,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #ggji ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #ba1 #bjbj,mr4 ,meeks 7= himself1 ,mr4 ,gre5 ( ,texas1 ,mr4 ,cleav]1 ,mrs4 ,beatty1 ,mr4 ,david ,scott ( ,georgia1 ,ms4 ,pressley1 ,ms4 ,tlaib1 ,mr4 ,trone1 & ,mr4 ,clay7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committee on ! ,budget1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,,c>es ,act to e/abli% community inve/m5t programs1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,jobs & ,neighborhood ,inve/m5t ,act4 #b4 ,purpose ,! purpose ( ?is ,act is to-- 7#a7 e/abli% programs to revitalize & provide long-t]m f9ancial products & s]vice availability =1 & provide inve/m5ts 91 l[- & mod]ate-income & m9ority communities2 7#b7 respond to ! unprec$5t$ loss ( ,black-own$ bus9esses & unemploym5t2 & 7#c7 o!rwise enhance ! /ability1 safety & s\ndness ( community f9ancial in/itutions t support l[- & mod]ate-income & m9ority communities4 #c4 ,consid]ations2 requirem5ts = cr$itors 7a7 ,9 g5]al ,9 ex]cis+ ! au?orities "u ?is ,act & ! am5dm5ts made by ?is ,act1 ! ,secret>y ( ! ,treasury %all take into consid]ation-- 7#a7 increas+ ! availability ( af=dable cr$it = consum]s1 small bus9esses1 & nonpr(it organizations1 includ+ = projects support+ af=dable h\s+1 community-s]v+ real e/ate1 & o!r projects1 t provide direct b5efits to l[- & mod]ate-income communities1 l[-income & und]s]v$ individuals1 & m9orities2 7#b7 provid+ fund+ to m9ority-own$ or m9ority-l$ eligible in/itutions & o!r eligible in/itutions t h a /rong track record ( s]v+ m9ority small bus9esses2 7#c7 protect+ & increas+ jobs 9 ! ,unit$ ,/ates2 7#d7 increas+ ! opportunity = small bus9ess1 af=dable h\s+ & community developm5t 9 geographic areas & demographic segm5ts ) pov]ty & high unemploym5t rates t exce$ ! av]age 9 ! ,unit$ ,/ates2 7#e7 ensur+ t all l[- & mod]ate-income community f9ancial in/itutions may apply to p>ticipate 9 ! programs e/abli%$ "u ?is ,act & ! am5dm5ts made by ?is ,act1 )\t discrim9ation bas$ on geography2 7#f7 provid+ transp>5cy ) respect to use ( funds provid$ "u ?is ,act & ! am5dm5ts made by ?is ,act2 7#g7 promot+ & engag+ 9 f9ancial education to w\ld-be borr[]s2 & 7#h7 provid+ fund+ to eligible in/itutions t s]ve consum]s1 small bus9esses1 & nonpr(it organizations to support af=dable h\s+1 community-s]v+ real e/ate1 & o!r projects t provide direct b5efits to l[- & mod]ate-income communities1 l[-income individuals1 & m9orities directly affect$ by ! ,,covid-#ai p&emic4 7b7 ,requirem5t = cr$itors ,any cr$itor p>ticipat+ 9 a program e/abli%$ "u ?is ,act or ! am5dm5ts made by ?is ,act %all fully comply ) all applicable /atutory & regulatory requirem5ts relat+ to fair l5d+4 #d4 ,s5se ( ,congress ,x is ! s5se ( ,congress t ! inve/m5ts made by ! ,secret>y ( ! ,treasury "u ?is ,act & ! am5dm5ts made by ?is ,act %\ld be design$ to maximize ! b5efit to l[- & mod]ate-income & m9ority communities & contemplate losses to capital ( ! ,treasury4 #e4 ,neighborhood ,inve/m5t ,programs ,title ,,iv ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$-- 7#a7 9 section #djjb 7#ae ,u4,s4,c4 #ijda7-- 7,a7 by r$esignat+ p>agraphs 7#g7 ?r\gh 7#aj7 z p>agraphs 7#h7 ?r\gh 7#aa71 respectively2 & 7,b7 by ins]t+ aft] p>agraph 7#f7 ! foll[+3 7#g7 ,l[- & mod]ate-income community f9ancial in/itution ,! t]m l[- & mod]ate-income community f9ancial in/itution means any f9ancial in/itution t is-- 7,a7 a community developm5t f9ancial in/itution1 z def9$ 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb72 or 7,b7 a m9ority depository