Community Reinvestment Modernization Act of 2000

[AI summary unavailable — showing source text] Community Reinvestment Modernization Act of 2000 - Title I: Modernization of Community Reinvestment Act of 1977 and Community Service Obligations - Amends the Bank Holding Company Act of 1956 to subject to the Community Reinvestment Act of 1977 (CRA) in the same manner as regulated financial institutions all nonbank affiliates of bank holding companies that engage in lending or offer banking products or services. (Sec. 101) Mandates that: (1) the Federal regulatory agency with jurisdiction over the affiliate's bank holding company take into account the record of any such affiliate in meeting community credit, investment, and consumer needs; (2) the Federal financial supervisory agency perform separate evaluations of a depository institution's State, metropolitan, and community service areas; and (3) the CRA rating of a regulated financial institution be reduced to reflect predatory or negative credit practices. (Sec. 104) Places upon each securities company, mortgage bank, and insurance company the affirmative obligation to meet the need for their respective services in low- and moderate-income neighborhoods as regards each community constituting an assessment area of such entities…