HB814

Louisiana Community Investment Fairness Act establishes community investment ratings for state-chartered financial institutions.

The Louisiana Community Investment Fairness Act, or LA-CIFA, aims to ensure state-chartered financial institutions serve the communities in which they are chartered. The law requires the commissioner of the office of financial institutions to conduct community investment examinations of each regulated institution at least once every three years. These examinations assess the institution's lending to low-to-moderate income borrowers, investments in community development activities, and provision of accessible financial services to low-to-moderate income and minority customers.