1.Short title; table of
contents
(a)This Act may be cited as the Community Reinvestment Modernization Act of
2009
.
(b)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.
2.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.
3.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.
<enum>I</enum><header>MODERNIZATION OF
COMMUNITY REINVESTMENT ACT OF 1977 AND COMMUNITY SERVICE OBLIGATIONS</header>
<section id="H2DF2F8D032F745B985C8528BD39CD544"><enum>101.</enum><header>Repeal of
recent regulatory changes to the application of the Community Reinvestment Act
of 1977 and restoration of comprehensive examinations</header>
<subsection id="HA42CE6ECD0CB46418F5BFE8DDAEC2000"><enum>(a)</enum><header>In
General</header><text>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.</text>
</subsection><subsection id="HB770E29E606441109785C5C00D6D69"><enum>(b)</enum><header>Regulations
Described</header><text>The regulations referred to in subsection (a) are any
of the following regulations:</text>
<paragraph id="HE210C00C24CC435FA8819BF577C81265"><enum>(1)</enum><text>The regulations
published jointly in final form on August 2, 2005, 70 Federal Register 44256 et
seq.—</text>
<subparagraph id="HEFB6E6801F0D4E7E83C67F59D9FEF81"><enum>(A)</enum><text>by the Comptroller
of the Currency, amending 12 Code of Federal Regulations part 25;</text>
</subparagraph><subparagraph id="H124E75EF81074A8D8D217BF9C8D099ED"><enum>(B)</enum><text>by the Board of
Governors of the Federal Reserve System, amending 12 Code of Federal
Regulations part 228; and</text>
</subparagraph><subparagraph id="H71DC886D362E460DB223005E8B83CF8F"><enum>(C)</enum><text>by the Federal
Deposit Insurance Corporation, amending 12 Code of Federal Regulations part
345.</text>
</subparagraph></paragraph><paragraph id="H94A52370D74549AF9151D94D5F130028"><enum>(2)</enum><text>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.</text>
</paragraph><paragraph id="H40596B3F33FB4B9FB1CA29510021B24B"><enum>(3)</enum><text>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.</text>
</paragraph><paragraph id="H387A77B9EDF54DD28EA15085223450F"><enum>(4)</enum><text>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.</text>
</paragraph></subsection></section><section id="H8ADA48A6CB3F486B821E93B8268CFD4C"><enum>102.</enum><header>Extension of
community reinvestment obligations within a financial holding
company</header><text display-inline="no-display-inline">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:</text>
<quoted-block id="HADAEAA03C18E42FDBF47A7316F5900FC" style="OLC">
<paragraph id="H947C71F4710F4777AAA55B190ABFFDA"><enum>(4)</enum><header>Community
needs</header>
<subparagraph id="HFFC09A39B01E4DFBBE51AED73EE540F3"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="H3879F527FA0949A1A2FEE0CAB629511E"><enum>(B)</enum><header>Banking products
and services defined</header><text>For purposes of this paragraph, the term
<term>banking products and services</term> includes—</text>
<clause id="HA182719F1F20408FB2E2978C5F4888C"><enum>(i)</enum><text>insured deposits
(as defined in section 3 of the Federal Deposit Insurance Act) and related
deposit services;</text>
</clause><clause id="HAC9174B806A14A8E9FC375D8602027F9"><enum>(ii)</enum><text>consumer loans
and extensions of credit and the servicing such loans and extensions of
credit;</text>
</clause><clause id="HECBADEECA9CE4F77A0E3E8236B1B961C"><enum>(iii)</enum><text>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;</text>
</clause><clause id="H27F556EB51764344BE6359FBFF72104B"><enum>(iv)</enum><text>small business
and commercial loans and the servicing of such loans; and</text>
</clause><clause id="H535A2F791D22453E8F00DAFD902BE202"><enum>(v)</enum><text>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.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HDD8A1628602E4ABAA385CF31E9668336"><enum>103.</enum><header>Provisions
relating to improved responsiveness of insured depository institutions to
Community Reinvestment Act of 1977</header>
<subsection id="H09BC809E75A8457895B180D68E61E0FB"><enum>(a)</enum><header>Rating Required
for each state, metropolitan area, and service area</header><text>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:</text>
<quoted-block id="H64088DC926B640B9B83145A680714987" style="OLC">
<subparagraph id="H7861D89831B64669866795F2A1E21097"><enum>(B)</enum><header>Initial separate
evaluation and rating for state, metropolitan, other service areas
required</header><text>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—</text>
<clause id="HAFEB1DCAB8364641A20074102CD63F29"><enum>(i)</enum><text>each metropolitan
area in which the regulated financial institution maintains 1 or more domestic
branches;</text>
</clause><clause id="HCDB3C587E2D74403B2B831EAD724029E"><enum>(ii)</enum><text>each State in
which the regulated financial institution maintains 1 or more domestic branches
outside of a metropolitan area;</text>
</clause><clause id="H1220927C8C6A40518BC2C698B5B983AD"><enum>(iii)</enum><text>each community
in which the regulated financial institution makes more than 0.5 percent of the
total amount of loans; and</text>
</clause><clause id="HBB3634DDE7154E59AB117894B48DC0BE"><enum>(iv)</enum><text>the communities
rated by the evaluation shall include the communities in which the great
majority of loans have been issued.</text>
</clause></subparagraph><subparagraph id="H88ED84FDA04D43E7AE372FD8D0EDDD38"><enum>(C)</enum><header>Content of
separate evaluation</header><text>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.</text>
</subparagraph><subparagraph id="HEBFA704DC82B4EE294DABD5EC50ABAF"><enum>(D)</enum><header>Low and high
satisfactory ratings</header><text>In assigning ratings under subparagraphs (A)
and (B), a Federal financial supervisory agency may assign a rating of
<term>low satisfactory record of meeting community credit needs</term> or
<term>high satisfactory record of meeting community credit needs</term> in lieu
of the rating referred to in paragraph (2)(B).</text>
</subparagraph><subparagraph id="H8FFCA58AEE944AC596546EEA9B100043"><enum>(E)</enum><header>CRA improvement
plan</header>
<clause id="HA6354AE9C4B540E9BBA380A7E1132242"><enum>(i)</enum><header>In
general</header><text>Whenever a regulated financial institution receives a
rating of <term>low satisfactory</term> 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.</text>
</clause><clause id="H7604F3EDBB974E889F7C9000B91B552F"><enum>(ii)</enum><header>Contents of
plan</header><text>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 <quote>low satisfactory</quote> or lower.</text>
</clause><clause id="HC39F5DD69F244297A11BAA6D00C62074"><enum>(iii)</enum><header>Review of
plan</header><text>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.</text>
</clause><clause id="H59044309462C4C948C7F46D7EBAB9235"><enum>(iv)</enum><header>Quarterly
reports</header><text>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.</text>
</clause><clause id="HB65EE72CF4E64A61A35040B600DC67B5"><enum>(v)</enum><header>Additional
limitations</header><text>If any regulated financial institution receives a
rating of <term>Needs-to-improve</term> or <term>Substantial
noncompliance</term> 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.</text>
</clause><clause id="HB8CF6ED9826F437DB200A9A18DBB722F"><enum>(vi)</enum><header>Consideration
of performance in certain reviews</header><text display-inline="yes-display-inline">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.</text>
</clause><clause id="HE704071687AE4A05A0AB38D3FEE0E772"><enum>(vii)</enum><header>CRA
improvement plan</header><text display-inline="yes-display-inline">For purposes
of this paragraph, the term <term>CRA improvement plan</term> 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 <quote>low
satisfactory</quote> or
lower.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H928CED50E9DE470FAFA157E2BEF014D2"><enum>(b)</enum><header>Additional
Performance Factors</header><text>Section 804(a)(1) of the Community
Reinvestment Act of 1977 (12 U.S.C. 2903(a)(1)) is amended—</text>
<paragraph id="H5D5C48E8D8D543E28DAD48D0F8EC4706"><enum>(1)</enum><text>by inserting
<quote>and neighborhoods of different racial characteristics</quote> after
<quote>low- and moderate-income neighborhoods</quote>; and</text>
</paragraph><paragraph id="HE1E92A10CEA549419B37A45FA02F51F3"><enum>(2)</enum><text>by inserting
<quote>, 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</quote> before the semicolon at the end.</text>
</paragraph></subsection><subsection id="H2621923BD0C4443EBBC1A248138753B4"><enum>(c)</enum><header>Technical and
Conforming Amendments</header>
<paragraph id="H6C5C19BA2D78426486B9D4547E37E2B9"><enum>(1)</enum><text>Section
807(b)(1)(A)(iii) of the Community Reinvestment Act of 1977 (12 U.S.C.
2906(b)(1)(A)(iii)) is amended—</text>
<subparagraph id="HCEA85566BEA84AB2BB906FEC5FDAD55"><enum>(A)</enum><text>by inserting
<quote>overall</quote> after <quote>the institution’s</quote>; and</text>
</subparagraph><subparagraph id="HA84A634F92814356B1006EF4AD8D2D18"><enum>(B)</enum><text>by inserting
<quote>, 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</quote>
before the period at the end.</text>
</subparagraph></paragraph><paragraph id="H67B852FB66A649ABA5266EB5A3B05B33"><enum>(2)</enum><text>Section 807 of the
Community Reinvestment Act of 1977 (12 U.S.C. 2906) is amended—</text>
<subparagraph id="H37CF5BF0FDE94BB6A498FC255DCD5359"><enum>(A)</enum><text>by striking
subsection (d); and</text>
</subparagraph><subparagraph id="H1011FAEF1CBC42C9BF507DFE00B2B3CB"><enum>(B)</enum><text>by redesignating
subsection (e) as subsection (d).</text>
</subparagraph></paragraph></subsection></section><section id="HA6FDD8ADBA6B4200BF5480BBB4A9FA34"><enum>104.</enum><header>Reduction of
CRA rating due to predatory lending and other negative credit
practices</header>
<subsection id="H6CB3C3FCA4E941D294DA9373CC518563"><enum>(a)</enum><header>In
General</header><text>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:</text>
<quoted-block id="H3701545680C445EEA35CDDA570D92CA2" style="OLC">
<subsection id="H5C411E87C8B5481EB4C85CD6611486F9"><enum>(d)</enum><header>Treatment of
Predatory Lending and Other Discriminatory Credit Practices</header>
<paragraph id="HA169EC9BA97C47FA9C940015D23FDD15"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">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—</text>
<subparagraph id="HCE47C4AC3E8845A4A5A7EF92E34EB5D"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H2B6315C1641642F38751E13F1D78928B"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H9E846E2E998E4417B758AEBE82E76627"><enum>(2)</enum><header>Unlawful
discrimination and predatory lending</header><text>For purposes of paragraph
(1), the terms <term>predatory lending</term> and <term>unlawfully
discriminates</term> 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.</text>
</paragraph></subsection><subsection id="H5AC6B53A9E984182A075EA26B9498044"><enum>(e)</enum><header>Maintenance of
Certain Records</header><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="HB17B909F1471432B9810D74664EC05AB"><enum>105.</enum><header>Small business
loan data collection</header>
<subsection id="H05CDECC881684C2BBCF8AE5F1EA56D"><enum>(a)</enum><header>In
general</header><text>The Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.)
