CHAPTER 395. COMMUNITY REINVESTMENT WORK GROUP - Texas Statutes

FINANCE CODE

TITLE 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES

CHAPTER 395. COMMUNITY REINVESTMENT WORK GROUP

SUBCHAPTER A. COMPOSITION AND OPERATION

Sec. 395.001. COMPOSITION. The community reinvestment work

group is composed of:

(1) a representative of the comptroller's office, appointed by

the comptroller;

(2) a representative of the Texas Department of Housing and

Community Affairs, appointed by the executive director of that

department;

(3) a representative of the Texas Department of Economic

Development, appointed by the executive director of that

department;

(4) a representative of the Texas Department of Banking,

appointed by the banking commissioner of Texas; and

(5) a representative of the Texas Department of Insurance,

appointed by the commissioner of insurance.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.28(a), eff. Sept.

1, 1999.

Sec. 395.002. OFFICERS. The representative of the comptroller's

office serves as presiding officer of the work group. The members

of the work group may elect other necessary officers.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.28(a), eff. Sept.

1, 1999.

Sec. 395.003. MEETINGS. The work group shall meet quarterly and

may meet more often at the call of the presiding officer.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.28(a), eff. Sept.

1, 1999.

Sec. 395.004. TERM OF OFFICE; REMOVAL. A member of the work

group serves a two-year term and may be removed for any reason by

the appointing authority.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.28(a), eff. Sept.

1, 1999.

Sec. 395.005. EXPENSES; COMPENSATION. The appointing authority

is responsible for the expenses of a member's service on the work

group. A member of the work group receives no additional

compensation for serving on the work group.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.28(a), eff. Sept.

1, 1999.

SUBCHAPTER B. DUTIES

Sec. 395.101. GENERAL DUTIES. The work group shall work in

conjunction with the banking community in this state to:

(1) develop statewide community reinvestment strategies using

existing investment pools and other investment vehicles to

leverage private capital from banks, insurance companies, and

other entities for community development in the state;

(2) consult and coordinate with representatives from appropriate

federal regulatory agencies, including the Office of the

Comptroller of the Currency, the Federal Reserve Board of

Governors, the Federal Deposit Insurance Corporation, and the

Office of Thrift Supervision; and

(3) monitor and evaluate the strategies developed under this

section.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.28(a), eff. Sept.

1, 1999.

Sec. 395.102. DEVELOPING STRATEGIES. In developing the

strategies required by Section 395.101, the work group shall:

(1) explore innovative qualified investment strategies;

(2) ensure to the extent possible that the strategies encourage

financial institutions in this state to lend money to low-income

and moderate-income families and individuals in the state;

(3) coordinate its efforts to attract private capital through

investments that meet the requirements of the Community

Reinvestment Act of 1977 (12 U.S.C. Section 2901 et seq.); and

(4) ensure to the extent possible that the strategies augment

existing Community Reinvestment Act of 1977 programs in the

state, including the operation of local community development

corporations.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.28(a), eff. Sept.

1, 1999.