Depository Institution Community Development Investments Enhancement Act

To increase community development investments by depository institutions, and for other purposes.

2/27/2007--Passed House without amendment. (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Depository Institution Community Development Investments Enhancement Act - Amends the Home Owners' Loan Act to revise requirements for more...community development investments by federal savings associations. Authorizes a federal savings association to make investments, directly or indirectly, each of which is designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments). Permits such investments to be made directly or by purchase of interests in an entity primarily engaged in making such investments. Prohibits a federal savings association from making an investment which would subject it to unlimited liability to any person. Requires the Director of the Office of Thrift Supervision to establish:
(1) the amount any savings association may invest in any one project; and
(2) the aggregate amount of investment of any savings association. Restricts the aggregate amount of investment of any savings association, subject to specified determinations made by the Director. Prohibits the maximum aggregate amount of investments of any savings association from exceeding the same 15% of its capital stock actually paid in and unimpaired and 15% of its unimpaired surplus as imposed by this Act on national banking associations and state member banks.

Sponsor

• Rep. Barney Frank [D, MA-4]
• and 1 Co-Sponsors
  • Rep. Spencer Bachus [R, AL-6]
  close

Committees

• Senate Banking, Housing, and Urban Affairs
• 1 more
  • House Financial Services
  close

Amendments

This bill has no amendments.

Amendments to H.R.1066

Number	Status	Purpose

---

Bill Status

Make a Bill Status Widget (What's this?)(Close help)

OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
February 15, 2007		February 27, 2007

Related Bills:

• S.2487

Related Issue Areas:

• Finance
• Bank capital
• Banks and banking
• Community development
• 12 more
• Community development banking
• Depressed areas
• Economic policy
• Housing
• Infrastructure
• Investments
• Job creation
• Law
• Liability (Law)
• Rural affairs
• Savings and loan associations
• Urban affairs

In the News

We are not currently finding any news articles on this topic using our daily automated search of Google News. However, if you know of a relevant news article to display here, OpenCongress site editors have the ability to add it manually. Simply e-mail us the web address of this page and the web address of your suggested news article: We'll post relevant links as quickly as possible. Also, if this topic is important to you, you could write a letter to the editor -- if a news article refers this specific topic by name, a link to that news article is likely to appear here soon.

Blog Coverage

February 15, 2008 OCC Deputy Comptroller for Compliance Policy Testifies Before ...

Comptroller Dugan has been very appreciative of your leadership, Chairman Frank, and yours Representative Bachus, in achieving unanimous passage by the House of Representatives of HR 1066. HR 1066 would restore the broader preexisting ...

Source: CIN Top News
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

February 01, 2008 How about fix a real problem!!

HR 1066. Check it out at http://www.legis.ga.gov/legis/2007_08/search/hr1066.htm What in the name of anything sacred is the state House pushing a resolution about college football for? I am beyond pissed off about this, ...

Source: The Reality Check
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

October 22, 2007 Senate Should Expand Public Welfare Investments

Fortunately, the House of Representatives has already addressed this issue by passing the Depository Institution Community Development Investments Enhancement Act (HR 1066). This legislation would restore the broader, long-standing ...

Source: CIN Top News
Was this article useful? Yes or No

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

2 more posts...
See highest rated blog posts

Information made available by: