LA HB814

Creates the Louisiana Community Investment Fairness Act (LA-CIFA) requiring the Commissioner of Financial Institutions to conduct community investment examinations of state-chartered banks, savings institutions, and credit unions with assets of $100 million or more at least once every three years

Examinations assess lending records to low-to-moderate income (LMI) borrowers and in LMI/majority-minority census tracts, investments in community development activities, accessible financial services, and any discriminatory lending complaints

Institutions receive ratings of Outstanding, Satisfactory, Needs to Improve, or Substantial Noncompliance; ratings must be publicly disclosed within 60 days and posted in branches, on websites, and in annual reports

Institutions rated "Needs to Improve" must submit corrective action plans within 90 days, meet with the commissioner within 60 days, and undergo accelerated examination within 18 months

Institutions rated "Substantial Noncompliance" for two consecutive cycles face denial of pending applications, potential divestiture of state-funded deposits, and referral to the attorney general for fair lending violation investigation