Community Reinvestment Act

Summary

Community Reinvestment Act - States that the purpose of this Act is to require each appropriate Federal financial supervisory agency to use its authority, when chartering and regulating financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered. Directs each Federal financial supervisory agency to develop programs and procedures including the following: (1) requiring each applicant to analyze the deposit and credit needs of its primary savings service area and to specify how such applicant proposes to meet these needs; (2) permitting consumer organizations to present testimony at hearings on how well the applicant has met or is proposing to meet the credit needs of the communities served or to be served by the applicant; and (3) requiring periodic reports on the amount of consumer deposits received and credit extended in the institution's primary savings service area.

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1 official file

• Introduced in House

  summary · EN · 8 March 1977

  Open at official source

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