Insurance Disclosure Act

To enhance the availability of capital and credit for all citizens and communities, to ensure that community reinvestment keeps pace as banks, securities firms, and other financial service providers become affiliates as a result of the enactment of the Gramm-Leach-Bliley Act, and for other purposes.

3/1/2007--Introduced.
Community Reinvestment Modernization Act of 2007 - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision. Reinstates banking agency regulations in effect before the publication of such revisions. Amends the Bank Holding Company Act of 1956 (BHCA) to subject to the Community Reinvestment Act of 1977 (CRA) nonbank affiliates of bank holding companies that engage in lending or offering banking products or services. Amends the CRA to require a rating reduction for a regulated financial institution engaged in negative credit practices, including predatory and discriminatory lending. States that securities companies, mortgage banks, and insurance companies have a continuing affirmative obligation to meet the financial services needs in their assessment areas, including those of low- and moderate-income neighborhoods and persons of modest means. Requires their affiliates to attain satisfactory ratings in accordance with this Act. Insurance Disclosure Act - Directs the Secretary of Housing and Urban Development to establish requirements for insurers to submit information annually regarding noncommercial insurance, rural insurance, and investments by insurers. Requires the Secretary to make such information public. Directs the Financial Institutions Examination Council to maintain a comprehensive database containing the hierarchical structure of financial holding companies, bank holding companies, depository institutions, and non-depository institutions. Amends the BHCA to allow certain expanded financial activities by a bank holding company only if it or its affiliate has neither:
(1) been adjudicated in federal court; nor
(2) entered into a consent decree or settlement agreement, premised upon a violation of the Fair Housing Act (antiredlining requirement). Requires:
(1) public meetings regarding bank acquisitions and mergers; and
(2) a period for public comment regarding branch closures. Amends the CRA to subject all regulated financial institutions, regardless of size or aggregate assets, to mandatory biennial examinations.

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Sponsor

• Rep. Eddie Johnson [D, TX-30]
• and 14 Co-Sponsors
  • Rep. Robert Brady [D, PA-1]
  • Rep. Corrine Brown [D, FL-3]
  • Rep. Russ Carnahan [D, MO-3]
  • Rep. John Conyers [D, MI-14]
  • Rep. Danny Davis [D, IL-7]
  • Rep. Keith Ellison [D, MN-5]
  • Rep. Sam Farr [D, CA-17]
  • Rep. Chaka Fattah [D, PA-2]
  • Rep. Raul Grijalva [D, AZ-7]
  • Rep. Luis Gutierrez [D, IL-4]
  • Rep. Michael Honda [D, CA-15]
  • Rep. Stephanie Jones [D, OH-11]
  • Rep. Eleanor Norton [D, DC-0]
  • Rep. Janice Schakowsky [D, IL-9]
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Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.1289

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
March 01, 2007

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All Bill Actions

• Mar 01, 2007: Referred to the House Committee on Financial Services.
• Introduced on Mar 01, 2007.

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Related Issue Areas:

• Finance
• Administrative procedure
• Affiliated corporations
• Automobile insurance
• 60 more
• Bank accounts
• Bank examination
• Bank holding companies
• Bank loans
• Bank mergers
• Bank records
• Banks and banking
• Brokers
• Business
• Business insurance
• Business records
• Casualty insurance
• Civil rights
• Community development banking
• Consent decrees
• Consumer credit
• Consumers
• Data banks
• Department of Housing and Urban Development
• Department of the Treasury
• Depressed areas
• Discrimination in consumer credit
• Economic policy
• Executive departments
• Fair housing
• Federal Deposit Insurance Corporation
• Federal reserve system
• Financial institutions
• Financial services
• Fines (Penalties)
• Government corporations
• Government information
• Government paperwork
• Government publicity
• Housing
• Information disclosure (Securities law)
• Injunctions
• Insurance
• Insurance agents
• Insurance companies
• Insurance premiums
• Investment advisers
• Investments
• Law
• Liability (Law)
• Minorities
• Mortgage banks
• Mortgage guaranty insurance
• Mortgages
• Mutual funds
• Nonbank banks
• Property insurance
• Public meetings
• Racial discrimination
• Rural affairs
• Securities industry
• Securities regulation
• Small business
• Technology
• Usury

Data from the Congressional Research Service

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Blog Coverage

November 12, 2007 Payday Loans In 1 Hr

1 icannaccredited domain name registrar for hr 1289 would strengthen cra as applied to 1 yesterday to approve legislation win in a spiral of debt when they have to take out new payday loans free payday loans no fax required and no ...

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June 19, 2007 Community Reinvestment Act: Regulation and Legislation

In the 110th Congress, the Community Reinvestment Modernization Act of 2007 (HR 1289) was introduced in the House of Representatives on March 1, 2007, and was referred to the House Committee on Financial Services. ...

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March 16, 2007 Bill would broaden the CRA's reach

The Shriver Center reports glowingly today on HR 1289, the proposed Community Reinvestment Modernization Act. The bill looks pretty ambitious. It would start by legislatively repealing a lot of the Bush-era regulations that weakened ...

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Source: housingfinance

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