Upon the conclusion of each examination of an insured depository institution under section 2903 of this title, the appropriate Federal financial supervisory agency shall prepare a written evaluation of the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods.
Each written evaluation required under paragraph (1) shall have a public section and a confidential section.
The public section of the written evaluation shall-
The information required by clauses (i) and (ii) of subparagraph (A) shall be presented separately for each metropolitan area in which a regulated depository institution maintains one or more domestic branch offices.
The institution's rating referred to in paragraph (1)(C) 1 shall be 1 of the following:
Such ratings shall be disclosed to the public on and after July 1, 1990.
The confidential section of the written evaluation shall contain all references that identify any customer of the institution, any employee or officer of the institution, or any person or organization that has provided information in confidence to a Federal or State financial supervisory agency.
The confidential section shall also contain any statements obtained or made by the appropriate Federal financial supervisory agency in the course of an examination which, in the judgment of the agency, are too sensitive or speculative in nature to disclose to the institution or the public.
The confidential section may be disclosed, in whole or part, to the institution, if the appropriate Federal financial supervisory agency determines that such disclosure will promote the objectives of this chapter. However, disclosure under this paragraph shall not identify a person or organization that has provided information in confidence to a Federal or State financial supervisory agency.
In the case of a regulated financial institution that maintains domestic branches in 2 or more States, the appropriate Federal financial supervisory agency shall prepare-
In the case of a regulated financial institution that maintains domestic branches in 2 or more States within a multistate metropolitan area, the appropriate Federal financial supervisory agency shall prepare a separate written evaluation of the institution's record of performance within such metropolitan area under this chapter, as required by subsections (a), (b), and (c). If the agency prepares a written evaluation pursuant to this paragraph, the scope of the written evaluation required under paragraph (1)(B) shall be adjusted accordingly.
A written evaluation prepared pursuant to paragraph (1)(B) shall-
For purposes of this section the following definitions shall apply:
The term "domestic branch" means any branch office or other facility of a regulated financial institution that accepts deposits, located in any State.
The term "metropolitan area" means any primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area, as defined by the Director of the Office of Management and Budget, with a population of 250,000 or more, and any other area designated as such by the appropriate Federal financial supervisory agency.
The term "State" has the same meaning as in section 1813 of this title.
1 So in original. Probably should be paragraph "(1)(A)(iii)".
12 U.S.C. § 2906
EDITORIAL NOTES
REFERENCES IN TEXTThis chapter, referred to in subsecs. (b)(1)(A)(i) and (c)(3), was in the original "this Act" and was translated as reading "this title", meaning title VIII of Pub. L. 95-128 known as the Community Reinvestment Act of 1977, to reflect the probable intent of Congress.
AMENDMENTS1994-Subsec. (b)(1). Pub. L. 103-328, §110(b), redesignated existing provisions as subpar. (A) and former subpars. (A) to (C) as cls. (i) to (iii), respectively, of subpar. (A), inserted subpar. (A) heading, and added subpar. (B). Subsecs. (d), (e). Pub. L. 103-328, §110(a), added subsecs. (d) and (e).1991-Subsec. (a)(1). Pub. L. 102-242, §222(b)(1), substituted "financial supervisory" for "depository institutions regulatory".Subsec. (b)(1)(A). Pub. L. 102-242, §222(b)(2), substituted "financial supervisory" for "depository institutions regulatory" in two places.Subsec. (b)(1)(B). Pub. L. 102-242, §222(a), inserted "and data" after "facts".Subsec. (c). Pub. L. 102-242, §222(b)(3), substituted "financial supervisory" for "depository institutions regulatory" wherever appearing.
- Director
- The term "Director" means the Director of the Bureau.
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.