§ 2906. — Written evaluations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2906]
TITLE 12--BANKS AND BANKING
CHAPTER 30--COMMUNITY REINVESTMENT
Sec. 2906. Written evaluations
(a) Required
(1) In general
Upon the conclusion of each examination of an insured depository
institution under section 2903 of this title, the appropriate
Federal financial supervisory agency shall prepare a written
evaluation of the institution's record of meeting the credit needs
of its entire community, including low- and moderate-income
neighborhoods.
(2) Public and confidential sections
Each written evaluation required under paragraph (1) shall have
a public section and a confidential section.
(b) Public section of report
(1) Findings and conclusions
(A) Contents of written evaluation
The public section of the written evaluation shall--
(i) state the appropriate Federal financial supervisory
agency's conclusions for each assessment factor identified
in the regulations prescribed by the Federal financial
supervisory agencies to implement this chapter;
(ii) discuss the facts and data supporting such
conclusions; and
(iii) contain the institution's rating and a statement
describing the basis for the rating.
(B) Metropolitan area distinctions
The information required by clauses (i) and (ii) of
subparagraph (A) shall be presented separately for each
metropolitan area in which a regulated depository institution
maintains one or more domestic branch offices.
(2) Assigned rating
The institution's rating referred to in paragraph (1)(C) \1\
shall be 1 of the following:
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\1\ So in original. Probably should be paragraph ``(1)(A)(iii)''.
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(A) ``Outstanding record of meeting community credit
needs''.
(B) ``Satisfactory record of meeting community credit
needs''.
(C) ``Needs to improve record of meeting community credit
needs''.
(D) ``Substantial noncompliance in meeting community credit
needs''.
Such ratings shall be disclosed to the public on and after July 1,
1990.
(c) Confidential section of report
(1) Privacy of named individuals
The confidential section of the written evaluation shall contain
all references that identify any customer of the institution, any
employee or officer of the institution, or any person or
organization that has provided information in confidence to a
Federal or State financial supervisory agency.
(2) Topics not suitable for disclosure
The confidential section shall also contain any statements
obtained or made by the appropriate Federal financial supervisory
agency in the course of an examination which, in the judgment of the
agency, are too sensitive or speculative in nature to disclose to
the institution or the public.
(3) Disclosure to depository institution
The confidential section may be disclosed, in whole or part, to
the institution, if the appropriate Federal financial supervisory
agency determines that such disclosure will promote the objectives
of this chapter. However, disclosure under this paragraph shall not
identify a person or organization that has provided information in
confidence to a Federal or State financial supervisory agency.
(d) Institutions with interstate branches
(1) State-by-State evaluation
In the case of a regulated financial institution that maintains
domestic branches in 2 or more States, the appropriate Federal
financial supervisory agency shall prepare--
(A) a written evaluation of the entire institution's record
of performance under this chapter, as required by subsections
(a), (b), and (c) of this section; and
(B) for each State in which the institution maintains 1 or
more domestic branches, a separate written evaluation of the
institution's record of performance within such State under this
chapter, as required by subsections (a), (b), and (c) of this
section.
(2) Multistate metropolitan areas
In the case of a regulated financial institution that maintains
domestic branches in 2 or more States within a multistate
metropolitan area, the appropriate Federal financial supervisory
agency shall prepare a separate written evaluation of the
institution's record of performance within such metropolitan area
under this chapter, as required by subsections (a), (b), and (c) of
this section. If the agency prepares a written evaluation pursuant
to this paragraph, the scope of the written evaluation required
under paragraph (1)(B) shall be adjusted accordingly.
(3) Content of State level evaluation
A written evaluation prepared pursuant to paragraph (1)(B)
shall--
(A) present the information required by subparagraphs (A)
and (B) of subsection (b)(1) of this section separately for each
metropolitan area in which the institution maintains 1 or more
domestic branch offices and separately for the remainder of the
nonmetropolitan area of the State if the institution maintains 1
or more domestic branch offices in such nonmetropolitan area;
and
(B) describe how the Federal financial supervisory agency
has performed the examination of the institution, including a
list of the individual branches examined.
(e) Definitions
For purposes of this section the following definitions shall apply:
(1) Domestic branch
The term ``domestic branch'' means any branch office or other
facility of a regulated financial institution that accepts deposits,
located in any State.
(2) Metropolitan area
The term ``metropolitan area'' means any primary metropolitan
statistical area, metropolitan statistical area, or consolidated
metropolitan statistical area, as defined by the Director of the
Office of Management and Budget, with a population of 250,000 or
more, and any other area designated as such by the appropriate
Federal financial supervisory agency.
(3) State
The term ``State'' has the same meaning as in section 1813 of
this title.
(Pub. L. 95-128, title VIII, Sec. 807, as added Pub. L. 101-73, title
XII, Sec. 1212(b), Aug. 9, 1989, 103 Stat. 527; amended Pub. L. 102-242,
title II, Sec. 222, Dec. 19, 1991, 105 Stat. 2306; Pub. L. 103-328,
title I, Sec. 110, Sept. 29, 1994, 108 Stat. 2364.)
References in Text
This chapter, referred to in subsecs. (b)(1)(A)(i), (c)(3), and
(d)(1), (2), was in the original ``this Act'' and was translated as
reading ``this title'', meaning title VIII of Pub. L. 95-128, known as
the Community Reinvestment Act of 1977, to reflect the probable intent
of Congress.
Amendments
1994--Subsec. (b)(1). Pub. L. 103-328, Sec. 110(b), redesignated
existing provisions as subpar. (A) and former subpars. (A) to (C) as
cls. (i) to (iii), respectively, of subpar. (A), inserted subpar. (A)
heading, and added subpar. (B).
Subsecs. (d), (e). Pub. L. 103-328, Sec. 110(a), added subsecs. (d)
and (e).
1991--Subsec. (a)(1). Pub. L. 102-242, Sec. 222(b)(1), substituted
``financial supervisory'' for ``depository institutions regulatory''.
Subsec. (b)(1)(A). Pub. L. 102-242, Sec. 222(b)(2), substituted
``financial supervisory'' for ``depository institutions regulatory'' in
two places.
Subsec. (b)(1)(B). Pub. L. 102-242, Sec. 222(a), inserted ``and
data'' after ``facts''.
Subsec. (c). Pub. L. 102-242, Sec. 222(b)(3), substituted
``financial supervisory'' for ``depository institutions regulatory''
wherever appearing.
Section Referred to in Other Sections
This section is referred to in section 1831y of this title.
