#aafth ,,congress #b;d ,session ,h4 ,r4 #ecbb ,,an ,,act ,to establish or modify requirements relating to minority depository institutions1 community development financial institutions1 and impact banks1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,ensuring ,diversity in ,community ,banking ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,sense of ,congress on funding the loan-loss reserve fund for small dollar loans4 ,sec4 #c4 ,definitions4 ,sec4 #d4 ,inclusion of women's banks in the definition of minority depository institution4 ,sec4 #e4 ,establishment of impact bank designation4 ,sec4 #f4 ,minority ,depositories ,advisory ,committees4 ,sec4 #g4 ,federal deposits in minority depository institutions4 ,sec4 #h4 ,minority ,bank ,deposit ,program4 ,sec4 #i4 ,diversity report and best practices4 ,sec4 #aj4 ,investments in minority depository institutions and impact banks4 ,sec4 #aa4 ,report on covered mentor-protege programs4 ,sec4 #ab4 ,custodial deposit program for covered minority depository institutions and impact banks4 ,sec4 #ac4 ,streamlined community development financial institution applications and reporting4 ,sec4 #ad4 ,task force on lending to small business concerns4 ,sec4 #ae4 ,discretionary surplus funds4 ,sec4 #af4 ,determination of ,budgetary ,effects4 #b4 ,sense of ,congress on funding the loan-loss reserve fund for small dollar loans ,the sense of ,congress is the following3 7#a7 ,the ,community ,development ,financial ,institutions ,fund 7the ,,cdfi ,fund7 is an agency of the ,department of the ,treasury1 and was established by the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid4 ,the mission of the ,,cdfi ,fund is to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders1 investors1 and financial service providers4 ,a community development financial institution 7a ,,cdfi7 is a specialized financial institution serving low-income communities and a ,community ,development ,entity 7a ,,cde7 is a domestic corporation or partnership that is an intermediary vehicle for the provision of loans1 investments1 or financial counseling in low-income communities4 ,the ,,cdfi ,fund certifies ,c,d,f,is and ,c,d,es4 ,becoming a certified ,,cdfi or ,,cde allows organizations to participate in various ,,cdfi ,fund programs as follows3 7,a7 ,the ,bank ,enterprise ,award ,program1 which provides ,,fdic-insured depository institutions awards for a demonstrated increase in lending and investments in distressed communities and ,c,d,f,is4 7,b7 ,the ,,cdfi ,program1 which provides ,financial and ,technical ,assistance awards to ,c,d,f,is to reinvest in the ,,cdfi1 and to build the capacity of the ,,cdfi1 including financing product development and loan loss reserves4 7,c7 ,the ,native ,american ,,cdfi ,assistance ,program1 which provides ,c,d,f,is and sponsoring entities ,financial and ,technical ,assistance awards to increase lending and grow the number of ,c,d,f,is owned by ,native ,americans to help build capacity of such ,c,d,f,is4 7,d7 ,the ,new ,market ,tax ,credit ,program1 which provides tax credits for making equity investments in ,c,d,es that stimulate capital investments in low-income communities4 7,e7 ,the ,capital ,magnet ,fund1 which provides awards to ,c,d,f,is and nonprofit affordable housing organizations to finance affordable housing solutions and related economic development activities4 7,f7 ,the ,bond ,guarantee ,program1 a source of long-term1 patient capital for ,c,d,f,is to expand lending and investment capacity for community and economic development purposes4 7#b7 ,the ,department of the ,treasury is authorized to create multi-year grant programs designed to encourage low-to-moderate income individuals to establish accounts at federally insured banks1 and to improve low-to-moderate income individuals' access to such accounts on reasonable terms4 7#c7 ,under this authority1 grants to participants in ,,cdfi ,fund programs may be used for loan-loss reserves and to establish small-dollar loan programs by subsidizing related losses4 ,these grants also allow for the providing recipients with the financial counseling and education necessary to conduct transactions and manage their accounts4 ,these loans provide low-cost alternatives to payday loans and other nontraditional forms of financing that often impose excessive interest rates and fees on borrowers1 and lead millions of ,americans to fall into debt traps4 ,small-dollar loans can only be made pursuant to terms1 conditions1 and practices that are reasonable for the individual consumer obtaining the loan4 7#d7 ,program participation is restricted to eligible institutions1 which are limited to organizations listed in section #eja7;c77#c7 of the ,internal ,revenue ,code and exempt from tax under #eja7;a7 of such ,code1 federally insured depository institutions1 community development financial institutions and ,state1 local1 or ,tribal government entities4 7#e7 ,since its founding1 the ,,cdfi ,fund has awarded over #c1cjj1jjj1jjj to ,c,d,f,is and ,c,d,es1 allocated #ed1jjj1jjj1jjj in tax credits1 and #a1eaj1jjj1jjj in bond guarantees4 ,according to the ,,cdfi ,fund1 some programs attract as much as #aj in private capital for every #a invested by the ,,cdfi ,fund4 ,the ,administration and the ,congress should prioritize appropriation of funds for the loan loss reserve fund and technical assistance programs administered by the ,community ,development ,financial ,institution ,fund4 #c4 ,definitions ,in this ,act3 7#a7 ,community development financial institution ,the term community development financial institution has the meaning given under section #ajc of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,minority depository institution ,the term minority depository institution has the meaning given under section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note71 as amended by this ,act4 #d4 ,inclusion of women's banks in the definition of minority depository institution ,section #cjh7;b77#a7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended-- 7#a7 by redesignating subparagraphs 7,a71 7,b71 and 7,c7 as clauses 7i71 7ii71 and 7iii71 respectively2 7#b7 by striking means any and inserting the following3 means-- 7,a7 any 2 and 7#c7 in clause 7iii7 7as so redesignated71 by striking the period at the end and inserting 2 or2 and 7#d7 by inserting at the end the following new subparagraph3 7,b7 any bank described in clause 7i71 7ii71 or 7iii7 of section #ai7;b77#a77;,a7 of the ,federal ,reserve ,act-- 7i7 more than #ej percent of the outstanding shares of which are held by #a or more women2 and 7ii7 the majority of the directors on the board of directors of which are women4 4 #e4 ,establishment of impact bank designation 7a7 ,in general ,each ,federal banking agency shall establish a program under which a depository institution with total consolidated assets of less than #aj1jjj1jjj1jjj may elect to be designated as an impact bank if the total dollar value of the loans extended by such depository institution to low-income borrowers is greater than or equal to #ej percent of the assets of such bank4 7b7 ,notification of eligibility ,based on data obtained through examinations of depository institutions1 the appropriate ,federal banking agency shall notify a depository institution if the institution is eligible to be designated as an impact bank4 7c7 ,application ,regardless of whether or not it has received a notice of eligibility under subsection 7b71 a depository institution may submit an application to the appropriate ,federal banking agency-- 7#a7 requesting to be designated as an impact bank2 and 7#b7 demonstrating that the depository institution meets the applicable qualifications4 7d7 ,limitation on additional data requirements ,the ,federal banking agencies may only impose additional data collection requirements on a depository institution under this section if such data is-- 7#a7 necessary to process an application submitted by the depository institution to be designated an impact bank2 or 7#b7 with respect to a depository institution that is designated as an impact bank1 necessary to ensure the depository institution's ongoing qualifications to maintain such designation4 7e7 ,removal of designation ,if the appropriate ,federal banking agency determines that a depository institution designated as an impact bank no longer meets the criteria for such designation1 the appropriate ,federal banking agency shall rescind the designation and notify the depository institution of such rescission4 7f7 ,reconsideration of designation2 appeals ,under such procedures as the ,federal banking agencies may establish1 a depository institution may-- 7#a7 submit to the appropriate ,federal banking agency a request to reconsider a determination that such depository institution no longer meets the criteria for the designation2 or 7#b7 file an appeal of such determination4 7g7 ,rulemaking ,not later than #a year after the date of the enactment of this ,act1 the ,federal banking agencies shall jointly issue rules to carry out the requirements of this section1 including by providing a definition of a low-income borrower4 7h7 ,reports ,each ,federal banking agency shall submit an annual report to the ,congress containing a description of actions taken to carry out this section4 7i7 ,federal ,deposit ,insurance ,act definitions ,in this section1 the terms depository institution1 appropriate ,federal banking agency1 and ,federal banking agency have the meanings given such terms1 respectively1 in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 #f4 ,minority ,depositories ,advisory ,committees 7a7 ,establishment ,each covered regulator shall establish an advisory committee to be called the ,minority ,depositories ,advisory ,committee4 7b7 ,duties ,each ,minority ,depositories ,advisory ,committee shall provide advice to the respective covered regulator on meeting the goals established by section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 to preserve the present number of covered minority institutions1 preserve the minority character of minority-owned institutions in cases involving mergers or acquisitions1 provide technical assistance1 and encourage the creation of new covered minority institutions4 ,the scope of the work of each such ,minority ,depositories ,advisory ,committee shall include an assessment of the current condition of covered minority institutions1 what regulatory changes or other steps the respective agencies may be able to take to fulfill the requirements of such section #cjh1 and other issues of concern to covered minority institutions4 7c7 ,membership 7#a7 ,in general ,each ,minority ,depositories ,advisory ,committee shall consist of no more than #aj members1 who-- 7,a7 shall serve for one two-year term2 7,b7 shall serve as a representative of a depository institution or an insured credit union with respect to which the respective covered regulator