the Federal Deposit Insurance Act; and
                    (B) includes any credit union.
            (2) Deposit account.--The term ``deposit account'' includes 
        any checking, savings, and other types of accounts, as defined 
        by the Board of Governors of the Federal Reserve System.
    (d) Agency Use.--Any Federal agency with jurisdiction over any 
depository institution shall--
            (1) use the data on branches and deposit accounts acquired 
        under this section as part of the examination of the depository 
        institution under the Community Reinvestment Act of 1977; and
            (2) assess the distribution of residential and commercial 
        accounts at such depository institution across income and 
        minority level of census tracts.

SEC. 107. RESPONSIVENESS TO COMMUNITY NEEDS FOR SECURITIES AND 
              INVESTMENT SERVICES.

    (a) Affirmative Obligation.--The purpose of this section is to 
recognize that each securities company has, with respect to each 
community comprising an assessment area of such company, a continuing 
and affirmative obligation to meet the need for financial services in 
such communities, including the needs of low- and moderate-income 
neighborhoods and persons of modest means.
    (b) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Assessment area.--The term ``assessment area'' means, 
        with respect to a securities company, each community, including 
        a State, metropolitan areas, and rural counties, in which such 
        company--
                    (A) maintains a retail office or is represented by 
                an agent;
                    (B) has not less than 0.5 percent of the total 
                market in securities; or
                    (C) the communities constituting assessment areas 
                shall include the communities in which the great 
                majority of securities have been issued.
            (2) Community development investment.--The term ``community 
        development investment'' means investment in activities that 
        revitalize and stabilize low- and moderate-income neighborhoods 
        and directly benefit low- and moderate-income individuals, 
        including investment in affordable housing, community services, 
        small-business development, and economic development.
            (3) Securities company.--The term ``securities company'' 
        means any person who is--
                    (A) a broker or dealer that is registered under the 
                Securities Exchange Act of 1934;
                    (B) a registered investment adviser, properly 
                registered by or on behalf of either the Securities and 
                Exchange Commission, with respect to the investment 
                advisory activities of such investment adviser and 
                activities incidental to such investment advisory 
                activities; or
                    (C) an investment company that is registered under 
                the Investment Company Act of 1940.
    (c) Program.--
            (1) In general.--The Securities and Exchange Commission, in 
        consultation with the Secretary of the Treasury, shall develop 
        a program to ensure that securities companies meet the 
        obligations described in subsection (a) and the requirements of 
        the program under this subsection.
            (2) Factors to be included.--
                    (A) Customer evaluation.--The program shall 
                include, as appropriate, a method for evaluating a 
                securities company's record of helping to meet the 
                securities investment needs of its assessment area, 
                including--
                            (i) the number and distribution of 
                        customers throughout the community, including 
                        minority and low- and moderate-income customers 
                        and the dollar amounts of the investments made 
                        by such customers;
                            (ii) the number and distribution of 
                        customers residing in minority and low- and 
                        moderate-income census tracts; and
                            (iii) the extent to which the company has 
                        adopted innovative and flexible marketing 
                        methods, such as low minimum amounts to open 
                        accounts and low transaction fees, that 
                        facilitate the sale of securities to low- and 
                        moderate-income customers.
                    (B) Community development investments.--The program 
                shall include, as appropriate, a method for evaluating 
                a securities company's record of community development 
                investment in each assessment area, including--
                            (i) the number and dollar amount of 
                        community development investments in the 
                        assessment area; and
                            (ii) the responsiveness of the securities 
                        company, through community development 
                        investments, to the credit, capital, and 
                        community development needs of the assessment 
                        area, including low- and moderate-income 
                        neighborhoods.
                    (C) Service performance.--The program shall 
                include, as appropriate, a method for evaluating a 
                securities company's record of providing access to 
                securities services in each assessment area, 
                including--
                            (i) the distribution of the company's 
                        retail offices by income level and minority 
                        level of census tract and the range of services 
                        offered by retail offices across census tracts 
                        by income level and minority level;
                            (ii) the company's record of opening or 
                        closing retail offices in the assessment area;
                            (iii) the extent to which the securities 
                        company has adopted effective alternate service 
                        systems in minority and low- and moderate-
                        income neighborhoods, such as providing the 
                        means for minority and low- and moderate-income 
                        individuals to gain electronic access to the 
                        company at workplaces, community centers, and 
                        similar locations in low- and moderate-income 
                        neighborhoods; and
                            (iv) the extent to which the securities 
                        company has provided investment education and 
                        other investment services, such as financial 
                        counseling classes, in minority and low- and 
                        moderate-income neighborhoods in the assessment 
                        area.
            (3) Rating.--
                    (A) In general.--At least once in each 2-year 
                period beginning after the date of the enactment of 
                this Act, the program shall provide for--
                            (i) an evaluation and an initial rating of 
                        the performance of each securities company in 
                        meeting the obligation established under 
                        subsection (a) in each assessment area of the 
                        company; and
                            (ii) an overall rating, based on the 
                        initial ratings pursuant to clause (i) of the 
                        overall achievement of the securities company 
                        in meeting such obligation.
                    (B) Rating categories.--The rating categories used 
                in rating the performance of any securities company 
                shall include ``Outstanding'', ``High Satisfactory'', 
                ``Satisfactory'', ``Low Satisfactory'', ``Needs-to-
                Improve'', and ``Substantial Noncompliance''.
                    (C) Treatment of investment practices with negative 
                impacts.--In the case of any securities company which 
                the Securities and Exchange Commission determines has 
                engaged in securities and investment practices which 
                have a negative impact on any assessment area of the 
                company or has otherwise engaged in any practice or 
                provided any service in a manner which unlawfully 
                discriminates against any person or against low- and 
                moderate-income neighborhoods, the Commission--
                            (i) may not take any such practice into 
                        account in assessing the extent to which such 
                        company has met its obligation under subsection 
                        (a); and
                            (ii) shall reduce the rating that would 
                        otherwise obtain under subparagraph (A) with 
                        respect to such company, after considering the 
                        extent of such negative or discriminatory 
                        practice or service.
                    (D) Maintenance of certain records.--For purposes 
                of determining whether a securities company engages in 
                any practice or service described in subparagraph (B), 
                the Securities and Exchange Commission may require, by 
                regulation, securities companies to maintain records of 
                the terms and conditions at which securities products 
                and services were provided by the company and the terms 
                and conditions at which such securities products or 
                services were offered by the company even though no 
                transaction occurred.
                    (E) Improvement plan.--
                            (i) In general.--Whenever a securities 
                        company receives a rating of ``low 
                        satisfactory'' or lower in any assessment area, 
                        the company shall submit a improvement plan, 
                        subject to public notice and comment, to the 
                        Commission.
                            (ii) Contents of plan.--Any improvement 
                        plan submitted to the Commission by a 
                        securities company pursuant to clause (i) shall 
                        describe how the institution intends to improve 
                        its performance in any assessment area where 
                        the company received a rating of ``low 
                        satisfactory'' or lower.
                            (iii) Review of plan.--The Commission shall 
                        review any improvement submitted under clause 
                        (i) by a securities company and either approve 
                        the plan or send it back to the company for 
                        revisions.
                            (iv) Quarterly reports.--After the 
                        Commission approves a improvement plan 
                        submitted by a securities company under clause 
                        (i), the company shall submit reports and data 
                        on a quarterly basis so that the Commission and 
                        the general public can monitor performance.
                            (v) Additional limitations.--If any 
                        securities company receives a rating of 
                        ``Needs-to-improve'' or ``Substantial 
                        noncompliance'' in any assessment area, the 
                        Commission may not accept or approve any 
                        application by such securities company or any 
                        merger applications involving such company 
                        until the securities company improves 
                        performance on a subsequent evaluation.
                            (vi) Consideration of performance in 
                        certain reviews.--The Commission shall consider 
                        the progress in meeting the goals described in 
                        any improvement plan as an integral factor in 
                        reviews of any application by such securities 
                        company or any merger applications involving 
                        such company.
            (4) Consideration of securities company rating.--Whenever 
        the Commission considers an application to the Commission by a 
        securities company, the Securities and Exchange Commission 
        shall--
                    (A) take into account the overall rating of the 
                securities company under this section and any 
                improvement plans submitted pursuant to this section;
                    (B) provide opportunity for public comment on such 
                rating (at least a 30 day public comment period); and
                    (C) take into account changes in the community 
                reinvestment performance of such company since the last 
                overall rating and the likely future community 
                reinvestment performance of such company.
    (d) Release of Data.--Information collected by the Securities and 
Exchange Commission in connection with the program under subsection (c) 
shall be made publicly available by the Commission in a format similar 
to the format for public disclosure of information under the Home 
Mortgage Disclosure Act of 1975, as determined to be appropriate by the 
Commission.

SEC. 108. RESPONSIVENESS TO COMMUNITY NEEDS FOR MORTGAGES AND MORTGAGE 
              RELATED SERVICES BY MORTGAGE BANKS.

