H.R.238 - Community Development Banking Act of 1993103rd Congress (1993-1994)
|Sponsor:||Rep. Leach, James A. [R-IA-1] (Introduced 01/05/1993)|
|Committees:||House - Banking, Finance, and Urban Affrs|
|Latest Action:||02/01/1993 Referred to the Subcommittee on Consumer Credit and Insurance.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.238 — 103rd Congress (1993-1994)All Bill Information (Except Text)
Introduced in House (01/05/1993)
TABLE OF CONTENTS:
Title I: Bank Community Development Inventives
Title II: Housing and Small Business Finance
Title III: Credit Union Amendments
Title IV: Bank Enterprise Act Enhancements
Title V: Consumer Education
Community Development Banking Act of 1993 - Title I: Bank Community Development Incentives - (Sec. 101) Amends the Community Reinvestment Act of 1977 (CRA) to direct the Federal Financial Institutions Examination Council (FFIEC) to establish standards, according to prescribed guidelines, to assess the record of a regulated financial institution in meeting its community credit needs, and for purposes of certain written evaluations and assigned ratings.
(Sec. 102) Prescribes guidelines for community development investment activities for which a regulated financial institution or a depository institution holding company will be deemed to be in compliance with such Act.
(Sec. 103) Amends the Bank Holding Company Act of 1956 to set forth notice procedures under which a bank holding company may acquire or control a community development corporation.
(Sec. 104) Amends Federal banking law and the Home Owners' Loan Act to permit national banks and savings associations to organize, sponsor, or underwrite securities issued by investment companies that invest and trade only in securities issued by companies located and primarily doing business in qualified distressed communities.
(Sec. 105) Amends the Bank Holding Company Act of 1956 to delineate conditions under which a bank holding company may acquire shares of any company located and primarily doing business in a qualified distressed community.
(Sec. 106) Directs FFIEC to establish an annual awards program for outstanding efforts by insured depository institutions to meet the credit needs of their communities.
(Sec. 107) Amends the Home Owners' Loan Act to modify the guidelines governing stock issuance by savings associations and holding companies.
Title II: Housing and Small Business Finance - (Sec. 201) Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Secretary of Housing and Urban Development (HUD) to establish separate specific sub-goals for the purchase by certain enterprises of mortgages originated by community development organizations with respect to: (1) low and moderate income housing; (2) special affordable housing; and (3) housing for underserved areas.
(Sec. 202) Amends the Home Owners' Loan Act to include within the assets of a "qualified thrift investment" loans or extensions of credit for specified projects or small businesses located within a qualified distressed community.
(Sec. 203) Amends the Small Business Act to authorize the Administrator to establish a model program to determine the feasibility of developing a private secondary market for certain guaranteed loans to enhance credit availability to small businesses (micro-loan guarantee demonstration program).
Title III: Credit Union Amendments - (Sec. 301) Amends the Federal Credit Union Act to define and provide for "community development credit unions," which serve predominantly: (1) members whose median household incomes or wages fall below a certain level; and (2) low- and moderate-income minorities. Grants the National Credit Union Administration Board (NCUAB) additional authority with respect to the Community Development Credit Union Revolving Loan Fund.
Title IV: Bank Enterprise Act Enhancements - (Secs. 401-402) Amends the Bank Enterprise Act of 1991 to: (1) make a community development bank eligible for community enterprise assessment credit for a specified period following approval of its initial charter; and (2) prescribe guidelines under which an insured depository institution servicing a qualified distressed community may engage in insurance transactions.
(Sec. 402) Amends Federal banking law and the Home Owners' Loan Act to authorize a well-capitalized national bank or savings association serving a qualified distressed community to engage in transactions involving securities issued by any small business located in that community.
(Sec. 403) Amends the Bank Enterprise Act of 1991 to: (1) set forth guidelines to determine a "qualified distressed rural community"; (2) include as part of any community enterprise assessment credit certain loans and assistance services provided to such communities; and (3) direct the Community Enterprise Assessment Credit Board to grant priority to qualified distressed communities when allocating funds.
Title V: Consumer Education - (Sec. 501) Directs Federal banking regulatory agencies to encourage insured depository institutions to provide consumer education programs in qualified distressed communities. Permits consumer reporting agencies to indicate in their consumer reports those consumers in such distressed communities that have completed such programs.