§2903. Financial institutions; evaluation

(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) of this section, 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.

( Pub. L. 95–128, title VIII, §804, Oct. 12, 1977, 91 Stat. 1148 ; Pub. L. 102–550, title IX, §909(1), Oct. 28, 1992, 106 Stat. 3874 .)

Amendments

1992-Pub. L. 102–550 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

Section Referred to in Other Sections

This section is referred to in sections 1831u, 1842, 2906 of this title.