HR 1066 · 110th Congress · Finance and Financial Sector
Depository Institution Community Development Investments Enhancement Act
Bill Progress
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Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2007-02-28)
Plain Language Summary
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Depository Institution Community Development Investments Enhancement Act - Amends the Home Owners' Loan Act to revise requirements for community development investments by federal savings associations. Authorizes a federal savings association to make investments, directly or indirectly, each of which is 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). Permits such investments to be made directly or by purchase of interests in an entity primarily engaged in making such investments. Prohibits a federal savings association from making an investment which would subject it to unlimited liability to any person. 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. Restricts the aggregate amount of investment of any savings association, subject to specified determinations made by the Director. Prohibits the maximum aggregate amount of investments of any savings associati…
Summarized by Claude AI · Non-partisan · For informational purposes only