is amended by inserting after section 704A the following new section:</text>
<quoted-block id="H8383EC0B6B6748E3A17EE0B2F8ED89CD" style="OLC">
<section id="HB35B3096D3464A76936397DCEAC68B2"><enum>704B.</enum><header>Small business
loan data collection</header>
<subsection id="H2ED9659E80644AA08E054CE7E8BB125"><enum>(a)</enum><header>In
general</header><text>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—</text>
<paragraph id="H670A15DE83F74F058BD687DAE0E5B908"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H575F768B27B848F5BF2BB61BD63E65ED"><enum>(2)</enum><text>maintain a record
of the responses to such inquiry separate from the application and accompanying
information.</text>
</paragraph></subsection><subsection id="H0B020EDEA79D4331A088740037DDB991"><enum>(b)</enum><header>Right To
refuse</header><text>Any applicant for credit may refuse to provide any
information requested pursuant to subsection (a) in connection with any
application for credit.</text>
</subsection><subsection id="HE70D0A588D4C48A78315958FF0B336ED"><enum>(c)</enum><header>No access by
underwriters</header><text>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.</text>
</subsection><subsection id="H2581CCEC05E24958B1D6ABA71D2DDEF"><enum>(d)</enum><header>Form and manner
of information</header>
<paragraph id="H279A63B0856446C995A5DA7F1F004022"><enum>(1)</enum><header>In
general</header><text>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).</text>
</paragraph><paragraph id="HD8D55F64660C459A9DF362A79956A854"><enum>(2)</enum><header>Itemized</header><text>Information
compiled and maintained under paragraph (1) shall also be itemized in order to
clearly and conspicuously disclose the following:</text>
<subparagraph id="HE5A7250181AC4E77BC00C450F5861D5C"><enum>(A)</enum><text>The number of the
application and the date the application was received.</text>
</subparagraph><subparagraph id="HC235019D749E47B9BA1677A929001600"><enum>(B)</enum><text>The type and
purpose of the loan or other credit being applied for.</text>
</subparagraph><subparagraph id="H47E0943956A04770A8467DD063377CA"><enum>(C)</enum><text>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.</text>
</subparagraph><subparagraph id="H404F3B0097B24337877551A2FBA00C4"><enum>(D)</enum><text>The type of action
taken with respect to such application and the date of such action.</text>
</subparagraph><subparagraph id="H667C8746842E4BD994B600E6909CD607"><enum>(E)</enum><text>The census tract
in which is located the principal place of business of the small business loan
applicant.</text>
</subparagraph><subparagraph id="H5AD5B7B5AA974D18954FCEAE3E91C3AF"><enum>(F)</enum><text>The gross annual
revenue of the business in the last fiscal year of the small business loan
applicant preceding the date of the application.</text>
</subparagraph></paragraph><paragraph id="H128599228F25427200CE02E2C6009682"><enum>(3)</enum><header>No personally
identifiable information</header><text>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.</text>
</paragraph></subsection><subsection id="H0EDF80B6CD804D9C836346279B16546D"><enum>(e)</enum><header>Availability of
information</header>
<paragraph id="H6B491C6057C843CC96187DCCE419BDA9"><enum>(1)</enum><header>Submission to
agencies</header><text>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.</text>
</paragraph><paragraph id="H8133F22A007F4A01AF7965B3AB53413B"><enum>(2)</enum><header>Availability of
information</header><text>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.</text>
</paragraph></subsection><subsection id="H98CC22F0DE474C9C988BC57CF01279C5"><enum>(f)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<paragraph id="HE350FDE15CD04DC69F2713617558ABD5"><enum>(1)</enum><header>Depository
institution</header><text>The term <term>depository institution</term>—</text>
<subparagraph id="HFAB21DCDC78E49BEBCBBBB728D8300EE"><enum>(A)</enum><text>has the meaning
given the term in section 3 of the Federal Deposit Insurance Act; and</text>
</subparagraph><subparagraph id="HE0515DA36CC3441C91A96B55006B4E93"><enum>(B)</enum><text>includes any
credit union.</text>
</subparagraph></paragraph><paragraph id="H05DB0FE5AB184358A6E0876D6817E203"><enum>(2)</enum><header>Minority-owned
business</header><text>The term <term>minority-owned business</term> means a
business—</text>
<subparagraph id="H64614BD3C9004594B29D31A296734F40"><enum>(A)</enum><text>more than 50
percent of the ownership or control of which is held by 1 or more minority
individuals; and</text>
</subparagraph><subparagraph id="H487FDB099C484DDA89FF079664001D19"><enum>(B)</enum><text>more than 50
percent of the net profit or loss of which accrues to 1 or more minority
individuals.</text>
</subparagraph></paragraph><paragraph id="H98A5C7D69270453FB79420EBC7F41EC4"><enum>(3)</enum><header>Women-owned
business</header><text>The term <term>women-owned business</term> means a
business—</text>
<subparagraph id="HAABA0E5A2EDE46298026C94D2ECF4558"><enum>(A)</enum><text>more than 50
percent of the ownership or control of which is held by 1 or more women;
and</text>
</subparagraph><subparagraph id="HAB21AE69AA4D489A956DDCB21C6D876E"><enum>(B)</enum><text>more than 50
percent of the net profit or loss of which accrues to 1 or more women.</text>
</subparagraph></paragraph><paragraph id="HE7A21AAA869C494FA06602C93EDA9D61"><enum>(4)</enum><header>Minority</header><text>The
term <term>minority</term> has the meaning given to such term by section
1204(c)(3) of the Financial Institutions Reform, Recovery and Enforcement Act
of 1989.</text>
</paragraph><paragraph id="H95860E53CFC046AC944206C8D32D918B"><enum>(5)</enum><header>Small business
loan</header><text>The term <term>small business loan</term> 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:</text>
<subparagraph id="H95C8B640042940DBB7B364B470E9E763"><enum>(A)</enum><text>Section 25.12(u)
of subpart A of part 25.</text>
</subparagraph><subparagraph id="H2082EDA41421423FA5BDF00074DB56D"><enum>(B)</enum><text>Section 228.12(u)
of part 228.</text>
</subparagraph><subparagraph id="H4D30C6434F6849E6B486115FFCF621EB"><enum>(C)</enum><text>Section 345.12(u)
of part 345.</text>
</subparagraph><subparagraph id="HCA675C29F792405FBAA9BB0000C5AE96"><enum>(D)</enum><text>Section 563e.12(t)
of part
563e.</text>
</subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HCD86BDC73A114E9D96BDC4D7DB703D18"><enum>(b)</enum><header>Technical and
conforming amendments</header><text>Section 701(b) of the Equal Credit
Opportunity Act (15 U.S.C. 1691(b)) is amended—</text>
<paragraph id="HA3D3A540B03443198D8511AA45E6A4A5"><enum>(1)</enum><text>by striking
<quote>or</quote> after the semicolon at the end of paragraph (3);</text>
</paragraph><paragraph id="H01A0D2B460DD4FF8B606ADF318ECD9AA"><enum>(2)</enum><text>in paragraph (4),
by striking the period at the end and inserting <quote>; or</quote>; and</text>
</paragraph><paragraph id="H67A842C8CD334098B6606759EF6B1B08"><enum>(3)</enum><text>by inserting after
paragraph (4), the following new paragraph:</text>
<quoted-block id="H2AEC5D9092C849369D3B61758BD08E4D" style="OLC">
<paragraph id="H2A6F4A4496014A58B311B49E82FDBC95"><enum>(5)</enum><text>to make an inquiry
under section 704B in accordance with the requirements of such
section.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HCC44083B466C4941BA7BC425EDE3D05"><enum>(c)</enum><header>Clerical
amendment</header><text>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:</text>
<quoted-block id="H03FC3E3C192D496B9B5F77815B93AF1C" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">704B. Small business loan data
collection.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H45A0C904171C47F5859C8461D044B2E1"><enum>(d)</enum><header>Effective
date</header><text>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.</text>
</subsection></section><section commented="no" id="H781116BF74524DBAA7C86868962900C6"><enum>106.</enum><header>Data collection
of deposit accounts</header>
<subsection commented="no" id="H7C3F868A094F401D001CAA55C1E884FF"><enum>(a)</enum><header>In
general</header>
<paragraph id="H101C7A137D6A4E73B832CEC8CFC8338"><enum>(1)</enum><header>Records
required</header><text>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.</text>
</paragraph><paragraph id="H0AF47594B3EE414493CF2755744E6C10"><enum>(2)</enum><header>Geocoded
addresses of depositors</header><text>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.</text>
</paragraph><paragraph id="H9EE8A7DA11ED44FEADB25BB07B905766"><enum>(3)</enum><header>Identification
of type of depositor</header><text>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.</text>
</paragraph><paragraph commented="no" id="H021ADD06D4A34A7697D4C75158A3497F"><enum>(4)</enum><header>Public
availability</header>
<subparagraph commented="no" id="H92AC7D7512E040CF8F9CCAE2D72BB068"><enum>(A)</enum><header>In
general</header><text>The following information shall be publicly available on
an annual basis:</text>
<clause commented="no" id="HF2B526BF630E4F1297B2633E9448CFC4"><enum>(i)</enum><text>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.</text>
</clause><clause commented="no" id="H39E83093AEFD467C005FC7813E76224C"><enum>(ii)</enum><text>The type of
deposit account including whether the account was a checking or savings
account.</text>
</clause><clause commented="no" id="H40838EE56CFB4578B64F8484D3211E33"><enum>(iii)</enum><text display-inline="yes-display-inline">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.</text>
</clause></subparagraph><subparagraph commented="no" id="HE60849AA60D64C568D621B26A200227E"><enum>(B)</enum><header>Protection of
identity</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection commented="no" id="H3184773722D740A300B69ED7CDCFAB86"><enum>(b)</enum><header>Availability of
information</header>
<paragraph commented="no" id="H6AB6D6DC728F47EBB2DCEC2F3F288CAB"><enum>(1)</enum><header>Submission to
agencies</header><text>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.</text>
</paragraph><paragraph commented="no" id="HE36F8391B4204E3598E9E2F2FCC1700"><enum>(2)</enum><header>Availability of
information</header><text>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.</text>
</paragraph></subsection><subsection commented="no" id="H6B02C4799A4047D5AA5E8278AE49FBA8"><enum>(c)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<paragraph commented="no" id="HBB3E570815134F5D8D850095556FC018"><enum>(1)</enum><header>Depository
institution</header><text>The term <term>depository institution</term>—</text>
<subparagraph commented="no" id="H763B6EB2BA854E1BBA75C97073D0F5C0"><enum>(A)</enum><text>has the meaning
given the term in section 3 of the Federal Deposit Insurance Act; and</text>
</subparagraph><subparagraph commented="no" id="HD69C5AD6CADD401DB79E936DD2324057"><enum>(B)</enum><text>includes any
credit union.</text>
</subparagraph></paragraph><paragraph commented="no" id="H9BA7DF60BAC64693AE00D245A57B138B"><enum>(2)</enum><header>Deposit
account</header><text>The term <term>deposit account</term> includes any
checking, savings, and other types of accounts, as defined by the Board of
Governors of the Federal Reserve System.</text>
</paragraph></subsection><subsection commented="no" id="H771E7EA5CD9643DDBE26503237AC7100"><enum>(d)</enum><header>Agency
use</header><text>Any Federal agency with jurisdiction over any depository
institution shall—</text>
<paragraph id="H7721F54512A4447C8E8101D552A0C65B"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H20CE2593D16E4E36A3151D6B00C149C7"><enum>(2)</enum><text>assess the
distribution of residential and commercial accounts at such depository
institution across income and minority level of census tracts.</text>
</paragraph></subsection></section><section id="HF943437E207343A9B36707D8AFF8BFEF"><enum>107.</enum><header>Responsiveness
to community needs for securities and investment services</header>
<subsection id="H798765B1686943A2BE3539F9365D9D"><enum>(a)</enum><header>Affirmative
Obligation</header><text>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.</text>
</subsection><subsection id="HE43D744A66384B7993EA65C01B7F459C"><enum>(b)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<paragraph id="H0A192F5370154643910064973CF670A2"><enum>(1)</enum><header>Assessment
area</header><text display-inline="yes-display-inline">The term
<term>assessment area</term> means, with respect to a securities company, each
community, including a State, metropolitan areas, and rural counties, in which
such company—</text>
<subparagraph id="HDDA2265C3621424A00FE36B5D74926CF"><enum>(A)</enum><text>maintains a retail
office or is represented by an agent;</text>
</subparagraph><subparagraph id="H7B7AD806C4634C538B1C0819A65AF3F"><enum>(B)</enum><text>has not less than
0.5 percent of the total market in securities; or</text>
</subparagraph><subparagraph id="H8141D3E1D1EA4E3B8EA4E49F6B13D8FC"><enum>(C)</enum><text>the communities
constituting assessment areas shall include the communities in which the great
majority of securities have been issued.</text>
</subparagraph></paragraph><paragraph id="H3C8968F9DD80425494F27E6D467200B6"><enum>(2)</enum><header>Community
development investment</header><text>The term <term>community development
investment</term> 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.</text>
</paragraph><paragraph id="H89CFD4EA76B24DAAB3AFE69199962A1"><enum>(3)</enum><header>Securities
company</header><text>The term <term>securities company</term> means any person
who is—</text>
<subparagraph id="HC8AFE051D2CE47C3A5F71B864170863B"><enum>(A)</enum><text>a broker or dealer
that is registered under the Securities Exchange Act of 1934;</text>
</subparagraph><subparagraph id="H34497C266BE34462BCDCC3BBA1262FF2"><enum>(B)</enum><text>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</text>
</subparagraph><subparagraph id="HC26A7AC88A84477FA86D87E4D6AD5020"><enum>(C)</enum><text>an investment
company that is registered under the Investment Company Act of 1940.</text>
</subparagraph></paragraph></subsection><subsection id="H20711005D8BB4818A525E800BA009F38"><enum>(c)</enum><header>Program</header>
<paragraph id="HE865BD036057401192E700DEAEA0EFB5"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H1C4180FD7ACB486A9CEECEEAA13D37E8"><enum>(2)</enum><header>Factors to be
included</header>
<subparagraph id="H5D442F670B324B8CBE2EC1892BE59E8"><enum>(A)</enum><header>Customer
evaluation</header><text>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—</text>
<clause id="HFF421FE7E1124D9A9C5C906B65ECC61F"><enum>(i)</enum><text>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;</text>
</clause><clause id="HB9870EABF618453100FA0532FB3FCDD8"><enum>(ii)</enum><text>the
number and distribution of customers residing in minority and low- and
moderate-income census tracts; and</text>
</clause><clause id="HE62A898E445C449D960151BB60FC43D2"><enum>(iii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H47A58347E8C34A0AAD69F3B451F7225"><enum>(B)</enum><header>Community
development investments</header><text>The program shall include, as
appropriate, a method for evaluating a securities company’s record of community
development investment in each assessment area, including—</text>
<clause id="H65F0BCEB5DEC44E1909EA4EEA9CA19D0"><enum>(i)</enum><text>the
