2011 US Code
Title 12 - Banks and Banking
Chapter 30 - COMMUNITY REINVESTMENT (§§ 2901 - 2908)
Section 2901 - Congressional findings and statement of purpose
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 30 - COMMUNITY REINVESTMENT Sec. 2901 - Congressional findings and statement of purpose |
Contains | section 2901 |
Date | 2011 |
Laws in Effect as of Date | January 3, 2012 |
Positive Law | No |
Disposition | standard |
Short Titles | Community Reinvestment Act of 1977 |
Source Credit | Pub. L. 95-128, title VIII, §802, Oct. 12, 1977, 91 Stat. 1147. |
Statutes at Large References | 91 Stat. 1147 106 Stat. 3874 113 Stat. 1470 |
Public Law References | Public Law 95-128, Public Law 102-550, Public Law 106-102 |
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(a) The Congress finds that—
(1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business;
(2) the convenience and needs of communities include the need for credit services as well as deposit services; and
(3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
(b) It is the purpose of this chapter to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.
(Pub. L. 95–128, title VIII, §802, Oct. 12, 1977, 91 Stat. 1147.)
Short TitleSection 801 of title VIII of Pub. L. 95–128 provided that: “This title [enacting this chapter] may be cited as the ‘Community Reinvestment Act of 1977’.”
Responsiveness to Community Needs for Financial ServicesPub. L. 106–102, title VII, §715, Nov. 12, 1999, 113 Stat. 1470, provided that:
“(a)
“(b)
“(1)
“(A) before March 15, 2000, submit a baseline report to the Congress on the study conducted pursuant to subsection (a); and
“(B) before the end of the 2-year period beginning on the date of the enactment of this Act [Nov. 12, 1999], in consultation with the Federal banking agencies, submit a final report to the Congress on the study conducted pursuant to subsection (a).
“(2)
Pub. L. 102–550, title IX, §910, Oct. 28, 1992, 106 Stat. 3874, provided that:
“(a)
“(b)
“(1) compare the risks and returns of lending in low-income, minority, and distressed neighborhoods with the risks and returns of lending in other neighborhoods;
“(2) analyze the reasons for any differences in risk and return between low-income, minority, and distressed neighborhoods and other neighborhoods; and
“(3) if the risks of lending in low-income, minority, and distressed neighborhoods exceed the risks of lending in other neighborhoods, recommend ways of mitigating those risks.”
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