is the covered regulator of such depository institution or insured credit union2 and 7,c7 shall not receive pay by reason of their service on the advisory committee1 but may receive travel or transportation expenses in accordance with section #egjc of title #e1 ,united ,states ,code4 7#b7 ,diversity ,to the extent practicable1 each covered regulator shall ensure that the members of the ,minority ,depositories ,advisory ,committee of such agency reflect the diversity of covered minority institutions4 7d7 ,meetings 7#a7 ,in general ,each ,minority ,depositories ,advisory ,committee shall meet not less frequently than twice each year4 7#b7 ,notice and invitations ,each ,minority ,depositories ,advisory ,committee shall-- 7,a7 notify the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate in advance of each meeting of the ,minority ,depositories ,advisory ,committee2 and 7,b7 invite the attendance at each meeting of the ,minority ,depositories ,advisory ,committee of-- 7i7 one member of the majority party and one member of the minority party of the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 and 7ii7 one member of the majority party and one member of the minority party of any relevant subcommittees of such committees4 7e7 ,no termination of advisory committees ,the termination requirements under section #ad of the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 app47 shall not apply to a ,minority ,depositories ,advisory ,committee established pursuant to this section4 7f7 ,definitions ,in this section3 7#a7 ,covered regulator ,the term covered regulator means the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,national ,credit ,union ,administration4 7#b7 ,covered minority institution ,the term covered minority institution means a minority depository institution 7as defined in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note774 7#c7 ,depository institution ,the term depository institution has the meaning given under section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#d7 ,insured credit union ,the term insured credit union has the meaning given in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7g7 ,technical amendment ,section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended by adding at the end the following new paragraph3 7#c7 ,depository institution ,the term depository institution means an insured depository institution 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 and an insured credit union 7as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb774 4 #g4 ,federal deposits in minority depository institutions 7a7 ,in general ,section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended-- 7#a7 by adding at the end the following new subsection3 7d7 ,federal deposits ,the ,secretary of the ,treasury shall ensure that deposits made by ,federal agencies in minority depository institutions and impact banks are collateralized or insured1 as determined by the ,secretary4 ,such deposits shall include reciprocal deposits as defined in section #ccg4f7;e77#b77v7 of title #ab1 ,code of ,federal ,regulations 7as in effect on ,march #f1 #bjai74 2 and 7#b7 in subsection 7b71 as amended by section #f7;g71 by adding at the end the following new paragraph3 7#d7 ,impact bank ,the term impact bank means a depository institution designated by the appropriate ,federal banking agency pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act4 4 7b7 ,technical amendments ,section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended-- 7#a7 in the matter preceding paragraph 7#a71 by striking section-- and inserting section32 and 7#b7 in the paragraph heading for paragraph 7#a71 by striking financial and inserting depository4 #h4 ,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 depository institutions 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 depository institutions4 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 depository institution2 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 depository institution 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 prioritize1 to the maximum extent possible as permitted by law and consistent with principles of sound financial management1 the use of minority depository institutions to hold the deposits 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 depository institutions to hold the deposits 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 in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,minority depository institution ,the term minority depository institution has the meaning given that term under section #cjh of this ,act4 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 #i4 ,diversity report and best practices 7a7 ,annual report ,each covered regulator shall submit to ,congress an annual report on diversity including the following3 7#a7 ,data1 based on voluntary self-identification1 on the racial1 ethnic1 and gender composition of the examiners of each covered regulator1 disaggregated by length of time served as an examiner4 7#b7 ,the status of any examiners of covered regulators1 based on voluntary self-identification1 as a veteran4 7#c7 ,whether any covered regulator1 as of the date on which the report required under this section is submitted1 has adopted a policy1 plan1 or strategy to promote racial1 ethnic1 and gender diversity among examiners of the covered regulator4 7#d7 ,whether any special training is developed and provided for