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 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.


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Sponsor

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

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

This bill has no amendments.

Amendments to H.R.1066

Number	Status	Purpose

Bill Status

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

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All Bill Actions

• Feb 28, 2007: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Passed by voice vote in the House on Feb 27, 2007. On motion to suspend the rules and pass the bill Agreed to by voice vote.
• Feb 27, 2007: Considered under suspension of the rules.
• Feb 27, 2007: DEBATE - The House proceeded with forty minutes of debate on H.R. 1066.
• Feb 27, 2007: Mr. Frank (MA) moved to suspend the rules and pass the bill.
• Feb 15, 2007: Referred to the House Committee on Financial Services.
• Introduced on Feb 15, 2007.

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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

Data from the Congressional Research Service

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Blog Coverage

September 28, 2008 the bailout crisis is misunderstood by many americans & the ...

fortunately the house of representatives has addressed this problem by passing the depository institution community development investments enhancement act (hr 1066). this legislation would restore the broader, long-standing authority ...

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Source: CENTRAL La. POLITICS

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May 11, 2008 COMMITTEE ON RULES - H. Res. 1175 – Providing for consideration of ...

... modification (HR 5579), community development investments (HR 1066), and certain housing preservation provisions from HR 1851, as well as a proposal to protect disabled veterans from discrimination in government mortgage programs. ...

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Source: News Items from the House Committee on Rules

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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 ...

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