Synopsis As Introduced Amends the Division of Banking Act. Requires the Division of Banking to implement a program intended to encourage financial institutions to help meet the credit needs of the communities in which they serve, including low and moderate-income neighborhoods, consistent with safe and sound banking practices. Provides that the State shall not enter into a contract or renew a contract with a financial institution that does not participate in the program.
House Committee Amendment No. 1 Replaces everything after the enacting clause. Amends the Division of Banking Act. Provides that the Division of Banking of the Department of Financial and Professional Regulation shall review the federal Community Reinvestment Act performance evaluations of any financial institution regulated by the Division to monitor the efforts State chartered banks are making to meet the credit needs of the communities in which they serve, including low-income and moderate-income neighborhoods, consistent with safe and sound banking practice. Provides that the Department may electronically publish an annual report to provide the performance evaluations of State chartered banks.