Bill Text: WV HB4706 | 2022 | Regular Session | Introduced
Bill Title: Reforming the community reinvestment act to ensure investment in low income communities
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2022-02-15 - To House Government Organization [HB4706 Detail]
Download: West_Virginia-2022-HB4706-Introduced.html
WEST VIRGINIA LEGISLATURE
2022 REGULAR SESSION
Introduced
House Bill 4706
By Delegates Walker and Young
[Introduced February 15, 2022; Referred to the Committee on Government Organization then Finance]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §31A-8B-6, relating to requiring an audit to be made of the compliance of Commissioner of Banking and the Board of Banking and Financial Institutions to assess their compliance with the West Virginia Community Reinvestment Act; requiring the Legislative Auditor to conduct the audit; specifying essential issues to review; and requiring report to be submitted to the Joint Committee on Government and Finance.
Be it enacted by the Legislature of West Virginia:
ARTICLE 8B. COMMUNITY REINVESTMENT ACT.
§31A-8B-6. Audit of commissioner and board; report.
The Legislative Auditor shall conduct an audit of the commissioner of banking and the board of banking and financial institutions to determine the extent of their compliance with the provisions and purpose of this article in investigations conducted by them during the previous five calendar years.
The audit shall include, but not necessarily be limited to, an examination of the following issues:
(1) How the commissioner and the board assess the performance and conduct of a banking institution in meeting the credit needs of its entire community, including low-and moderate-income neighborhoods;
(2) How these factors are identified in the evaluation of an institution in the evaluation of an application for a deposit facility or for permission to engage in financially related services by such institution;
(3) The weight given to these factors in these evaluations; and
(4) Whether the commissioner and the board are able to identify benefits to low- and middle-income communities resulting from the procedures and actions of the commissioner and the board pursuant to this article.
The Legislative Auditor shall submit a report of this audit to the Joint Committee on Government and Finance no later than December 31, 2023.
NOTE: The purpose of this bill is to require an audit of the Commissioner of Banking and the Board of Banking and Financial Institutions to assess their compliance with the West Virginia Community Reinvestment Act.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
