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Can you summarize WVCO Chapter 31A, Article 8B?
BANKS AND BANKING. > COMMUNITY REINVESTMENT ACT.
Short Summary
The West Virginia Community Reinvestment Act requires banking institutions to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business. This includes the need for credit services as well as deposit services. The Act imposes an obligation on banking institutions to help meet the credit needs of the local communities in which they are chartered. The purpose of the Act is to encourage banking institutions to meet the credit needs of their local communities while ensuring the safe and sound operation of these institutions. The Act defines the term ‘application for a deposit facility’ and outlines various scenarios where such applications may be made. The commissioner and the board are required to assess the institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, during examinations or investigations. This record is taken into account when evaluating applications for deposit facilities or permission to engage in financially related services. The commissioner is responsible for promulgating regulations to carry out the purposes of the Act.
Whom does it apply to?
Banking institutions and their bank holding companies
What does it govern?
West Virginia Community Reinvestment Act
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
West Virginia