    (a) Affirmative Obligation.--Each mortgage bank shall have, with 
respect to each community comprising an assessment area of such 
mortgage bank, a continuing and affirmative obligation to meet the 
mortgage credit and mortgage service needs of such communities, 
including extensions of credit in low- and moderate-income 
neighborhoods of such communities.
    (b) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Assessment area.--The term ``assessment area'' means, 
        with respect to a mortgage bank, each community, including a 
        State, metropolitan areas, and rural counties, in which such 
        company--
                    (A) maintains a retail office or is represented by 
                an agent;
                    (B) has not less than 0.5 percent of the total 
                market in housing-related loans; or
                    (C) the communities constituting assessment areas 
                shall include the communities in which the great 
                majority of loans have been issued.
            (2) Community development investment.--The term ``community 
        development investment'' means investment in activities that 
        revitalize and stabilize low- and moderate-income neighborhoods 
        and directly benefit low- and moderate-income individuals, 
        including investment in affordable housing, community services, 
        small-business development, and economic development.
            (3) Mortgage bank.--The term ``mortgage bank'' means any 
        lender who does not accept deposits (as defined in section 3 of 
        the Federal Deposit Insurance Act) and originates housing-
        related loans.
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
    (c) Program.--
            (1) In general.--The Secretary, in consultation with the 
        Secretary of the Treasury, shall develop a program to ensure 
        that mortgage banks meet the obligations described in 
        subsection (a) and the requirements of the program under this 
        subsection.
            (2) Factors to be included.--
                    (A) Customer evaluation.--The program shall 
                include, as appropriate, a method for evaluating a 
                mortgage bank's record of helping to meet the mortgage 
                credit and mortgage service needs of its assessment 
                area, including--
                            (i) the number and distribution of 
                        customers throughout the community, including 
                        minority and low- and moderate-income customers 
                        and the dollar amounts of the mortgage credit 
                        extended to such customers by the mortgage 
                        bank;
                            (ii) the number and distribution of 
                        customers residing in minority and low- and 
                        moderate-income neighborhoods and the dollar 
                        amounts of the mortgage credit extended to such 
                        customers by the mortgage bank;
                            (iii) the mortgage bank's market share in 
                        neighborhoods of different racial and income 
                        characteristics;
                            (iv) the mortgage bank's market share to 
                        borrowers of different racial and income 
                        characteristics;
                            (v) a comparison of the rate at which the 
                        mortgage bank rejects applications from 
                        minority and White applicants;
                            (vi) any evidence of illegal discriminatory 
                        credit practices, including steering, or 
                        offering less favorable loan products to 
                        applicants of different racial backgrounds; and
                            (vii) the extent to which the mortgage bank 
                        has adopted innovative and flexible marketing 
                        methods and products that facilitate the 
                        extension of mortgage credit on a 
                        nondiscriminatory basis to low- and moderate-
                        income customers.
                    (B) Community development investments.--The program 
                shall include, as appropriate, a method for evaluating 
                a mortgage bank's record of community development 
                investment in each assessment area, including--
                            (i) the number and dollar amount of 
                        community development investments in the 
                        assessment area; and
                            (ii) the responsiveness of the mortgage 
                        bank, through community development 
                        investments, to the credit, capital, and 
                        community development needs of the assessment 
                        area, including low- and moderate-income 
                        neighborhoods.
                    (C) Service performance.--The program shall 
                include, as appropriate, a method for evaluating a 
                mortgage bank's record of providing access to mortgage 
                credit and mortgage services in each assessment area, 
                including--
                            (i) the distribution of the mortgage bank's 
                        retail offices by income level and minority 
                        level of census tract and the range of services 
                        offered by retail offices across census tracts 
                        by income level and minority level;
                            (ii) the bank's record of opening or 
                        closing retail offices in the assessment area;
                            (iii) the extent to which the mortgage bank 
                        has adopted effective alternate service systems 
                        in minority and low- and moderate-income 
                        neighborhoods, such as providing the means for 
                        low- and moderate-income individuals to gain 
                        electronic access to the mortgage bank at 
                        workplaces, community centers, and similar 
                        locations in minority and low- and moderate-
                        income neighborhoods; and
                            (iv) the extent to which the mortgage bank 
                        has provided home purchaser and home owner 
                        education and other counseling services, such 
                        as financial counseling classes, in minority 
                        and low- and moderate-income neighborhoods in 
                        the assessment area.
            (3) Rating.--
                    (A) In general.--The program shall provide for--
                            (i) an evaluation and an initial rating of 
                        the performance of each mortgage bank in 
                        meeting the obligation established under 
                        subsection (a) in each assessment area of the 
                        bank; and
                            (ii) an overall rating, based on the 
                        initial ratings pursuant to clause (i) of the 
                        overall achievement of the mortgage bank in 
                        meeting such obligation.
                    (B) Rating categories.--The rating categories used 
                in rating the performance of any mortgage bank shall 
                include ``Outstanding'', ``High Satisfactory'', 
                ``Satisfactory'', ``Low Satisfactory'', ``Needs-to-
                Improve'', and ``Substantial Noncompliance''.
                    (C) Treatment of credit practices with negative 
                impacts.--
                            (i) In general.--In the case of any 
                        mortgage bank which the Secretary determines 
                        has engaged in credit practices which have a 
                        negative impact on any individuals or any 
                        assessment area of the company, such as 
                        predatory mortgage lending, or has otherwise 
                        engaged in any practice or provided any service 
                        in a manner which unlawfully discriminates 
                        against any person or against minority or low- 
                        and moderate-income neighborhoods, the 
                        Secretary--
                                    (I) may not take any such practice 
                                into account in assessing the extent to 
                                which such company has met its 
                                obligation under subsection (a); and
                                    (II) shall reduce the rating that 
                                would otherwise obtain under 
                                subparagraph (A) with respect to such 
                                company, after considering the extent 
                                of such negative or discriminatory 
                                practice or service.
                            (ii) Unlawful discrimination and predatory 
                        mortgage lending.--For purposes of (i), the 
                        terms ``predatory mortgage lending'' and 
                        ``unlawfully discriminates'' include any 
                        lending or discriminatory practice those that 
                        violates the Fair Housing Act, the Equal Credit 
                        Opportunity Act, the Truth in Lending Act, the 
                        Real Estate Settlement Procedures Act, the 
                        Federal Trade Commission Act, or any other 
                        consumer and fair lending law, including the 
                        law of any State or political subdivision of 
                        any State.
                    (D) Maintenance of certain records.--For purposes 
                of determining whether a mortgage bank engages in any 
                practice or service described in subparagraph (B), the 
                Secretary may require, by regulation, mortgage banks to 
                maintain records of the terms and conditions at which 
                mortgage loans and other services were provided by the 
                company and the terms and conditions at which such 
                mortgage loans and other products and services were 
                offered by the bank even though no transaction 
                occurred.
                    (E) Improvement plan.--
                            (i) In general.--Whenever a mortgage bank 
                        receives a rating of ``low satisfactory'' or 
                        lower in any assessment area, the bank shall 
                        submit a improvement plan, subject to public 
                        notice and comment, to the Secretary.
                            (ii) Contents of plan.--Any improvement 
                        plan submitted to the Secretary by a mortgage 
                        bank pursuant to clause (i) shall describe how 
                        the bank intends to improve its performance in 
                        any assessment area where the bank received a 
                        rating of ``low satisfactory'' or lower.
                            (iii) Review of plan.--The Secretary shall 
                        review any improvement submitted under clause 
                        (i) by a mortgage bank and either approve the 
                        plan or send it back to the bank for revisions.
                            (iv) Quarterly reports.--After the 
                        Secretary approves a improvement plan submitted 
                        by a mortgage bank under clause (i), the bank 
                        shall submit reports and data on a quarterly 
                        basis so that the Secretary and the general 
                        public can monitor performance.
                            (v) Additional limitations.--If any 
                        mortgage bank receives a rating of ``Needs-to-
                        improve'' or ``Substantial noncompliance'' in 
                        any assessment area, the Secretary may not 
                        accept or approve any application by such 
                        mortgage bank or any merger applications 
                        involving such bank until performance improves 
                        on a subsequent evaluation.
                            (vi) Consideration of performance in 
                        certain reviews.--The Secretary shall consider 
                        the progress in meeting the goals described in 
                        any improvement plan as an integral factor in 
                        reviews of any application by such mortgage 
                        bank or any merger applications involving such 
                        bank.
    (d) Consideration of Mortgage Bank's Rating.--
            (1) Review of rating.--At least once in each 2-year period 
        beginning after the date of the enactment of this Act, the 
        Secretary shall--
                    (A) conduct an examination of, and assign ratings 
                to, mortgage banks under this subsection;
                    (B) review the overall rating of each mortgage bank 
                under this subsection;
                    (C) provide opportunity for public comment on such 
                rating; and
                    (D) review changes in the community reinvestment 
                performance of such mortgage bank since the last 
                overall rating and the likely future community 
                reinvestment performance of such mortgage bank.
            (2) Consideration of mortgage bank's rating.--Whenever the 
        Secretary considers an application by a mortgage bank, the 
        Secretary shall--
                    (A) take into account the overall rating of the 
                mortgage company under this section and any improvement 
                plans submitted pursuant to this section;
                    (B) provide opportunity for public comment on such 
                rating (at least a 30 day public comment period); and
                    (C) take into account changes in the community 
                reinvestment performance of such company since the last 
                overall rating and the likely future community 
                reinvestment performance of such company.
            (3) Notification of unsatisfactory performance.--If, in 
        conjunction with a review pursuant to paragraph (1), the 
        Secretary determines that a mortgage bank has failed to meet 
        the bank's obligations described in subsection (a) and the 
        requirements of the program under this subsection or failed to 
        make satisfactory improvements in meeting such obligations and 
        requirements, the Secretary shall notify the mortgage bank of 
        such determination, describing the conditions giving rise to 
        the notice.
            (4) Agreement to correct conditions required.--Not later 
        than 45 days after the date of receipt by a mortgage bank of a 
        notice given under paragraph (3) (or such additional period as 
        the Secretary may permit), the mortgage bank shall execute an 
        agreement, based on an improvement plan, with the Secretary to 
        comply with the obligations and requirements applicable to the 
        mortgage bank under this section.
            (5) Secretary may impose limitations.--Until the conditions 
        described in a notice to a mortgage bank under paragraph (3) 
        are corrected, the Secretary may impose such limitations on the 
        extent to which mortgage loans originated, held, or serviced by 
        such mortgage bank may be acquired by the Federal Home Mortgage 
        Corporation, the Federal National Mortgage Association, or the 
        Government National Mortgage Association, as the Secretary 
        determines to be appropriate under the circumstances and 
        consistent with the purposes of this section.
            (6) Failure to correct.--If the conditions described in a 
        notice to a mortgage bank under paragraph (3) are not corrected 
        within 180 days after the date of receipt by the mortgage bank 
        of a notice under paragraph (3), the Secretary shall prohibit 
        the Federal Home Mortgage Corporation, the Federal National 
        Mortgage Association, or the Government National Mortgage 
        Association from acquiring any mortgage loan originated, held, 
        or serviced by such mortgage bank.
            (7) Consultation.--In taking any action under this 
        subsection, the Secretary shall consult with all relevant 
        Federal and State regulatory agencies and authorities.

SEC. 109. RESPONSIVENESS TO COMMUNITY NEEDS FOR INSURANCE SERVICES.

