,i #aaeth ,,congress #ast ,session ,h4 ,r4 #cgda ,,in ,,the ,,house ,,of ,,representatives ,september #ab1 #bjag,mr4 ,meeks 7for himself1 ,mr4 ,evans1 ,mrs4 ,beatty1 ,ms4 ,maxine ,waters of ,california1 ,mr4 ,clay1 ,mr4 ,al ,green of ,texas1 ,ms4 ,sewell of ,alabama1 ,ms4 ,jackson ,lee1 ,mr4 ,lawson of ,florida1 and ,mr4 ,payne7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to codify the ,minority ,bank ,deposit ,program1 and for other purposes4 #a4 ,findings ,congress finds the following3 7#a7 ,on ,march #e1 #aifi1 pursuant to ,executive ,order #aadeh1 the ,minority ,bank ,deposit ,program was established as a national program supporting minority-owned business enterprise4 ,it was expanded in #aiga under ,executive ,order #aafbe and in #aigi under ,executive ,order #abach4 ,the ,competitive ,equality ,banking ,act of #aihg 7,public ,law #ajj-hf7 and the ,financial ,institutions ,reform1 ,recovery and ,enforcement ,act of #aihi 7,public ,law #aja-gc7 include provisions supporting the intent of the ,minority ,bank ,deposit ,program4 7#b7 ,under the leadership of ,president ,jimmy ,carter1 on ,april #h1 #aigg1 a memorandum for all heads of ,federal agencies and departments was signed4 ,this document promoted the use of minority-owned business enterprises by placing deposits in minority banks4 ,the agency assigned to head this program was the ,department of the ,treasury4 7#c7 ,the ,fiscal ,assistant ,secretary of the ,department of the ,treasury is responsible for certifying financial institutions that are eligible for participation in the ,minority ,bank ,deposit ,program4 7#d7 ,although the program continues today1 the overwhelming majority of financial institutions certified under the ,minority ,bank ,deposit ,program do not have existing relationships with the ,federal agencies which suggests the need for reforms to increase utilization of eligible institutions4 #b4 ,minority ,bank ,deposit ,program 7a7 ,in general ,section #abjd of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahaa note7 is amended to read as follows3 #abjd4 ,expansion of use of minority banks1 women's banks1 and low-income credit unions 7a7 ,minority ,bank ,deposit ,program 7#a7 ,establishment ,there is established a program to be known as the ,minority ,bank ,deposit ,program to expand the use of minority banks1 women's banks1 and low-income credit unions4 7#b7 ,administration ,the ,secretary of the ,treasury1 acting through the ,fiscal ,service1 shall-- 7,a7 on application by a depository institution or credit union1 certify whether such depository institution or credit union is a minority bank1 women's bank1 or low-income credit union2 7,b7 maintain and publish a list of all depository institutions and credit unions that have been certified pursuant to subparagraph 7,a72 and 7,c7 periodically distribute the list described in subparagraph 7,b7 to-- 7i7 all ,federal departments and agencies2 7ii7 interested ,state and local governments2 and 7iii7 interested private sector companies4 7#c7 ,inclusion of certain entities on list ,a depository institution or credit union that1 on the date of the enactment of this section1 has a current certification from the ,secretary of the ,treasury stating that such depository institution or credit union is a minority bank1 women's bank1 or low-income credit union shall be included on the list described under paragraph 7#b77;,b74 7b7 ,expanded ,use ,among ,federal ,departments and ,agencies 7#a7 ,in general ,not later than #a year after the establishment of the program described in subsection 7a71 the head of each ,federal department or agency shall develop and implement standards and procedures to ensure1 to the maximum extent possible as permitted by law1 the use of minority banks1 women's banks1 and low-income credit unions to serve the financial needs of each such department or agency4 7#b7 ,report to ,congress ,not later than #b years after the establishment of the program described in subsection 7a71 and annually thereafter1 the head of each ,federal department or agency shall submit to ,congress a report on the actions taken to increase the use of minority banks1 women's banks1 and low-income credit unions to serve the financial needs of each such department or agency4 7c7 ,definitions ,for purposes of this section3 7#a7 ,credit union ,the term credit union has the meaning given the term insured credit union in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#b7 ,depository institution ,the term depository institution has the meaning given the term insured depository institution in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,low-income credit