Bank Accessibility Act

Bank Accessibility Act - Amends the Community Reinvestment Act of 1977 with respect to the requirement that, in examining a financial institution, the appropriate federal financial supervisory agency assess and take into account the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods.

Requires the appropriate federal financial supervisory agency, in making such an assessment, to consider as factors: (1) the branch distribution of such institutions in low- to moderate-income communities; and (2) the services provided to borrowers in such communities by such institutions, including free check cashing and debit card and ATM services. Requires the consideration of such factors to be weighted to account for approximately 33% of the institutions's rating.

Requires the appropriate federal financial supervisory agency to prescribe regulations that, in the case of any regulated financial institution receiving a low rating with respect to such factors, deny any of the institution's merger or expansion requests; and (2) impose a civil money penalty on the institution.

Requires deposit of collected civil monetary penalties in accounts made available to carry out the appropriate federal financial supervisory agency's responsibilities under the Community Reinvestment Act of 1977.

Requires the appropriate federal financial supervisory agency to prescribe regulations that reward a regulated financial institution that receives a high rating with respect to such factors.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1662 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1662

 To encourage financial institutions to meet the needs of borrowers in 
      low- to moderate-income communities, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 15, 2011

  Mr. Weiner introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To encourage financial institutions to meet the needs of borrowers in 
      low- to moderate-income communities, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bank Accessibility Act''.

SEC. 2. FINANCIAL INSTITUTION INVOLVEMENT WITH LOW-INCOME BORROWERS AND 
              COMMUNITIES.

    (a) Additional Factors.--Section 804 of the Community Reinvestment 
Act of 1977 (12 U.S.C. 2903) is amended by adding at the end the 
following:
    ``(e) Branch Distribution and Services in Low- to Moderate-Income 
Communities.--In assessing and taking into account, under subsection 
(a), the record of a financial institution, the appropriate Federal 
financial supervisory agency shall consider as factors--
            ``(1) the branch distribution of such institutions in low- 
        to moderate-income communities; and
            ``(2) the services provided to borrowers in such 
        communities by such institutions, including--
                    ``(A) checking and savings accounts with no monthly 
                fee, low or no minimum balance requirements, and no 
                overdraft or insufficient funds fees;
                    ``(B) free check cashing;
                    ``(C) debit card and ATM services; and
                    ``(D) low or no fee money order and wire 
                transfers.''.
    (b) Effect on Rating.--Section 807(b) of such Act (12 U.S.C. 
2906(b)) is amended by adding at the end the following:
            ``(3) Factors considered.--The consideration of the factors 
        described in section 804(e) shall be weighted to account for 
        approximately 33 percent of the institution's rating referred 
        to in paragraph (1)(A)(iii).''.

SEC. 3. REGULATIONS.

    (a) In General.--The appropriate Federal financial supervisory 
agency shall prescribe regulations that, in the case of any regulated 
financial institution that receives a low rating (as determined by the 
such agency) with respect to the factors described in section 804(e) of 
the Community Reinvestment Act of 1977 (12 U.S.C. 2903(e)), as added by 
section 2(a) of this Act--
            (1) deny any merger or expansion requests by such 
        institution; and
            (2) impose a civil money penalty on such institution in an 
        amount determined by such agency.
    (b) Use of Civil Money Penalties Collected.--Any civil money 
penalties collected under regulations prescribed pursuant to subsection 
(a)(2) shall be deposited in accounts established by the appropriate 
Federal financial supervisory agency, and the amounts in such accounts 
shall be made available to such agency to carry out its 
responsibilities under the Community Reinvestment Act of 1977 (12 
U.S.C. 2901 et seq.), including distributing rewards pursuant to 
subsection (c) of this section.
    (c) Rewards.--The appropriate Federal financial supervisory agency 
shall prescribe regulations that reward a regulated financial 
institution that receives a high rating (as determined by such agency) 
with respect to the factors described in section 804(e) of the 
Community Reinvestment Act of 1977 (12 U.S.C. 2903(e)), as added by 
section 2(a) of this Act.
    (d) Definitions.--In this section, the terms ``appropriate Federal 
financial supervisory agency'' and ``regulated financial institution'' 
have the same meanings as are given such terms in section 803 of the 
Community Reinvestment Act of 1977 (12 U.S.C. 2902).
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