    (a) Affirmative Obligation.--The purpose of this section is to 
recognize that each insurance company has, with respect to each 
community comprising an assessment area of such company, a continuing 
and affirmative obligation to meet the need for insurance services in 
such communities, including the needs of low- and moderate-income 
neighborhoods and persons of modest means.
    (b) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Assessment area.--The term ``assessment area'' means, 
        with respect to an insurance company, each community, including 
        a State, metropolitan areas, and rural counties, in which such 
        company--
                    (A) maintains a retail office or is represented by 
                an agent;
                    (B) has not less than 0.5 percent of the total 
                market in insurance; or
                    (C) the communities constituting assessment areas 
                shall include the communities in which the great 
                majority of policies have been issued.
            (2) Community development investment.--The term ``community 
        development investment'' means investment in activities that 
        revitalize and stabilize low- and moderate-income neighborhoods 
        and directly benefit low- and moderate-income individuals, 
        including investment in affordable housing, community services, 
        small-business development, and economic development.
            (3) Insurance company.--The term ``insurance company'' 
        includes any person engaged in the business of insurance to the 
        extent of such activities.
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
    (c) Program.--
            (1) In general.--The Secretary, in consultation with the 
        Secretary of the Treasury, shall develop a program to ensure 
        that insurance companies meet the obligations described in 
        subsection (a) and the requirements of the program under this 
        subsection.
            (2) Factors to be included.--
                    (A) Customer evaluation.--The program shall 
                include, as appropriate, a method for evaluating an 
                insurance company's record of helping to meet the 
                insurance needs of its assessment area, including--
                            (i) the number and distribution of 
                        customers throughout the community, including 
                        minority and low- and moderate-income 
                        customers, and the dollar amounts of the 
                        insurance policies held by such customers;
                            (ii) the number and distribution of 
                        customers residing in minority and low- and 
                        moderate-income neighborhoods and the dollar 
                        amounts of the insurance policies held by such 
                        customers; and
                            (iii) the extent to which the company has 
                        adopted innovative and flexible marketing 
                        methods and products that facilitate the sale 
                        of insurance on a nondiscriminatory basis to 
                        minority and low- and moderate-income 
                        customers.
                    (B) Community development investments.--The program 
                shall include, as appropriate, a method for evaluating 
                an insurance company's record of community development 
                investment in each assessment area, including--
                            (i) the number and dollar amount of 
                        community development investments in the 
                        assessment area; and
                            (ii) the responsiveness of the insurance 
                        company, through community development 
                        investments, to the credit, capital, and 
                        community development needs of the assessment 
                        area, including low- and moderate-income 
                        neighborhoods.
                    (C) Service performance.--The program shall 
                include, as appropriate, a method for evaluating an 
                insurance company's record of providing access to 
                insurance services in each assessment area, including--
                            (i) the distribution of the insurance 
                        company's retail offices by income level and 
                        minority level of census tract and the range of 
                        services offered by retail offices across 
                        census tracts by income level and minority 
                        level;
                            (ii) the company's record of opening or 
                        closing retail offices or affiliating with 
                        agents in the assessment area;
                            (iii) the extent to which the insurance 
                        company has adopted effective alternate 
                        servicing systems in minority and low- and 
                        moderate-income neighborhoods, such as 
                        providing the means for minority and low- and 
                        moderate-income individuals to gain electronic 
                        access to the company at workplaces, community 
                        centers, and similar locations in minority and 
                        low- and moderate-income neighborhoods; and
                            (iv) the extent to which the insurance 
                        company has provided insurance education and 
                        other insurance services, such as financial 
                        counseling classes, in minority and low- and 
                        moderate-income neighborhoods in the assessment 
                        areas.
            (3) Rating.--
                    (A) In general.--The program shall provide for--
                            (i) an evaluation and an initial rating of 
                        the performance of each insurance company in 
                        meeting the obligation established under 
                        subsection (a) in each assessment area of the 
                        company; and
                            (ii) an overall rating, based on the 
                        initial ratings pursuant to clause (i) of the 
                        overall achievement of the insurance company in 
                        meeting such obligation.
                    (B) Rating categories.--The rating categories used 
                in rating the performance of any insurance company 
                shall include ``Outstanding'', ``High Satisfactory'', 
                ``Satisfactory'', ``Low Satisfactory'', ``Needs-to-
                Improve'', and ``Substantial Noncompliance''.
                    (C) Treatment of insurance practices with negative 
                impacts.--In the case of any insurance company which 
                the Secretary determines has engaged in practices which 
                have a negative impact in any assessment area of the 
                company or has otherwise engaged in any practice or 
                provided any service in a manner which unlawfully 
                discriminates against any person or against any 
                minority or low- or moderate-income neighborhood, the 
                Secretary--
                            (i) may not take any such practice into 
                        account in assessing the extent to which such 
                        company has met its obligation under subsection 
                        (a); and
                            (ii) shall reduce the rating that would 
                        otherwise obtain under subparagraph (A) with 
                        respect to such company after consideration of 
                        the extent of such negative or discriminatory 
                        practice or service.
                    (D) Maintenance of certain records.--For purposes 
                of determining whether an insurance company engages in 
                any practice or service described in subparagraph (B), 
                the Secretary may require, by regulation, insurance 
                companies to maintain records of the terms and 
                conditions at which insurance products and services 
                were provided by the company and the terms and 
                conditions at which such insurance products or services 
                were offered by the company even though no transaction 
                occurred.
                    (E) Improvement plan.--
                            (i) In general.--Whenever an insurance 
                        company receives a rating of ``low 
                        satisfactory'' or lower in any assessment area, 
                        the company shall submit an improvement plan, 
                        subject to public notice and comment, to the 
                        Secretary.
                            (ii) Contents of plan.--Any improvement 
                        plan submitted to the Secretary by an insurance 
                        company pursuant to clause (i) shall describe 
                        how the institution intends to improve its 
                        performance in any assessment area where the 
                        company received a rating of ``low 
                        satisfactory'' or lower.
                            (iii) Review of plan.--The Secretary shall 
                        review any improvement submitted under clause 
                        (i) by an insurance company and either approve 
                        the plan or send it back to the company for 
                        revisions.
                            (iv) Quarterly reports.--After the 
                        Secretary approves an improvement plan 
                        submitted by an insurance company under clause 
                        (i), the company shall submit reports and data 
                        on a quarterly basis so that the Secretary and 
                        the general public can monitor performance.
                            (v) Additional limitations.--If any 
                        insurance company receives a rating of ``Needs-
                        to-improve'' or ``Substantial noncompliance'' 
                        in any assessment area, the Secretary may not 
                        accept or approve any application by such 
                        insurance company or any merger applications 
                        involving such company until performance 
                        improves on a subsequent evaluation.
                            (vi) Consideration of performance in 
                        certain reviews.--The Secretary shall consider 
                        the progress in meeting the goals described in 
                        any improvement plan as an integral factor in 
                        reviews of any application by such insurance 
                        company or any merger applications involving 
                        such company.
    (d) Consideration of Insurance Company's Rating.--
            (1) Review of rating.--At least once in each 2-year period 
        beginning after the date of the enactment of this Act, the 
        Secretary shall--
                    (A) conduct an examination of and assign ratings to 
                each insurance company under this section;
                    (B) provide opportunity for public comment on such 
                rating; and
                    (C) review changes in the community reinvestment 
                performance of such insurance company since the last 
                overall rating and the likely future community 
                reinvestment performance of such insurance company.
            (2) Consideration of insurance company rating.--Whenever 
        the Secretary considers an application to the agency by an 
        insurance company, the agency shall--
                    (A) take into account the overall rating of the 
                insurance company under this section and any 
                improvement plans submitted pursuant to this section;
                    (B) provide opportunity for public comment on such 
                rating (at least a 30 day public comment period); and
                    (C) take into account changes in the community 
                reinvestment performance of such company since the last 
                overall rating and the likely future community 
                reinvestment performance of such company.
            (3) Notification of unsatisfactory performance.--If, in 
        conjunction with a review pursuant to paragraph (1), the 
        Secretary determines that an insurance company has failed to 
        meet the company's obligations described in subsection (a) and 
        the requirements of the program under this subsection or failed 
        to make satisfactory improvements in meeting such obligations 
        and requirements, the Secretary shall notify the insurance 
        company and each appropriate State insurance regulator of such 
        determination, describing the conditions giving rise to the 
        notice.
            (4) Agreement to correct conditions required.--Not later 
        than 45 days after the date of receipt by an insurance company 
        of a notice given under paragraph (3) (or such additional 
        period as the Secretary may permit), the insurance company 
        shall execute an agreement, based on an improvement plan, with 
        the Secretary to comply with the obligations and requirements 
        applicable to the insurance company under this section.
            (5) Secretary may impose limitations.--Until the conditions 
        described in a notice to an insurance company under paragraph 
        (3) are corrected, the Secretary may impose such limitations on 
        the extent to which mortgage loans secured by real property 
        insured by such insurance company may be acquired by the 
        Federal Home Mortgage Corporation, the Federal National 
        Mortgage Association, or the Government National Mortgage 
        Association, as the Secretary determines to be appropriate 
        under the circumstances and consistent with the purposes of 
        this section.
            (6) Failure to correct.--If the conditions described in a 
        notice to an insurance company under paragraph (3) are not 
        corrected within 180 days after the date of receipt by the 
        insurance company of a notice under paragraph (3), the 
        Secretary shall--
                    (A) prohibit the Federal Home Mortgage Corporation, 
                the Federal National Mortgage Association, and the 
                Government National Mortgage Association from acquiring 
                any mortgage loan secured by real property insured by 
                such insurance company;
                    (B) publish notice of such failure to correct in 
                the Federal Register; and
                    (C) notify each appropriate State insurance 
                regulator of such failure to correct.
            (7) Consultation.--In taking any action under this 
        subsection, the Secretary shall consult with all relevant 
        Federal and State regulatory agencies and authorities.
    (e) Health and Life Insurance Lines Not Included.--This section and 
section 110 shall not apply to life or health lines of insurance or to 
insurance companies that provide only life or health insurance 
products.

SEC. 110. SATISFACTORY RATINGS REQUIRED BY SECURITIES COMPANY, MORTGAGE 
              BANK, AND INSURANCE COMPANY AFFILIATES OF FINANCIAL 
              HOLDING COMPANIES.

    (a) In General.--Section 4(l)(1) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1843(l)(1)) is amended--
            (1) by striking ``and'' at the end of subparagraph (B);
            (2) by redesignating subparagraph (C) as subparagraph (F); 
        and
            (3) by inserting after subparagraph (B) the following new 
        subparagraphs:
                    ``(C) all of the securities company affiliates of 
                the bank holding company have a satisfactory rating of 
                meeting community needs under section 107 of the 
                Community Reinvestment Modernization Act of 2009;
                    ``(D) all of the mortgage bank affiliates of the 
                bank holding company have a satisfactory rating of 
                meeting community needs under section 108 of the 
                Community Reinvestment Modernization Act of 2009;
                    ``(E) all of the insurance company affiliates of 
                the bank holding company have a satisfactory rating of 
                meeting community needs under section 109 of the 
                Community Reinvestment Modernization Act of 2009; 
                and''.
    (b) Technical and Conforming Amendments.--
            (1) Section 5(a) of the Bank Holding Company Act of 1956 
        (12 U.S.C. 1844(a)) is amended by striking ``section 
        4(l)(1)(C)'' and inserting ``section 4(l)(1)(F)''.
            (2) Section 8(c)(3)(A) of the International Banking Act of 
        1978 (12 U.S.C. 3106(c)(3)(A)) is amended by striking ``section 
        4(l)(1)(C)'' and inserting ``section 4(l)(1)(F)''.

SEC. 111. RESPONSIVENESS TO COMMUNITY NEEDS BY CREDIT UNIONS.

    Title II of the Federal Credit Union Act (12 U.S.C. 1781 et seq.) 
is amended by adding at the end the following new section:

``SEC. 217. AFFIRMATIVE OBLIGATION TO MEET THE CREDIT NEEDS OF THE 
              COMMUNITY.

