Detailed Summary

Depository Institution Community Development Investment Enhancements Act - Amends the Home Owners' Loan Act to authorize federal savings associations to make investments designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments).

Permits such investments to be made directly, or by purchase of interests in an entity primarily engaged in making such investments.

Prohibits a federal savings association from making an investment which would subject it to unlimited liability to any person.

Instructs the Director of the Office of Thrift Supervision to establish: (1) the amount any savings association may invest in any one project; and (2) the aggregate amount of investment of any savings association.

Restricts the aggregate amount of investment of any savings association, subject to specified determinations made by the Director.

Prohibits the maximum aggregate amount of investments of any savings association from exceeding 15% of its capital stock actually paid in and unimpaired and 15% of its unimpaired surplus.

Status of the Legislation

Latest Major Action: 2/28/2007: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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