1.  A financial institution subject to the Community Reinvestment Act of 1977, 12 U.S.C. § 2901 to 2905, inclusive, shall:

Terms Used In Nevada Revised Statutes 665.180

  • Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. Source: OCC

(a) Notify the Commissioner of the public availability of the current CRA rating of the financial institution as soon as the CRA rating becomes publicly available.

(b) Conduct training sessions to provide information concerning the obligations imposed on the financial institution by the CRA for persons and organizations, including, without limitation, faith-based and consumer advocacy organizations, that operate within the community served by the financial institution. The financial institution must report to the Commissioner the number of such training sessions conducted by the financial institution each year.

2.  The Division of Financial Institutions shall post the current CRA rating for every financial institution subject to the Community Reinvestment Act of 1977, 12 U.S.C. § 2901 to 2905, inclusive, on the Internet website of the Division.

3.  Each even-numbered year, the Commissioner shall submit a report that includes:

(a) The name of each financial institution subject to the Community Reinvestment Act of 1977, 12 U.S.C. § 2901 to 2905, inclusive, and the current CRA rating of each such financial institution; and

(b) The number of training sessions required by this section that are conducted by each such financial institution each year.

4.  The report required pursuant to subsection 3 must be submitted to the Legislative Commission.

5.  As used in this section, ‘CRA rating’ means the rating assigned to a financial institution pursuant to 12 U.S.C. § 2906.

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