union ,the term low-income credit union means any entity described in section #ai7;b77#a77;,a77iv7 of the ,federal ,reserve ,act4 7#d7 ,minority ,the term minority means any ,black ,american1 ,native ,american1 ,hispanic ,american1 or ,asian ,american4 7#e7 ,minority bank ,the term minority bank means any bank described in clause 7i71 7ii71 or 7iii7 of section #ai7;b77#a77;,a7 of the ,federal ,reserve ,act-- 7,a7 more than #ej percent of the outstanding shares of which are held by #a or more minority individuals2 7,b7 the majority of the directors on the board of directors of which are minority individuals2 and 7,c7 a significant percentage of senior management positions of which are held by minority individuals4 7#f7 ,women's bank ,the term women's bank means any bank described in clause 7i71 7ii71 or 7iii7 of section #ai7;b77#a77;,a7 of the ,federal ,reserve ,act-- 7,a7 more than #ej percent of the outstanding shares of which are held by #a or more women2 7,b7 the majority of the directors on the board of directors of which are women2 and 7,c7 a significant percentage of senior management positions of which are held by women4 4 7b7 ,conforming ,amendments ,the following provisions are amended by striking #abjd7;c77#c7 and inserting #abjd7;c73 7#a7 ,section #hjh7;b77#c7 of the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bijg7;b77#c774 7#b7 ,section #dj7;g77#a77;,b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcaq7g77#a77;,b774 7#c7 ,section #gjd;,b7h77#d7 of the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia;c-#b7;h77#d774 #c4 ,amendments to the ,community ,reinvestment ,act ,section #hjd7;b7 of the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bijc7;b77 is amended to read as follows3 7b7 ,cooperation with ,minority ,banks1 ,women's ,banks1 and ,low-,income ,credit ,unions ,considered 7#a7 ,in general ,in assessing and taking into account1 under subsection 7a71 the record of a financial institution1 the appropriate ,federal financial supervisory agency shall consider as a factor capital investment1 loan participation1 and other ventures undertaken by the institution in cooperation with minority banks1 women's banks1 community development financial institutions1 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 chartered4 7#b7 ,definitions 7,a7 ,,firrea definitions ,the terms low-income credit union1 minority bank1 and women's bank have the meanings given such terms1 respectively1 in section #abjd7;c7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahaa note74 7,b7 ,community development financial institution ,the term community development financial institution has the meaning given in section #ajc7e7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb7e774 4 #d4 ,considerations when assessing financial inclusion for federally chartered financial institutions 7a7 ,in ,general ,in assessing and taking into account the record of a federally chartered financial institution under any financial inclusion assessment process created by the ,comptroller of the ,currency in any rule relating to the chartering of a financial institution1 the ,comptroller shall consider as a factor capital investment1 loan participation1 and other ventures undertaken by the bank in cooperation with minority banks1 women's banks1 community development financial institutions1 and low-income credit unions1 provided that these activities help meet the financial needs of local communities in which the federally chartered financial institution provides financial products or services4 7b7 ,definitions ,for purposes of this section3 7#a7 ,community development financial institution ,the term community development financial institution has the meaning given in section #ajc7e7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb7e774 7#b7 ,financial inclusion assessment process ,the term financial inclusion assessment process means any process relating to the chartering of a financial institution whereby the ,comptroller of the ,currency assesses and takes into account the financial institution's record of meeting the financial needs of the bank's entire community1 including low- and moderate-income neighborhoods1 consistent with the safe and sound operation of such bank4 7#c7 ,financial product or service ,the term financial product or service has the meaning given such term in section #ajjb of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edha74 7#d7 ,,firrea definitions ,the terms low-income credit union1 minority bank1 and women's bank have the meanings given such terms1 respectively1 in section #abjd7;c7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahaa note74