Detailed Summary

Preserving and Expanding Minority Depository Institutions Act - Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to include the Chairman of the Board of Governors of the Federal Reserve System (Federal Reserve Board) and the Comptroller of the Currency among the persons with whom the Secretary of the Treasury must consult regarding methods for best preserving: (1) the present number of minority depository institutions; and (2) their minority character in cases involving mergers or acquisition of a minority depository institution.

Directs the Secretary of the Treasury, the Chairman of the Federal Reserve Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision (OTS), and the Chairperson of the Federal Deposit Insurance Corporation each to submit an annual report to Congress describing actions taken with respect to the preservation and expansion of minority depository institutions.

Amends the Home Owners' Loan Act to repeal its (redundant) requirement that the OTS Director report annually to Congress on actions taken with respect to the preservation and expansion of minority depository institutions.

Status of the Legislation

Latest Major Action: 12/6/2007: 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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