**(a)** The Congress finds that—
(1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business;
(2) the convenience and needs of communities include the need for credit services as well as deposit services; and
(3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
**(b)** It is the purpose of this chapter to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.
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Source location: Title 12, Chapter 30, § 2901; chapter-030-community-reinvestment.md
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**(a)** The Congress finds that—
(1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business;
(2) the convenience and needs of communities include the need for credit services as well as deposit services; and
(3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
**(b)** It is the purpose of this chapter to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.
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Federal law — U.S. Code and appendices · legal_authorities
§ 2901. Congressional findings and statement of
purpose
(a) The Congress finds that—
(1) regulated financial institutions are re-
quired by law to demonstrate that their de-
posit facilities serve the convenience and
needs of the communities in which they are
chartered to do business;
(2) the convenience and needs of commu-
nities include the need for credit services as
well as deposit services; and
(3) regulated financial institutions have con-
tinuing and affirmative obligation to help
meet the credit needs of the local commu-
nities in which they are chartered.
(b) It is the purpose of this chapter to require
each appropriate Federal financial supervisory
agency to use its authority when examining fi-
nancial institutions, to encourage such institu-
tions to help meet the credit needs of the local
communities in which they are chartered con-
sistent with the safe and sound operation of
such institutions.
(Pub. L. 95–128, title VIII, § 802, Oct. 12, 1977, 91
Stat. 1147.)
Statutory Notes and Related Subsidiaries
SHORT TITLE
Pub. L. 95–128, title VIII, § 801, Oct. 12, 1977, 91 Stat.
1147, provided that: ‘‘This title [enacting this chapter]
may be cited as the ‘Community Reinvestment Act of
1977’.’’
RESPONSIVENESS TO COMMUNITY NEEDS FOR FINANCIAL
SERVICES
Pub. L. 106–102, title VII, § 715, Nov. 12, 1999, 113 Stat.
1470, provided that:
‘‘(a) STUDY.—The Secretary of the Treasury, in con-
sultation with the Federal banking agencies (as defined
in section 3(z) of the Federal Deposit Insurance Act [12
U.S.C. 1813(z)]), shall conduct a study of the extent to
which adequate services are being provided as intended
by the Community Reinvestment Act of 1977 [12 U.S.C.
2901 et seq.], including services in low- and moderate-
income neighborhoods and for