Community Investment and Prosperity Act

(a) Revised Statutes The paragraph designated as the Eleventh of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24) is amended, in the fifth sentence, by striking 15 each place the term appears and inserting 20. (b) Federal Reserve Act Section 9(23) of the Federal Reserve Act (12 U.S.C. 338a) is amended, in the fifth sentence, by striking 15 each place the term appears and inserting 20. (c) Study Not later than 2 years after the date of the enactment of this section, and every 2 years thereafter, the Comptroller of the Currency and the Board of Governors of the Federal Reserve System shall each submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report, after consulting with the other agency in the development of such report, about public welfare investments that were made by associations under section 5136 of the Revised Statutes of the United States and State member banks under section 9(23) of the Federal Reserve Act in the 2 previous calendar years, that— (1) identifies the number of such investments, broken down by— (A) purpose; (B) type; (C) amount of assets of the association or State member bank that made the investment, using not less than 4 categories to describe the amount of assets of the associations and banks; and (D) State, or other location; (2) identifies the dollar amounts of such investments, broken down by— (A) purpose; (B) type; (C) amount of assets of the association or State member bank that made the investment, using not less than 4 categories to describe the amount of assets of the associations and banks; and (D) State or other location; and (3) for each type of public welfare investment identified under paragraphs (1) and (2), a description of the substantive and procedural requirements that apply to each type of investment made under— (A) in the case of a report by the Comptroller of the Currency, section 5136 of the Revised Statutes of the United States; or (B) in the case of a report by the Board of Governors, section 9(23) of the Federal Reserve Act.