    ``(a) Continuing and Affirmative Obligation.--The purpose of this 
section is to reaffirm that covered credit unions have a continuing and 
affirmative obligation to meet the needs of its assessment area, 
including minority and low- and moderate-income neighborhoods, 
consistent with safe and sound operation.
    ``(b) Definitions.--For purposes of this section the following 
definitions shall apply:
            ``(1) Assessment area.--The term `assessment area' means an 
        area delineated by a covered credit union consistent with the 
        requirements described in subsection (d).
            ``(2) Covered credit union.--The term `covered credit 
        union'--
                    ``(A) means an insured credit union (as defined in 
                section 101); and
                    ``(B) does not include a credit union designated by 
                the Board as a low-income credit union for purposes of 
                the Community Development Credit Union Revolving Loan 
                Fund Transfer Act.
            ``(3) Federal banking agencies.--The term `Federal banking 
        agencies' has the same meaning as in section 3 of the Federal 
        Deposit Insurance Act.
            ``(4) Low-income and moderate-income.--The term `low-income 
        and moderate-income' shall be defined by the Board, by 
        regulation, consistent with the definition of such terms in 
        regulations prescribed by the Federal banking agencies to 
        implement the Community Reinvestment Act of 1977.
            ``(5) CRA improvement plan.--The term `CRA improvement 
        plan' means a plan of a covered credit union to improve its 
        performance in meeting the credit needs, including minority and 
        low- and moderate-income neighborhoods, in the service areas 
        where the credit union received a rating of `low satisfactory' 
        or lower.
    ``(c) Assessment of Record of Meeting Community Credit Needs.--
            ``(1) Regulations.--The Board shall prescribe regulations 
        for evaluating not less than once every two years a covered 
        credit union's record of meeting its obligations described in 
        subsection (a).
            ``(2) Performance tests.--The regulations prescribed under 
        paragraph (1) shall
                    ``(A) include performance criteria for lending, 
                investment, services tests, and other tests 
                substantially similar to such tests established in 
                regulations prescribed by the Federal banking agencies 
                to implement the Community Reinvestment Act of 1977; 
                and
                    ``(B) ensure that the criteria established pursuant 
                to subparagraph (A) include an assessment of the 
                covered credit union's home mortgage, small business, 
                and consumer lending activities, including to low- and 
                moderate-income individuals.
            ``(3) Assessment information.--In addition to the criteria 
        prescribed under paragraph (2), the Board's evaluation of a 
        covered credit union shall include consideration, for purposes 
        of subsections (a) and (f), of--
                    ``(A) any information about lending, investment, 
                and service opportunities maintained by the covered 
                credit union or obtained from community organizations, 
                state, local, and tribunal governments, economic 
                development agencies, or other sources;
                    ``(B) a covered credit union's investment in 
                community development financial institutions pursuant 
                to the Community Development Banking and Financial 
                Institutions Act of 1994;
                    ``(C) a covered credit union's lending and 
                investment activities that revitalize and stabilize 
                minority or low- and moderate-income neighborhoods, or 
                directly benefit minority or low- and moderate-income 
                individuals, including financing and investment in 
                affordable housing, community services, and economic 
                development;
                    ``(D) a covered credit union`s lending activity in 
                its assessment area in comparison to the credit union's 
                total lending activity and such relative percentage 
                shall be taken into consideration for purposes of the 
                credit union's lending test under paragraph (2)(A);
                    ``(E) the covered credit union's performance in 
                comparison to similarly situated lenders, including 
                banks, savings associations and credit unions, based on 
                information contained in such lenders' public file, 
                data collected pursuant to the Home Mortgage Disclosure 
                Act, and any other publicly available information that 
                may assist the Board in a meaningful comparison; and
                    ``(F) any written comments about the covered credit 
                union's record of performance under this section 
                submitted to the credit union or to the Board.
            ``(4) Meeting obligations.--A single common-bond credit 
        union with fewer than 3,000 members in which the common-bond is 
        not based on employment in a trade, industry, or profession 
        shall be considered to have met its obligation under subsection 
        (a).
    ``(d) Assessment Area.--
            ``(1) Criteria for delineating.--The Board shall, by 
        regulation, prescribe criteria for a covered credit union to 
        use in delineating 1 or more assessment areas.
            ``(2) Criteria for regulations.--Regulations prescribed 
        pursuant to paragraph (1) shall--
                    ``(A) be consistent with regulations prescribed by 
                the Federal banking agencies under the Community 
                Reinvestment Act of 1977;
                    ``(B) take into consideration, as appropriate, the 
                differences between common-bond and community credit 
                unions to the extent that such differences affect a 
                covered credit union's delineation of an assessment 
                area;
                    ``(C) ensure that the assessment area includes 
                areas in which a covered credit union includes 
                membership permitted by section 109(c)(2);
                    ``(D) provide for consideration of a covered credit 
                union's shared branch;
                    ``(E) provide that if the covered credit union's 
                field of membership is based on a common-bond other 
                than geography the credit union may delineate such 
                field of membership as its assessment area; and
                    ``(F) provide that the delineation of a covered 
                credit union's assessment area may include a 
                combination of geographic boundaries and field of 
                membership, such as a covered credit union that 
                includes membership permitted by section 109(c)(2).
            ``(3) Facilitating compliance.--The Board shall ensure that 
        any assessment area of a covered credit union is delineated in 
        a manner that--
                    ``(A) does not permit the covered credit union to 
                evade its obligations under this section; and
                    ``(B) reflects the spirit and intent of this 
                section.
            ``(4) Prohibitions.--A covered credit union's assessment 
        area shall not--
                    ``(A) reflect illegal discrimination; or
                    ``(B) exclude minority or low- or moderate-income 
                segments of, or communities in, the covered credit 
                union's field of membership.
    ``(e) Written Evaluations.--Upon the conclusion of each examination 
of a covered credit union the Board shall prepare a written evaluation 
of the credit union's record of meeting the credit needs of its entire 
community, including minority and low- and moderate-income 
neighborhoods.
            ``(1) Public section.--Each written evaluation required by 
        this subsection shall have a public section.
            ``(2) Public section.--The public section of the written 
        evaluation shall--
                    ``(A) state the conclusion for each performance 
                test identified in the regulations prescribed pursuant 
                to subsection (c);
                    ``(B) discuss the facts and data supporting such 
                conclusions; and
                    ``(C) contain the credit union's rating and an 
                explanation describing the basis for the rating.
            ``(3) Ratings.--The covered credit union's rating referred 
        to in paragraph (2)(C) shall be one of the following:
                    ``(A) Outstanding record of meeting community 
                needs.
                    ``(B) High Satisfactory record of meeting community 
                needs.
                    ``(C) Satisfactory record of meeting community 
                needs.
                    ``(D) Low Satisfactory record of meeting community 
                needs.
                    ``(E) Needs to improve record of meeting community 
                needs.
                    ``(F) Substantial noncompliance in meeting 
                community needs.
    ``(f) Initial Separate Evaluation and Rating for State, 
Metropolitan, Other Service Areas Required.--The information required 
by this act with respect to any credit union shall be presented 
separately, and an initial rating shall be determined separately, for--
            ``(1) each metropolitan area in which the credit union 
        maintains 1 or more domestic branches;
            ``(2) each State in which the credit union maintains 1 or 
        more domestic branches outside of a metropolitan area;
            ``(3) each community in which the credit union makes more 
        than 0.5 percent of the total amount of loans; and
            ``(4) the communities and assessment areas rated by the 
        evaluation shall include the communities and assessment areas 
        in which the great majority of loans have been issued.
    ``(g) Effect of Performance on Applications.--The Board shall 
provide a 30-day public comment period on applications submitted by 
credit unions. The Board shall take into account a covered credit 
union's performance, or expected performance in connection with a new 
charter, under this section when considering--
            ``(1) an application for the credit union to--
                    ``(A) convert to an insured Federal credit union;
                    ``(B) convert to an insured State credit union; or
                    ``(C) convert to a new field of membership charter;
            ``(2) an application by a covered credit union to alter or 
        expand its field of membership;
            ``(3) a merger with another credit union; and
            ``(4) an application to establish or relocate a branch.
    ``(h) CRA Improvement Plan.--
            ``(1) In general.--Whenever a credit union receives a 
        rating of `low satisfactory' or lower in any State, 
        metropolitan area, or other community in which it made more 
        than 0.5 percent of total amount of loans, the credit union 
        shall submit a CRA improvement plan, subject to public notice 
        and comment, to the appropriate Federal financial supervisory 
        agency.
            ``(2) Contents of plan.--Any CRA improvement plan submitted 
        to the Board by the credit union pursuant to paragraph (1) 
        shall describe how the institution intends to improve its 
        performance in meeting the credit needs, including minority and 
        low- and moderate-income neighborhoods, in the service areas 
        where the institution received a rating of `low satisfactory' 
        or lower.
            ``(3) Review of plan.--The Board which receives a CRA 
        improvement plan under paragraph (1) from a credit union shall 
        review the plan and either approve the plan or send it back to 
        the credit union for revisions.
            ``(4) Quarterly reports.--After the Board receives a CRA 
        improvement plan under paragraph (1) from a credit union 
        approves the plan, the credit union shall submit reports and 
        data to the agency on a quarterly basis so that the regulatory 
        agency and the general public can monitor to the performance of 
        the credit union in meeting the credit needs, including 
        minority and low- and moderate-income neighborhoods, in the 
        service areas where the institution received a rating of `low 
        satisfactory' or lower.
            ``(5) Additional limitations.--If any credit union receives 
        a rating of `Needs-to-improve' or `Substantial noncompliance' 
        in any assessment area, the Board may not accept or approve any 
        application by such institution or any merger applications 
        involving such institution until performance improves on a 
        subsequent evaluation.
            ``(6) Consideration of performance in certain reviews.--The 
        Board shall consider the progress of the institution in meeting 
        the goals described in any CRA improvement plan as an integral 
        factor in reviews of any application by such institution or any 
        merger applications involving such institution.
    ``(i) Reporting and Publication.--
            ``(1) Annual reports.--The Board shall include in its 
        annual report to the Congress under section 102(d) a 
        description of actions the Board has taken to carry out its 
        responsibilities under this section.
            ``(2) Publication of exam schedule.--The Board shall 
        publish at least 30 days in advance of the beginning of each 
        calendar quarter a list of covered credit unions scheduled for 
        examinations required by this section in that quarter.
    ``(j) Report on Implementation.--
            ``(1) Report to the congress.--Within 90 days of final 
        issuance of the regulations required under this section, the 
        Board shall report to the Congress on--
                    ``(A) the implementation of the regulations 
                required under this section;
                    ``(B) reasons for instances where the Board's 
                regulations deviate from regulations prescribed by the 
                Federal banking agencies pursuant to the Community 
                Reinvestment Act of 1977; and
                    ``(C) the manner in which the Board will measure 
                whether a covered credit union is meeting the credit 
                needs of individuals located in an underserved area, 
                including low-income individuals in such underserved 
                area.
            ``(2) General accounting office study.--Before the end of 
        the three-year period beginning on the date of final issuance 
        of regulations required under this section, the Comptroller 
        General of the United States shall--
                    ``(A) conduct a study detailing the effectiveness 
                of the Board's implementation of this act; and
                    ``(B) submit a report containing the findings and 
                conclusions of the Comptroller General in connection 
                with the study required by subparagraph (A), together 
                with recommendations the Comptroller General may 
                determine are necessary to improve the Board's 
                regulations to serve the spirit and intent of this 
                act.''.

                 TITLE II--DATA DISCLOSURE REQUIREMENTS

Subtitle A--Disclosure of Insurance Availability and Insurer Investment 
                              Information

SEC. 201. SHORT TITLE.

    This title may be cited as the ``Insurance Disclosure Act''.

SEC. 202. ESTABLISHMENT OF GENERAL REQUIREMENTS TO SUBMIT INFORMATION.

    (a) In General.--The Secretary of Housing and Urban Development 
shall, by regulation, establish requirements for insurers to compile 
and submit information to the Secretary for each annual reporting 
period, in accordance with this title.
    (b) Consultation.--In establishing the requirements for the 
submission of information under this title, the Secretary shall consult 
with Federal agencies having appropriate expertise, the National 
Association of Insurance Commissioners, State insurance regulators, 
statistical agents, representatives of small businesses, 
representatives of insurance agents (including minority insurance 
agents), representatives of property and casualty insurers, and 
community, consumer, and civil rights organizations, as appropriate.
    (c) Health and Life Insurance Lines Not Included.--This title shall 
not apply to life or health lines of insurance or to insurers that 
provide only life or health insurance products.

SEC. 203. REPORTING OF NONCOMMERCIAL INSURANCE INFORMATION.

