§ 2903. Financial institutions; evaluation

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1977

   Community Reinvestment Act of 1977

   Pub. L. 95–128 title VIII § 804 · 91 Stat. 1111

   Enacted · 12 U.S.C. § 2903

   Pub. L. 95–128, title VIII, § 804, Oct. 12, 1977, 91 Stat. 1148

   Source evidence

   Code source credit
   Pub. L. 95–128, title VIII, § 804, Oct. 12, 1977, 91 Stat. 1148

   Enacted provision · exact public law section
   Sec. 804. In connection with its examination of a financial institution, the appropriate Federal financial supervisory agency shall— (1) assess the institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution; and (2) take such record into account in its evaluation of an application for a deposit facility by such institution.

2. 1992

   Housing and Community Development Act of 1992

   Pub. L. 102–550 title IX § 909(1) · 106 Stat. 3672

   1. Amended · 12 U.S.C. § 2903

      Pub. L. 102–550 designated existing provisions as subsec. (a)

   2. Inserted · 12 U.S.C. § 2903

      Pub. L. 102–550 inserted heading

   3. Added · 12 U.S.C. § 2903

      Pub. L. 102–550 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 102–550 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

   Enacted provision · exact public law section
   (1) in section 804— (A) by inserting before the first sentence the following: “(a) In General.—”; and (B) by adding at the end the following new subsection: “(b) Majority-Owned Institutions.— In assessing and taking into account, under subsection (a), the record of a nonminorityowned and nonwomenowned financial institution, the appropriate Federal financial supervisory agency may consider as a factor cap-ital investment, loan participation, and other ventures undertaken by the institution in cooperation with minority- and women-owned financial institutions and low-income credit unions provided that these activities help meet the credit needs of local communities in which such institutions and credit unions are chartered.”: and

3. 1999

   Pub. L. 106–102 title I § 103(b) · 113 Stat. 1338

   Added · 12 U.S.C. § 2903(c)

   Pub. L. 106–102 added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 106–102 added subsec. (c).

   Enacted provision · exact public law section
   (b) Community Reinvestment Requirement.— Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 2903) is amended by adding at the end the following new subsection: “(c) Financial Holding Company Requirement.— “(1) In general.— An election by a bank holding company to become a financial holding company under section 4 of the Bank Holding Company Act of 1956 shall not be effective if— “(A) the Board finds that, as of the date the declaration of such election and the certification is filed by such holding company under section 4(1)(1)(C) of the Bank Holding Company Act of 1956, not all of the subsidiary insured depository institutions of the bank holding company had achieved a rating of ‘satisfactory record of meeting community credit needs’, or better, at the most recent examination of each such institution; and “(B) the Board notifies the company of such finding before the end of the 30-day period beginning on such date. “(2) Limited exclusions for newly acquired insured depository institutions.— Any insured depository institution acquired by a bank holding company during the 12-month period preceding the date of the submission to the Board of the declaration and certification under section 4(1)(1)(C) of the Bank Holding Company Act of 1956 may be excluded for purposes of paragraph (1) during the 12-month period beginning on the date of such acquisition if— “(A) the bank holding company has submitted an affirmative plan to the appropriate Federal financial supervisory agency to take such action as may be necessary in order for such institution to achieve a rating of ‘satisfactory record of meeting community credit needs’, or better, at the next examination of the institution; and “(B) the plan has been accepted by such agency. “(3) Definitions.— For purposes of this subsection, the following definitions shall apply: “(A) Bank holding company; financial holding company.— The terms ‘bank holding company’ and ‘financial holding company’ have the meanings given those terms in section 2 of the Bank Holding Company Act of 1956. “(B) Board.— The term ‘Board’ means the Board of Governors of the Federal Reserve System. “(C) Insured depository institution.— The term ‘insured depository institution’ has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act.”.

   Effective date note
   Amendment by Pub. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title.

4. 2008

   Private Student Loan Transparency and Improvement Act of 2008

   Pub. L. 110–315 title X § 1031(a) · 122 Stat. 3078

   Added · 12 U.S.C. § 2903(d)

   Pub. L. 110–315 added subsec. (d)

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 110–315 added subsec. (d).

   Enacted provision · exact public law section
   (a) In General.— Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 2903) is amended by adding at the end the following new subsection: “(d) Low-Cost Education Loans.— In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider, as a factor, low-cost education loans provided by the financial institution to low-income borrowers.” .

6 of 6 references resolved to an enrolled provision