,i #aafth ,,congress #ast ,session ,h4 ,r4 #da ,,in ,,the ,,house ,,of ,,representatives ,january #c1 #bjai,mr4 ,rush introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to provide regulatory relief for ,black and community banks1 to codify the ,minority ,bank ,deposit ,program1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,reenergized ,economic ,sustainability for ,community and ,urban ,entities ,act for ,black and ,community ,banks or the ,,rescue ,act for ,black and ,community ,banks4 #b4 ,regulation of ,black and ,community ,banks 7a7 ,office of ,black and ,community ,banks 7#a7 ,establishment ,there is established within the ,office of the ,comptroller of the ,currency an office to be known as the ,office of ,black and ,community ,banks4 7#b7 ,supervision and examination of ,black banks and community banks ,the ,comptroller of the ,currency1 acting through the ,office of ,black and ,community ,banks1 shall supervise and examine ,black banks and community banks4 7#c7 ,regulatory relief 7,a7 ,in general ,the ,comptroller shall issue regulations to partially or completely exempt ,black banks and community banks from ,federal banking statutes and regulations1 to the extent the ,comptroller determines it appropriate without endangering the safety and soundness of such banks4 7,b7 ,treatment of manual underwriting ,for purposes of risk-based capital requirements for ,black banks and community banks1 the ,comptroller shall issue regulations to assign a lower level of risk to loans that are issued by such banks using manual underwriting1 in recognition of the individualized scrutiny provided by manual underwriting4 7,c7 ,encouraging small-dollar lending ,the ,comptroller shall issue regulations to encourage affordable small-dollar lending by ,black banks and community banks by providing regulatory flexibility with respect to such lending4 7b7 ,regulatory relief under the securities laws 7#a7 ,investment products ,with respect to investment products sold by a ,black bank or a community bank 7or an affiliate of such bank7 to individuals in the community in which such bank is located1 the ,securities and ,exchange ,commission shall issue regulations to partially or completely exempt the bank from the securities laws and regulations issued under the securities laws1 to the extent the ,commission determines it appropriate without endangering the protection of investors4 7#b7 ,securities 7,a7 ,in general ,the ,securities and ,exchange ,commission shall issue regulations to reduce the regulatory burden applicable to ,black banks and community banks-- 7i7 under the amendments made by the ,jumpstart ,our ,business ,startups ,act2 7ii7 issuing mortgage-backed securities2 and 7iii7 issuing securities backed by loans guaranteed by the ,small ,business ,act4 7,b7 ,crowdfunding exemption ,section #d;,a of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;d-#a7 shall not apply to ,black banks or community banks4 7c7 ,conforming change to definition of appropriate ,federal banking agency ,section #c7q77#a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7q77#a77 is amended-- 7#a7 in subparagraph 7,b71 by striking and at the end2 7#b7 in subparagraph 7,c71 by adding and at the end2 and 7#c7 by adding at the end the following3 7,d7 notwithstanding paragraphs 7#b7 and 7#c71 any ,black bank or community bank 7as such terms are defined under section #e of the ,,rescue ,act for ,black and ,community ,banks72 4 #c4 ,codification of the ,minority ,bank ,deposit ,program 7a7 ,in general 7#a7 ,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 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 companies2 and 7,d7 support the creation of ratings1 online ,black bank resources1 and database products1 including online lending and investment facilities4 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 ,minimum requirement ,notwithstanding paragraph 7#a71 the head of each ,federal department or agency shall ensure that at least #aj percent of the financial needs of each such department or agency are met by the use of minority banks1 women's banks1 and low-income credit unions4 7#c7 ,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 for which-- 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 for which-- 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 7#b7 ,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 7b7 ,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 7c7 ,considerations when assessing financial inclusion for federally chartered financial institutions 7#a7 ,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 ,black 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 7#b7 ,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 union 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 #d4 ,,gao ,studies 7a7 ,new ,markets ,tax ,credit ,study ,the ,comptroller ,general of the ,united ,states shall carry out a study on the award of the new markets tax credit by-- 7#a7 surveying communities and specifically talking to ,black banks1 community banks1 and ,c,d,f,is that wish to receive the tax credit about why they are not receiving the tax credit2 7#b7 determining where the tax credit money actually went and what it was used for2 and 7#c7 to the extent possible1 using a case study approach4 7b7 ,lower-,value home mortgage loan study ,the ,comptroller ,general of the ,united ,states shall carry out a study on mortgage loans with a principal amount of #ajj1jjj or less1 including-- 7#a7 who is making such loans currently2 7#b7 how communities are encouraging such loans2 7#c7 what changes could encourage banks and other persons to provide more such loans2 and 7#d7 any statutory or regulatory changes that the ,comptroller believes may be needed to encourage more such loans4 7c7 ,blockchain study ,the ,comptroller ,general of the ,united ,states shall carry out a study on blockchain technology and whether such technology could be used to increase investment by lower-income individuals in start-ups and other crowd-funded companies4 #e4 ,definitions ,for purposes of this ,act3 7#a7 ,black bank ,the term ,black bank means an insured depository institution-- 7,a7 more than #ej percent of the ownership or control of which is held by #a or more ,black individuals2 and 7,b7 more than #ej percent of the net profit or loss of which accrues to #a or more ,black individuals4 7#b7 ,,cdfi ,the term ,,cdfi has the meaning given the term community development financial institution under section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid4 7#c7 ,community bank ,the term community bank means an insured depository institution with less than #ajj1jjj1jjj in consolidated assets4 7#d7 ,comptroller ,the term ,comptroller means the ,comptroller of the ,currency1 except when used in the context of the ,comptroller ,general of the ,united ,states4 7#e7 ,insured credit union ,the term insured credit union has the meaning given such term under section #aja of the ,federal ,credit ,union ,act4 7#f7 ,insured depository institution ,the term insured depository institution-- 7,a7 has the meaning given such term under section #c of the ,federal ,deposit ,insurance ,act2 and 7,b7 includes an insured credit union4 7#g7 ,securities laws ,the term securities laws has the meaning given such term under section #c of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c74