I 112th CONGRESS 1st Session H. R. 1662 IN THE HOUSE OF REPRESENTATIVES April 15, 2011 Mr. Weiner introduced the following bill; which was referred to the Committee on Financial Services A BILL To encourage financial institutions to meet the needs of borrowers in low- to moderate-income communities, and for other purposes.

1.

Short title

This Act may be cited as the Bank Accessibility Act.

2.

Financial institution involvement with low-income borrowers and communities

(a)

Additional factors

Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 2903) is amended by adding at the end the following: (e)

Branch distribution and services in low- to moderate-Income communities

In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider as factors— (1)the branch distribution of such institutions in low- to moderate-income communities; and (2)the services provided to borrowers in such communities by such institutions, including— (A)checking and savings accounts with no monthly fee, low or no minimum balance requirements, and no overdraft or insufficient funds fees; (B)free check cashing; (C)debit card and ATM services; and (D)low or no fee money order and wire transfers. . (b)

Effect on rating

Section 807(b) of such Act (12 U.S.C. 2906(b)) is amended by adding at the end the following: (3)

Factors considered

The consideration of the factors described in section 804(e) shall be weighted to account for approximately 33 percent of the institution’s rating referred to in paragraph (1)(A)(iii). .

3.

Regulations

(a)

In general

The appropriate Federal financial supervisory agency shall prescribe regulations that, in the case of any regulated financial institution that receives a low rating (as determined by the such agency) with respect to the factors described in section 804(e) of the Community Reinvestment Act of 1977 (12 U.S.C. 2903(e)), as added by section 2(a) of this Act— (1)deny any merger or expansion requests by such institution; and (2)impose a civil money penalty on such institution in an amount determined by such agency. (b)

Use of civil money penalties collected

Any civil money penalties collected under regulations prescribed pursuant to subsection (a)(2) shall be deposited in accounts established by the appropriate Federal financial supervisory agency, and the amounts in such accounts shall be made available to such agency to carry out its responsibilities under the Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.), including distributing rewards pursuant to subsection (c) of this section. (c)

Rewards

The appropriate Federal financial supervisory agency shall prescribe regulations that reward a regulated financial institution that receives a high rating (as determined by such agency) with respect to the factors described in section 804(e) of the Community Reinvestment Act of 1977 (12 U.S.C. 2903(e)), as added by section 2(a) of this Act. (d)

Definitions

In this section, the terms appropriate Federal financial supervisory agency and regulated financial institution have the same meanings as are given such terms in section 803 of the Community Reinvestment Act of 1977 (12 U.S.C. 2902).