106 STAT. 3874 PUBLIC LAW 102-550—OCT. 28, 1992 (b) APPLICABILITY TO SECOND MORTGAGES AND REFINANCINGS. — Section 3(1)(A) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602(1)(A)) is amended— (1) by inserting "or subordinate" after first'*; and (2) by inserting before the semicolon the following: ", including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property. 12 USC 2602 (c) REGULATIONS.—The Secretary of Housing and Urban Devel- ^°^- opment shall issue regulations to implement the amendments made by this section not later than the expiration of the 180-day period beginning on the date of the enactment of this Act. The regulations shall be issued after notice and opportunity for public comment pursuant to the provisions of section 553 of title 5, United States Code (notwithstanding subsections (a)(2), (b)(B), and (d)(3) of such S6ci«ioii.) 12 USC 2602 (d) EFFECTIVE DATE.—T h is section shall take effect on the "°^- date of enactment of this Act and shall not apply retroactively. SEC. 909. COMMUNITY REINVESTMENT ACT OF 1977. The Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.) is amended— 12 USC 2903. (1) in section 804— (A) by inserting before the first sentence the following: "(a) IN GENERAL.— *; and (B) by adding at the end the following new subsection: "(b) MAJORITY-OWNED INSTITUTIONS. —In assessing and taking into account, under subsection (a), the record of a nonminority- owned and nonwomen-owned financial institution, the appropriate Federal financial supervisory agency may consider as a factor capital investment, loan participation, and other ventures undertaken by the institution in cooperation with minority- and women-owned financial institutions and low-income credit unions provided that these activities help meet the credit needs of local communities in which such institutions and credit unions are chartered."; and 12 USC 2907. (2) in section 808(a), by striking "shall be treated as" and inserting "may be a factor in determining whether the depository institution is". 12 USC 2901 SEC. 910. REPORT ON COMMUNITY DEVELOPMENT LENDING. (a) IN GENERAL.—Not later than 12 months after the date of enactment of this section, the Board of Governors of the Federal Reserve System, in consultation with the Comptroller of the Currency, the Chairman of the Federal Deposit Insurance Corporation, the Director of the Office of Thrift Supervision, and the Chairman of the National Credit Union Administration, shall submit a report to the Congress comparing residential, small business, and commercial lending by insured depository institutions in low-income, minority, and distressed neighborhoods to such lending in other neighborhoods. (b) CONTENTS OF REPORT.—The report required by subsection (a) shall— (1) compare the risks and returns of lending in low-income, minority, and distressed neighborhoods with the risks and returns of lending in other neighborhoods; (2) analyze the reasons for any differences in risk and return between low-income, minority, and distressed neighborhocMds and otiier neighborhoods; and
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