Community Benefits Banking Act of 1988

[AI summary unavailable — showing source text] Community Benefits Banking Act of 1988 - Title I: Community Benefits Amendments - Community Benefits Amendments of 1988 - Amends the Bank Holding Company Act of 1956 and the National Housing Act to require that minimum community reinvestment standards be met by bank holding companies and savings and loan holding companies prior to any approval of such a holding company's application for the acquisition of: (1) out-of-State subsidiaries; or (2) interests in certain nonbanking organizations. Applies identical standards to the acquisition of a bank by a securities firm. Specifies such minimum standard as an imputed community reinvestment rating of two or better. Defines "imputed community investment rating" of a holding company as the community reinvestment rating assigned to the subsidiary of such holding company with the most unfavorable community reinvestment rating during the most recent examination of such subsidiary under the Community Reinvestment Act of 1977. Provides special rules for holding companies with five or more subsidiaries in one State and for subsidiaries with ratings assigned prior to the date of enactment of this Act. Specifies that the rating for a securities fi…