Skip to main content
S 2487 110th Congress Senate Finance and Financial Sector Bank capital Community development Community development banking Depressed areas Economics and Public Finance Housing and Community Development Infrastructure Investments Job creation Law Liability (Law) Savings and loan associations Urban affairs

Depository Institution Community Development Investments Enhancement Act

Introduced: December 14, 2007 Introduced by: Crapo, Mike Republican · Idaho See on congress.gov
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 14, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 14, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

Depository Institution Community Development Investments Enhancement Act - Amends the Home Owners' Loan Act to revise requirements for community development investments by federal savings associations.

Authorizes a federal savings association to make investments, directly or indirectly, each of which is 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.

What's happening now December 14, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1