HR 6062 · 109th Congress · Finance and Financial Sector

Community Development Investment Enhancements Act of 2006

Introduced 2006-09-13· Sponsored by Rep. Frank, Barney [D-MA-4]· House

Bill Progress

Introduced
Committee
House Vote
4
Senate
5
Enacted
Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2006-11-13)

Plain Language Summary

[AI summary unavailable — showing source text] Community Development Investment Enhancements Act of 2006 - Amends the Revised Statues of the United States and the Federal Reserve Act to increase from 10% to 15% of its capital stock actually paid in and unimpaired, and from 10% to 15% of its unimpaired surplus fund, the maximum aggregate community development investments of a national banking association or a state member bank, including its subsidiaries. Applies such limits to each such investment. Amends the Home Owners' Loan Act to authorize a federal savings association to make investments designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments). Requires the Director of the Office of Thrift Supervision to establish: (1) the amount any savings association may invest in any one project; and (2) the aggregate amount of investment of any savings association. Declares that the maximum aggregate amount of investments of any savings association is limited to the same 15% of capital stock actually paid in and unimpaired and 15% of unimpaired surplus fund as imposed by this Act o…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Republican