HR 3504 106th Congress House Finance and Financial Sector Bank examination Bank holding companies Bank management Civil Rights and Liberties, Minority Issues Commerce Community development banking Congress Congressional reporting requirements Freedom of information Government Operations and Politics Government paperwork Loan defaults Subsidiary corporations

CRA Restoration Act of 1999

Introduced: November 18, 1999 Introduced by: Waters, Maxine Democratic · California See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 2, 1999

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Nov 18, 1999

Referred to the House Committee on Banking and Financial Services.

Nov 18, 1999

Introduced in House

Plain-English summary Congressional Research Service

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.

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.

What's happening now December 2, 1999

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Committees of jurisdiction 2