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12 U.S.C. § 2903 — Financial institutions; evaluation

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2903 — Financial institutions; evaluation

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Source location: Title 12, Chapter 30, § 2903; chapter-030-community-reinvestment.md

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**(a) In general** In connection with its examination of a financial institution, the appropriate Federal financial supervisory agency shall— (1) assess the institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution; and (2) take such record into account in its evaluation of an application for a deposit facility by such institution. **(b) Majority-owned institutions** In assessing and taking into account, under subsection (a), the record of a nonminority-owned and nonwomen-owned financial institution, the appropriate Federal financial supervisory agency may consider as a factor capital investment, loan participation, and other ventures undertaken by the institution in cooperation with minority- and women-owned financial institutions and low-income credit unions provided that these activities help meet the credit needs of local communities in which such institutions and credit unions are chartered. **(c) Financial holding company requirement** (1) **In general** — An election by a bank holding company to become a financial holding company under [section 1843 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843&num=0&edition=prelim) shall not be effective if— (A) the Board finds that, as of the date the declaration of such election and the certification is filed by such holding company under section 1843(l)(1)(C) 11 See References in Text note below. of this title, not all of the subsidiary insured depository institutions of the bank holding company had achieved a rating of “satisfactory record of meeting community credit needs”, or better, at the most recent examination of each such institution; and (B) the Board notifies the company of such finding before the end of the 30-day period beginning on such date. (2) **Limited exclusions for newly acquired insured depository institutions** — Any insured depository institution acquired by a bank holding company during the 12-month period preceding the date of the submission to the Board of the declaration and certification under section 1843(l)(1)(C) 1 of this title may be excluded for purposes of paragraph (1) during the 12-month period beginning on the date of such acquisition if— (A) the bank holding company has submitted an affirmative plan to the appropriate Federal financial supervisory agency to take such action as may be necessary in order for such institution to achieve a rating of “satisfactory record of meeting community credit needs”, or better, at the next examination of the institution; and (B) the plan has been accepted by such agency. (3) **Definitions** — For purposes of this subsection, the following definitions shall apply: (A) *Bank holding company; financial holding company* — The terms “bank holding company” and “financial holding company” have the meanings given those terms in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim). (B) *Board* — The term “Board” means the Board of Governors of the Federal Reserve System. (C) *Insured depository institution* — The term “insured depository institution” has the meaning given the term in [section 1813(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c&num=0&edition=prelim). **(d) Low-cost education loans** In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider, as a factor, low-cost education loans provided by the financial institution to low-income borrowers.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1843 — Interests in nonbanking organizations

**(a) Ownership or control of voting shares of any company not a bank; engagement in activities other than banking** Except as otherwise provided in this chapter, no bank holding company shall— (1) after May 9, 1956, acquire direct or indirect ownership or control of any voting shares of any company which is not a bank, or (2) after two years from the date as of which it becomes a bank holding company, or in the case of a company which has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 1940 [[15 U.S.C. 80a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–1&num=0&edition=prelim) et seq.], prior to May 15, 1955, in such a manner as to constitute an affiliated company within the meaning of that Act, after December 31, 1978, or, in the case of any company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a bank holding company on December 31, 1970, after December 31, 1980, retain direct or indirect ownership or control of any voting shares of any company which is not a bank or bank holding company or engage in any activities other than (A) those of banking or of managing or controlling banks and other subsidiaries authorized under this chapter or of furnishing services to or performing services for its subsidiaries, and (B) those permitted under paragraph (8) of subsection (c) of this section subject to all the conditions specified in such paragraph or in any order or regulation issued by the Board under such paragraph: Provided, That a company covered in 1970 may also engage in those activities in which directly or through a subsidiary (i) it was lawfully engaged on June 30, 1968 (or on a date subsequent to June 30, 196

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12 U.S.C. § 24 — Corporate powers of associations

Upon duly making and filing articles of association and an organization certificate a national banking association shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power—

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12 U.S.C. § 1841 — Definitions

**(a)** (1) Except as provided in paragraph (5) of this subsection, “bank holding company” means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this chapter. (2) Any company has control over a bank or over any company if— (A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company; (B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or (C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company. (3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any class of voting securities of a given bank or company does not have control over that bank or company. (4) In any administrative or judicial proceeding under this chapter, other than a proceeding under paragraph (2)(C) of this subsection, a company may not be held to have had control over any given bank or company at any given time unless that company, at the time in question, directly or indirectly owned, controlled, or had power to vote 5 per centum or more of any class of voting securities of the bank or company, or had already been found to have control in a proceeding under paragraph (2)(C). (5) Notwithstanding any other provision of this subsection— (A) No bank and no company owning or controlling voting shares of a bank is a bank hold

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1831u — Interstate bank mergers

**(a) Approval of interstate merger transactions authorized** (1) **In general** — Beginning on June 1, 1997, the responsible agency may approve a merger transaction under [section 1828(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1828/c&num=0&edition=prelim) between insured banks with different home States, without regard to whether such transaction is prohibited under the law of any State. (2) **State election to prohibit interstate merger transactions** (A) *In general* — Notwithstanding paragraph (1), a merger transaction may not be approved pursuant to paragraph (1) if the transaction involves a bank the home State of which has enacted a law after September 29, 1994, and before June 1, 1997, that— (i) applies equally to all out-of-State banks; and (ii) expressly prohibits merger transactions involving out-of-State banks. (B) *No effect on prior approvals of merger transactions* — A law enacted by a State pursuant to subparagraph (A) shall have no effect on merger transactions that were approved before the effective date of such law. (3) **State election to permit early interstate merger transactions** (A) *In general* — A merger transaction may be approved pursuant to paragraph (1) before June 1, 1997, if the home State of each bank involved in the transaction has in effect, as of the date of the approval of such transaction, a law that— (i) applies equally to all out-of-State banks; and (ii) expressly permits interstate merger transactions with all out-of-State banks. (B) *Certain conditions allowed* — A host State may impose conditions on a branch within such State of a bank resulting from an interstate merger transaction if— (i) the conditions do not have the effect of discr