    (a) In General.--The requirements established pursuant to section 
202 to carry out this section shall--
            (1) be designed to ensure that information is submitted and 
        compiled under this section as may be necessary to permit 
        analysis and comparison of--
                    (A) the availability and affordability of insurance 
                coverage and the quality or type of insurance coverage, 
                by census tract, including minority and low- and 
                moderate-income neighborhoods, and the race and gender 
                of policyholders; and
                    (B) the location of the principal place of business 
                of insurance agents, and the location of the principal 
                place of business of insurance agents terminated, by 
                census tract, including minority and low- and moderate-
                income neighborhoods; and
            (2) specify the data elements required to be reported under 
        this section and require uniformity in the definitions of the 
        data elements.
    (b) Insurers.--
            (1) Aggregate information.--The regulations issued under 
        section 202 shall require that each insurer for a designated 
        line of insurance under subparagraph (A) or (B) of section 
        210(a)(1) shall compile and submit to the Secretary, for each 
        annual reporting period--
                    (A) the total number of policies issued in such 
                line, total exposures covered by such policies, and 
                total amount of premiums for such policies, by 
                designated line and by census tract, including minority 
                and low- and moderate-income neighborhoods, in which 
                the insured risk is located;
                    (B) the total number of cancellations and 
                nonrenewals (expressed in terms of policies or 
                exposures, as determined by the Secretary), by 
                designated line and by census tract, including minority 
                and low- and moderate-income neighborhoods, in which 
                the insured risk is located;
                    (C) the total number of--
                            (i) licensed agents of such insurer selling 
                        insurance in the designated line, by census 
                        tract, including minority and low- and 
                        moderate-income neighborhoods, in which the 
                        agent's principal place of business is located; 
                        and
                            (ii) such agents who were terminated by the 
                        insurer, by census tract in which the agent's 
                        principal place of business was located; and
                    (D) for such designated line of insurance, 
                information that will enable the Secretary to assess 
                the aggregate loss experience for the insurer, by 
                census tract, including minority and low- and moderate-
                income neighborhoods, in which the insured risk is 
                located.
            (2) Specification of information for itemized disclosure.--
                    (A) In general.--The regulations issued under 
                section 202 regarding annual reporting requirements for 
                insurers for a designated line of insurance under 
                subparagraph (A) or (B) of section 210(a)(1) shall, 
                with respect to policies issued under the designated 
                line or exposure units covered by such policies, as 
                determined by the Secretary--
                            (i) specify the data elements that shall be 
                        submitted;
                            (ii) provide for the submission of 
                        information on an individual insurer basis;
                            (iii) provide for the submission of the 
                        information with the least burden on insurers, 
                        particularly small insurers, and insurance 
                        agents;
                            (iv) take into account existing statistical 
                        reporting systems in the insurance industry;
                            (v) require reporting by census tract, 
                        including minority and low- and moderate-income 
                        neighborhoods, in which the insured risk is 
                        located;
                            (vi) provide for the submission of 
                        information that--
                                    (I) identifies the designated line, 
                                and subline or coverage type; and
                                    (II) where applicable, 
                                distinguishes between the type of 
                                policy under each such subline or 
                                coverage type that provides full 
                                replacement cost and all other bases 
                                for computing claims, such as actual 
                                cash value and fair market value;
                            (vii) provide for the submission of 
                        information that distinguishes policies written 
                        in a residual market from policies written in 
                        the voluntary market;
                            (viii) specify--
                                    (I) whether information shall be 
                                submitted on the basis of policy or 
                                exposure unit; and
                                    (II) whether information, when 
                                submitted, shall be aggregated by like 
                                policyholders with like policies, 
                                except that the Secretary shall not 
                                permit such aggregation if it will 
                                adversely affect the accuracy of the 
                                information reported;
                            (ix) in addition to reporting approvals, 
                        provide for the submission of information 
                        regarding the number of denials, cancellations, 
                        and nonrenewals of policies under the 
                        designated line by census tract in which the 
                        insured risk is located, by race, gender, and 
                        income of the policyholder, and by whether the 
                        policy was issued in a voluntary or residual 
                        market; and
                            (x) provide for the submission of 
                        information on the racial characteristics, 
                        gender, and income levels of policyholders at 
                        the level of detail comparable to that required 
                        by the Home Mortgage Disclosure Act of 1975 
                        (and the regulations issued thereunder).
                    (B) Rules regarding obtaining racial information.--
                            (i) Writing requirement.--The information 
                        specified in subparagraph (A)(x) relating to 
                        the racial characteristics of applicants for, 
                        and policyholders of, insurance shall be 
                        obtained only in accordance with the procedures 
                        for requesting and recording racial information 
                        established in Regulation C of the Board of 
                        Governors of the Federal Reserve System under 
                        the Home Mortgage Disclosure Act of 1975, as in 
                        effect on the date of the enactment of this 
                        Act.
                            (ii) Notice of voluntary nature of 
                        question.--Any such written question shall 
                        clearly indicate that a response to the 
                        question is voluntary on the part of the 
                        applicant or policyholder, but encouraged, and 
                        that the information is being requested by the 
                        Federal Government to monitor the availability 
                        and affordability of insurance.
                            (iii) Provision of information by agent or 
                        insurer.--If an applicant for, or policyholder 
                        of, insurance declines to provide such 
                        information, the agent or insurer for such 
                        insurance may provide such information.
            (3) Rule for reporting by insurers.--An insurer for a 
        designated line shall submit--
                    (A) information required under subparagraphs (A), 
                (B), and (D) of paragraph (1) and information required 
                pursuant to paragraph (2), for risks insured under such 
                line that are located within each census tract any part 
                of which is located in a State for which the insurer is 
                offering the designated line; and
                    (B) information required under paragraph (1)(C) for 
                agents within such census tracts.

SEC. 204. REPORTING OF RURAL INSURANCE INFORMATION.

    (a) In General.--The Secretary shall, by regulation, establish 
requirements for insurers to annually compile and submit to the 
Secretary information concerning the availability, affordability, and 
quality or type of insurance in rural areas and to small businesses.
    (b) Content.--The regulations under this section shall provide that 
the information compiled and submitted under this section shall be 
compiled and submitted on the basis of each census tract in which the 
insured risks are located.

SEC. 205. WAIVER OF REPORTING REQUIREMENTS.

    (a) Waiver for States Collecting Equivalent Information.--
            (1) Authority.--Subject to the requirements under this 
        section, the Secretary shall provide, by regulation, for the 
        waiver of the applicability of the provisions of sections 203 
        and 204 for each insurer transacting business within a State 
        referred to in paragraph (2) of this subsection, but only with 
        respect to information required to be submitted under such 
        sections that relates to agents or insured risks located in the 
        State.
            (2) Requirements.--The Secretary may make a waiver pursuant 
        to paragraph (1) only with respect to a State that the 
        Secretary determines has in effect a law or other requirement 
        that--
                    (A) requires insurers to submit to the State 
                information that is at least the same or equivalent to 
                the information that is required to be submitted to the 
                Secretary pursuant to sections 203 and 204;
                    (B) provides for adequate enforcement of such law 
                or other requirements; and
                    (C) provides for the same annual reporting period 
                used by the Secretary under this title and for 
                submission of the information to the Secretary in a 
                timely fashion, as determined by the Secretary.
            (3) Duration.--A waiver pursuant to paragraph (1) may 
        remain in effect only during the period for which the State law 
        or other requirement required under paragraph (2) remains in 
        effect.
    (b) Multiple-State Areas.--In the case of any census tract that 
contains area within (1) any State for which a waiver has been made 
pursuant to subsection (a), and (2) any State for which such a waiver 
has not been made, the provisions of this title requiring submission of 
information to the Secretary regarding such tract or area shall be 
considered to apply only to the portion that is located within the 
State for which such a waiver has not been made.
    (c) Authority for Secretary To Obtain Information Directly From 
Insurers.--If the State for which a waiver has been made pursuant to 
subsection (a) does not submit to the Secretary the information 
required under subsection (a)(2)(A) or submits information that is not 
complete, the Secretary shall require the insurers transacting business 
within the State to submit such information directly to the Secretary.

SEC. 206. REPORTING BY PRIVATE MORTGAGE INSURERS.

    (a) HMDA Reporting.--On an annual basis, the Financial Institutions 
Examination Council shall determine the extent to which each insurer 
providing private mortgage insurance is making available to the public 
and submitting to the appropriate agency information regarding such 
insurance that is equivalent to the information regarding mortgages 
required to be reported under the Home Mortgage Disclosure Act of 1975.
    (b) Reporting Under This Title.--
            (1) Certification of noncompliance.--If, for any annual 
        period referred to in subsection (a), such Council determines 
        that any insurer providing private mortgage insurance is not 
        making available to the public or submitting the information 
        referred to in subsection (a) or that the information made 
        available or submitted is not equivalent information as 
        described in subsection (a), then the Council shall notify the 
        insurer of such noncompliance. If, after the expiration of a 
        reasonable period of time, the insurer has not remedied such 
        noncompliance to the satisfaction of the Council, then the 
        Council shall immediately certify such noncompliance to the 
        Secretary.
            (2) Requirement.--Upon the receipt of a certification under 
        paragraph (1), the Secretary shall, by order, require such 
        insurer to submit to the Secretary information regarding such 
        insurance that complies with the provisions of section 206 that 
        are applicable to such insurance.

SEC. 207. REPORTING OF INFORMATION REGARDING INVESTMENTS BY INSURERS.

    (a) In General.--The Secretary of Housing and Urban Development 
shall, by regulation, require that each insurer that makes an 
investment in a property or business or extends credit shall compile 
and submit to the Secretary for each annual reporting period, the 
following information:
            (1) Direct loans.--
                    (A) Commercial real estate loans.--The total number 
                of loans for the purchase of commercial real estate 
                made by the insurer, the aggregate amount of such 
                loans, and the amount of each such loan, by census 
                tract, including minority and low- and moderate-income 
                neighborhoods, in which the real estate for which the 
                loan was made is located.
                    (B) Single-family mortgages.--The total number of 
                mortgage loans for the purchase of 1- to 4-family 
                dwellings made by the insurer, the aggregate amount of 
                such loans, and the amount of each such loan, by census 
                tract, including minority and low- and moderate-income 
                neighborhoods, in which the dwelling for which the loan 
                was made is located, which information shall be 
                disaggregated by racial characteristics, income level, 
                and gender of the borrower under the loan.
                    (C) Commercial and industrial loans.--The total 
                number of commercial and industrial loans made by the 
                insurer, the aggregate amount of such loans, and the 
                amount of each such loan, by census tract, including 
                minority and low- and moderate-income neighborhoods, in 
                which the property or business involved in the loan is 
                located, which information shall be disaggregated by 
                the size of business of the borrower under the loan and 
                by the ownership characteristic of the business, which 
                shall be classified as either minority-owned, women-
                owned, or otherwise-owned.
            (2) Loan purchases.--
                    (A) Commercial real estate loans.--The total number 
                of loans for the purchase of commercial real estate 
                purchased by the insurer, the aggregate amount of such 
                loans, and the amount of each such loan, by census 
                tract, including minority and low- and moderate-income 
                neighborhoods, in which the real estate for which the 
                loan was made is located.
                    (B) Single-family mortgages.--The total number of 
                mortgage loans for the purchase of 1- to 4-family 
                dwellings purchased by the insurer, the aggregate 
                amount of such loans, and the amount of each such loan, 
                by census tract, including minority and low- and 
                moderate-income neighborhoods, in which the dwelling 
                for which the loan was made is located, which 
                information shall be disaggregated by racial 
                characteristics, income level, and gender of the 
                borrower under the loan.
                    (C) Commercial and industrial loans.--The total 
                number of commercial and industrial loans purchased by 
                the insurer, the aggregate amount of such loans, and 
                the amount of each such loan, by census tract, 
                including low- and moderate-income neighborhoods, in 
                which the property or business involved in the loan is 
                located, which information shall be disaggregated by 
                the size of business of the borrower under the loan and 
                by the ownership characteristic of the business, which 
                shall be classified as either minority-owned, women-
                owned, or otherwise-owned.
            (3) Other investments.--For such other investments made by 
        the insurer as the Secretary may designate pursuant to 
        subsection (b), the total number of such investments, the 
        aggregate amount of such investments, and the amount of each 
        such investment, by census tract, including minority and low- 
        and moderate-income neighborhoods, in which the property or 
        business involved in the investment is located, as determined 
        by the Secretary, which information shall be disaggregated by 
        the size of business of the borrower under the loan and by the 
        ownership characteristic of the business, which shall be 
        classified as either minority-owned, women-owned, or otherwise-
        owned.
    (b) Designation of Other Investments.--
            (1) In general.--For purposes of subsection (a)(3), the 
        Secretary may designate activities and investments other than 
        the investments described in paragraphs (1) and (2) of 
        subsection (a) for which insurers shall compile and submit 
        information under this section.
            (2) Requirement.--In making designations under this 
        subsection, the Secretary shall designate (A) activities and 
        investments that significantly benefit minority and low- and 
        moderate-income families and persons, small businesses in 
        distressed communities, or minority- or women-owned businesses, 
        and (B) activities and investments that contribute to the 
        creation of jobs and economic development of distressed 
        communities.
            (3) Considerations.--The Secretary shall specifically 
        consider for designation under this subsection investments in 
        community development financial institutions, community 
        development corporations, State-issued bonds, and securities 
        backed by State development funds.
    (c) Size of Business.--The Secretary shall, by regulation, 
establish various categories of the sizes of businesses, for purposes 
of disaggregating information under paragraphs (1)(C), (2)(C), and (3) 
of subsection (a) by various sizes of businesses.

