Section 15 Annual list to investment committee of banks meeting local community needs - Massachusetts Statutes

Section 15. The commissioner of banks shall annually prepare and submit a list to the investment committee established under the provisions of section twenty-three of chapter thirty-two and the state treasurer which indicates those banks, as defined in section one, which have satisfied their continuing and affirmative obligations to help meet the needs of the local communities in which they are chartered, including low and moderate-income neighborhoods, as set forth in section fourteen.

Only mortgage lenders so listed shall be eligible to sell or participate in the sale of mortgage pass-through securities or mortgage-backed bonds to public employee retirement systems. Only banks so listed shall be eligible to receive deposits under the provisions of section thirty-four or thirty-four A of chapter twenty-nine.

The commissioner of banks shall also prepare and submit annually to said investment committee and the state treasurer a list, based on information received from the appropriate federal agency, which indicates those federal savings and loan associations and national banking associations which have been determined by the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, or the Office of the Comptroller of the Currency to have complied with the requirements of the Federal Community Reinvestment Act, sections 802 et seq., of Title VIII of P.L. 95-128, and regulations promulgated thereunder. Only those associations so listed shall be eligible to sell such securities or bonds to such systems, and to receive deposits under the provisions of section thirty-four or thirty-four A of chapter twenty-nine.