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 institutions' primary savings service area.

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

Timeline

1. 24 January 1977

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

2. 24 January 1977

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 24 January 1977

  Open at official source

Sponsors

• Sen. Proxmire, William [D-WI] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Community Reinvestment Act