Donald Riegle: “Yes, it will. In this fashion, S. 1963 seeks to ensure that financial institutions taking advantage of interstate…”

“Yes, it will. In this fashion, S. 1963 seeks to ensure that financial institutions taking advantage of interstate banking continue to meet the needs of all communities that they serve. For multistate institutions, the bill requires a written evaluation for the entire institution and a separate written evaluation for each State in which the institution maintains one or more domestic branches. Under the Community Reinvestment Act, such evaluations each include the following: First the banking agency's conclusions for each assessment factor identified in the regulations; second the facts and data supporting such conclusions; and third the institution's rating and a statement describing the basis for the rating. Furthermore, these State level evaluations must also present both the agency's conclusion for each assessment factor and the facts and data supporting such conclusions separately for each metropolitan area in which the institution maintains one or more branches, as well as the remainder of the State if the institution maintains branches in nonmetropolitan areas. The institution will not, however, receive a separate CRA rating for each of the metropolitan and nonmetropolitan areas covered in the State level evaluation.”