Community Investment and Prosperity Act

This bill lets federal banking regulators raise how much banks can invest in projects that help the public. It updates parts of banking law so the Office of the Comptroller of the Currency and the Federal Reserve can allow higher totals for “public welfare” investments by national banks and State member banks . In short, it aims to make it easier for banks to put more money into community-focused efforts.

These investments are meant to support the public good. By lifting the limits that apply today, the bill would allow more funding to flow into local needs through the banking system .

• Who is affected: National banks and State member banks; federal banking regulators (OCC and Federal Reserve) .
• What changes: Regulators could increase the total amount banks may invest for public welfare purposes under existing banking laws (amending 12 U.S.C. 24 and 12 U.S.C. 338a) .
• When: Would take effect after becoming law; the text revises current statutes to allow higher limits .