Community Banking and Economic Empowerment Act

Summary

Community Banking and Economic Empowerment Act - Directs the Secretary of Housing and Urban Development (the Secretary) to provide capital, operating, and technical assistance to community development lenders and certain eligible entities in order to: (1) make credit-related services available to low-income persons inadequately served by traditional lending institutions; and (2) promote development and revitalization of low-income neighborhoods. Delineates the purposes for which the Secretary may provide assistance to community development lenders and to the eligible entities establishing those lenders. Prescribes guidelines for assisted community development lenders, including assistance agreements, auditing procedures, and educational programs. Directs the Board of Governors of the Federal Reserve System to ensure the availability of funds for community development banks and to submit to the Congress recommendations for increased liquidity lending to such banks by the Federal reserve banks. Amends the Community Reinvestment Act to preclude a regulated financial institution from receiving either an "outstanding" or a "satisfactory" rating for meeting community credit needs solely on the basis of its loans or investments in community development lenders.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 April 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 April 1993

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 April 1993

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.