Pennsylvania SB119 amends banking laws to enhance community reinvestment by banks and nonbank entities.
Pennsylvania SB119 amends Title 7 of the Pennsylvania Consolidated Statutes to introduce new provisions for community reinvestment by banks and nonbank entities. The bill requires banks to delineate assessment areas for community reinvestment and mandates public notice of their community reinvestment performance. Nonbank entities must also delineate assessment areas and provide public notice. The Department of Banking and Securities evaluates these entities' performance, considering factors like credit needs, fair housing efforts, and loan distribution.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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