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Community Reinvestment Improvement Act of 1994
H. R. 5125 To amend the Community Reinvestment Act of 1977 to enhance the availability of investment capital for low- and moderate-income housing in low- and moderate-income neighborhoods.
Summary
This bill amends the Community Reinvestment Act of 1977 to expand the geographic areas that financial institutions must serve and consider for lending and investment. It allows Federal financial supervisory agencies and State bank supervisors to designate targeted low- and moderate-income neighborhoods beyond an institution's chartered territory for Community Reinvestment Act purposes. The amendment aims to enhance the availability of investment capital for low- and moderate-income housing in designated low- and moderate-income neighborhoods. It also adds a definition of "State bank supervisor" consistent with the Federal Deposit Insurance Act.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Roukema, Marge [R-NJ-5] (R-NJ)
Actions (5)
- Oct 6, 1994 Referred to the Subcommittee on Housing and Community Development. · house
- Oct 6, 1994 Referred to the Subcommittee on Consumer Credit and Insurance. · house
- Sep 29, 1994 Sponsor introductory remarks on measure. (CR E1979-1980)
- Sep 28, 1994 Referred to the House Committee on Banking, Finance + Urban Affrs. · house
- Sep 28, 1994 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
September 28, 1994
Mrs. Roukema introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs
A BILL
To amend the Community Reinvestment Act of 1977 to enhance the availability of investment capital for low- and moderate-income housing in low- and moderate-income neighborhoods.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Community Reinvestment Improvement Act of 1994”.
SEC. 2. AMENDMENTS TO COMMUNITY REINVESTMENT ACT OF 1977.
(a) In General.—Section 804(a)(1) of the Community Reinvestment Act of 1977 (12 U.S.C. 2903(a)(1)) is amended by inserting “or of targeted low- and moderate-income neighborhoods designated by the appropriate Federal financial supervisory agency or the appropriate State bank supervisor” after “neighborhoods,”.
(b) Amendment to Purposes.—Section 802(b) of the Community Reinvestment Act of 1977 (12 U.S.C. 2901(b)) is amended by inserting “or of targeted low- and moderate-income neighborhoods designated by the appropriate Federal financial supervisory agency or the appropriate State bank supervisor” after “chartered”.
(c) Amendment to Definitions.—Section 803 of the Community Reinvestment Act of 1977 (12 U.S.C. 2902) is amended by adding at the end the following new paragraph:
“(5) State bank supervisor.—The term “State bank supervisor” has the same meaning as in section 3(r) of the Federal Deposit Insurance Act.”. <all>
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