§ 2901. — Congressional findings and statement of purpose.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2901]
TITLE 12--BANKS AND BANKING
CHAPTER 30--COMMUNITY REINVESTMENT
Sec. 2901. Congressional findings and statement of purpose
(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, Sec. 802, Oct. 12, 1977, 91 Stat. 1147.)
Short Title
Section 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 Services
Pub. L. 106-102, title VII, Sec. 715, Nov. 12, 1999, 113 Stat. 1470,
provided that:
``(a) Study.--The Secretary of the Treasury, in consultation with
the Federal banking agencies (as defined in section 3(z) of the Federal
Deposit Insurance Act [12 U.S.C. 1813(z)]), shall conduct a study of the
extent to which adequate services are being provided as intended by the
Community Reinvestment Act of 1977 [12 U.S.C. 2901 et seq.], including
services in low- and moderate-income neighborhoods and for persons of
modest means, as a result of the enactment of this Act [see Tables for
classification].
``(b) Reports.--
``(1) In general.--The Secretary of the Treasury shall--
``(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) Recommendations.--The final report submitted under
paragraph (1)(B) shall include such recommendations as the Secretary
determines to be appropriate for administrative and legislative
action with respect to institutions covered under the Community
Reinvestment Act of 1977 [12 U.S.C. 2901 et seq.].''
Report on Community Development Lending
Pub. L. 102-550, title IX, Sec. 910, Oct. 28, 1992, 106 Stat. 3874,
provided that:
``(a) In General.--Not later than 12 months after the date of
enactment of this section [Oct. 28, 1992], the Board of Governors of the
Federal Reserve System, in consultation with the Comptroller of the
Currency, the Chairman of the Federal Deposit Insurance Corporation, the
Director of the Office of Thrift Supervision, and the Chairman of the
National Credit Union Administration, shall submit a report to the
Congress comparing residential, small business, and commercial lending
by insured depository institutions in low-income, minority, and
distressed neighborhoods to such lending in other neighborhoods.
``(b) Contents of Report.--The report required by subsection (a)
shall--
``(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.''
