H.R. 6062 · 109th Congress
Community Development Investment Enhancements Act of 2006
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 109th Congress ended.
D
FrankSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Sep 13, 2006
- House Passed Sep 27, 2006
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…
What it does: CRS summary · Passed House without amendment · Sep 27, 2006
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
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).
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 association from exceeding the same 15% of its capital stock actually paid in and unimpaired and 15% of its unimpaired surplus as imposed by this Act on national banking associations and state member banks.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Community Development Investment Enhancements Act of 2006
Latest action (Nov 13, 2006): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 13, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Sep 13, 2006
- House Passed Sep 27, 2006
No recorded floor vote found.