examiners related specifically to working with depository institutions and credit unions that serve communities that are predominantly minorities1 low income1 or rural1 and the key focus of such training4 7b7 ,best practices ,each ,office of ,minority and ,women ,inclusion of a covered regulator shall develop1 provide to the head of the covered regulator1 and make publicly available best practices-- 7#a7 for increasing the diversity of candidates applying for examiner positions1 including through outreach efforts to recruit diverse candidate to apply for entry-level examiner positions2 and 7#b7 for retaining and providing fair consideration for promotions within the examiner staff for purposes of achieving diversity among examiners4 7c7 ,covered regulator defined ,in this section1 the term covered regulator means the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,national ,credit ,union ,administration4 #aj4 ,investments in minority depository institutions and impact banks 7a7 ,control for certain institutions ,section #g7;j77#h77;,b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j77#h77;,b77 is amended to read as follows3 7,b7 control means the power1 directly or indirectly-- 7i7 to direct the management or policies of an insured depository institution2 or 7ii7 7,i7 with respect to an insured depository institution1 of a person to vote #be per centum or more of any class of voting securities of such institution2 or 7,,ii7 with respect to an insured depository institution that is an impact bank 7as designated pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act7 or a minority depository institution 7as defined in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi71 of an individual to vote #cj percent or more of any class of voting securities of such an impact bank or a minority depository institution4 4 7b7 ,rulemaking ,the ,federal banking agencies 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 shall jointly issue rules for de novo minority depository institutions and de novo impact banks 7as designated pursuant to section #e7 to allow #c years to meet the capital requirements otherwise applicable to minority depository institutions and impact banks4 7c7 ,report ,not later than #a year after the date of the enactment of this ,act1 the ,federal banking agencies shall jointly submit to ,congress a report on-- 7#a7 the principal causes for the low number of de novo minority depository institutions during the #aj-year period preceding the date of the report2 7#b7 the main challenges to the creation of de novo minority depository institutions and de novo impact banks2 and 7#c7 regulatory and legislative considerations to promote the establishment of de novo minority depository institutions and de novo impact banks4 #aa4 ,report on covered mentor-protege programs 7a7 ,report ,not later than #f months after the date of the enactment of this ,act and annually thereafter1 the ,secretary of the ,treasury shall submit to ,congress a report on participants in a covered mentor-protege program1 including-- 7#a7 an analysis of outcomes of such program2 7#b7 the number of minority depository institutions that are eligible to participate in such program but do not have large financial institution mentors2 and 7#c7 recommendations for how to match such minority depository institutions with large financial institution mentors4 7b7 ,definitions ,in this section3 7#a7 ,covered mentor-protege program ,the term covered mentor-protege program means a mentor-protege program established by the ,secretary of the ,treasury pursuant to section #de of the ,small ,business ,act 7#ae ,u4,s4,c4 #fegr74 7#b7 ,large financial institution ,the term large financial institution means any entity-- 7,a7 regulated by the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 or the ,national ,credit ,union ,administration2 and 7,b7 that has total consolidated assets greater than or equal to #ej1jjj1jjj1jjj4 #ab4 ,custodial deposit program for covered minority depository institutions and impact banks 7a7 ,in general ,not later than one year after the date of the enactment of this ,act1 the ,secretary of the ,treasury shall issue rules establishing a custodial deposit program under which a covered bank may receive deposits from a qualifying account4 7b7 ,requirements ,in issuing rules under subsection 7a71 the ,secretary of the ,treasury shall-- 7#a7 consult with the ,federal banking agencies2 7#b7 ensure each covered bank participating in the program established under this section-- 7,a7 has appropriate policies relating to management of assets1 including measures to ensure the safety and soundness of each such covered bank2 and 7,b7 is compliant with applicable law2 and 7#c7 ensure1 to the extent practicable that the rules do not conflict with goals described in section #cjh7;a7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note74 7c7 ,limitations 7#a7 ,deposits ,with respect to the funds of an individual qualifying account1 an entity may not deposit an amount greater than the insured amount in a single covered bank4 7#b7 ,total deposits ,the total amount of funds deposited in a covered bank under the custodial deposit program described under this section may not exceed the lesser of-- 7,a7 #aj percent of the average amount of deposits held by such covered bank in the previous quarter2 or 7,b7 #ajj1jjj1jjj 7as adjusted for inflation74 7d7 ,report ,each quarter1 the ,secretary of the ,treasury