H.R.3504 - CRA Restoration Act of 1999106th Congress (1999-2000)
|Sponsor:||Rep. Waters, Maxine [D-CA-35] (Introduced 11/18/1999)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||12/02/1999 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.3504 — 106th Congress (1999-2000)All Bill Information (Except Text)
CRA Restoration Act of 1999 - Amends the Bank Holding Company Act of 1956, as amended by the Gramm-Leach-Bliley Act, to permit a bank holding company to expand its financial activities if all its subsidiary depository institutions have achieved a rating of "satisfactory record of meeting community credit needs," or better, at the most recent examination of each such institution.
Introduced in House (11/18/1999)
Permits the exclusion from community needs requirements for 12 months of certain newly acquired depository institutions, if the bank holding company submits to the appropriate Federal banking agency, and the agency has approved, an affirmative plan for achieving a satisfactory record of meeting community credit needs, or better, at the institution's next examination.
Amends the Revised Statutes of the United States to declare that a national bank may control, or hold an interest in a financial subsidiary only if such bank and each of its insured depository institution affiliates has achieved a rating of "satisfactory record of meeting community credit needs," or better, at its most recent examination.
Permits the exclusion from community needs requirements for 12 months of certain newly affiliated depository institutions, if the national bank or depository institution submits to the appropriate Federal banking agency, and the agency has approved, an affirmative plan for achieving a satisfactory record of meeting community credit needs, or better, at the institution's next examination.
Amends the Federal Deposit Insurance Act to repeal the mandate for full public disclosure and an annual status report of any agreement entered into between an insured depository institution, its affiliate, and any non-governmental party, pursuant to or in connection with the Community Reinvestment Act of 19977 (CRA), involving funds or other depository institution resources (including full text disclosure to the appropriate Federal banking regulatory agency).
Amends CRA to repeal the graduated schedule of decreasing CRA examinations of certain small-sized banks commensurate with their record of meeting CRA "community credit needs".
Amends the Gramm-Leach-Bliley Act to repeal: (1) the directive to the Board of Governors of the Federal Reserve System to conduct a comprehensive study of the CRA and report to Congress and the public on CRA default, delinquency, and profitability data; and (2) the requirement that the Secretary of the Treasury study and report to Congress on the extent to which adequate services are being provided as intended by the CRA.