SEC. 208. SUBMISSION OF INFORMATION TO SECRETARY AND MAINTENANCE OF 
              INFORMATION.

    (a) Period of Maintenance.--Each insurer required by this title to 
compile and submit information to the Secretary shall maintain such 
information for the 3-year period beginning upon the conclusion of the 
annual reporting period to which such information relates. The 
Secretary shall maintain any information submitted to the Secretary for 
such period as the Secretary considers appropriate and feasible to 
carry out the purposes of this title and to allow for historical 
analysis and comparison of the information.
    (b) Submission.--The Secretary shall issue regulations prescribing 
a standard schedule (taking into consideration the provisions of 
section 209(a)), format, and method for submitting information under 
this title to the Secretary. The format and method of submitting the 
information shall facilitate and encourage the submission in a form 
readable by a computer. Any insurer submitting information to the 
Secretary may submit in writing to the Secretary any additional 
information or explanations that the insurer considers relevant to the 
decision by the insurer to sell insurance.

SEC. 209. AVAILABILITY AND ACCESS SYSTEM.

    (a) Availability to Public.--
            (1) In general.--The Secretary shall maintain and make 
        available to the public, in accordance with the requirements of 
        this section, any information submitted to the Secretary under 
        this title and any information compiled by the Secretary under 
        this title.
            (2) Timing.--The Secretary shall make such information 
        publicly available on a timetable determined by the Secretary, 
        but not later than 9 months after the conclusion of the annual 
        reporting period to which the information relates.
    (b) Public Access System.--
            (1) Implementation.--The Secretary shall implement a system 
        to facilitate access to any information required to be made 
        available to the public under this title.
            (2) Bases of availability.--The system shall provide access 
        in the following manners:
                    (A) Access to itemized information.--With respect 
                to information submitted under by insurers, on the 
                basis of the insurer submitting the information, on the 
                basis of the census tract, including minority and low- 
                and moderate-income neighborhoods, and on any other 
                basis the Secretary considers feasible and appropriate.
                    (B) Access to aggregate information.--With respect 
                to aggregate information compiled by the Secretary, on 
                the basis of (i) the insurer submitting the 
                information, and (ii) the census tract, including 
                minority and low- and moderate-income neighborhoods, 
                and on any other basis the Secretary considers feasible 
                and appropriate.
    (c) Protections Regarding Loss Information.--
            (1) Prohibition of disclosure of loss information.--
        Notwithstanding any other provision of this title, the 
        Secretary may not make available to the public or otherwise 
        disclose any information submitted under this title regarding 
        the amount or number of claims paid by any insurer, the amount 
        of losses of any insurer, or the loss experience for any 
        insurer, except in the form of a loss ratio (expressing the 
        relationship of claims paid to premiums) for the industry 
        aggregate on a census tract level.
            (2) Protection of identity of insurer.--In making available 
        to the public or otherwise disclosing a loss ratio for an 
        insurer--
                    (A) the Secretary may not identify the insurer to 
                which the loss ratio relates; and
                    (B) the Secretary may disclose the loss ratio only 
                in a manner that does not allow any party to determine 
                the identity of the specific insurer to which the loss 
                ratio relates, except parties having access to 
                information under paragraph (3).
            (3) Confidentiality of information disclosed to 
        governmental agencies.--The Secretary may make information 
        referred to in paragraph (1) and the identity of the specific 
        insurer to which such information relates available to any 
        Federal entity and any State agency responsible for regulating 
        insurance in a State and may otherwise disclose such 
        information to any such entity or agency, but only to the 
        extent such entity or agency agrees not to make any such 
        information available or disclose such information to any other 
        person.

SEC. 210. DESIGNATIONS.

    (a) Designation of Lines of Insurance.--
            (1) In general.--The Secretary shall, by regulation, 
        designate lines of insurance as designated lines for purposes 
        of this title, as follows:
                    (A) Automobile.--The Secretary shall designate 
                private passenger automobile insurance and shall also 
                designate any sublines and coverage types of private 
                passenger automobile insurance that the Secretary 
                considers appropriate to determine and compare the 
                availability, affordability, and type of coverage in 
                such line among applicable regions.
                    (B) Noncommercial insurance for residential 
                property.--The Secretary shall designate homeowners 
                insurance and dwelling fire and allied lines, and shall 
                distinguish the coverage types in such lines by the 
                perils covered and by market or replacement value. For 
                purposes of this title, homeowners insurance shall 
                include any renters coverage or coverage for the 
                personal property of a condominium owner
            (2) Report.--At any time the Secretary determines that any 
        line of insurance not described in paragraph (1) should be a 
        designated line because disparities in coverage provided under 
        such line exist among geographic areas having different income 
        levels or racial composition, the Secretary shall submit a 
        report recommending designating such line of insurance as a 
        designated line for purposes of this title to the Committee on 
        Financial Services of the House of Representatives and the 
        appropriate Committees of the Senate.
            (3) Duration.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the Secretary shall make the designations under 
                this subsection once every 5 years, by regulation, and 
                each line and subline or coverage type designated under 
                such regulations shall be designated for each of the 
                first 5 successive annual reporting periods occurring 
                after issuance of the regulations.
                    (B) Alteration.--During any 5-year period referred 
                to in subparagraph (A) in which designations are in 
                effect, the Secretary may amend or revise the 
                designated lines, sublines, and coverage types only by 
                regulation and only in accordance with the requirements 
                of this subsection. Such regulations amending or 
                revising designations shall apply only to annual 
                reporting periods beginning after the expiration of the 
                6-month period beginning on the date of issuance of the 
                regulations.
    (b) Timing of Designations.--The Secretary shall make the 
designations required by subsection (a)(3)(A) and notify interested 
parties during the 6-month period ending 6 months before the 
commencement of the first annual reporting period to which such 
designations apply.
    (c) Obtaining Information.--The Secretary may require insurers to 
submit to the Secretary such information as the Secretary considers 
necessary to make designations specifically required under this title. 
The Secretary may not require insurers to submit any information under 
this subsection that relates to any line of insurance not specifically 
authorized to be designated pursuant to this title or that is to be 
used solely for the purpose of a report under subsection (a)(2).

SEC. 211. ENFORCEMENT.

    (a) Civil Penalties.--Any insurer who is determined by the 
Secretary, after providing opportunity for a hearing on the record, to 
have violated any requirement pursuant to this title shall be subject 
to a civil penalty of not to exceed $5,000 for each day during which 
such violation continues.
    (b) Injunction.--The Secretary may bring an action in an 
appropriate United States district court for appropriate declaratory 
and injunctive relief against any insurer who violates the requirements 
referred to in subsection (a).
    (c) Insurer Liability.--An insurer shall be responsible under 
subsections (a) and (b) for any violation of a statistical agent acting 
on behalf of the insurer.

SEC. 212. EXEMPTION AND RELATION TO STATE LAWS.

    (a) Exemption for United States Programs.--Reporting shall not be 
required under this title with respect to insurance provided by any 
program underwritten or administered by the United States.
    (b) Relation to State Laws.--This title shall not be construed as 
annulling, altering, or affecting the laws of any State or any 
political subdivision of a State relating to public disclosure, 
submission of information, and recordkeeping or exempting any insurer 
subject to this title from any obligation under, or an obligation to 
comply with, any such law.

SEC. 213. REGULATIONS.

    (a) Authorization.--
            (1) In general.--The Secretary shall issue any regulations 
        required under this title and any other regulations that may be 
        necessary to carry out this title.
            (2) Substantive regulations.--The regulations shall be 
        issued in accordance with the procedures under section 553 of 
        title 5, United States Code, for substantive regulations.
            (3) Effective date.--Except as otherwise provided in this 
        title, such final regulations shall be issued before the end of 
        the 18-month period beginning on the date of the enactment of 
        this Act.
    (b) Burdens.--In prescribing such regulations, the Secretary shall 
take into consideration the administrative, paperwork, and other 
burdens on insurance agents, including independent insurance agents, 
involved in complying with the requirements of this title and shall 
minimize the burdens imposed by such requirements with respect to such 
agents.

SEC. 214. DEFINITIONS.

