regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business;
(2)
the convenience and needs of communities include the need for credit services as well as deposit services; and
(3)
regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
(b)
It is the purpose of this title to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.
the term “appropriate Federal financial supervisory agency” means—
(A)
the Comptroller of the Currency with respect to national banks;
(B)
the Board of Governors of the Federal Reserve System with respect to State chartered banks which are members of the Federal Reserve System and bank holding companies;
(C)
the Federal Deposit Insurance Corporation with respect to State chartered banks and savings banks which are not members of the Federal Reserve System and the deposits of which are insured by the Corporation; and
(D)
the Federal Home Loan Bank Board with respect to institutions the deposits of which are insured by the Federal Savings and Loan Insurance Corporation and to savings and loan holding companies;
(2)
the term “regulated financial institution” means an insured bank as defined in section 3 of the Federal Deposit Insurance Act or an insured institution as defined in section 401 of the National Housing Act; and
(3)
the term “application for a deposit facility” means an application to the appropriate Federal financial supervisory agency otherwise required under Federal law or regulations thereunder for—
(A)
a charter for a national bank or Federal savings and loan association;
(B)
deposit insurance in connection with a newly chartered State bank, savings bank, savings and loan association or similar institution;
(C)
the establishment of a domestic branch or other facility with the ability to accept deposits of a regulated financial institution;
(D)
the relocation of the home office or a branch office of a regulated financial institution;
(E)
the merger or consolidation with, or the acquisition of the assets, or the assumption of the liabilities of a repulated financial institution requiring approval under section 18(c) of the Federal Deposit Insurance Act or under regulations issued under the authority of title IV of the National Housing Act; or
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.
Each appropriate Federal financial supervisory agency shall include in its annual report to the Congress a section outlining the actions it has taken to carry out its responsibilities under this title.
Regulations to carry out the purposes of this title shall be published by each appropriate Federal financial supervisory agency, and shall take effect no later than 390 days after the date of enactment of this title.
