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HR 1699 103th Congress House Finance and Financial Sector Bank capital Bank examination Bank loans Bank management Bank records Bank reserves Community development banking Community development corporations Consumer credit Credit unions Depressed areas Employee selection Federal aid to community development Housing and Community Development Housing finance Labor and Employment Low-income housing Poor Venture capital

Community Banking and Economic Empowerment Act

Introduced: April 5, 1993 Introduced by: Waters, Maxine Democratic · California See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 15, 1993
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.
Apr 15, 1993
Referred to the Subcommittee on Housing and Community Development.
Apr 15, 1993
Referred to the Subcommittee on Consumer Credit and Insurance.
Apr 15, 1993
Referred to the Subcommittee on Economic Growth and Credit Formation.
Apr 5, 1993
Referred to the House Committee on Banking, Finance + Urban Affrs.
Apr 5, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Community Banking and Economic Empowerment Act - Directs the Secretary of Housing and Urban Development (the Secretary) to provide capital, operating, and technical assistance to community development lenders and certain eligible entities in order to: (1) make credit-related services available to low-income persons inadequately served by traditional lending institutions; and (2) promote development and revitalization of low-income neighborhoods.

Delineates the purposes for which the Secretary may provide assistance to community development lenders and to the eligible entities establishing those lenders. Prescribes guidelines for assisted community development lenders, including assistance agreements, auditing procedures, and educational programs.

Directs the Board of Governors of the Federal Reserve System to ensure the availability of funds for community development banks and to submit to the Congress recommendations for increased liquidity lending to such banks by the Federal reserve banks.

Amends the Community Reinvestment Act to preclude a regulated financial institution from receiving either an "outstanding" or a "satisfactory" rating for meeting community credit needs solely on the basis of its loans or investments in community development lenders.

What's happening now April 15, 1993

Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.

 Committees of jurisdiction 5
 Cosponsors 1
All 1 Democratic 1