12 U.S.C. § 2901: Congressional findings and statement of purpose

regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business; the convenience and needs of communities include the need for credit services as well as deposit services; and regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered. It is the purpose of this chapter 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. The Secretary of the Treasury, in consultation with the Federal banking agencies (as defined in section 3(z) of the Federal Deposit Insurance Act [ 12 U.S.C. 1813(z) ]), shall conduct a study of the extent to which adequate services are being provided as intended by the Community Reinvestment Act of 1977 [ 12 U.S.C. 2901 et seq.], including services in low- and moderate-income neighborhoods and for persons of modest means, as a result of the enactment of this Act [see Tables for classification]. before March 15, 2000 , submit a baseline report to the Congress on the study conducted pursuant to subsection (a); and before the end of the 2-year period beginning on the date of the enactment of this Act [ Nov. 12, 1999 ], in consultation with the Federal banking agencies, submit a final report to the Congress on the study conducted pursuant to subsection (a). The final report submitted under paragraph (1)(B) shall include such recommendations as the Secretary determines to be appropriate for administrative and legislative action with respect to institutions covered under the Community Reinvestment Act of 1977 [ 12 U.S.C. 2901 et seq.].”