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12 U.S.C. § 1842 — Acquisition of bank shares or assets

**(a) Prior approval of Board as necessary; exceptions; disposition, time extension; subsequent approval or disposition upon disapproval** It shall be unlawful, except with the prior approval of the Board, (1) for any action to be taken that causes any company to become a bank holding company; (2) for any action to be taken that causes a bank to become a subsidiary of a bank holding company; (3) for any bank holding company to acquire direct or indirect ownership or control of any voting shares of any bank if, after such acquisition, such company will directly or indirectly own or control more than 5 per centum of the voting shares of such bank; (4) for any bank holding company or subsidiary thereof, other than a bank, to acquire all or substantially all of the assets of a bank; or (5) for any bank holding company to merge or consolidate with any other bank holding company. Notwithstanding the foregoing this prohibition shall not apply to (A) shares acquired by a bank, (i) in good faith in a fiduciary capacity, except where such shares are held under a trust that constitutes a company as defined in [section 1841(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/b&num=0&edition=prelim) and except as provided in paragraphs (2) and (3) of [section 1841(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/g&num=0&edition=prelim), or (ii) in the regular course of securing or collecting a debt previously contracted in good faith, but any shares acquired after May 9, 1956, in securing or collecting any such previously contracted debt shall be disposed of within a period of two years from the date on which they were acquired; (B) additional shares acquired by a bank holding company in

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2906 — Written evaluations

**(a) Required** (1) **In general** — Upon the conclusion of each examination of an insured depository institution under [section 2903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2903&num=0&edition=prelim), the appropriate Federal financial supervisory agency shall prepare a written evaluation of the institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods. (2) **Public and confidential sections** — Each written evaluation required under paragraph (1) shall have a public section and a confidential section. **(b) Public section of report** (1) **Findings and conclusions** (A) *Contents of written evaluation* — The public section of the written evaluation shall— (i) state the appropriate Federal financial supervisory agency’s conclusions for each assessment factor identified in the regulations prescribed by the Federal financial supervisory agencies to implement this chapter; (ii) discuss the facts and data supporting such conclusions; and (iii) contain the institution’s rating and a statement describing the basis for the rating. (B) *Metropolitan area distinctions* — The information required by clauses (i) and (ii) of subparagraph (A) shall be presented separately for each metropolitan area in which a regulated depository institution maintains one or more domestic branch offices. (2) **Assigned rating** — The institution’s rating referred to in paragraph (1)(C) 11 So in original. Probably should be paragraph “(1)(A)(iii)”. shall be 1 of the following: (A) “Outstanding record of meeting community credit needs”. (B) “Satisfactory record of meeting community credit needs”. (C) “Needs to improve record of meeting community credit

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2908 — Small bank regulatory relief

**(a) In general** Except as provided in subsections (b) and (c), any regulated financial institution with aggregate assets of not more than $250,000,000 shall be subject to routine examination under this chapter— (1) not more than once every 60 months for an institution that has achieved a rating of “outstanding record of meeting community credit needs” at its most recent examination under [section 2903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2903&num=0&edition=prelim); (2) not more than once every 48 months for an institution that has received a rating of “satisfactory record of meeting community credit needs” at its most recent examination under [section 2903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2903&num=0&edition=prelim); and (3) as deemed necessary by the appropriate Federal financial supervisory agency, for an institution that has received a rating of less than “satisfactory record of meeting community credit needs” at its most recent examination under [section 2903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2903&num=0&edition=prelim). **(b) No exception from CRA examinations in connection with applications for deposit facilities** A regulated financial institution described in subsection (a) shall remain subject to examination under this chapter in connection with an application for a deposit facility. **(c) Discretion** A regulated financial institution described in subsection (a) may be subject to more frequent or less frequent examinations for reasonable cause under such circumstances as may be determined by the appropriate Federal financial supervisory agency.

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15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. **(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.

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12 U.S.C. § 2903 — Financial institutions; evaluation

Page 1474 TITLE 12—BANKS AND BANKING § 2903 1 So in original. The period probably should be a semicolon. 2 See References in Text note below. insured by the Federal Deposit Insurance Corporation); (B) the Board of Governors of the Federal Reserve System with respect to State char- tered banks which are members of the Fed- eral Reserve System, bank holding compa- nies, and savings and loan holding compa- nies; (C) the Federal Deposit Insurance Corpora- tion with respect to State chartered banks and savings banks which are not members of the Federal Reserve System and the deposits of which are insured by the Corporation, and State savings associations (the deposits of which are insured by the Federal Deposit In- surance Corporation).1 (2) the term ‘‘regulated financial institu- tion’’ means an insured depository institution (as defined in section 1813 of this title); and (3) the term ‘‘application for a deposit facil- ity’’ means an application to the appropriate Federal financial supervisory agency other- wise required under Federal law or regulations thereunder for— (A) a charter for a national bank or Fed- eral savings and loan association; (B) deposit insurance in connection with a newly chartered State bank, savings bank, savings and loan association or similar insti- tution; (C) the establishment of a domestic branch or other facility with the ability to accept deposits of a regulated financial institution; (D) the relocation of the home office or a branch office of a regulated financial insti- tution; (E) the merger or consolidation with, or the acquisition of the assets, or the assump- tion of the liabilities of a regulated financial institution requiring approval under section 1828(c) of this title or under regulations issued under the

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