number and dollar amount of community development investments in the assessment
area; and</text>
</clause><clause id="HE0E55C9B244B47D9BBDBE10ACA4A942"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H416756A6C36E41C8BF3FBCA91F208B67"><enum>(C)</enum><header>Service
performance</header><text>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—</text>
<clause id="H05C991F6C3834C238D60BDD0C6260300"><enum>(i)</enum><text>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;</text>
</clause><clause id="H7265699D6F304D7792370047E99890A6"><enum>(ii)</enum><text>the
company’s record of opening or closing retail offices in the assessment
area;</text>
</clause><clause id="H3AA3D612ED504126A825F5BA3FFD44E3"><enum>(iii)</enum><text>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</text>
</clause><clause id="H5582D84AAC7948CC82F15F19DAFAB016"><enum>(iv)</enum><text>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.</text>
</clause></subparagraph></paragraph><paragraph id="H9B1F4F93DA5F425894ECB700ED64FF09"><enum>(3)</enum><header>Rating</header>
<subparagraph id="H9F305EFBC03543F5B3AB2D62845CEA"><enum>(A)</enum><header>In
general</header><text>At least once in each 2-year period beginning after the
date of the enactment of this Act, the program shall provide for—</text>
<clause id="H63FF722B43E84B9798C720FF90F300AB"><enum>(i)</enum><text>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</text>
</clause><clause id="H5F3CDA6F0B8C414CAEA915F068954551"><enum>(ii)</enum><text>an
overall rating, based on the initial ratings pursuant to clause (i) of the
overall achievement of the securities company in meeting such
obligation.</text>
</clause></subparagraph><subparagraph id="H824ECB08E4C24DCF8D24A3A926F668EA"><enum>(B)</enum><header>Rating
categories</header><text>The rating categories used in rating the performance
of any securities company shall include <term>Outstanding</term>, <term>High
Satisfactory</term>, <term>Satisfactory</term>, <term>Low Satisfactory</term>,
<term>Needs-to-Improve</term>, and <term>Substantial
Noncompliance</term>.</text>
</subparagraph><subparagraph id="H9BA3C48B65AE47EB9FC6EC6EAD483260"><enum>(C)</enum><header>Treatment of
investment practices with negative impacts</header><text>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—</text>
<clause id="H072EAFAC4E1C463AA6D2CBDBC7FE52FB"><enum>(i)</enum><text>may
not take any such practice into account in assessing the extent to which such
company has met its obligation under subsection (a); and</text>
</clause><clause id="HDD83C0901D104F46BCD801F56D8F65A4"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="HEA30ACDF874C4F9FB292786107550016"><enum>(D)</enum><header>Maintenance of
certain records</header><text>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.</text>
</subparagraph><subparagraph id="HF3DEA90BF7BD47E293664E8328C1C004"><enum>(E)</enum><header>Improvement
plan</header>
<clause id="HCA93998DB19F4618A38B6D9B8537001C"><enum>(i)</enum><header>In
general</header><text>Whenever a securities company receives a rating of
<quote>low satisfactory</quote> or lower in any assessment area, the company
shall submit a improvement plan, subject to public notice and comment, to the
Commission.</text>
</clause><clause id="H0362BC8330B7414C84599C560970BD72"><enum>(ii)</enum><header>Contents of
plan</header><text>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 <quote>low satisfactory</quote> or lower.</text>
</clause><clause id="H1F631D73E4C3450AA1F9DF96D3AC1D04"><enum>(iii)</enum><header>Review of
plan</header><text>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.</text>
</clause><clause id="H5B59B971F64247A8B78052867200A3AD"><enum>(iv)</enum><header>Quarterly
reports</header><text>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.</text>
</clause><clause id="H2AAC1BE68DC945E19BF7BA4D35FDC924"><enum>(v)</enum><header>Additional
limitations</header><text>If any securities company receives a rating of
<term>Needs-to-improve</term> or <term>Substantial noncompliance</term> 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.</text>
</clause><clause id="H97BC1BDBA4CF46359B14E4F1E16C4FD5"><enum>(vi)</enum><header>Consideration
of performance in certain reviews</header><text>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.</text>
</clause></subparagraph></paragraph><paragraph id="HC84F9CAD7FE742109F9E29CD50C190FC"><enum>(4)</enum><header>Consideration of
securities company rating</header><text>Whenever the Commission considers an
application to the Commission by a securities company, the Securities and
Exchange Commission shall—</text>
<subparagraph id="H321E8AC0A23D40B7A9E3BA00A564B8CE"><enum>(A)</enum><text>take into account
the overall rating of the securities company under this section and any
improvement plans submitted pursuant to this section;</text>
</subparagraph><subparagraph id="H00F32EF8383A415A00511762B2A484BC"><enum>(B)</enum><text>provide
opportunity for public comment on such rating (at least a 30 day public comment
period); and</text>
</subparagraph><subparagraph id="HF1706C94F92E458BB53978221E007860"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H571B5340B80F48938EDEBEC6E4ED0017"><enum>(d)</enum><header>Release of
Data</header><text>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.</text>
</subsection></section><section id="HEBFCEFD4F20D4F6BB1436661C0DB46A4"><enum>108.</enum><header>Responsiveness
to community needs for mortgages and mortgage related services by mortgage
banks</header>
<subsection id="HE1084C60EBE8446FA03677467FD300AC"><enum>(a)</enum><header>Affirmative
Obligation</header><text>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.</text>
</subsection><subsection id="H9872F44011D54FC0A42C1C85E0057400"><enum>(b)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<paragraph id="HA7D08D91935E430A98005061BC00DBEA"><enum>(1)</enum><header>Assessment
area</header><text display-inline="yes-display-inline">The term
<term>assessment area</term> means, with respect to a mortgage bank, each
community, including a State, metropolitan areas, and rural counties, in which
such company—</text>
<subparagraph id="H368C14E2B67F4AC087A9DBEFD6B3EC44"><enum>(A)</enum><text>maintains a retail
office or is represented by an agent;</text>
</subparagraph><subparagraph id="H28DEA67850284E7ABC1DB32F43DD274"><enum>(B)</enum><text>has not less than
0.5 percent of the total market in housing-related loans; or</text>
</subparagraph><subparagraph id="H8B887B733EB94ED2A12D33B47E050353"><enum>(C)</enum><text>the communities
constituting assessment areas shall include the communities in which the great
majority of loans have been issued.</text>
</subparagraph></paragraph><paragraph id="HDF50F6A9C42948DF864D7FE72073E5F6"><enum>(2)</enum><header>Community
development investment</header><text>The term <term>community development
investment</term> 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.</text>
</paragraph><paragraph id="H6CEE3E51EDC7407FB014B14EB0180026"><enum>(3)</enum><header>Mortgage
bank</header><text>The term <term>mortgage bank</term> means any lender who
does not accept deposits (as defined in section 3 of the Federal Deposit
Insurance Act) and originates housing-related loans.</text>
</paragraph><paragraph id="HA7BB7F6D943B40D7BD26F32B79DB9C88"><enum>(4)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of Housing and Urban
Development.</text>
</paragraph></subsection><subsection id="HF2C6672CB1F44DA1B3615C681D92785C"><enum>(c)</enum><header>Program</header>
<paragraph id="HDCD14D1BE4F14FA5BFA2F5BA8194859E"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H06E8FCD8FD3B4DB1A3A67F3123CAAE78"><enum>(2)</enum><header>Factors to be
included</header>
<subparagraph id="H63C3104118B54E4781968F49599EFF1C"><enum>(A)</enum><header>Customer
evaluation</header><text>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—</text>
<clause id="H653B613010BF4D1A872920A81618B500"><enum>(i)</enum><text>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;</text>
</clause><clause id="H703CC57403C84BDB9FA5201F94A0DD81"><enum>(ii)</enum><text>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;</text>
</clause><clause id="H11866215617047E3AC90763C6C9514DA"><enum>(iii)</enum><text>the mortgage
bank’s market share in neighborhoods of different racial and income
characteristics;</text>
</clause><clause id="H116E376650874080A9F03099E56DB3E7"><enum>(iv)</enum><text>the
mortgage bank’s market share to borrowers of different racial and income
characteristics;</text>
</clause><clause id="H29BA76D6060D485C8FD5DD395810683E"><enum>(v)</enum><text>a
comparison of the rate at which the mortgage bank rejects applications from
minority and White applicants;</text>
</clause><clause id="H7C13C9AE491A48339E69AF0093C6154F"><enum>(vi)</enum><text>any
evidence of illegal discriminatory credit practices, including steering, or
offering less favorable loan products to applicants of different racial
backgrounds; and</text>
</clause><clause id="H5976743E980549D6A50536675DD8002"><enum>(vii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="HD17F30A6C0EF46E4BC6B670086CCEB8D"><enum>(B)</enum><header>Community
development investments</header><text>The program shall include, as
appropriate, a method for evaluating a mortgage bank’s record of community
development investment in each assessment area, including—</text>
<clause id="H97EBDC3E5FFD4066B0317BE5065E4218"><enum>(i)</enum><text>the
number and dollar amount of community development investments in the assessment
area; and</text>
</clause><clause id="HA8251DADA8B14D21BD1E965CC744DC37"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H840C559F714F4C3C82D89C84B30291E1"><enum>(C)</enum><header>Service
performance</header><text>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—</text>
<clause id="H31981AC7362E4245A3E80056B676EBBE"><enum>(i)</enum><text>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;</text>
</clause><clause id="HA4EFEEC05CFA43AEB82349033495E418"><enum>(ii)</enum><text>the
bank’s record of opening or closing retail offices in the assessment
area;</text>
</clause><clause id="H95DDFC1331D8431AB85170D42839ECC0"><enum>(iii)</enum><text>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</text>
</clause><clause id="H934926D18D194F739100FF25463896E8"><enum>(iv)</enum><text>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.</text>
</clause></subparagraph></paragraph><paragraph id="H36D1768EFE3D41439F4D75175904D4A9"><enum>(3)</enum><header>Rating</header>
<subparagraph id="HC975D48104EA4CF18090A48805190611"><enum>(A)</enum><header>In
general</header><text>The program shall provide for—</text>
<clause id="HDCBEE801FD924398943D69E5289768DC"><enum>(i)</enum><text>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</text>
</clause><clause id="HFA41BC1D542E422F9B1854ED2B8535FD"><enum>(ii)</enum><text>an
overall rating, based on the initial ratings pursuant to clause (i) of the
overall achievement of the mortgage bank in meeting such obligation.</text>
</clause></subparagraph><subparagraph id="HF3D6CD1B1FC74229A7AE00263B823651"><enum>(B)</enum><header>Rating
categories</header><text>The rating categories used in rating the performance
of any mortgage bank shall include <term>Outstanding</term>, <term>High
Satisfactory</term>, <term>Satisfactory</term>, <term>Low Satisfactory</term>,
<term>Needs-to-Improve</term>, and <term>Substantial
Noncompliance</term>.</text>
</subparagraph><subparagraph id="H2118B977FFAD492395EBEDFB5E077603"><enum>(C)</enum><header>Treatment of
credit practices with negative impacts</header>
<clause id="H2A664A1E26784052B101C4B97DB5A17"><enum>(i)</enum><header>In
general</header><text>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—</text>
<subclause id="HAEC2F597637E4AC584B6ADA6DE2338B9"><enum>(I)</enum><text>may not take any
such practice into account in assessing the extent to which such company has
met its obligation under subsection (a); and</text>
</subclause><subclause id="H45B82AD521574647B523CB1F84D61CC"><enum>(II)</enum><text>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.</text>
</subclause></clause><clause id="H2125AE7F64EF4924AEE105B67FC128A2"><enum>(ii)</enum><header>Unlawful
discrimination and predatory mortgage lending</header><text>For purposes of
(i), the terms <term>predatory mortgage lending</term> and <term>unlawfully
discriminates</term> 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.</text>
</clause></subparagraph><subparagraph id="H44C7102CB3404E45964F28B611DDB27"><enum>(D)</enum><header>Maintenance of
certain records</header><text>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.</text>
</subparagraph><subparagraph id="H127AF9C74A4945BC9B25BDBF477E0075"><enum>(E)</enum><header>Improvement
plan</header>
<clause id="HE31771A8DBDE4C86883DFA023077FA21"><enum>(i)</enum><header>In
general</header><text>Whenever a mortgage bank receives a rating of <term>low
satisfactory</term> or lower in any assessment area, the bank shall submit a
improvement plan, subject to public notice and comment, to the
Secretary.</text>
</clause><clause id="HF5C21A9642674C5EAE55A2F1F068C70"><enum>(ii)</enum><header>Contents of
plan</header><text>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 <term>low satisfactory</term> or lower.</text>
</clause><clause id="H5163327B23634674960027ED7639711"><enum>(iii)</enum><header>Review of
plan</header><text>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.</text>
</clause><clause id="HBB83C5C4A7EC45A8A97300CB8FA9F2C"><enum>(iv)</enum><header>Quarterly
reports</header><text>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.</text>
</clause><clause id="H68AEC4DAA0E14656AA00F81E08270500"><enum>(v)</enum><header>Additional
limitations</header><text>If any mortgage bank receives a rating of
<term>Needs-to-improve</term> or <term>Substantial noncompliance</term> 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.</text>
</clause><clause id="H207B9FFA6D324394AC08576E70B5708C"><enum>(vi)</enum><header>Consideration
of performance in certain reviews</header><text>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.</text>
</clause></subparagraph></paragraph></subsection><subsection id="H12EBCF28FB6646FDA6A584D900A3E4B4"><enum>(d)</enum><header>Consideration of
Mortgage Bank’s Rating</header>
<paragraph id="H3F582208673043C5AB606417F8B4FD01"><enum>(1)</enum><header>Review of
rating</header><text>At least once in each 2-year period beginning after the
date of the enactment of this Act, the Secretary shall—</text>
<subparagraph id="H6D5610B87A0749CEA0584EF6E645239"><enum>(A)</enum><text>conduct an
examination of, and assign ratings to, mortgage banks under this
subsection;</text>
</subparagraph><subparagraph id="HF3CD4BD530134835AFA362D26D6180FD"><enum>(B)</enum><text>review the overall
rating of each mortgage bank under this subsection;</text>
</subparagraph><subparagraph id="HB9F6C18C05B04FF2A14CCFD3A2CEB7C"><enum>(C)</enum><text>provide opportunity
for public comment on such rating; and</text>
</subparagraph><subparagraph id="HF0140280077F4C059188FE432E9EBE03"><enum>(D)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="HFA391C1A0C7941A59CE1F325F6ED1062"><enum>(2)</enum><header>Consideration of
mortgage bank’s rating</header><text>Whenever the Secretary considers an
