Page:United States Statutes at Large Volume 91.djvu/1181

 PUBLIC LAW 95-128—OCT. 12, 1977

91 STAT. 1147

neers, or similar services, but not including legal services, in the effecting of an appeal which is successful in whole or part, the Secretary shall reimburse such individual or community to an extent measured by the ratio of the successful portion of the appeal as compared to the entire appeal and applying such ratio to the reasonable value of all such services, but no reimbursement shall be made by the Secretary in respect to any fee or expense payment, the payment of which was agreed to be contingent upon the result of the appeal. There is author- Appropriation ized to be appropriated for purposes of implementing this subsection authorization. not to exceed "$250,000.". Community Reinvestment SEC. 801. This title may be cited as the "Community Reinvestment Act of 1977. Citation of Act of 1977". title. SEC. 802. (a) The Congress finds that— 12 u (1) regulated financial institutions are required by law to note. s e 2901 demonstrate that their deposit facilities serve the convenience and 12 USC 2901.

TITLE VIII—COMMUNITY REINVESTMENT

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 comiimnities in which they are chartered. (b) It is the purpose of this title 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. SEC. 803. For the purposes of this title— 12 USC 2902. (1) the term "appropriate Federal financial supervisory agency" means— (A) the Comptroller of the Currency with respect to national banks; (B) the Board of Governors of the Federal Reserve System with respect to State chartered banks which are members of the Federal Reserve System and bank holding companies; (C) the Federal Deposit Insurance Corporation 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 (D) the Federal Home Loan Bank Board with respect to institutions the deposits of which are insured by the Federal Savings and Loan Insurance Corporation and to savings and loan holding companies; (2) the term "regulated financial institution" means an insured bank as defined in section 3 of the Federal Deposit Insurance Act 18 USC 709. or an insured institution as defined in section 401 of the National Housing Act; and 12 USC 1724. (3) the term "application for a deposit facility" means an application to the appropriate Federal financial supervisory agency otherwise required under Federal law or regulations thereunder for— (A) a charter for a national bank or Federal savings and loan association;

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