    For purposes of this subtitle, the following definitions shall 
apply:
            (1) Agent.--The term ``agent''--
                    (A) means, with respect to an insurer, an agent 
                licensed by a State who sells property and casualty 
                insurance; and
                    (B) includes agents who are employees of the 
                insurer, agents who are independent contractors working 
                exclusively for the insurer, and agents who are 
                independent contractors appointed to represent the 
                insurer on a nonexclusive basis.
            (2) Commercial insurance.--The term ``commercial 
        insurance'' means any line of property and casualty insurance, 
        except private passenger automobile, homeowner's insurance and 
        dwelling fire and allied lines, and other personal lines of 
        insurance.
            (3) Designated line.--The term ``designated line'' means a 
        line of insurance or bid, performance, and payment bonds 
        designated by the Secretary under section 210(a).
            (4) Exposures.--The term ``exposures'' means, for purposes 
        of section 203, with respect to an insurance policy, an 
        expression of an exposure unit covered under the policy 
        compared to the duration of the policy (pursuant to standards 
        established by the Secretary for uniform reporting of 
        exposures).
            (5) Exposure units.--The term ``exposure units'' means, for 
        purposes of section 203, an automobile or dwelling covered 
        under an insurance policy for private passenger automobile or 
        homeowners or dwelling fire and allied lines coverage.
            (6) Insurance.--The term ``insurance'' means property and 
        casualty insurance. Such term includes primary insurance, 
        surplus lines insurance, and any other arrangement for the 
        shifting and distributing of risks that is determined to be 
        insurance under the law of any State in which the insurer or 
        insurer group engages in an insurance business.
            (7) Insurer.--The term ``insurer''--
                    (A) means any corporation, association, society, 
                order, firm, company, mutual, partnership, individual, 
                aggregation of individuals, or any other legal entity 
                that is authorized to transact the business of property 
                or casualty insurance in any State or that is engaged 
                in a property or casualty insurance business; and
                    (B) does not include an individual or entity which 
                represents an insurer as agent solely for the purpose 
                of selling or which represents a consumer as a broker 
                solely for the purpose of buying insurance.
            (8) Issued.--The term ``issued'' means, with respect to an 
        insurance policy, newly issued or renewed.
            (9) Joint underwriting association.--The term ``joint 
        underwriting association'' means an unincorporated association 
        of insurers established to provide a particular form of 
        insurance to the public.
            (10) Mortgage insurance.--The term ``mortgage insurance'' 
        means insurance against the nonpayment of, or default on, a 
        mortgage or loan for residential or commercial property.
            (11) Private mortgage insurance.--The term ``private 
        mortgage insurance'' means mortgage insurance other than 
        mortgage insurance made available under the National Housing 
        Act, title 38 of the United States Code, or title V of the 
        Housing Act of 1949.
            (12) Property and casualty insurance.--The term ``property 
        and casualty insurance''--
                    (A) means insurance against loss of or damage to 
                property, insurance against loss of income or extra 
                expense incurred because of loss of, or damage to, 
                property, and insurance against third party liability 
                claims caused by negligence or imposed by statute or 
                contract; and
                    (B) does not include workers' compensation, 
                professional liability, or title insurance.
            (13) Residual market.--The term ``residual market''--
                    (A) means an assigned risk plan, joint underwriting 
                association, or any similar mechanism designed to make 
                insurance available to those unable to obtain it in the 
                voluntary market; and
                    (B) includes each statewide plan under part A of 
                title XII of the National Housing Act to assure fair 
                access to insurance requirements.
            (14) Rural area.--The term ``rural area'' means any area 
        that--
                    (A) has a population of 10,000 or more;
                    (B) has a continuous boundary; and
                    (C) contains only areas that are rural areas, as 
                such term is defined in section 520 of the Housing Act 
                of 1949 (except that clause (3)(B) of such section 520 
                shall not apply for purposes of this title).
            (15) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
            (16) State.--The term ``State'' means any State, the 
        District of Columbia, the Commonwealth of Puerto Rico, the 
        Northern Mariana Islands, the Virgin Islands, American Samoa, 
        and the Trust Territory of the Pacific Islands.

SEC. 215. EFFECTIVE DATE.

    The requirements of this title relating to reporting of information 
by insurers shall take effect with respect to the first annual 
reporting period that begins more than 24 months after the date of the 
enactment of this Act.

     Subtitle B--Improvements in Other Data Disclosure Requirements

SEC. 221. MAINTENANCE AND DISCLOSURE OF INFORMATION BY THE FINANCIAL 
              INSTITUTIONS EXAMINATION COUNCIL.

    (a) In General.--In collecting information from financial 
institutions, and affiliates of financial institutions, under the 
Community Reinvestment Act of 1977 and the Home Mortgage Disclosure Act 
of 1975 relating to farm, small business, and home loans, and 
maintaining such information on and disclosing such information from 
the national information center database, the Financial Institutions 
Examination Council shall identify whether the financial institution or 
affiliate is transmitting such information pursuant to the Community 
Reinvestment Act of 1977 or the Home Mortgage Disclosure Act of 1975.
    (b) Maintenance of Database.--The Financial Institutions 
Examination Council shall maintain a comprehensive database containing 
the hierarchical structure of organizations including financial holding 
companies, bank holding companies, depository institutions, and non-
depository institutions.

              TITLE III--REGULATORY AND STRUCTURAL REFORMS

SEC. 301. ANTIREDLINING REQUIREMENT FOR FINANCIAL HOLDING COMPANIES.

    Section 4(l)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 
1843(l)(1)) (as amended by section 108 of this Act) is amended--
            (1) by striking ``and'' at the end of subparagraph (E);
            (2) by striking the period at the end of subparagraph (F) 
        (as so redesignated by such section 110 of title I) and 
        inserting ``; and''; and
            (3) by adding at the end the following new subparagraph:
                    ``(G) in the case of any bank holding company which 
                underwrites or sells, or any affiliate of which 
                underwrites or sells, annuities contracts or contracts 
                insuring, guaranteeing, or indemnifying against loss, 
                harm, damage, illness, disability, or death--
                            ``(i) the company or affiliate has not been 
                        adjudicated in any Federal court, and has not 
                        entered into a consent decree filed in a 
                        Federal court or into a settlement agreement, 
                        premised upon a violation of the Fair Housing 
                        Act for the activities described in this 
                        subparagraph; or
                            ``(ii) if such company or affiliate has 
                        entered into any such consent decree or 
                        settlement agreement, the company or the 
                        affiliate is not in violation of the decree or 
                        settlement agreement as determined by a court 
                        of competent jurisdiction or the agency with 
                        which the decree or agreement was entered 
                        into.''.

SEC. 302. NOTICE AND PUBLIC COMMENT REQUIRED BEFORE ESTABLISHING A 
              FINANCIAL HOLDING COMPANY.

    Paragraph (6) of section 4(k) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1843(k)) is amended to read as follows:
            ``(6) Notice and opportunity for comment required.--
                    ``(A) In general.--No financial holding company 
                shall directly or indirectly acquire, and no company 
                that becomes a financial holding company shall directly 
                or indirectly acquire control of, any company in the 
                United States, including through merger, consolidation, 
                or other type of business combination, that is engaged 
                in activities permitted under this subsection or 
                subsection (n) or (o), unless--
                            ``(i) such holding company has provided 
                        notice to the Board, not later than 60 days 
                        prior to such proposed acquisition or prior to 
                        becoming a financial holding company, and 
                        during that time period, or such longer time 
                        period not exceeding an additional 60 days, as 
                        established by the Board;
                            ``(ii) the Board has provided public notice 
                        and opportunity for comment for not less than 
                        30 days; and
                            ``(iii) the Board has not issued a notice 
                        disapproving the proposed acquisition or 
                        retention.
                    ``(B) Factors for consideration.--In reviewing any 
                prior notice filed under this paragraph, the Board 
                shall take into consideration--
                            ``(i) whether the company is in compliance 
                        with all applicable criteria set forth in 
                        subsection (b) and the provisions of subsection 
                        (d);
                            ``(ii) whether the proposed combination 
                        represents an undue aggregation of resources;
                            ``(iii) whether the proposed combination 
                        poses a risk to the deposit insurance system;
                            ``(iv) whether the proposed combination 
                        poses a risk to State insurance guaranty funds;
                            ``(v) whether the proposed combination can 
                        reasonably be expected to be in the best 
                        interests of depositors or policyholders of the 
                        respective entities;
                            ``(vi) whether the proposed transaction can 
                        reasonably be expected to further the purposes 
                        of this Act and produce benefits to the public;
                            ``(vii) whether, and the extent to which, 
                        the proposed combination poses an undue risk to 
                        the stability of the financial system in the 
                        United States; and
                            ``(viii) the community reinvestment record 
                        of all parties to the proposed transaction.
                    ``(C) Required information.--The Board may 
                disapprove any prior notice filed under this paragraph 
                if the company submitting such notice neglects, fails, 
                or refuses to furnish to the Board all relevant 
                information required by the Board.
                    ``(D) Solicitation of views of other supervisory 
                agencies.--
                            ``(i) In general.--Upon receiving a prior 
                        notice under this paragraph, in order to 
                        provide for the submission of their views and 
                        recommendations, the Board shall give notice of 
                        the proposal to--
                                    ``(I) the appropriate Federal 
                                banking agency of any bank involved;
                                    ``(II) the appropriate functional 
                                regulator of any functionally regulated 
                                nondepository institution (as defined 
                                in section 5(c)(1)(C)) involved; and
                                    ``(III) the Secretary of the 
                                Treasury, the Attorney General, and the 
                                Federal Trade Commission.
                            ``(ii) Timing.--The views and 
                        recommendations of any agency provided notice 
                        under this paragraph shall be submitted to the 
                        Board not later than 30 calendar days after the 
                        date on which notice to the agency was given, 
                        unless the Board determines that another 
                        shorter time period is appropriate.''.

SEC. 303. PUBLIC MEETINGS FOR BANK ACQUISITIONS AND MERGERS.

    (a) Bank Holding Company Act of 1956.--Section 3(c)(2) of the Bank 
Holding Company Act of 1956 (12 U.S.C. 1842(c)(2)) is amended--
            (1) by striking ``Factors.--In every case'' and inserting 
        ``Factors.--
                    ``(A) In general.--In every case''; and
            (2) by adding at the end the following new subparagraphs:
                    ``(B) Meetings.--Upon the request of any person 
                that commented on the application, the Board shall--
                            ``(i) hold a meeting involving the 
                        commenters and the institution; and
                            ``(ii) gather and consider additional 
                        information discussed at the meeting.
                    ``(C) Public hearings.--
                            ``(i) In general.--In the case of each 
                        application for approval under this section, 
                        the Board shall, as necessary and on a timely 
                        basis, conduct public hearings in 1 or more 
                        areas where the Board believes there will be a 
                        substantial public impact.
                            ``(ii) Number.--When a significant number 
                        of members of the general public request a 
                        public hearing, the Board shall hold 1 or more 
                        public hearings, the number of which are to be 
                        determined by the number of requesters of the 
                        hearing and the areas in which the merger is 
                        likely to have a substantial public impact.
                            ``(iii) Opportunity to be heard on impact 
                        of acquisition or merger.--Public hearings 
                        shall provide an opportunity for commenters and 
                        other members of the general public to speak as 
                        witnesses regarding the impacts of the 
                        acquisition or merger.''.
    (b) Federal Deposit Insurance Act.--Section 18(c) of the Federal 
Deposit Insurance Act (12 U.S.C. 1828(c)) is amended by adding at the 
end the following new paragraphs:
            (12) Meetings.--Upon the request of any person(s) that 
        commented on the application, the agency shall hold a meeting 
        involving the commenters and the institution. The agency shall 
        gather and consider additional information discussed at the 
        meeting.
            ``(13) Meetings.--Upon the request of any person that 
        commented on an application, the responsible agency shall--
                    ``(A) hold a meeting involving the commenters and 
                any insured depository institution involved; and
                    ``(B) gather and consider additional information 
                discussed at the meeting.
            ``(14) Public hearings.--
                    ``(A) In general.--In each merger transaction 
                involving 1 or more insured depository institutions, 
                the responsible agency shall, as necessary and on a 
                timely basis, conduct public hearings in 1 or more 
                areas where the agency believes there will be a 
                substantial public impact.
                    ``(B) Number.--When a significant number of members 
                of the general public request a public hearing, the 
                agency shall hold 1 or more public hearings, the number 
                of which are to be determined by the number of 
                requesters of the hearing and the areas in which the 
                merger is likely to have a substantial public impact.
                    ``(C) Opportunity to be heard on impact of 
                acquisition or merger.--Public hearings shall provide 
                an opportunity for commenters and other members of the 
                general public to speak as witnesses regarding the 
                impacts of the acquisition or merger.''.
    (c) National Bank Consolidation and Merger Act.--The National Bank 
Consolidation and Merger Act (12 U.S.C. 215 et seq.) is amended by 
adding at the end the following new section:

``SEC. 6. PUBLIC MEETINGS FOR BANK CONSOLIDATIONS AND MERGERS.

