H.R.6062 - Community Development Investment Enhancements Act of 2006109th Congress (2005-2006)
|Sponsor:||Rep. Frank, Barney [D-MA-4] (Introduced 09/13/2006)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 11/13/2006 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.6062 — 109th Congress (2005-2006)All Information (Except Text)
Passed House without amendment (09/27/2006)
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Community Development Investment Enhancements Act of 2006 - Amends the Revised Statues of the United States and the Federal Reserve Act to increase from 10% to 15% of its capital stock actually paid in and unimpaired, and from 10% to 15% of its unimpaired surplus fund, the maximum aggregate community development investments of a national banking association or a state member bank, including its subsidiaries. Applies such limits to each such investment.
Amends the Home Owners' Loan Act to authorize a federal savings association to make investments designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments).
Permits such investments to be made directly or by purchase of interests in an entity primarily engaged in making such investments.
Prohibits a federal savings association from making an investment which would subject it to unlimited liability to any person.
Requires the Director of the Office of Thrift Supervision to establish: (1) the amount any savings association may invest in any one project; and (2) the aggregate amount of investment of any savings association.
Restricts the aggregate amount of investment of any savings association, subject to specified determinations made by the Director.
Prohibits the maximum aggregate amount of investments of any savings association from exceeding the same 15% of its capital stock actually paid in and unimpaired and 15% of its unimpaired surplus as imposed by this Act on national banking associations and state member banks.