; (2) not more than once every 48 months for an institution that has received a rating of satisfactory record of meeting community environmentally sustainable investment needs at its most recent examination under section 4; and (3) at least once every 24 months for an institution that has received a rating of less than satisfactory record of meeting community environmentally sustainable investment needs at its most recent examination under section 4. (b) No Exception From Examinations in Connection With Applications for Deposit Facilities A covered financial institution described in subsection (a) shall remain subject to examination under this title in connection with an application for a deposit facility. (c) Discretion A covered financial institution described in subsection (a) may be subject to more frequent or less frequent examinations for reasonable cause under such circumstances as may be determined by the appropriate financial regulator. 7. Applicability The requirements of this Act shall not supplant the requirements of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2901 et seq.). 8. Report to Congress Each appropriate financial regulator shall include in its annual report to the Congress a section outlining the actions it has taken to carry out its responsibilities under this Act. 9. Regulations Not later than 180 days after the date of enactment of this Act, each appropriate financial regulator shall consult with each other appropriate financial regulator to issue rules to carry out this Act. To the extent practicable, the appropriate financial regulator shall issue substantially similar rules. 10. Effective date Except as otherwise provided, the requirements of this Act shall take effect one year after the date of the enactment of this Act.