    ``(a) Meetings.--Upon the request of any person that commented on 
the application of any national bank, the Comptroller of the Currency 
shall--
            ``(1) hold a meeting involving the commenters and the bank; 
        and
            ``(2) gather and consider additional information discussed 
        at the meeting.
    ``(b) Public Hearings.--
            ``(1) In general.--In each case of a consolidation or 
        merger under this Act, the Comptroller shall, as necessary and 
        on a timely basis, conduct public hearings in 1 or more areas 
        where the Comptroller believes, there will be a substantial 
        public impact.
            ``(2) Number.--When a significant number of members of the 
        general public request a public hearing, the Comptroller shall 
        hold 1 or more public hearings, the number of which are to be 
        determined by the number of requesters of the hearing and the 
        areas in which the merger is likely to have a substantial 
        public impact.
            ``(3) Opportunity to be heard on impact of acquisition or 
        merger.--Public hearings shall provide an opportunity for 
        commenters and other members of the general public to speak as 
        witnesses regarding the impacts of the acquisition or 
        merger.''.
    (d) Home Owners' Loan Act.--Section 10(e) of the Home Owners' Loan 
Act (12 U.S.C. 1463) is amended by adding at the end the following new 
paragraphs:
            ``(7) Public meetings for depository institution 
        acquisitions and mergers.--
                    ``(A) Meetings.--Upon the request of any person(s) 
                that commented on the application, the Director shall 
                hold a meeting involving the commenters and the 
                institution. The Director shall gather and consider 
                additional information discussed at the meeting.
                    ``(B) Public hearings.--
                            ``(i) In general.--In each case involving 
                        an application under this subsection, the 
                        Director shall, as necessary and on a timely 
                        basis, conduct public hearings in 1 or more 
                        areas where the Director believes there will be 
                        a substantial public impact.
                            ``(ii) Number.--When a significant number 
                        of members of the general public request a 
                        public hearing, the Director shall hold 1 or 
                        more public hearings, the number of which are 
                        to be determined by the number of requesters of 
                        the hearing and the areas in which the merger 
                        is likely to have a substantial public impact.
                            ``(iii) Opportunity to be heard on impact 
                        of acquisition or merger.--Public hearings 
                        shall provide an opportunity for commenters and 
                        other members of the general public to speak as 
                        witnesses regarding the impacts of the 
                        merger.''.

SEC. 304. BRANCH CLOSURE REQUIREMENTS.

    Subsection (a) of section 42 of the Federal Deposit Insurance Act 
(12 U.S.C. 1831r-1(a)) is amended by adding at the end the following 
new paragraphs:
            ``(3) Public comment.--Upon receiving a notice from an 
        insured depository institution pursuant to paragraph (1), the 
        appropriate Federal agency shall--
                    ``(A) promptly initiate a 60-day period for 
                receiving public comment on the proposed closing of a 
                branch of the depository institution; and
                    ``(B) provide adequate notice of such public 
                comment period in media of general circulation or 
                public broadcast in the area served by such branch.
            ``(4) Public meeting for discussion of alternatives.--If, 
        during any period for public comment under paragraph (3) on the 
        proposed closing of a branch of the depository institution, the 
        appropriate Federal banking agency soliciting such comments 
        receives a request for a public hearing on the proposal, the 
        agency shall promptly schedule a public meeting to be held at 
        least 30 days before the date of the proposed closure at a 
        convenient location in the vicinity of such branch so that 
        alternatives to closure can be considered by all 
        stakeholders.''.

SEC. 305. CRA EXAMINATION SCHEDULE FOR SMALL BANKS.

    Section 809(a) of the Community Reinvestment Act of 1977 (12 U.S.C. 
2908(a)) is amended to read as follows:
    ``(a) In General.--All regulated financial institutions shall be 
examined under this title at least once in each 2-year period and the 
scheduling of regularly occurring examinations may not take into 
account the size or the aggregate assets of the financial 
institution.''.

SEC. 306. CRA SUNSHINE REQUIREMENTS.

    Section 48 of the Federal Deposit Insurance Act (12 U.S.C. 1831y) 
(as added by section 711 of the Gramm-Leach-Bliley Act) is hereby 
repealed.

SEC. 307. CONTINUING COMMUNITY REINVESTMENT REQUIREMENT FOR FINANCIAL 
              HOLDING COMPANIES.

    (a) In General.--Section 4(l)(2) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1843(l)(2)) is amended--
            (1) in subparagraph (A), by inserting ``or continuing'' 
        after ``commencing''; and
            (2) in subparagraph (B), by inserting ``or maintaining'' 
        after ``acquiring''.
    (b) Technical and Conforming Amendment.--
            (1) Paragraph (1) of section 4(m) of the Bank Holding 
        Company Act of 1956 (12 U.S.C. 1843(m)(1)) is amended by 
        striking ``subsection (l)(1)'' and inserting ``paragraph (1) or 
        (2) of subsection (l)''.
            (2) Paragraph (2) of section 4(m) of the Bank Holding 
        Company Act of 1956 (12 U.S.C. 1843(m)(2)) is amended by 
        striking ``subsection (l)(1)'' and inserting ``paragraphs (1) 
        and (2) of subsection (l)''.

SEC. 308. CHANGES IN REPORTING REQUIREMENTS UNDER THE HOME MORTGAGE 
              DISCLOSURE ACT OF 1975.

    (a) Prohibition on Regulatory Exemptions From Reporting 
Requirements.--Section 304 of the Home Mortgage Disclosure Act of 1975 
(12 U.S.C. 2803) is amended by adding at the end the following new 
subsection:
    ``(n) Prohibition on Regulatory Exemptions From Reporting 
Requirements.--Subject to subsection (i)--
            ``(1) no provision of this title may be construed as 
        authorizing the Board, the Secretary, or any other Federal 
        agency to exempt any depository institution from the 
        requirements of this title; and
            ``(2) any exemption from the requirements of this title 
        provided in any regulation, such as the exemption provided in 
        Appendix A to part 203 of the Code of Federal Regulations for 
        lending institutions described in section 303(2)(B) whose total 
        dollar amount of purchase loans originated in any year did not 
        exceed 10 percent of the total dollar amount of all loan 
        originations by such institution in such year, shall cease to 
        be effective as of the date of the enactment of the Community 
        Reinvestment Modernization Act of 2009.''.
    (b) Reporting of Additional Data Required.--Section 304(b) of the 
Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(b)) is amended--
            (1) by striking ``and'' at the end of paragraph (3);
            (2) by striking the period at the end of paragraph (4) and 
        inserting a semicolon; and
            (3) by adding at the following new paragraph:
            ``(5) information on loan pricing and terms, including 
        interest rates, annual percentage rates, bona fide discount 
        points, origination fees, other fees required to be disclosed 
        in the Good Faith Estimate and the HUD-1 document, yield-spread 
        premiums, financing of lump sum insurance premium payments, 
        balloon payment, prepayment penalties, loan-to-value ratios, 
        debt-to-income ratios, housing payment-to-income ratios, and 
        credit score information, information on whether the loan is a 
        fixed-rate loan or a variable rate mortgage loan (and if it is 
        a variable rate mortgage loan, the length of any initial rate, 
        and how often the rate adjusts); information on whether the 
        financial institution required full documentation of borrower 
        income; information on the loan channel, including whether a 
        broker received the loan application and approved or rejected 
        the application; and''.
    (c) Reporting on Manufactured Home Loans That Are Not Treated by 
the Depository Institution as Real Estate Loans.--
            (1) In general.--Section 304(b) of the Home Mortgage 
        Disclosure Act of 1975 (12 U.S.C. 2803(b)) is amended by 
        inserting after paragraph (5) (as added by subsection (B) of 
        this section) the following new paragraph:
            ``(6) the number and dollar amount of mortgage loans 
        secured by manufactured homes (as defined in section 603 of the 
        National Manufactured Housing Construction and Safety Act of 
        1974).''.
            (2) Mortgage loan defined to include manufactured home 
        loans.--Section 303(1) of the Home Mortgage Disclosure Act of 
        1975 (12 U.S.C. 2802(1)) is amended by inserting ``or a 
        manufactured home'' after ``residential real property''.
    (d) Creation of Database on Loan Performance.--
            (1) In general.--The Board of Governors of the Federal 
        Reserve System shall--
                    (A) create a database on loan performance (whether 
                loans are current, delinquent, or in default or 
                foreclosure);
                    (B) link the database on loan performance with data 
                collected pursuant to the Home Mortgage Disclosure Act 
                of 1975; and
                    (C) make such information publicly available.
            (2) Other information.--The database established pursuant 
        to paragraph (1)(A) shall also contain information on loan 
        modifications, including the type of loan modification, such as 
        interest rate reductions, principal loan balance reductions, 
        repayment plans, forbearance, and modifications that increase 
        outstanding balance owed.
            (3) Collaboration and collection.--The Board of Governors 
        of the Federal Reserve System shall--
                    (A) collaborate with other relevant Federal and 
                State agencies; and
                    (B) collect information for the database on loan 
                performance from loan servicers and other financial 
                institutions.
    (e) Enforcement Powers for Secretary.--Section 305 of the Home 
Mortgage Disclosure Act of 1975 (12 U.S.C. 2804) is amended by 
inserting at the end the following new subsection:
    ``(d) Authority To Carry Out Subsection (b)(4).--For purposes of 
enforcing compliance with the requirements of this title pursuant to 
subsection (b)(4)--
            ``(1) subsections (b) through (n) of section 8 of the 
        Federal Deposit Insurance Act shall apply to depository 
        institutions described in section 303(2)(B) in the same manner 
        they apply to depository institutions (as defined in section 3 
        of the Federal Deposit Insurance Act); and
            ``(2) the Secretary shall have the same powers and duties 
        under such subsections with respect to depository institutions 
        described in section 303(2)(B) as an appropriate Federal 
        banking agency (as defined in such Act) has with respect to 
        depository institutions (as defined in section 3 of the Federal 
        Deposit Insurance Act).''.

SEC. 309. ANNUAL REPORT AND CONGRESSIONAL HEARINGS.

    (a) In General.--On an annual basis, the Committee on Financial 
Services of the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate shall hold hearings to 
consider the effectiveness of implementation of this Act by the Federal 
agencies with responsibilities under this Act.
    (b) Consideration of Further Amendments.--The Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate shall consider, as 
appropriate, any enhancements or modifications to this Act to increase 
the effectiveness of the objectives and purposes of this Act and the 
amendments made by this Act to other provisions of law.
    (c) Rules of House of Representatives and Senate.--Subsections (a) 
and (b) are enacted by the Congress--
            (1) as an exercise of the rulemaking power of the Senate 
        and House of Representatives, respectively, and as such it is 
        deemed a part of the rules of each House, respectively, but 
        applicable only with respect to the procedure to be followed in 
        that House and it supersedes other rules only to the extent 
        that it is inconsistent with such rules; and
            (2) with full recognition of the constitutional right of 
        either House to change the rules (so far as relating to the 
        procedure of that House) at any time, in the same manner, and 
        to the same extent as in the case of any other rule of that 
        House.
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