PA SB119

Amends Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes to create a state-level Community Reinvestment Act requiring banks and nonbank entities (community credit unions with $10 million+ in assets, mortgage brokers, mortgage lenders) to help meet credit needs of their local communities, including low-income and moderate-income neighborhoods

Requires the Department of Banking and Securities to assess and rate each bank's community reinvestment performance using a five-tier system (outstanding, high satisfactory, low satisfactory, needs to improve, substantial noncompliance) and consider these ratings when evaluating applications for branches, mergers, or acquisitions

Banks receiving ratings of "low satisfactory" or lower will be placed on an annual list submitted to the State Treasurer and prohibited from receiving state deposits; nonbank entities with similar ratings will be barred from receiving money under credit union provisions

Mandates banks and nonbank entities maintain public files containing their most recent community reinvestment performance evaluations and post "Community Reinvestment Notice" signs in public lobbies informing customers of their right to submit comments to the Department

Takes effect 365 days after enactment, with nonbank entities required to file assessment area delineations with the department by January 1, 2023