Community Reinvestment Modernization Act of 2001

[AI summary unavailable — showing source text] Community Reinvestment Modernization Act of 2001 - Amends the Bank Holding Company Act of 1956 to subject to the Community Reinvestment Act of 1977 (CRA) all nonbank affiliates of bank holding companies that engage in lending or offer banking products or services. Mandates reduction of the CRA rating of a regulated financial institution to reflect predatory or negative credit practices. Places an affirmative obligation upon each securities company, mortgage bank, and insurance company to meet the need for its respective services in low- and moderate-income neighborhoods . Requires bank holding company affiliates of securities, mortgage, and insurance companies to maintain satisfactory CRA ratings. Insurance Disclosure Act - Directs the Secretary of Housing and Urban Development (HUD) to establish noncommercial insurance data reporting requirements incumbent upon insurers in order to ascertain the availability and affordability of insurance in connection with: (1) census tract; (2) low- and moderate-income neighborhoods; (3) race and gender of policyholders; and (4) location of principal place of agents and their termination by race. Directs the Secretary of HUD to require each insu…