application by a mortgage bank, the Secretary shall—</text>
<subparagraph id="HB0A2407061344378948C00B6B6654034"><enum>(A)</enum><text>take into account
the overall rating of the mortgage company under this section and any
improvement plans submitted pursuant to this section;</text>
</subparagraph><subparagraph id="HF13338AC3680442F81A9C51FD1530994"><enum>(B)</enum><text>provide
opportunity for public comment on such rating (at least a 30 day public comment
period); and</text>
</subparagraph><subparagraph id="HCDA5FB84E70F4F16AB8F953C4B8D92AB"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H4FA6A5D09E3F4EBD8F96F8635DDE3CAD"><enum>(3)</enum><header>Notification of
unsatisfactory performance</header><text>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.</text>
</paragraph><paragraph id="H7D65C8740665468886FC6C9C417B933D"><enum>(4)</enum><header>Agreement to
correct conditions required</header><text>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.</text>
</paragraph><paragraph id="HD9C6C859D3FD4D54A600ECC13DC9CBF2"><enum>(5)</enum><header>Secretary may
impose limitations</header><text>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.</text>
</paragraph><paragraph id="H97E1106753A147CD815DF0A83200B1F1"><enum>(6)</enum><header>Failure to
correct</header><text>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.</text>
</paragraph><paragraph id="H74C3166EC4744D9497271DBC42A11952"><enum>(7)</enum><header>Consultation</header><text>In
taking any action under this subsection, the Secretary shall consult with all
relevant Federal and State regulatory agencies and authorities.</text>
</paragraph></subsection></section><section id="H8CEC7187AD5E46FEBC71B81E4548DCF3"><enum>109.</enum><header>Responsiveness
to community needs for insurance services</header>
<subsection id="H6203E7CCC6694785A1151F80D3E82DE8"><enum>(a)</enum><header>Affirmative
Obligation</header><text>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.</text>
</subsection><subsection id="H0A1E72C76A364BA88197ED43C4E0ADC2"><enum>(b)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<paragraph id="H6152F61E1345421D8052154661002733"><enum>(1)</enum><header>Assessment
area</header><text display-inline="yes-display-inline">The term
<term>assessment area</term> means, with respect to an insurance company, each
community, including a State, metropolitan areas, and rural counties, in which
such company—</text>
<subparagraph id="HB55BE50D64A14441B2708E49CA876C3E"><enum>(A)</enum><text>maintains a retail
office or is represented by an agent;</text>
</subparagraph><subparagraph id="HE90EDA4E2D194ECB82326EEFEDE09023"><enum>(B)</enum><text>has not less than
0.5 percent of the total market in insurance; or</text>
</subparagraph><subparagraph id="H1196F858ACE54EC49193CD1D07C4823"><enum>(C)</enum><text>the communities
constituting assessment areas shall include the communities in which the great
majority of policies have been issued.</text>
</subparagraph></paragraph><paragraph id="H55345ABBCB394B0BB11420F564A74775"><enum>(2)</enum><header>Community
development investment</header><text>The term <term>community development
investment</term> 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.</text>
</paragraph><paragraph id="HED23B5A93EF747E591EBA8FC4468CCE"><enum>(3)</enum><header>Insurance
company</header><text>The term <term>insurance company</term> includes any
person engaged in the business of insurance to the extent of such
activities.</text>
</paragraph><paragraph id="HBCE957A49B4148E1A0407C397CA229FE"><enum>(4)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of Housing and Urban
Development.</text>
</paragraph></subsection><subsection id="H7407D5B4B1FF4462BE6D10B5E511FDAB"><enum>(c)</enum><header>Program</header>
<paragraph id="H95CBC0E9B5374A0B905D6C8C5B282976"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H941D3C366F9546C39235CD1555D88FB"><enum>(2)</enum><header>Factors to be
included</header>
<subparagraph id="H410BA074D98C4D8C8BFC5C468D87FA4E"><enum>(A)</enum><header>Customer
evaluation</header><text>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—</text>
<clause id="H202A2991517D4A09BBE18BF0800F84F"><enum>(i)</enum><text>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;</text>
</clause><clause id="HE9B3A90A5D87480BA5634BB3ED38C103"><enum>(ii)</enum><text>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</text>
</clause><clause id="HF8A2213A940F4F9AA688F95037B388D0"><enum>(iii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H8F23882383A3494789FD6E1C7CC7D069"><enum>(B)</enum><header>Community
development investments</header><text>The program shall include, as
appropriate, a method for evaluating an insurance company’s record of community
development investment in each assessment area, including—</text>
<clause id="HF55B3878A8E741F6836FB84EBD5329E"><enum>(i)</enum><text>the
number and dollar amount of community development investments in the assessment
area; and</text>
</clause><clause id="HEDA64D81DD2942569D9C2215B2D1EB01"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="HC4053864F818454E93A0A0A9EA43E31"><enum>(C)</enum><header>Service
performance</header><text>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—</text>
<clause id="HE5A1352C39ED4474A2CF63C8EA3F98E"><enum>(i)</enum><text>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;</text>
</clause><clause id="H472CCC0D37CC4CF2BE75904F175B0233"><enum>(ii)</enum><text>the
company’s record of opening or closing retail offices or affiliating with
agents in the assessment area;</text>
</clause><clause id="HF7083A5522F04FD899057069FCC5F0CD"><enum>(iii)</enum><text>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</text>
</clause><clause id="H0842BD6DF71545B1BBD2EA62CDB47E1E"><enum>(iv)</enum><text>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.</text>
</clause></subparagraph></paragraph><paragraph id="H01C846DDC33E4E6EBC2300C794ABC21C"><enum>(3)</enum><header>Rating</header>
<subparagraph id="HEE325DF697344591BA9D1380C54B0010"><enum>(A)</enum><header>In
general</header><text>The program shall provide for—</text>
<clause id="H7E7572F344B847C7A579B2815940EB12"><enum>(i)</enum><text>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</text>
</clause><clause id="HDDEF8FD585494F8A9EE77F3646C92384"><enum>(ii)</enum><text>an
overall rating, based on the initial ratings pursuant to clause (i) of the
overall achievement of the insurance company in meeting such obligation.</text>
</clause></subparagraph><subparagraph id="H685E621B959A4F6FAB45F589F6029FE1"><enum>(B)</enum><header>Rating
categories</header><text>The rating categories used in rating the performance
of any insurance company shall include <term>Outstanding</term>, <term>High
Satisfactory</term>, <term>Satisfactory</term>, <term>Low Satisfactory</term>,
<term>Needs-to-Improve</term>, and <term>Substantial
Noncompliance</term>.</text>
</subparagraph><subparagraph id="H74D6B562307F477E8030CEB9D6EEC00"><enum>(C)</enum><header>Treatment of
insurance practices with negative impacts</header><text>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—</text>
<clause id="H8911839FCF6C4A8C86B5E589E27D038F"><enum>(i)</enum><text>may
not take any such practice into account in assessing the extent to which such
company has met its obligation under subsection (a); and</text>
</clause><clause id="H5A6E982A01FA4067B0F1A4695FC7702D"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H633F078DC05443C8BF362BE9436B1952"><enum>(D)</enum><header>Maintenance of
certain records</header><text>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.</text>
</subparagraph><subparagraph id="HAD5B5105289646EA84A6355F206F03AF"><enum>(E)</enum><header>Improvement
plan</header>
<clause id="HB2A1E36B214B441BBDE20D972CBA5A6"><enum>(i)</enum><header>In
general</header><text>Whenever an insurance company receives a rating of
<term>low satisfactory</term> or lower in any assessment area, the company
shall submit an improvement plan, subject to public notice and comment, to the
Secretary.</text>
</clause><clause id="H04BE2BAE9AB04E848091F892CF8AE90"><enum>(ii)</enum><header>Contents of
plan</header><text>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 <term>low satisfactory</term> or lower.</text>
</clause><clause id="HC8EBFDDE95C44A7CBEAB26C8F6481DC"><enum>(iii)</enum><header>Review of
plan</header><text>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.</text>
</clause><clause id="H194B92FF51794C0081EBC7A62C2D2D11"><enum>(iv)</enum><header>Quarterly
reports</header><text>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.</text>
</clause><clause id="H92BF5B78BE63468BB29C01D56D811D9C"><enum>(v)</enum><header>Additional
limitations</header><text>If any insurance company receives a rating of
<term>Needs-to-improve</term> or <term>Substantial noncompliance</term> 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.</text>
</clause><clause id="H289C4A57A7C742FE939838E4F6BBDC25"><enum>(vi)</enum><header>Consideration
of performance in certain reviews</header><text>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.</text>
</clause></subparagraph></paragraph></subsection><subsection id="H39B0CADC575E4B7593CAF7AB1C8302C8"><enum>(d)</enum><header>Consideration of
Insurance Company’s Rating</header>
<paragraph id="H6E46AA3B4C874ECCAE22CD6F3F147000"><enum>(1)</enum><header>Review of
rating</header><text>At least once in each 2-year period beginning after the
date of the enactment of this Act, the Secretary shall—</text>
<subparagraph id="H1D0740652DF9498C81134797A3AC1D7F"><enum>(A)</enum><text>conduct an
examination of and assign ratings to each insurance company under this
section;</text>
</subparagraph><subparagraph id="HA3990B606345471F898D9300DE10D89F"><enum>(B)</enum><text>provide
opportunity for public comment on such rating; and</text>
</subparagraph><subparagraph id="H484952DE505844F6845F389F78166160"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H54570DBBB8E34694B3078E8FD231CA45"><enum>(2)</enum><header>Consideration of
insurance company rating</header><text>Whenever the Secretary considers an
application to the agency by an insurance company, the agency shall—</text>
<subparagraph id="H7F52A4F0CF874CB1A6F06F883EF05F57"><enum>(A)</enum><text>take into account
the overall rating of the insurance company under this section and any
improvement plans submitted pursuant to this section;</text>
</subparagraph><subparagraph id="H94D04D679FD3492485CA849DF6DA70AC"><enum>(B)</enum><text>provide
opportunity for public comment on such rating (at least a 30 day public comment
period); and</text>
</subparagraph><subparagraph id="HFDA42F6F22C241B982F7C38A004CA0"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="HD2025FEAEE5440D8A4A7FC2426C513A6"><enum>(3)</enum><header>Notification of
unsatisfactory performance</header><text>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.</text>
</paragraph><paragraph id="H112025AD55284765A9209D26C07176B"><enum>(4)</enum><header>Agreement to
correct conditions required</header><text>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.</text>
</paragraph><paragraph id="H66A0703ADDEA4D11AE2CDA10EF00B1EA"><enum>(5)</enum><header>Secretary may
impose limitations</header><text>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.</text>
</paragraph><paragraph id="H8BAE0AD4892B4D04B6E9A7B262F5935"><enum>(6)</enum><header>Failure to
correct</header><text>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—</text>
<subparagraph id="H68D86D529B994D2D8CD7C46B52EBC544"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="HA939F1A71B17489800BB75BB515B44E0"><enum>(B)</enum><text>publish notice of
such failure to correct in the Federal Register; and</text>
</subparagraph><subparagraph id="HBEE0BA254EDA45A9B9B0A6F42E4D20EA"><enum>(C)</enum><text>notify each
appropriate State insurance regulator of such failure to correct.</text>
</subparagraph></paragraph><paragraph id="H17237F0F90DF44C6AECA41378C02C28B"><enum>(7)</enum><header>Consultation</header><text>In
taking any action under this subsection, the Secretary shall consult with all
relevant Federal and State regulatory agencies and authorities.</text>
</paragraph></subsection><subsection id="H06D6B826D3ED4F7A92CA2CB3CBF7C85B"><enum>(e)</enum><header>Health and Life
Insurance Lines Not Included</header><text>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.</text>
</subsection></section><section id="HCDFFDA1EF38F48929526BEC5C525A9C9"><enum>110.</enum><header>Satisfactory
ratings required by securities company, mortgage bank, and insurance company
affiliates of financial holding companies</header>
<subsection id="H33BBAFEC4E7A41AC92130043D11F086"><enum>(a)</enum><header>In
General</header><text>Section 4(l)(1) of the Bank Holding Company Act of 1956
(12 U.S.C. 1843(l)(1)) is amended—</text>
<paragraph id="H0A8CC7C1DDA74490948700C0D4DECF75"><enum>(1)</enum><text>by striking
<quote>and</quote> at the end of subparagraph (B);</text>
</paragraph><paragraph id="H5706E9B2115D40BD9CBB5779E302F845"><enum>(2)</enum><text>by redesignating
subparagraph (C) as subparagraph (F); and</text>
</paragraph><paragraph id="HEF3631C7D4784A04B43CAFB4AFE8738C"><enum>(3)</enum><text>by inserting after
subparagraph (B) the following new subparagraphs:</text>
<quoted-block id="H186672BC24CE47EE929699EB3412D6CD" style="OLC">
<subparagraph id="H4D543CB72822448B8D745DC95F114940"><enum>(C)</enum><text>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;</text>
</subparagraph><subparagraph id="H4120FB256BD14C0C96E43C55BCA533FB"><enum>(D)</enum><text>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;</text>
</subparagraph><subparagraph id="HA79B511B2683456F95F8BD353E00B0FA"><enum>(E)</enum><text>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</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HA45259E23BF34970AF77AADC4BE58657"><enum>(b)</enum><header>Technical and
Conforming Amendments</header>
<paragraph id="H5B2F8A66AE6B4179AF3400FBBAC5E926"><enum>(1)</enum><text>Section 5(a) of
the Bank Holding Company Act of 1956 (12 U.S.C. 1844(a)) is amended by striking
<quote>section 4(l)(1)(C)</quote> and inserting <quote>section
4(l)(1)(F)</quote>.</text>
</paragraph><paragraph id="H66F7DC56564C4EDBBDED8F13BE128ECB"><enum>(2)</enum><text>Section 8(c)(3)(A)
of the International Banking Act of 1978 (12 U.S.C. 3106(c)(3)(A)) is amended
by striking <quote>section 4(l)(1)(C)</quote> and inserting <quote>section
4(l)(1)(F)</quote>.</text>
</paragraph></subsection></section><section id="HF50118AE9AA64D649232F0F5636D00B6"><enum>111.</enum><header>Responsiveness
to community needs by credit unions</header><text display-inline="no-display-inline">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:</text>
<quoted-block display-inline="no-display-inline" id="H5FC074A3769949A3A869C4DBF9E6FA93" style="OLC">
<section id="H2B3736B9E328474E8CBAC91DC559CC70"><enum>217.</enum><header>Affirmative
obligation to meet the credit needs of the community</header>
<subsection id="HE0176BB6E6B64239A9192F4600136499"><enum>(a)</enum><header>Continuing and
affirmative obligation</header><text>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.</text>
</subsection><subsection id="H65DD076A697B429FBCBC9346B2BC7124"><enum>(b)</enum><header>Definitions</header><text>For
purposes of this section the following definitions shall apply:</text>
