CHAPTER 395. COMMUNITY REINVESTMENT WORK GROUP
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.