§ 19-9-4. Credit needs of local communities.
(a) Each regulated institution, as defined in this chapter, to which the Community Reinvestment
Act of 1977, 12 U.S.C. § 2901 et seq., and as subsequently amended from time to time, applies, shall file with
the division of banking, a copy of each report and document that it is required to
prepare for or file with one or more federal agencies pursuant to the provisions of
that law and the rules and regulations promulgated thereunder. Each regulated institution,
as defined in this chapter, to which the Community Reinvestment Act of 1977, 12 U.S.C. § 2901 et seq., and as subsequently amended from time to time, does not apply, shall file
with the division of banking any reports that it may require, but in substantially
the same form as the reports required to be filed pursuant to the Community Reinvestment
Act by the regulated institutions to which the act applies. Where a regulated institution
has filed these reports or documents with the division of banking, an update of the
reports or documents shall be required whenever the regulated institution requests
the director, or the director's designee, to take any action on any application to
which the provisions of this title apply.
(b) When taking any action on an application made by a regulated institution under this
title, the director, or the director's designee, shall take into account, among other
factors, an assessment, in writing, of the record of performance of the regulated
institution in helping to meet the credit needs of its entire community, consistent
with the safe and sound operation of the regulated institution and an assessment of
the economic impact of the matter that is the subject of the application. The assessment
and any written communications from the division of banking to a regulated institution
relating to the assessment shall be made available to the public upon request. In
making the assessment, the director, or the director's designee, shall review all
reports and documents filed with the division of banking pursuant to this section
and any signed, written comments received by it or the division of banking that specifically
relate to the regulated institution's performance in helping to meet the credit needs
of its community. In addition, the director, or the director's designee, shall consider
the following factors in assessing a regulated institution's record of performance:
(1) The most recent public Community Reinvestment Act rating by the applicable federal
banking regulatory agency;
(2) Any practices intended to discourage application for types of credit set forth in
the regulated institution's Community Reinvestment Act statement(s);
(3) The geographic distribution of the regulated institution's credit extensions, credit
applications, and credit denials;
(4) Evidence of prohibited discriminatory or other illegal credit practices;
(5) The regulated institution's participation, including investments, in local community
development and redevelopment projects or programs;
(6) The regulated institution's origination of residential mortgage loans, housing rehabilitation
loans, home improvement loans, and small business or small farm loans within its community
or the purchase of such loans originated in its community;
(7) The regulated institution's participation in governmental-insured, guaranteed, or
subsidized loan programs for housing, small businesses, or small farms;
(8) The effect of the matter that is the subject of the application upon the economy of
the neighborhood, city or town, region, or state, including number of and types of
jobs and tax base; and
(9) Other factors that, in the judgment of the director, or the director's designee, reasonably
bear upon the extent to which a regulated institution is helping to meet the credit
needs and economy of the entire community.
(c) In assessing the record of performance of a regulated institution pursuant to the
provision of subsection (b), the director, or the director's designee, may, where
he or she deems it appropriate, if not otherwise required by law, provide for a public
hearing when an objection to the regulated institution's application has been submitted.
(d) An assessment of a regulated institution's record of performance under subsection
(b) may be the basis for denying an application under the provisions of this section.
(e) When taking an action pursuant to subsection (b), the director, or the director's
designee, shall request from the applicant-regulated institution, and from the appropriate
federal bank regulatory authorities, any documents other than those required to be
filed with the division of banking by this section or by other applicable statutes
or regulations.
(f) For the purposes of this section only, and notwithstanding any other provision of
this title or any other law to the contrary, the term "regulated institution� shall
not include credit unions whose bylaws significantly limit the field of membership,
as determined by the director, or the director's designee.
(g) The director, or the director's designee, is hereby authorized and empowered to promulgate
rules and regulations effectuating the provisions of this section.