<paragraph id="HBCFAFD7604C644E8BF47B55E831ED4F"><enum>(1)</enum><header>Assessment
area</header><text>The term <term>assessment area</term> means an area
delineated by a covered credit union consistent with the requirements described
in subsection (d).</text>
</paragraph><paragraph id="H7D9B6BDB6E684B6CB12744651674D054"><enum>(2)</enum><header>Covered credit
union</header><text>The term <term>covered credit union</term>—</text>
<subparagraph id="HF190754498A94FA68918839BC71BB9CB"><enum>(A)</enum><text>means an insured
credit union (as defined in section 101); and</text>
</subparagraph><subparagraph id="HC72646700A3549FEAF34826879F95C35"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H3F632F01B1114E8CBD7E4880309700F4"><enum>(3)</enum><header>Federal banking
agencies</header><text>The term <term>Federal banking agencies</term> has the
same meaning as in section 3 of the Federal Deposit Insurance Act.</text>
</paragraph><paragraph id="HEFAB1F8CAF86417B89EDC7DE6C00742F"><enum>(4)</enum><header>Low-income and
moderate-income</header><text>The term <term>low-income and
moderate-income</term> 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.</text>
</paragraph><paragraph id="H954B49812C794DCC9E0048E3ED151252"><enum>(5)</enum><header>CRA improvement
plan</header><text display-inline="yes-display-inline">The term <term>CRA
improvement plan</term> 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 <term>low satisfactory</term> or lower.</text>
</paragraph></subsection><subsection id="H0FCA47B09D7B4CFAA9912DD5AD5022E4"><enum>(c)</enum><header>Assessment of
Record of Meeting Community Credit Needs</header>
<paragraph id="H5937DE74993D42679BBAAB5200BD39C8"><enum>(1)</enum><header>Regulations</header><text>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).</text>
</paragraph><paragraph id="HB1B8EE6FFA854B629CF9EE9C082627D3"><enum>(2)</enum><header>Performance
tests</header><text>The regulations prescribed under paragraph (1) shall</text>
<subparagraph id="H77402D806B734A419C101B61868DBC14"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HDEFD018F585A431384E370066FCCA7"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="HBCC526BB1C744F0B00DDF471FCB99D"><enum>(3)</enum><header>Assessment
information</header><text>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—</text>
<subparagraph id="H2D8DB181F6B944ACAA91BFFC61852C43"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="HCD54202BD3644C8B8917FA1F415387CB"><enum>(B)</enum><text>a covered credit
union’s investment in community development financial institutions pursuant to
the Community Development Banking and Financial Institutions Act of
1994;</text>
</subparagraph><subparagraph id="H81895CBB11A04566A100B342A8B99BCF"><enum>(C)</enum><text>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;</text>
</subparagraph><subparagraph id="H8C38BD0765AB479EAEC5E4431847F09C"><enum>(D)</enum><text>a covered credit
union<quote>s lending activity in its assessment area in comparison to the
credit union</quote>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);</text>
</subparagraph><subparagraph id="HBE1E1CAE1BCC4E43A78CC3EC00E25760"><enum>(E)</enum><text>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</text>
</subparagraph><subparagraph id="HA79F50EC76DB4DCBADA3765292F0DF99"><enum>(F)</enum><text>any written
comments about the covered credit union’s record of performance under this
section submitted to the credit union or to the Board.</text>
</subparagraph></paragraph><paragraph id="H1EA8507C433A471C897D036EE2636E10"><enum>(4)</enum><header>Meeting
obligations</header><text>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).</text>
</paragraph></subsection><subsection id="H15FEE540EC3B4469B47709C600D0828D"><enum>(d)</enum><header>Assessment
Area</header>
<paragraph id="HCCCF0967EC074B8F877700DCBAB8B645"><enum>(1)</enum><header>Criteria for
delineating</header><text>The Board shall, by regulation, prescribe criteria
for a covered credit union to use in delineating 1 or more assessment
areas.</text>
</paragraph><paragraph id="H3660B07B90834381811D4E698F5EC84D"><enum>(2)</enum><header>Criteria for
regulations</header><text>Regulations prescribed pursuant to paragraph (1)
shall—</text>
<subparagraph id="H8BF3D712C82941B085DD5C3B0176BF81"><enum>(A)</enum><text>be consistent with
regulations prescribed by the Federal banking agencies under the Community
Reinvestment Act of 1977;</text>
</subparagraph><subparagraph id="H08D9CB6EEEF44625BFA78D4719B56E00"><enum>(B)</enum><text>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;</text>
</subparagraph><subparagraph id="H2199FB44ACFA45A68C04184B5D214FCA"><enum>(C)</enum><text>ensure that the
assessment area includes areas in which a covered credit union includes
membership permitted by section 109(c)(2);</text>
</subparagraph><subparagraph id="H841F6BCF73EB42CA9718AB47DD5362BC"><enum>(D)</enum><text>provide for
consideration of a covered credit union’s shared branch;</text>
</subparagraph><subparagraph id="H84523E3D3F5F4599898572D797438200"><enum>(E)</enum><text>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</text>
</subparagraph><subparagraph id="H01EE638B70794236B48B7CCC63903285"><enum>(F)</enum><text>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).</text>
</subparagraph></paragraph><paragraph id="H21A21092C4664579866E9550D750F98B"><enum>(3)</enum><header>Facilitating
compliance</header><text>The Board shall ensure that any assessment area of a
covered credit union is delineated in a manner that—</text>
<subparagraph id="H4EEAB81A8D68460B84E200F716FCD9B2"><enum>(A)</enum><text>does not permit
the covered credit union to evade its obligations under this section;
and</text>
</subparagraph><subparagraph id="H212D4BC32B874BF8AD9628501C951F67"><enum>(B)</enum><text>reflects the
spirit and intent of this section.</text>
</subparagraph></paragraph><paragraph id="H585F1C95FEDE433CA3247C3F1CC3947D"><enum>(4)</enum><header>Prohibitions</header><text>A
covered credit union’s assessment area shall not—</text>
<subparagraph id="H5AB8C647175F4313B1E2082FAFDF7C04"><enum>(A)</enum><text>reflect illegal
discrimination; or</text>
</subparagraph><subparagraph id="H6B64F9A24FBB41A694D5FD1C82E389AB"><enum>(B)</enum><text>exclude minority
or low- or moderate-income segments of, or communities in, the covered credit
union’s field of membership.</text>
</subparagraph></paragraph></subsection><subsection id="H32A44D9DE7194722954BDDAEA83F17C"><enum>(e)</enum><header>Written
evaluations</header><text>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.</text>
<paragraph id="H429CE7EC085C49FB9812D034365641BE"><enum>(1)</enum><header>Public
section</header><text>Each written evaluation required by this subsection shall
have a public section.</text>
</paragraph><paragraph id="H76BFE8B17F8B4B6081F9EB02D91C8DBB"><enum>(2)</enum><header>Public
section</header><text>The public section of the written evaluation
shall—</text>
<subparagraph id="H19E1D8562A8E4C4196C1B9024976E764"><enum>(A)</enum><text>state the
conclusion for each performance test identified in the regulations prescribed
pursuant to subsection (c);</text>
</subparagraph><subparagraph id="H20B9855BE31F42818092EA4F42BCD745"><enum>(B)</enum><text>discuss the facts
and data supporting such conclusions; and</text>
</subparagraph><subparagraph id="HFFEBADD075F64B9800036F45BEC4A76"><enum>(C)</enum><text>contain the credit
union’s rating and an explanation describing the basis for the rating.</text>
</subparagraph></paragraph><paragraph id="H3A54AE98087F4483B215E996A2BE174"><enum>(3)</enum><header>Ratings</header><text>The
covered credit union’s rating referred to in paragraph (2)(C) shall be one of
the following:</text>
<subparagraph id="H14C71A7399894AE88829E22420139631"><enum>(A)</enum><text>Outstanding record
of meeting community needs.</text>
</subparagraph><subparagraph id="HDE0B18C3396A4CCB83FB90B529AB035F"><enum>(B)</enum><text>High Satisfactory
record of meeting community needs.</text>
</subparagraph><subparagraph id="HC7B543AA4A5342C3AEB238C16E2E5F00"><enum>(C)</enum><text>Satisfactory
record of meeting community needs.</text>
</subparagraph><subparagraph id="HE31A41381D6444BEAD32E5ED52B1E5A2"><enum>(D)</enum><text>Low Satisfactory
record of meeting community needs.</text>
</subparagraph><subparagraph id="HE714549636DB4B97A42DFDA87299037"><enum>(E)</enum><text>Needs to improve
record of meeting community needs.</text>
</subparagraph><subparagraph id="HA326798DAF6D4A15B8589BC91C2B002E"><enum>(F)</enum><text>Substantial
noncompliance in meeting community needs.</text>
</subparagraph></paragraph></subsection><subsection id="H5E3B98BE81554AA6BBB9CCE7D270505E"><enum>(f)</enum><header>Initial separate
evaluation and rating for state, metropolitan, other service areas
required</header><text>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—</text>
<paragraph id="HD9D411F604C9443E95ABEC56AAFE2100"><enum>(1)</enum><text>each metropolitan
area in which the credit union maintains 1 or more domestic branches;</text>
</paragraph><paragraph id="H1F81937AC69B41389CB848FEF09B2C30"><enum>(2)</enum><text>each State in
which the credit union maintains 1 or more domestic branches outside of a
metropolitan area;</text>
</paragraph><paragraph id="HAEA131B2E3E0464BA31946538D22C400"><enum>(3)</enum><text>each community in
which the credit union makes more than 0.5 percent of the total amount of
loans; and</text>
</paragraph><paragraph id="H3ABEA7D1D229475180B538958DAEF539"><enum>(4)</enum><text>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.</text>
</paragraph></subsection><subsection id="H0775326C6F864075A68FFC8B41BDD2F8"><enum>(g)</enum><header>Effect of
Performance on Applications</header><text>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—</text>
<paragraph id="HBBB37706A56E46A688A4294D6DAA0400"><enum>(1)</enum><text>an application for
the credit union to—</text>
<subparagraph id="HD20F7F68FFFE49E68FBA90B5057D2170"><enum>(A)</enum><text>convert to an
insured Federal credit union;</text>
</subparagraph><subparagraph id="HF4606F8B89FE41A38FF711B1C5B0CAF"><enum>(B)</enum><text>convert to an
insured State credit union; or</text>
</subparagraph><subparagraph id="HF289ED673CDA4854B773506093F63E48"><enum>(C)</enum><text>convert to a new
field of membership charter;</text>
</subparagraph></paragraph><paragraph id="HB7A696E9148F4D63BAB543D739D40082"><enum>(2)</enum><text>an application by
a covered credit union to alter or expand its field of membership;</text>
</paragraph><paragraph id="HD4932B50A9D140AE95364B25E7D665A4"><enum>(3)</enum><text>a merger with
another credit union; and</text>
</paragraph><paragraph id="H310F7FE1E49F40538F15A5EE7208A048"><enum>(4)</enum><text>an application to
establish or relocate a branch.</text>
</paragraph></subsection><subsection id="H4A3C727DF6484041B558C4C88D00FE6"><enum>(h)</enum><header>CRA improvement
plan</header>
<paragraph id="HC48B62E3612A412BAAB91CEA715730A4"><enum>(1)</enum><header>In
general</header><text>Whenever a credit union receives a rating of <term>low
satisfactory</term> 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.</text>
</paragraph><paragraph id="H39DAC66C1969458F822BF97B30FD3340"><enum>(2)</enum><header>Contents of
plan</header><text>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 <term>low satisfactory</term> or
lower.</text>
</paragraph><paragraph id="H52B943EC15DD45B192843407B769CAD0"><enum>(3)</enum><header>Review of
plan</header><text>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.</text>
</paragraph><paragraph id="HDEB24F94E7814254BB5BC9008B4C7995"><enum>(4)</enum><header>Quarterly
reports</header><text display-inline="yes-display-inline">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 <term>low satisfactory</term>
or lower.</text>
</paragraph><paragraph id="H84B3020E02364E3E85A80026352E0700"><enum>(5)</enum><header>Additional
limitations</header><text>If any credit union receives a rating of
<term>Needs-to-improve</term> or <term>Substantial noncompliance</term> 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.</text>
</paragraph><paragraph id="H8BE365393F9845358B22AFD6A00B8DD"><enum>(6)</enum><header>Consideration of
performance in certain reviews</header><text>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.</text>
</paragraph></subsection><subsection id="HAD360592B882410BA8A5BD17EC5F221E"><enum>(i)</enum><header>Reporting and
Publication</header>
<paragraph id="H58B1081EDC4A409AAAEA28B1539BE3DA"><enum>(1)</enum><header>Annual
reports</header><text>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.</text>
</paragraph><paragraph id="HFDBC57B2D17F4070AD38F8274397CEC7"><enum>(2)</enum><header>Publication of
exam schedule</header><text>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.</text>
</paragraph></subsection><subsection id="H577B4D3A3E964E5AAA75A089F27E8500"><enum>(j)</enum><header>Report on
Implementation</header>
<paragraph id="H9CE6281F5D0C40C700C69F4871BFE1D"><enum>(1)</enum><header>Report to the
congress</header><text>Within 90 days of final issuance of the regulations
required under this section, the Board shall report to the Congress on—</text>
<subparagraph id="H63BDCD0B7337410A9EC950461600289F"><enum>(A)</enum><text>the implementation
of the regulations required under this section;</text>
</subparagraph><subparagraph id="HE433DEDD6A2149B0BBEA15D02C0405BD"><enum>(B)</enum><text>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</text>
</subparagraph><subparagraph id="H9336D775DA2D43E8AEF42ED6696C9D"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="HA54CB1B63FC948BD900765E800AC974"><enum>(2)</enum><header>General
accounting office study</header><text>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—</text>
<subparagraph id="HA6B8A93971DC45CE91B2C5FC4D9CC4C8"><enum>(A)</enum><text>conduct a study
detailing the effectiveness of the Board’s implementation of this act;
and</text>
</subparagraph><subparagraph id="H88DE2AF8C18549F591F0F219006EC0FC"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><enum>II</enum><header>DATA
DISCLOSURE REQUIREMENTS</header>
<subtitle id="H98A030785D9C4F3286A948A964FB5248"><enum>A</enum><header>Disclosure of
Insurance Availability and Insurer Investment Information</header>
<section id="H7D46510E6AA444A8BDBA20BE663869AB"><enum>201.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>Insurance Disclosure
Act</short-title></quote>.</text>
</section><section id="H791082CABC894685B61F1407BAAE0117"><enum>202.</enum><header>Establishment
of general requirements to submit information</header>
<subsection id="H7ED46F982FBE4999B2092E726063A7A1"><enum>(a)</enum><header>In
General</header><text>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.</text>
</subsection><subsection id="H9AEA806DDE5349EEAA00CCC9256D3347"><enum>(b)</enum><header>Consultation</header><text>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.</text>
</subsection><subsection id="HC907B5B77FF74EDCBD77B0F238CFF1E1"><enum>(c)</enum><header>Health and Life
Insurance Lines Not Included</header><text>This title shall not apply to life
or health lines of insurance or to insurers that provide only life or health
insurance products.</text>
</subsection></section><section id="HF9995A194DD747B59315001574577885"><enum>203.</enum><header>Reporting of