in/itution1 z def9$ 9 section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note71 = :i* ! majority ( ! community s]v$ by ! m9ority depository in/itution is m9ority1 z def9$ 9 su* section4 2 7#b7 9 section #djjc 7#ae ,u4,s4,c4 #ijdb71 by add+ at ! end ! foll[+3 7i7 ,neighborhood ,capital ,inve/m5t ,program 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m community developm5t f9ancial in/itution has ! mean+ giv5 ! t]m 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb72 7,b7 ! t]m ,fund means ! ,community ,developm5t ,f9ancial ,in/itutions ,fund e/abli%$ "u section #ajd7;a7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7;a772 7,c7 ! t]m m9ority means any ,black ,am]ican1 ,native ,am]ican1 ,hispanic ,am]ican1 or ,asian ,am]ican2 & 7,d7 ! t]m ,program means ! ,neighborhood ,capital ,inve/m5t ,program e/abli%$ "u p>agraph 7#b74 7#b7 ,e/abli%m5t ,! ,secret>y %all e/abli% a ,neighborhood ,capital ,inve/m5t ,program to support l[- & mod]ate-income community f9ancial in/itutions to provide loans & =be>ance to borr[]s 9 l[- & mod]ate-income communities1 especially = borr[]s :o are hi/orically disadvantag$1 includ+ m9orities1 & borr[]s 9 rural & urban l[-income & und]s]v$ communities4 7#c7 ,inve/m5ts ,"u ! ,program1 ! ,secret>y %all e/abli% a fund to facilitate direct capital inve/m5ts1 includ+ pur*ases & modifications ( ^? pur*ases1 ( s5ior pref]r$ non-vot+ /ock1 subord9at$ deb5tures1 & o!r f9ancial in/rum5ts 7includ+ equity equival5t capital & second>y capital inve/m5ts describ$ 9 section #baf7o77#b77;,c7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agij;d7o77#b77;,c77 f l[- & mod]ate-income community f9ancial in/itutions on su* t]ms z are det]m9$ by ! ,secret>y 9 accordance ) ?is subtitle4 7#d7 ,application 7,a7 ,acceptance ,! ,secret>y %all beg9 accept+ applications = capital inve/m5ts "u ! ,program n lat] ?an ! end ( ! #cj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is subsection1 ) priority 9 di/ribution giv5 to l[- & mod]ate-income community f9ancial in/itutions t are m9ority-own$ or m9ority-l$ l5d]s4 7,b7 ,requirem5t to provide a neighborhood inve/m5t l5d+ plan 7i7 ,9 g5]al ,at ! "t t an applicant submits an application to ! ,secret>y = a capital inve/m5t "u ! ,program1 ! applicant %all provide ! ,secret>y1 along ) ! appropriate ,f$]al bank+ ag5cy1 an inve/m5t & l5d+ plan t-- 7,i7 demon/rates t n less ?an #cj p]c5t ( ! l5d+ ( ! applicant ov] ! pa/ #b fiscal ye>s 0 made directly to l[- & mod]ate income borr[]s1 to borr[]s t create direct b5efits = l[- & mod]ate-income populations1 to o!r t>get$ populations z def9$ by ! ,fund1 or any comb9ation !re(1 z measur$ by ! total numb] & doll> am\nt ( loans2 7,,ii7 describes h[ ! bus9ess /rategy & op]at+ goals ( ! applicant w address community developm5t ne$s1 :i* includes ! ne$s ( small bus9esses1 consum]s1 nonpr(it organizations1 community developm5t1 & o!r projects provid+ direct b5efits to l[- & mod]ate-income communities1 l[-income individuals1 & m9orities )9 ! m9ority1 rural1 & urban l[-income & und]s]v$ areas s]v$ by ! applicant2 7,,iii7 includes a plan to provide l+ui/ically & culturally appropriate outrea*1 :]e appropriate2 7,,iv7 includes an atte/ation by ! applicant t ! applicant does n own1 s]vice1 or (f] any f9ancial products at an annual p]c5tage rate ( m ?an #cf p]c5t int]e/1 z def9$ 9 section #ihg7;i77#d7 ( title #aj1 ,unit$ ,/ates ,code1 & is compliant ) ,/ate int]e/ rate laws2 & 7,v7 includes details on h[ ! applicant plans to exp& or ma9ta9 significant l5d+ or inve/m5t activity 9 l[- or mod]ate-income m9ority