12 U.S.C. § 2903: Financial institutions; evaluation

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 take such record into account in its evaluation of an application for a deposit facility by such institution. In assessing and taking into account, under subsection (a), 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. the Board finds that, as of the date the declaration of such election and the certification is filed by such holding company under section 1843( l )(1)(C) 1 of this title, not all of the subsidiary insured depository institutions of the bank holding company had achieved a rating of “satisfactory record of meeting community credit needs”, or better, at the most recent examination of each such institution; and 1 See References in Text note below. the Board notifies the company of such finding before the end of the 30-day period beginning on such date. the bank holding company has submitted an affirmative plan to the appropriate Federal financial supervisory agency to take such action as may be necessary in order for such institution to achieve a rating of “satisfactory record of meeting community credit needs”, or better, at the next examination of the institution; and the plan has been accepted by such agency. The terms “bank holding company” and “financial holding company” have the meanings given those terms in section 1841 of this title . The term “Board” means the Board of Governors of the Federal Reserve System. The term “insured depository institution” has the meaning given the term in section 1813(c) of this title . In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider, as a factor, low-cost education loans provided by the financial institution to low-income borrowers.