noncommercial insurance information</header>
<subsection id="H0FA6EF3E6DC34460A8D32D2A3E5F882"><enum>(a)</enum><header>In
General</header><text>The requirements established pursuant to section 202 to
carry out this section shall—</text>
<paragraph id="H84F267321B1C4AE4B336CF6FA796E236"><enum>(1)</enum><text>be designed to
ensure that information is submitted and compiled under this section as may be
necessary to permit analysis and comparison of—</text>
<subparagraph id="H8E3A39F5AF5445E3B6ADC449B65031B5"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H6861563DAAEA46FC88A0FE718BB609B"><enum>(B)</enum><text>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</text>
</subparagraph></paragraph><paragraph id="HD84A129E68074250AB8D129E199704AB"><enum>(2)</enum><text>specify the data
elements required to be reported under this section and require uniformity in
the definitions of the data elements.</text>
</paragraph></subsection><subsection id="H3197F7E5547B441080F37E9F3C1900DE"><enum>(b)</enum><header>Insurers</header>
<paragraph id="H0CC1BCAEA7A440D88732B2B3008C6576"><enum>(1)</enum><header>Aggregate
information</header><text>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—</text>
<subparagraph id="HC3D47AA021F04A02A943D11D2D02FE28"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="HBA4E1FFE31ED423DA9AED983E6DFEC12"><enum>(B)</enum><text>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;</text>
</subparagraph><subparagraph id="H146868690E9F41918C3F6BBB838E1F72"><enum>(C)</enum><text>the total number
of—</text>
<clause id="H3C5B131EA511457E9EE8EAEACE10325"><enum>(i)</enum><text>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</text>
</clause><clause id="H5CAD02A597234EA7B64C545F16958C6C"><enum>(ii)</enum><text>such agents who
were terminated by the insurer, by census tract in which the agent’s principal
place of business was located; and</text>
</clause></subparagraph><subparagraph id="HA2E0081FB56042B68F732D4738C33BB8"><enum>(D)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H06986A14D340455595F0119F604BA43F"><enum>(2)</enum><header>Specification of
information for itemized disclosure</header>
<subparagraph id="H1EA833BC5A374776A86E38B65D4DFE86"><enum>(A)</enum><header>In
general</header><text>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—</text>
<clause id="H25E2A407A0B44BAC9FC9DFD19B1CFCD0"><enum>(i)</enum><text>specify the data
elements that shall be submitted;</text>
</clause><clause id="HF9B6E675BE9E482F916C2EA16B047B91"><enum>(ii)</enum><text>provide for the
submission of information on an individual insurer basis;</text>
</clause><clause id="HA7A5632A154E47A5A7FA8D1957D1EE8F"><enum>(iii)</enum><text>provide for the
submission of the information with the least burden on insurers, particularly
small insurers, and insurance agents;</text>
</clause><clause id="H214B605F87E6492BB7EC9985A1A6F831"><enum>(iv)</enum><text>take into account
existing statistical reporting systems in the insurance industry;</text>
</clause><clause id="HFB2293E5D79E48A0A0733D445BB357BD"><enum>(v)</enum><text>require reporting
by census tract, including minority and low- and moderate-income neighborhoods,
in which the insured risk is located;</text>
</clause><clause id="H023D4C5EEABB43D58B796C66CE7BF090"><enum>(vi)</enum><text>provide for the
submission of information that—</text>
<subclause id="HC4AC1B80832C47AC87F41196278C0036"><enum>(I)</enum><text>identifies the
designated line, and subline or coverage type; and</text>
</subclause><subclause id="H627A1B7D79D3455BA536B3B4DE14DC46"><enum>(II)</enum><text>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;</text>
</subclause></clause><clause id="H69538DF3837146C89FCCBB53696F42CF"><enum>(vii)</enum><text>provide for the
submission of information that distinguishes policies written in a residual
market from policies written in the voluntary market;</text>
</clause><clause id="H0562CCEC5E724CD900F3A895124899F4"><enum>(viii)</enum><text>specify—</text>
<subclause id="H364DDB04989542BA8DE4FB00B63BA795"><enum>(I)</enum><text>whether
information shall be submitted on the basis of policy or exposure unit;
and</text>
</subclause><subclause id="H4898E5D4995A4622B53825E8E11DE2ED"><enum>(II)</enum><text>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;</text>
</subclause></clause><clause id="H9024A8F6A481413F9BE900BA70E48461"><enum>(ix)</enum><text>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</text>
</clause><clause id="HE8E9F64FA2A846A9A2EA6EF6DB3611"><enum>(x)</enum><text>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).</text>
</clause></subparagraph><subparagraph id="H9D9CE62FB51F4FCBB01022008051AC4D"><enum>(B)</enum><header>Rules regarding
obtaining racial information</header>
<clause id="H68E326EBC1204F390083000024F3C6FE"><enum>(i)</enum><header>Writing
requirement</header><text>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.</text>
</clause><clause id="H7639F56B58904973A9FF94B2C963D27"><enum>(ii)</enum><header>Notice of
voluntary nature of question</header><text>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.</text>
</clause><clause id="H5A7E07EB67C34AF0947900DAA8CEC00"><enum>(iii)</enum><header>Provision of
information by agent or insurer</header><text>If an applicant for, or
policyholder of, insurance declines to provide such information, the agent or
insurer for such insurance may provide such information.</text>
</clause></subparagraph></paragraph><paragraph id="H8057044D50294CA0B99535C7D1DECD35"><enum>(3)</enum><header>Rule for
reporting by insurers</header><text>An insurer for a designated line shall
submit—</text>
<subparagraph id="HE10EBBEC2A43440D96AABCC2D8A54B29"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H002575F069704914BD22BA3113C7A39D"><enum>(B)</enum><text>information
required under paragraph (1)(C) for agents within such census tracts.</text>
</subparagraph></paragraph></subsection></section><section id="HBF34457EAA744C05BD047B8860E7CE5C"><enum>204.</enum><header>Reporting of
rural insurance information</header>
<subsection id="H3C88A0E56F2B4CC7AA382E3512C7E0B"><enum>(a)</enum><header>In
General</header><text>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.</text>
</subsection><subsection id="H0B888E83EADE4E00B8F1D1299F9694B"><enum>(b)</enum><header>Content</header><text>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.</text>
</subsection></section><section id="H3DA0DFBBCFBA4007B1297CA38DC06838"><enum>205.</enum><header>Waiver of
reporting requirements</header>
<subsection id="H328D3D326BCF4DAFBEE44FC3BAC0FF2C"><enum>(a)</enum><header>Waiver for
States Collecting Equivalent Information</header>
<paragraph id="H42162F83AEF6472B83F7A67146201FE0"><enum>(1)</enum><header>Authority</header><text>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.</text>
</paragraph><paragraph id="H2C129EDF78EE404AABD8A711C390068"><enum>(2)</enum><header>Requirements</header><text>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—</text>
<subparagraph id="HB261A77DD945473B98492D2BFEEA5D7F"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="H11AC0BEB1BC44DE0BC54A220B77E3475"><enum>(B)</enum><text>provides for
adequate enforcement of such law or other requirements; and</text>
</subparagraph><subparagraph id="H3D30DF720E2243EC8130E94A1827FE3"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H514ACF33A6714BADB6413C832F9D4B2B"><enum>(3)</enum><header>Duration</header><text>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.</text>
</paragraph></subsection><subsection id="H8186D6A99E784731A8FDADA94F2DF6C6"><enum>(b)</enum><header>Multiple-State
Areas</header><text>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.</text>
</subsection><subsection id="H9A66BD85415446DEB94B77154914FCCA"><enum>(c)</enum><header>Authority for
Secretary To Obtain Information Directly From Insurers</header><text>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.</text>
</subsection></section><section id="H0C3635C751B647BD8CB5BF300004B84"><enum>206.</enum><header>Reporting by
private mortgage insurers</header>
<subsection id="HD6E1A0BAB86647CE8B7ED3D6C7002851"><enum>(a)</enum><header>HMDA
Reporting</header><text>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.</text>
</subsection><subsection id="HD85EB6703F1F44D2B1DD69649126BCBD"><enum>(b)</enum><header>Reporting Under
This Title</header>
<paragraph id="HE2313375374449ACAD2FEBB19E168FDF"><enum>(1)</enum><header>Certification of
noncompliance</header><text>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.</text>
</paragraph><paragraph id="HBC85C3E640B94E809F7DA08E5B4FC58"><enum>(2)</enum><header>Requirement</header><text>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.</text>
</paragraph></subsection></section><section id="HB17A637B594D4B2EBBEA17505B00A8DD"><enum>207.</enum><header>Reporting of
information regarding investments by insurers</header>
<subsection id="HA2BF86772A3A49DB8EF035C7003CF540"><enum>(a)</enum><header>In
General</header><text>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:</text>
<paragraph id="HC76E64F3B7024E5382A14544EBE9785"><enum>(1)</enum><header>Direct
loans</header>
<subparagraph id="HC34E4545EBDA432684F8BD00482591A8"><enum>(A)</enum><header>Commercial real
estate loans</header><text>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.</text>
</subparagraph><subparagraph id="H95895EE734A94733B3CF11B791135B97"><enum>(B)</enum><header>Single-family
mortgages</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="HD5CFA4F8421246369612E886BD8854EE"><enum>(C)</enum><header>Commercial and
industrial loans</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H940E27197C9C4E79BB54455EAE92CE9"><enum>(2)</enum><header>Loan
purchases</header>
<subparagraph id="H7DDA86C15BED41EC808D3DF272ACA5C7"><enum>(A)</enum><header>Commercial real
estate loans</header><text>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.</text>
</subparagraph><subparagraph id="HD82BB54BA13A4745B900FFBBA44F73F"><enum>(B)</enum><header>Single-family
mortgages</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="H456240D344E64CC7850000363FF46C8B"><enum>(C)</enum><header>Commercial and
industrial loans</header><text>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.</text>
</subparagraph></paragraph><paragraph id="HA9ABBAEA3EA24AA99689368172154851"><enum>(3)</enum><header>Other
investments</header><text>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.</text>
</paragraph></subsection><subsection id="H6EB6F5778DD84E6FB2A211FDF44EF900"><enum>(b)</enum><header>Designation of
Other Investments</header>
<paragraph id="H40624699CE924E3880A39D4993270027"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H7FECA4D95C464847A5E2303DA01CDCDD"><enum>(2)</enum><header>Requirement</header><text>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.</text>
</paragraph><paragraph id="H068F8CDF0F494448881F614B283C4C56"><enum>(3)</enum><header>Considerations</header><text>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.</text>
</paragraph></subsection><subsection id="H2ECD36A6BEB54C4FAF84EFAE861B63B1"><enum>(c)</enum><header>Size of
Business</header><text>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.</text>
</subsection></section><section id="H3257FB30B7F842F4A8C9002743CDCAA3"><enum>208.</enum><header>Submission of
information to Secretary and maintenance of information</header>
<subsection id="H462C0CC0DB034A5088820414AC41EB44"><enum>(a)</enum><header>Period of
Maintenance</header><text>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.</text>
</subsection><subsection id="HA96B2275664049718D076787DF4CCF01"><enum>(b)</enum><header>Submission</header><text>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.</text>
</subsection></section><section id="H143051ACAE8542D7A952E5B91C2D45A6"><enum>209.</enum><header>Availability
and access system</header>
<subsection id="HA3C22302C5A34F019F6E316900A32D3F"><enum>(a)</enum><header>Availability to
Public</header>
<paragraph id="HF0F59695B21E46CB92944E767F9868F2"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HCD3FE0A4AA3145EE907CB18816CA4986"><enum>(2)</enum><header>Timing</header><text>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.</text>
</paragraph></subsection><subsection id="H9C9CF2BD85D94170BB9B965800BDA0EE"><enum>(b)</enum><header>Public Access
System</header>
<paragraph id="HB493B48A664F4CEA8E52C2B5684326E9"><enum>(1)</enum><header>Implementation</header><text>The
Secretary shall implement a system to facilitate access to any information
required to be made available to the public under this title.</text>
</paragraph><paragraph id="H4B7978C253E24511A706D900FA2D5D1C"><enum>(2)</enum><header>Bases of
availability</header><text>The system shall provide access in the following
manners:</text>
<subparagraph id="HBBD232017659412391D0C38C72F8B33E"><enum>(A)</enum><header>Access to
itemized information</header><text>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.</text>
</subparagraph><subparagraph id="HDC95C79D659E4A3895E3C7235ECAA2B"><enum>(B)</enum><header>Access to
aggregate information</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H2A3ACADE8762468AB97FFE768536B5B2"><enum>(c)</enum><header>Protections
Regarding Loss Information</header>
<paragraph id="H9CB9C058744A4C52A2ACD858967BB560"><enum>(1)</enum><header>Prohibition of
disclosure of loss information</header><text>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.</text>
</paragraph><paragraph id="HC0A9FEA7977F4FADABBA6D1572C1B720"><enum>(2)</enum><header>Protection of
identity of insurer</header><text>In making available to the public or
otherwise disclosing a loss ratio for an insurer—</text>
<subparagraph id="H767A724D647C406CBFF2F1427799B66"><enum>(A)</enum><text>the Secretary may
not identify the insurer to which the loss ratio relates; and</text>
</subparagraph><subparagraph id="H8DC18533080C47C0B54C843F2D9B96F5"><enum>(B)</enum><text>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).</text>
</subparagraph></paragraph><paragraph id="H6CAEB460E47A44FF8CBE4FA8635E8C48"><enum>(3)</enum><header>Confidentiality
of information disclosed to governmental agencies</header><text>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.</text>
</paragraph></subsection></section><section id="H74A5365DE08D4E88BCAA7A801CC7655"><enum>210.</enum><header>Designations</header>
<subsection id="HC85B70648E464E76B0154731F6EA59F7"><enum>(a)</enum><header>Designation of
Lines of Insurance</header>
<paragraph id="HE89E108F438C46CB9ED497A669AB3A2"><enum>(1)</enum><header>In
general</header><text>The Secretary shall, by regulation, designate lines of
insurance as designated lines for purposes of this title, as follows:</text>
<subparagraph id="H0E0FFE9FCD7C4C24A5147C72281FF646"><enum>(A)</enum><header>Automobile</header><text>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.</text>
</subparagraph><subparagraph id="H17723BF1F3864EEB806400673306306F"><enum>(B)</enum><header>Noncommercial
insurance for residential property</header><text display-inline="yes-display-inline">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</text>
</subparagraph></paragraph><paragraph id="HFDC5991BEBE947A1A73F37D3B93DC154"><enum>(2)</enum><header>Report</header><text display-inline="yes-display-inline">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.</text>