communities1 to hi/orically disadvantag$ borr[]s1 & to m9orities t h significant unmet capital or f9ancial s]vices ne$s4 7ii7 ,community developm5t loan funds ,an applicant t is n an insur$ community developm5t f9ancial in/itution or o!rwise regulat$ by a ,f$]al f9ancial regulator %all submit ! plan describ$ 9 clause 7i7 only to ! ,secret>y4 7iii7 ,docum5tation ,9 ! case ( an applicant t is c]tifi$ z a community developm5t f9ancial in/itution z ( ! date ( enactm5t ( ?is subsection1 = purposes ( clause 7i77,i71 ! ,secret>y may rely on docum5tation submitt$ to ! ,fund z "p ( c]tification compliance report+4 7#e7 ,inc5tives to increase l5d+ & provide af=dable cr$it 7,a7 ,requirem5ts on pref]r$ /ock & o!r f9ancial in/rum5t ,any f9ancial in/rum5t issu$ to ,treasury by a l[- & mod]ate-income community f9ancial in/itution "u ! ,program %all provide ! foll[+3 7i7 ,no divid5ds1 int]e/ or o!r paym5ts %all exce$ #b p]c5t p] annum4 7ii7 ,aft] ! fir/ #bd mon?s f ! date ( ! capital inve/m5t "u ! ,program1 annual paym5ts may be requir$1 z det]m9$ by ! ,secret>y & 9 accordance ) ?is section1 & adju/$ d[nw>d bas$ on ! am\nt ( af=dable cr$it provid$ by ! l[- & mod]ate-income community f9ancial in/itution to borr[]s 9 m9ority1 rural1 & urban l[-income & und]s]v$ communities4 7iii7 ,dur+ any cal5d> qu>t] aft] ! initial #bd-mon? p]iod ref]r$ to 9 clause 7ii71 ! annual paym5t rate ( a l[- & mod]ate-income community f9ancial in/itution %all be adju/$ d[nw>d to reflect ! foll[+ s*$ule1 bas$ on l5d+ by ! in/itution relative to ! basel9e p]iod3 7,i7 ,if ! in/itution 9 ! mo/ rec5t annual p]iod prior to ! inve/m5t provides significant l5d+ or inve/m5t activity 9 l[- or mod]ate-income m9ority communities1 hi/orically disadvantag$ borr[]s1 & to m9orities t h significant unmet capital or f9ancial s]vices1 ! annual paym5t rate %all n exce$ #j4e p]c5t p] annum4 7,,ii7 ,if ! am\nt ( l5d+ )9 m9ority1 rural1 & urban l[-income & und]s]v$ communities & to l[- & mod]ate-income borr[]s has increas$ doll> = doll> bas$ on ! am\nt ( ! capital inve/m5t1 ! annual paym5t rate %all n exce$ #a p]c5t p] annum4 7,,iii7 ,if ! am\nt ( l5d+ )9 m9ority1 rural1 & urban l[-income & und]s]v$ communities & to l[- & mod]ate-income borr[]s has increas$ by twice ! am\nt ( ! capital inve/m5t1 ! annual paym5t rate %all n exce$ #j4e p]c5t p] annum4 7,b7 ,cont+5cy ( paym5ts bas$ on c]ta9 f9ancial crit]ia 7i7 ,def]ral ,any annual paym5ts "u ?is subsection %all be def]r$ 9 any qu>t] or paym5t p]iod if any ( ! foll[+ is true3 7,i7 ,! l[- & mod]ate-income community in/itution fails to meet ! ,ti] #a capital ratio or simil> ratio z det]m9$ by ! ,secret>y4 7,,ii7 ,! l[- & mod]ate-income community f9ancial in/itution fails to a*ieve positive net income = ! qu>t] or paym5t p]iod4 7,,iii7 ,! l[- & mod]ate-income community f9ancial in/itution det]m9es t ! paym5t w\ld be detrim5tal to ! f9ancial heal? ( ! in/itution4 7ii7 ,te/+ dur+ next paym5t p]iod ,any def]r$ annual paym5t "u ?is subsection %all be te/$ aga9/ ! metrics describ$ 9 clause 7i7 at ! beg9n+ ( ! next paym5t p]iod1 & su* paym5ts %all cont9ue to be def]r$ until ! metrics describ$ 9 t clause are no long] applicable4 7#f7 ,re/rictions 7,a7 ,9 g5]al ,ea* l[- & mod]ate-income community f9ancial in/itution may only issue f9ancial in/rum5ts or s5ior pref]r$ /ock "u ?is subsection ) an aggregate pr9cipal am\nt t is-- 7i7 n m ?an #ae p]c5t ( risk-weight$ assets = an in/itution ) assets ( m ?an #b1jjj1jjj1jjj2 7ii7 n m ?an #be p]c5t ( risk-weight$ assets = an in/itution ) assets ( n less ?an #ejj1jjj1jjj & n m ?an #b1jjj1jjj1jjj2 & 7iii7 n m ?an #cj p]c5t ( risk-weight$ assets = an in/itution ) assets ( less ?an #ejj1jjj1jjj4 7,b7 ,hold+ ( in/rum5ts ,hold+ any in/rum5t ( a l[- & mod]ate-income community f9ancial in/itution describ$ 9 subp>agraph 7,a7 %all n give ! ,treasury or any successor t owns ! in/rum5t any rights ov] ! managem5t ( ! in/itution4 7,c7 ,sale ( int]e/ ,) respect to a capital inve/m5t made into a l[- & mod]ate-income community f9ancial in/itution "u ?is subsection1 ! ,secret>y-- 7i7 except z provid$ 9 clause 7iv71 dur+ ! #aj-ye> p]iod foll[+ ! inve/m5t1 may n sell ! int]e/ ( ! ,secret>y 9 ! capital inve/m5t to a ?ird p>ty2 7ii7 %all provide ! l[- & mod]ate-income community f9ancial in/itution a "r ( fir/ refusal to buy back ! inve/m5t "u t]ms t d n exce$ a value z det]m9$ by an indep5d5t ?ird p>ty2 & 7iii7 %all n sell m ?an a #e p]c5t own]%ip int]e/ 9 ! capital inve/m5t to a s+le ?ird p>ty2 & 7iv7 ) ! p]mission ( ! in/itution1 may gift or sell ! int]e/ ( ! ,secret>y 9 ! capital inve/m5t = a de m9imus am\nt to-- 7,i7 a mission align$ nonpr(it affiliate ( an applicant t is an insur$ community developm5t f9ancial in/itution1 z def9$ 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb72 or 7,,ii7 "o or m mission-align$ nonpr(it organizations select$ by ! in/itution t are n affiliat$ ) ! in/itution4 7v7 ,calculation ( own]%ip = m9ority depository in/itutions ,! calculation & det]m9ation ( own]%ip ?re%olds = a depository in/itution to qualify z a m9ority depository in/itution describ$ 9 section #djjb7g77;,b7 %all exclude any dilutive effect ( equity inve/m5ts by ! ,f$]al ,gov]nm5t1 includ+ "u ! ,program or ?r\gh ! ,fund4 7#g7 ,available am\nts ,9 c>ry+ out ! ,program1 ! ,secret>y %all use su* sums z may be necess>y1 b n less ?an #g1jjj1jjj1jjj1 f am\nts made available "u subsection 7b71 not)/&+ ! limitations on ! use ( su* funds "u p>agraphs 7#a7 ?r\gh 7#d7 ( su* subsection 7b74 7#h7 ,treatm5t ( capital inve/m5ts ,any capital inve/m5t "u ! ,program %all receive ,ti] #a capital treatm5t1 z def9$ by ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil1 or %all be treat$ z a second>y capital inve/m5t describ$ 9 section #baf7o77#b77;,c7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agij;d7o77#b77;,c774 7#i7 ,outrea* to m9orities ,! ,secret>y %all require l[- & mod]ate-income community f9ancial in/itutions receiv+ capital inve/m5ts "u ! ,program to provide l+ui/ically & culturally appropriate outrea* & adv]tis+ describ+ ! availability & application process ( receiv+ loans made possible by ! ,program ?r\gh organizations1 trade associations1 & individuals t repres5t or "w )9 or are memb]s ( m9ority communities4 7#aj7 ,inapplicability ( re/rictions ,! re/rictions & limitations describ$ 9 subp>agraphs 7,e7 & 7,f7 ( p>agraph 7#b7 & p>agraph 7#c77;,a77ii7 ( subsection 7c7 ( section #djjc & 9 section #djjd %all n apply to ! ,program4 7#aa7 ,t]m9ation ( inve/m5t au?ority ,! au?ority to make capital inve/m5ts 9 l[- & mod]ate-income community f9ancial in/itutions1 includ+ commitm5ts to pur*ase pref]r$ /ock or o!r in/rum5ts1 provid$ "u ! ,program %all t]m9ate on ! date t is #cf mon?s aft] ! date ( enactm5t ( ?is subsection4 7#ab7 ,collection ( data ,not)/&+ ! ,equal ,opportunity ,cr$it ,act 7#ae ,u4,s4,c4 #afia et seq47-- 7,a7 any l[- & mod]ate-income community f9ancial in/itution may collect data describ$ 9 section #gja7;a77#a7 ( t ,act 7#ae ,u4,s4,c4 #afia7;a77#a77 f borr[]s & applicants = cr$it = ! purpose ( monitor+ compliance "u ! plan requir$ "u p>agraph 7#d77;,b72 & 7,b7 a l[- & mod]ate-income community