shall submit to ,congress a report on the implementation of the program established under this section including information identifying participating covered banks and the total amount of deposits received by covered banks under the program4 7e7 ,definitions ,in this section3 7#a7 ,covered bank ,the term covered bank means-- 7,a7 a minority depository institution that is well capitalized1 as defined by the appropriate ,federal banking agency2 or 7,b7 a depository institution designated pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act that is well capitalized1 as defined by the appropriate ,federal banking agency4 7#b7 ,insured amount ,the term insured amount means the amount that is the greater of-- 7,a7 the standard maximum deposit insurance amount 7as defined in section #aa7;a77#a77;,e7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77;,e7772 or 7,b7 such higher amount negotiated between the ,secretary of the ,treasury and the ,federal ,deposit ,insurance ,corporation under which the ,corporation will insure all deposits of such higher amount4 7#c7 ,federal banking agencies ,the terms appropriate ,federal banking agency and ,federal banking agencies have the meaning given those terms1 respectively1 under section #c of the ,federal ,deposit ,insurance ,act4 7#d7 ,qualifying account ,the term qualifying account means any account established in the ,department of the ,treasury that-- 7,a7 is controlled by the ,secretary2 and 7,b7 is expected to maintain a balance greater than #bjj1jjj1jjj for the following #bd-month period4 #ac4 ,streamlined community development financial institution applications and reporting 7a7 ,application processes ,not later than #ab months after the date of the enactment of this ,act and with respect to any person having assets under #c1jjj1jjj1jjj that submits an application for deposit insurance with the ,federal ,deposit ,insurance ,corporation that could also become a community development financial institution1 the ,federal ,deposit ,insurance ,corporation1 in consultation with the ,administrator of the ,community ,development ,financial ,institutions ,fund1 shall-- 7#a7 develop systems and procedures to record necessary information to allow the ,administrator to conduct preliminary analysis for such person to also become a community development financial institution2 and 7#b7 develop procedures to streamline the application and annual certification processes and to reduce costs for such person to become1 and maintain certification as1 a community development financial institution4 7b7 ,implementation report ,not later than #ah months after the date of the enactment of this ,act1 the ,federal ,deposit ,insurance ,corporation shall submit to ,congress a report describing the systems and procedures required under subsection 7a74 7c7 ,annual report 7#a7 ,in general ,section #ag7;a77#a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbg7;a77#a77 is amended-- 7,a7 in subparagraph 7,e71 by striking and at the end2 7,b7 by redesignating subparagraph 7,f7 as subparagraph 7,g72 7,c7 by inserting after subparagraph 7,e7 the following new subparagraph3 7,f7 applicants for deposit insurance that could also become a community development financial institution 7as defined in section #ajc of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid71 a minority depository institution 7as defined in section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi71 or an impact bank 7as designated pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act72 and 4 7#b7 ,application ,the amendment made by this subsection shall apply with respect to the first report to be submitted after the date that is #b years after the date of the enactment of this ,act4 #ad4 ,task force on lending to small business concerns 7a7 ,in general ,not later than #f months after the date of the enactment of this ,act1 the ,administrator of the ,small ,business ,administration shall establish a task force to examine methods for improving relationships between the ,small ,business ,administration and community development financial institutions1 minority depository institutions1 and ,impact ,banks to increase the volume of loans provided by such institutions to small business concerns 7as defined under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb774 7b7 ,report to ,congress ,not later than #ah months after the establishment of the task force described in subsection 7a71 the ,administrator of the ,small ,business ,administration shall submit to ,congress a report on the findings of such task force4 #ae4 ,discretionary surplus funds 7a7 ,in general ,subparagraph 7,a7 of section #g7;a77#c7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bhi7;a77#c77;,a77 is amended by reducing the dollar figure described in such subparagraph by #a1djj1jjj1jjj4 7b7 ,effective date ,the amendment made by subsection 7a7 shall take effect on ,september #cj1 #bjcj4 #af4 ,determination of ,budgetary ,effects ,the budgetary effects of this ,act1 for the purpose of complying with the ,statutory ,pay-,as-,you-,go ,act of #bjaj1 shall be determined by reference to the latest statement titled ,budgetary ,effects of ,,paygo ,legislation for this ,act1 submitted for printing in the ,congressional ,record by the ,chairman of the ,house ,budget ,committee1 provided that such statement has been submitted prior to the vote on passage4 ,passed the ,house of ,representatives ,september #ba1 #bjbj4;,clerk4