</paragraph><paragraph id="H8D1A01950B414560A8A26CC0C6F1FC3"><enum>(3)</enum><header>Duration</header>
<subparagraph id="H05C2726878304B59922FB7E100842065"><enum>(A)</enum><header>In
general</header><text>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.</text>
</subparagraph><subparagraph id="H5E21AD0264564319849666A91600253D"><enum>(B)</enum><header>Alteration</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H2D5B4CC2EB9248C69EB66007FA42F781"><enum>(b)</enum><header>Timing of
Designations</header><text>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.</text>
</subsection><subsection id="H1902A765E5904B6500CEFCBD47F3341D"><enum>(c)</enum><header>Obtaining
Information</header><text>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).</text>
</subsection></section><section id="H9964E5AF6AD94EF49700F771368C60CC"><enum>211.</enum><header>Enforcement</header>
<subsection id="H571094261C4C4934BED8A38D77A9811B"><enum>(a)</enum><header>Civil
Penalties</header><text>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.</text>
</subsection><subsection id="H6AF596D2176249B586BAE9F49FF72EC"><enum>(b)</enum><header>Injunction</header><text>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).</text>
</subsection><subsection id="HD6166EB69E6341AD9922435FC5C92D85"><enum>(c)</enum><header>Insurer
Liability</header><text>An insurer shall be responsible under subsections (a)
and (b) for any violation of a statistical agent acting on behalf of the
insurer.</text>
</subsection></section><section id="H9E0DD05F8C1141848CA1F3D1A6C0B3EC"><enum>212.</enum><header>Exemption and
relation to State laws</header>
<subsection id="H1C78D7A3ECF54B0BB2DFCF00A7FCB600"><enum>(a)</enum><header>Exemption for
United States Programs</header><text>Reporting shall not be required under this
title with respect to insurance provided by any program underwritten or
administered by the United States.</text>
</subsection><subsection id="H8B444B26D9F04C6B931D81AF00353F2D"><enum>(b)</enum><header>Relation to
State Laws</header><text>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.</text>
</subsection></section><section id="HDF4114032FBF4D3CA73871F3E1A864AC"><enum>213.</enum><header>Regulations</header>
<subsection id="H971710E0B29F42B5A83BB48C01CA77DD"><enum>(a)</enum><header>Authorization</header>
<paragraph id="HA50D95EB318B4959004F83335BEBE64F"><enum>(1)</enum><header>In
general</header><text>The Secretary shall issue any regulations required under
this title and any other regulations that may be necessary to carry out this
title.</text>
</paragraph><paragraph id="H3BB3F7DBEB6B48DCBAFAEDCEFE005D30"><enum>(2)</enum><header>Substantive
regulations</header><text>The regulations shall be issued in accordance with
the procedures under section 553 of title 5, United States Code, for
substantive regulations.</text>
</paragraph><paragraph id="H73443DFD52724ABC873C1165F86600A6"><enum>(3)</enum><header>Effective
date</header><text>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.</text>
</paragraph></subsection><subsection id="H743511A2709A4D8D8BB2ED9600BBD961"><enum>(b)</enum><header>Burdens</header><text>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.</text>
</subsection></section><section id="H78014CCD13374C489E975B1131DC7B9D"><enum>214.</enum><header>Definitions</header><text display-inline="no-display-inline">For purposes of this subtitle, the following
definitions shall apply:</text>
<paragraph id="H50581D7ED0E5406583AB4F3EB8EBC94"><enum>(1)</enum><header>Agent</header><text>The
term <term>agent</term>—</text>
<subparagraph id="H817D58FFCF82408E81B200FB0089AD10"><enum>(A)</enum><text>means, with
respect to an insurer, an agent licensed by a State who sells property and
casualty insurance; and</text>
</subparagraph><subparagraph id="HC556614E7DE848C483213892EC45C179"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H59750DFCBD7E488B82E05896A1F6B8F7"><enum>(2)</enum><header>Commercial
insurance</header><text>The term <term>commercial insurance</term> 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.</text>
</paragraph><paragraph id="HE0B788F59BCC4D0B9E6D6FF1B57E73EC"><enum>(3)</enum><header>Designated
line</header><text>The term <term>designated line</term> means a line of
insurance or bid, performance, and payment bonds designated by the Secretary
under section 210(a).</text>
</paragraph><paragraph id="HBCF3DF39F400479DA01645C4948CE3C"><enum>(4)</enum><header>Exposures</header><text>The
term <term>exposures</term> 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).</text>
</paragraph><paragraph id="H78D2E5E065804F7299624488453B0312"><enum>(5)</enum><header>Exposure
units</header><text>The term <term>exposure units</term> 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.</text>
</paragraph><paragraph id="H3F7554C841A249D89EA47E77A8F2B0CA"><enum>(6)</enum><header>Insurance</header><text>The
term <term>insurance</term> 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.</text>
</paragraph><paragraph id="H9925803EE0D8453D8F4FBD56798BF003"><enum>(7)</enum><header>Insurer</header><text>The
term <term>insurer</term>—</text>
<subparagraph id="H1B6638D560E343218472FCEF772D7E18"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HA9E05F9980A34E9BB3514044EC22E00"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H6AF0723583F24D6D00D2F632E9F6A8F"><enum>(8)</enum><header>Issued</header><text>The
term <term>issued</term> means, with respect to an insurance policy, newly
issued or renewed.</text>
</paragraph><paragraph id="H482F4FE2B2B44DD6A58569F9E9254DC5"><enum>(9)</enum><header>Joint
underwriting association</header><text>The term <term>joint underwriting
association</term> means an unincorporated association of insurers established
to provide a particular form of insurance to the public.</text>
</paragraph><paragraph id="H3BC94EA6AF704B7BA9D742BB00F0CE43"><enum>(10)</enum><header>Mortgage
insurance</header><text>The term <term>mortgage insurance</term> means
insurance against the nonpayment of, or default on, a mortgage or loan for
residential or commercial property.</text>
</paragraph><paragraph id="H4A6FF50706B245078163C91F0979E093"><enum>(11)</enum><header>Private
mortgage insurance</header><text>The term <term>private mortgage
insurance</term> 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.</text>
</paragraph><paragraph id="H57B9AC16EED34C950027B7EFE718A207"><enum>(12)</enum><header>Property and
casualty insurance</header><text>The term <term>property and casualty
insurance</term>—</text>
<subparagraph id="HC4EE79408FA64A6C91102CBFB50001F0"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H542AFFD40FBE4E49A1B02DA8D49F767C"><enum>(B)</enum><text>does not include
workers’ compensation, professional liability, or title insurance.</text>
</subparagraph></paragraph><paragraph id="H61D9754BEC35411E9F365F6DC04656A5"><enum>(13)</enum><header>Residual
market</header><text>The term <term>residual market</term>—</text>
<subparagraph id="HFE6D2C2EC5B547C5914BE9728DEDE7D8"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H848FB3D0173141AFBA8839CA96EAB860"><enum>(B)</enum><text>includes each
statewide plan under part A of title XII of the National Housing Act to assure
fair access to insurance requirements.</text>
</subparagraph></paragraph><paragraph id="H407FA793DE884E2C892D6FE96DDD9F48"><enum>(14)</enum><header>Rural
area</header><text>The term <term>rural area</term> means any area that—</text>
<subparagraph id="HE3DE367945E34D4390CAC8A4FD4FAF8"><enum>(A)</enum><text>has a population of
10,000 or more;</text>
</subparagraph><subparagraph id="H05F7AFE0DE2B4A769298899222AE73AA"><enum>(B)</enum><text>has a continuous
boundary; and</text>
</subparagraph><subparagraph id="H40AFF492F2544D35A4C85F41EF8F8BB0"><enum>(C)</enum><text>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).</text>
</subparagraph></paragraph><paragraph id="H343848282D4340B796928395C33F14CD"><enum>(15)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of Housing and Urban
Development.</text>
</paragraph><paragraph id="HEDF02282AA36424295E290FEE437B7E9"><enum>(16)</enum><header>State</header><text>The
term <term>State</term> 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.</text>
</paragraph></section><section id="HAAB018A53590432E8E6900B612138F82"><enum>215.</enum><header>Effective
date</header><text display-inline="no-display-inline">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.</text>
</section></subtitle><subtitle id="H3F76215D81B14D2095E4F9A337448D11"><enum>B</enum><header>Improvements in
Other Data Disclosure Requirements</header>
<section id="H0112309A2CDB4077A000E8AE64DE001C"><enum>221.</enum><header>Maintenance and
disclosure of information by the Financial Institutions Examination
Council</header>
<subsection id="H46F3C6D26144447D85F2A6F3B636E20"><enum>(a)</enum><header>In
General</header><text>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.</text>
</subsection><subsection id="H52418A927A2E40518D3B4E9084F9DEB8"><enum>(b)</enum><header>Maintenance of
Database</header><text>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.</text>
</subsection></section></subtitle><enum>III</enum><header>REGULATORY AND
STRUCTURAL REFORMS</header>
<section id="H84F32F85687D4BB5B7C698F007AA47DC"><enum>301.</enum><header>Antiredlining
requirement for financial holding companies</header><text display-inline="no-display-inline">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—</text>
<paragraph id="H6BBC1E9E3F554C87A505D8D76C36E02"><enum>(1)</enum><text>by
striking <quote>and</quote> at the end of subparagraph (E);</text>
</paragraph><paragraph id="H9E3A12AA3CF64AC2AB44152D61063EBA"><enum>(2)</enum><text>by striking the
period at the end of subparagraph (F) (as so redesignated by such section 110
of title I) and inserting <quote>; and</quote>; and</text>
</paragraph><paragraph id="HC64EF26BEE8C463DA56727216D34F706"><enum>(3)</enum><text>by adding at the
end the following new subparagraph:</text>
<quoted-block id="H90785B0B69ED42F09F0834B61D8EDD5F" style="OLC">
<subparagraph id="H03D82D6476684B1CAC241631FA2924C"><enum>(G)</enum><text>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—</text>
<clause id="HE3CEAF783BEC4649A8717979BED79FC8"><enum>(i)</enum><text>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</text>
</clause><clause id="H2E3255506304467700DA9FF508376CCA"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="H45D1DC332AC2496484012B434D1F5312"><enum>302.</enum><header>Notice and
public comment required before establishing a financial holding
company</header><text display-inline="no-display-inline">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:</text>
<quoted-block id="H6C4BD54338724F4AA3A5446F9638A83C" style="OLC">
<paragraph id="H557479C561A642C0849F7103D445C7E7"><enum>(6)</enum><header>Notice and
opportunity for comment required</header>
<subparagraph id="H4207F4019E3E421C00003942581397B3"><enum>(A)</enum><header>In
general</header><text>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—</text>
<clause id="HBC84F56CD3C141B2ACD71F31A745061B"><enum>(i)</enum><text>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;</text>
</clause><clause id="H0D6D72994D134F39B9BABC4B56500E9"><enum>(ii)</enum><text>the Board has
provided public notice and opportunity for comment for not less than 30 days;
and</text>
</clause><clause id="H9A8BC3170A79442F9C83F9B26E8C4C26"><enum>(iii)</enum><text>the Board has
not issued a notice disapproving the proposed acquisition or retention.</text>
</clause></subparagraph><subparagraph id="HA488690432D54704BC5CB060402C8FA"><enum>(B)</enum><header>Factors for
consideration</header><text>In reviewing any prior notice filed under this
paragraph, the Board shall take into consideration—</text>
<clause id="H0A716B1C46A14A56991678012257329D"><enum>(i)</enum><text>whether the
company is in compliance with all applicable criteria set forth in subsection
(b) and the provisions of subsection (d);</text>
</clause><clause id="HA31BB9126552491DBDB6F707B000668"><enum>(ii)</enum><text>whether the
proposed combination represents an undue aggregation of resources;</text>
</clause><clause id="HC66913B3062A4C14A821D7E8165A6A2"><enum>(iii)</enum><text>whether the
proposed combination poses a risk to the deposit insurance system;</text>
</clause><clause id="HBFD9F4FCA901473ABDE4F062264100CF"><enum>(iv)</enum><text>whether the
proposed combination poses a risk to State insurance guaranty funds;</text>
</clause><clause id="HDF38B4517B83492693F028F7087C4F3F"><enum>(v)</enum><text>whether the
proposed combination can reasonably be expected to be in the best interests of
depositors or policyholders of the respective entities;</text>
</clause><clause id="HAA7F897C05C94518BAED45D72CF97C38"><enum>(vi)</enum><text>whether the
proposed transaction can reasonably be expected to further the purposes of this
Act and produce benefits to the public;</text>
</clause><clause id="H3946152E772F48C5AC95827F19E46492"><enum>(vii)</enum><text>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</text>
</clause><clause id="HE2DDC53D5CC946D5B138DBFD0592B1B1"><enum>(viii)</enum><text>the community
reinvestment record of all parties to the proposed transaction.</text>
</clause></subparagraph><subparagraph id="HC53EA39CF36C4352A6B3BFA00607868"><enum>(C)</enum><header>Required
information</header><text>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.</text>
</subparagraph><subparagraph id="H30030415F41346789798C0803EAA0990"><enum>(D)</enum><header>Solicitation of
views of other supervisory agencies</header>
<clause id="HFE07596E7F214B8BA1C2D566B6853F44"><enum>(i)</enum><header>In
general</header><text>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—</text>
<subclause id="HDC3E27035618470482BFE955D3DE812F"><enum>(I)</enum><text>the appropriate
Federal banking agency of any bank involved;</text>
</subclause><subclause id="H98011E8FFDE1400397F4912E626381FE"><enum>(II)</enum><text>the appropriate
functional regulator of any functionally regulated nondepository institution
(as defined in section 5(c)(1)(C)) involved; and</text>
</subclause><subclause id="HCCD33ED617804AD79EB44D7407DF98A0"><enum>(III)</enum><text>the Secretary of
the Treasury, the Attorney General, and the Federal Trade Commission.</text>
</subclause></clause><clause id="H0708D0B44E5A43069FEBD0A383336514"><enum>(ii)</enum><header>Timing</header><text>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.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HC687B14365D341218206E5439FDA89E2"><enum>303.</enum><header>Public meetings
for bank acquisitions and mergers</header>
<subsection id="H5D7B1B20293C44F1A1FDCC8F7DB586"><enum>(a)</enum><header>Bank Holding
Company Act of 1956</header><text>Section 3(c)(2) of the Bank Holding Company
Act of 1956 (12 U.S.C. 1842(c)(2)) is amended—</text>
<paragraph id="H31DC8DC4A82A4E19BBE1BBD9C2F6D8C9"><enum>(1)</enum><text>by striking
<quote><header-in-text level="paragraph" style="OLC">Factors</header-in-text>.—In every case</quote> and
inserting</text>
<quoted-block display-inline="yes-display-inline" id="H1F3EAA8D7B2746CE9FA5F6BA412ECE65" style="OLC">
<text><header-in-text level="paragraph" style="OLC">Factors.—</header-in-text></text><subparagraph id="H80C9B1E0805645F1B0C2D012C1AEA900"><enum>(A)</enum><header>In
general</header><text>In every case</text>
</subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H0D4EB61D7D49456BAA865C0872AEBFA"><enum>(2)</enum><text>by
adding at the end the following new subparagraphs:</text>
<quoted-block id="H9FEB78F274D048598BFDAB454C6C463C" style="OLC">
<subparagraph id="H823602908C334573B1E6C990CFF10050"><enum>(B)</enum><header>Meetings</header><text>Upon
the request of any person that commented on the application, the Board
shall—</text>
<clause id="H95E63B4172D3451DAA7F704C2413E866"><enum>(i)</enum><text>hold a meeting
involving the commenters and the institution; and</text>
</clause><clause id="H4B98A2C7EF1441279D19985C4DB05239"><enum>(ii)</enum><text>gather and
consider additional information discussed at the meeting.</text>
</clause></subparagraph><subparagraph id="HA4714CC021E34722A1C16D04FC40BCF6"><enum>(C)</enum><header>Public
hearings</header>
<clause id="H38ABA863B619447395625CACA901A224"><enum>(i)</enum><header>In
general</header><text>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.</text>
</clause><clause id="H73C9E8304C8F431E93C82F85DF1F74"><enum>(ii)</enum><header>Number</header><text>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.</text>
</clause><clause id="H373CB976057144F986004ED355B3151"><enum>(iii)</enum><header>Opportunity to
be heard on impact of acquisition or merger</header><text>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.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H0D8468F8F65140E0B3DB7CE742C71366"><enum>(b)</enum><header>Federal Deposit
Insurance Act</header><text>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:</text>
<paragraph id="H3A20E7370CD84BB394C9923E5BA2439D"><enum>(12)</enum><header>Meetings</header><text>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.</text>
<quoted-block id="H330864F62724449CBCE8B600005495EF" style="OLC">
<paragraph id="H8DAE943DF77B4E78A399DFD232B2B554"><enum>(13)</enum><header>Meetings</header><text>Upon
the request of any person that commented on an application, the responsible
agency shall—</text>
<subparagraph id="H33D119F879ED423CA4E32E7337CD02B0"><enum>(A)</enum><text>hold a meeting
involving the commenters and any insured depository institution involved;
and</text>
</subparagraph><subparagraph id="HDB1B88BE52494DD8984C112E5C06CD25"><enum>(B)</enum><text>gather and
consider additional information discussed at the meeting.</text>
</subparagraph></paragraph><paragraph id="HC201C3D79FEB4D80A7F100F90385ABE"><enum>(14)</enum><header>Public
hearings</header>
<subparagraph id="HCF94C7CE6AE545C0A3C8AA4C45D6005F"><enum>(A)</enum><header>In
general</header><text>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.</text>
</subparagraph><subparagraph id="H9BC9D51D3D9240DE991CC41262901849"><enum>(B)</enum><header>Number</header><text>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.</text>
</subparagraph><subparagraph id="H557DFE46B57148E0AB00B06FEBB71F7"><enum>(C)</enum><header>Opportunity to be
heard on impact of acquisition or merger</header><text>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.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H1763383B32154D90945DF301526E0075"><enum>(c)</enum><header>National Bank
Consolidation and Merger Act</header><text>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:</text>
<quoted-block id="HA4E7CDC2F8DF45418D48B8A9002E058D" style="OLC">
<section id="HCB41F7B4B1044FB1B3D56068D409ED5"><enum>6.</enum><header>Public meetings
for bank consolidations and mergers</header>
<subsection id="H0835CB19F6B84B62B55D0005C4CE1721"><enum>(a)</enum><header>Meetings</header><text display-inline="yes-display-inline">Upon the request of any person that
commented on the application of any national bank, the Comptroller of the
Currency shall—</text>
<paragraph id="H339473D1F9934F8882500086EA03F217"><enum>(1)</enum><text>hold a meeting
involving the commenters and the bank; and</text>
</paragraph><paragraph id="H8A8929D9E68840FABD7674A768B45BA9"><enum>(2)</enum><text>gather and
consider additional information discussed at the meeting.</text>
</paragraph></subsection><subsection id="HF41564B716B7486EB77749EAF478EFFF"><enum>(b)</enum><header>Public
hearings</header>
<paragraph id="H8AAB6C20ACC64C80B748EBD9C77586D6"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H28BFBB058560438396A012EA11DFD79"><enum>(2)</enum><header>Number</header><text>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.</text>
</paragraph><paragraph id="HB30CE9C07C7D4BD7BE249EA2A75582C"><enum>(3)</enum><header>Opportunity to be
heard on impact of acquisition or merger</header><text>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.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H1D9770295DA747DDBD3027BC8FC8334F"><enum>(d)</enum><header>Home Owners’
Loan Act</header><text>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:</text>
<quoted-block id="H1DF040F9AAED4EEE93560968A9EFA000" style="OLC">
<paragraph id="H85E81462AA81442E9DD6D559D4DBB66E"><enum>(7)</enum><header>Public meetings
for depository institution acquisitions and mergers</header>
<subparagraph id="HF106564AB30740DCBBEC7CD85FC3505F"><enum>(A)</enum><header>Meetings</header><text>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.</text>
</subparagraph><subparagraph id="H92FFB2B890314B35AD88CFFF24D0EE90"><enum>(B)</enum><header>Public
hearings</header>
<clause id="H49409E8044714B93A36E87B91CCE6C69"><enum>(i)</enum><header>In
general</header><text>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.</text>
</clause><clause id="HA4C5CBACC73741F69FE69BE570B43E1F"><enum>(ii)</enum><header>Number</header><text>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.</text>
</clause><clause id="HAF31CA5248CA40B8A6F6EE261CB3E110"><enum>(iii)</enum><header>Opportunity to
be heard on impact of acquisition or merger</header><text>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.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="HC692477935114BB68901BF67BB568DF"><enum>304.</enum><header>Branch closure
requirements</header><text display-inline="no-display-inline">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:</text>
<quoted-block id="H0EBC386796E84E9481AD0940D878F853" style="OLC">
<paragraph id="HF1DF31CF55404A1A8F5EB1F3E4161138"><enum>(3)</enum><header>Public
comment</header><text>Upon receiving a notice from an insured depository
institution pursuant to paragraph (1), the appropriate Federal agency
shall—</text>
<subparagraph id="HC3AE2AD129F6418D9744E53C58C4E4B"><enum>(A)</enum><text>promptly initiate a
60-day period for receiving public comment on the proposed closing of a branch
of the depository institution; and</text>
</subparagraph><subparagraph id="HA7EB90150CCD4F03B34EB25F74C32B1C"><enum>(B)</enum><text>provide adequate
notice of such public comment period in media of general circulation or public
broadcast in the area served by such branch.</text>
</subparagraph></paragraph><paragraph id="HD50D7D79851A4728959F75A82C44F46"><enum>(4)</enum><header>Public meeting
for discussion of alternatives</header><text>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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H1C108B95B4A74CDEBF609558F6494F59"><enum>305.</enum><header>CRA examination
schedule for small banks</header><text display-inline="no-display-inline">Section 809(a) of the Community Reinvestment
Act of 1977 (12 U.S.C. 2908(a)) is amended to read as follows:</text>
<quoted-block id="H1847BFBDFD3247EF8892C32144F24292" style="OLC">
<subsection id="H505B54A982874B2EAF22B89FFEC6DAE8"><enum>(a)</enum><header>In
General</header><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H0D1965F256AF4C0B90FE00A74F358EE5"><enum>306.</enum><header>CRA sunshine
requirements</header><text display-inline="no-display-inline">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.</text>
</section><section id="H4C67327A040143949EEE0F83B7432B1"><enum>307.</enum><header>Continuing
community reinvestment requirement for financial holding companies</header>
<subsection id="H94F7BC8E0A8F4011ADA2A4D790C8887C"><enum>(a)</enum><header>In
General</header><text>Section 4(l)(2) of the Bank Holding Company Act of 1956
(12 U.S.C. 1843(l)(2)) is amended—</text>
<paragraph id="HEDA0D1450D3B43DBBDDE21FEFE8B0900"><enum>(1)</enum><text>in subparagraph
(A), by inserting <quote>or continuing</quote> after <quote>commencing</quote>;
and</text>
</paragraph><paragraph id="HF5A065612FBD44D5B8AF00FFABF86548"><enum>(2)</enum><text>in subparagraph
(B), by inserting <quote>or maintaining</quote> after
<quote>acquiring</quote>.</text>
</paragraph></subsection><subsection id="H7FDE1652D84B4E5D889DC51FD50092DA"><enum>(b)</enum><header>Technical and
Conforming Amendment</header>
<paragraph id="HA3E32EEF5FB34E55AF38BBEC009E62E1"><enum>(1)</enum><text>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 <quote>subsection (l)(1)</quote> and inserting
<quote>paragraph (1) or (2) of subsection (l)</quote>.</text>
</paragraph><paragraph id="HC619CD4768864338B16BBFF72E29F1E7"><enum>(2)</enum><text>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 <quote>subsection (l)(1)</quote> and inserting
<quote>paragraphs (1) and (2) of subsection (l)</quote>.</text>
</paragraph></subsection></section><section id="HF306790DB1D3480BA3C21E6DD9668D9"><enum>308.</enum><header>Changes in
reporting requirements under the Home Mortgage Disclosure Act of 1975</header>
<subsection id="H222C7E31BE8448D0AF1B1B652CCFB5C4"><enum>(a)</enum><header>Prohibition on
Regulatory Exemptions From Reporting Requirements</header><text>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:</text>
<quoted-block id="HABA1ACA8E271407CAC5983B7D7A640F" style="OLC">
<subsection id="H040E311D75E64BB588224C02DD09EADA"><enum>(n)</enum><header>Prohibition on
Regulatory Exemptions From Reporting Requirements</header><text>Subject to
subsection (i)—</text>
<paragraph id="H4B72340DDAA14DEAAB1200A8E73A415"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H0C27AC893C4046989EEB42D000FA47E0"><enum>(2)</enum><text display-inline="yes-display-inline">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.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H69CDA3024FC44136927BDEBD3F00E01F"><enum>(b)</enum><header>Reporting of
Additional Data Required</header><text>Section 304(b) of the Home Mortgage
Disclosure Act of 1975 (12 U.S.C. 2803(b)) is amended—</text>
<paragraph id="H4E2D9DEC9DDE499F9315E360EA976E4"><enum>(1)</enum><text>by
striking <quote>and</quote> at the end of paragraph (3);</text>
</paragraph><paragraph id="HE9BC3334CA154F1380208D945179276B"><enum>(2)</enum><text>by striking the
period at the end of paragraph (4) and inserting a semicolon; and</text>
</paragraph><paragraph id="HF94B9B455C534DC8A876A300E39DFC2B"><enum>(3)</enum><text>by adding at the
following new paragraph:</text>
<quoted-block id="HC709519E23064F2E9E98B9C163C73456" style="OLC">
<paragraph id="HB327547DEA694AC99521DE25F63B8936"><enum>(5)</enum><text display-inline="yes-display-inline">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</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H3A7BA3606F8447FF9ED717D431B06671"><enum>(c)</enum><header>Reporting on
Manufactured Home Loans That Are Not Treated by the Depository Institution as
Real Estate Loans</header>
<paragraph id="HC3A08A028B9345E1900054DC6519D100"><enum>(1)</enum><header>In
general</header><text>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:</text>
<quoted-block id="H7C55EE388A8E405E005300D018102FEF" style="OLC">
<paragraph id="H31CB502331D14CEFB6697B12C3D119EC"><enum>(6)</enum><text>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).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HB4A4DA20CCD644BBBBB353A8C416F454"><enum>(2)</enum><header>Mortgage loan
defined to include manufactured home loans</header><text>Section 303(1) of the
Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2802(1)) is amended by
inserting <quote>or a manufactured home</quote> after <quote>residential real
property</quote>.</text>
</paragraph></subsection><subsection id="H3EB93BBF144D4F80AED921296B82FC01"><enum>(d)</enum><header>Creation of
database on loan performance</header>
<paragraph id="HB1CF93803201424FA6C9001E70755185"><enum>(1)</enum><header>In
general</header><text>The Board of Governors of the Federal Reserve System
shall—</text>
<subparagraph id="HEB329679A6E6408AB27DE969675DD2A0"><enum>(A)</enum><text>create a database
on loan performance (whether loans are current, delinquent, or in default or
foreclosure);</text>
</subparagraph><subparagraph id="H075BC0E4102C4F019CD57C8436FEE8AC"><enum>(B)</enum><text>link the database
on loan performance with data collected pursuant to the Home Mortgage
Disclosure Act of 1975; and</text>
</subparagraph><subparagraph id="HFD1012B1449F4E439310F99EABBF41E5"><enum>(C)</enum><text>make such
information publicly available.</text>
</subparagraph></paragraph><paragraph id="HA8F0877C3AEB42C2927BF4EC6DB312A"><enum>(2)</enum><header>Other
information</header><text display-inline="yes-display-inline">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.</text>
</paragraph><paragraph id="HCA9E0ACF10D344829EAE8613BA6B3DAC"><enum>(3)</enum><header>Collaboration
and collection</header><text>The Board of Governors of the Federal Reserve
System shall—</text>
<subparagraph id="H61EC9D09EDD64090AD278D7664ACE2D3"><enum>(A)</enum><text display-inline="yes-display-inline">collaborate with other relevant Federal and
State agencies; and</text>
</subparagraph><subparagraph id="H44D3950A92434CCFBEA45835601FDAB"><enum>(B)</enum><text>collect information
for the database on loan performance from loan servicers and other financial
institutions.</text>
</subparagraph></paragraph></subsection><subsection id="H29BC4EA1AC9F46D3BBFE5EF36E376292"><enum>(e)</enum><header>Enforcement
Powers for Secretary</header><text>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:</text>
<quoted-block id="H8D87C3AAA89B4E9094BBCBEC57AE9386" style="OLC">
<subsection id="HE7246F21F26E46378F95848F00FC094C"><enum>(d)</enum><header>Authority To
carry out subsection <enum-in-header>(b)</enum-in-header>(4)</header><text>For
purposes of enforcing compliance with the requirements of this title pursuant
to subsection (b)(4)—</text>
<paragraph id="H5DFBFBE644E04BD499E9293D8F1DDAC2"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H7D121C59178C4564878EA80054D800F0"><enum>(2)</enum><text>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).</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="HC0E99553E7E54A31B5A5CC069B003DDC"><enum>309.</enum><header>Annual report
and congressional hearings</header>
<subsection id="H82CB6DC60FCE462D906CBE68EC41B5CE"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="HEF910F065F50420187525540D09F773"><enum>(b)</enum><header>Consideration of
further amendments</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="H1CB7DB73AD7A4D859D6502B2D41689A"><enum>(c)</enum><header>Rules of House of
Representatives and Senate</header><text display-inline="yes-display-inline">Subsections (a) and (b) are enacted by the
Congress—</text>
<paragraph id="HD732CB36414C4071B48598FCC5BAEFFF"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H079530B1FAD343AB9B25DB5792DE4644"><enum>(2)</enum><text>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.</text>
</paragraph></subsection></section>