f9ancial in/itution t collects ! data describ$ 9 subp>agraph 7,a7 %all n be subject to adv]se action relat$ to t collection by ! ,bureau ( ,consum] ,f9ancial ,protection or any o!r ,f$]al ag5cy4 7#ac7 ,deposit ( funds ,all funds receiv$ by ! ,secret>y 9 connection ) pur*ases made pursuant to ?is subsection1 includ+ int]e/ paym5ts1 divid5d paym5ts1 & proce$s f ! sale ( any f9ancial in/rum5t1 %all be deposit$ into ! ,fund & us$ to provide f9ancial & te*nical assi/ance pursuant to section #ajh ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjg71 except t subsection 7e7 ( t section %all be waiv$4 7j7 ,neighborhood loan program 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m f9ancial in/itution means any entity regulat$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 or ! ,f$]al ,deposit ,insurance ,corporation2 7,b7 ! t]m int]m$i>y means any entity engag$ 9 aggregat+ loans orig9at$ by l[- & mod]ate-income community f9ancial in/itutions2 & 7,c7 ! t]m ,program means ! ,neighborhood ,loan ,program e/abli%$ "u p>agraph 7#b74 7#b7 ,e/abli%m5t ,! ,secret>y1 9 conjunction ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 %all e/abli% a ,neighborhood ,loan ,program to create facilities "u section #ac7c7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cdc7c77 to provide liquidity & enc\rage equity equival5t capital inve/m5ts = l[- & mod]ate-income community f9ancial in/itutions s]v+ l[- & mod]ate-income & m9ority communities4 7#c7 ,m9imization ( burd5 ,any guidance1 regulations1 frequ5tly ask$ "q1 or o!r writt5 or v]bal communications provid$ by ! ,secret>y or ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 9 connection ) ! ,program %all be design$ to m9imize any burd5 to ! relevant l[- & mod]ate-income community f9ancial in/itution & to ensure t ! ,program is actively utiliz$ by ! l[- & mod]ate-income community f9ancial in/itution = :i* ! ,program is be+ creat$4 7#d7 ,small bus9ess community loan p>ticipations 7,a7 ,9 g5]al ,! facilities creat$ "u p>agraph 7#b7 %all pur*ase #ij p]c5t ( ! balance ( eligible small bus9ess loans describ$ 9 subp>agraph 7,b71 ei!r directly f l[- & mod]ate-income community f9ancial in/itutions1 or f int]m$i>ies1 to increase access to cr$it & build weal? 9 l[- & mod]ate-income & m9ority communities4 7,b7 ,crit]ia = eligible small bus9ess loans ,an eligible small bus9ess loan describ$ 9 ?is subp>agraph %all h-- 7i7 a maximum loan balance ( #bej1jjj2 7ii7 reasonable loan orig9ation & s]vice fees2 & 7iii7 o!r t]ms z prescrib$ by ! ,secret>y4 7,c7 ,eligibility ,to be eligible "u subp>agraph 7,a71 a l[- & mod]ate-income community f9ancial in/itution %all hold n less ?an #aj p]c5t ( ea* eligible small bus9ess loan describ$ 9 subp>agraph 7,b71 or #aj p]c5t ( ! loans z repres5t$ 9 a loan pool describ$ 9 subp>agraph 7,d74 7,d7 ,loan pool ,ea* loan pool describ$ 9 subp>agraph 7,a7-- 7i7 %all be compos$ ( n less ?an #ej loans t am\nt to n less ?an #a1jjj1jjj2 7ii7 %all be orig9at$ by a l[- & mod]ate-income community f9ancial in/itution = a comm]cially reasonable fee *>g$ by ! facility creat$ "u ! ,program2 7iii7 %all be s]vic$ by a l[- & mod]ate-income community f9ancial in/itution = a comm]cially reasonable fee *>g$ by a facility creat$ "u ! ,program2 & 7iv7 %all be repres5tative ( ! risk 9 ! total loan portfolio ( ! l[- & mod]ate-income community f9ancial in/itution4 7,e7 ,prioritization ,l[- & mod]ate-income community f9ancial in/itutions %all prioritize ! pur*ase ( eligible small bus9ess loans describ$ 9 subp>agraph 7,b7 t are made to m9ority-own$ small bus9esses4 7#e7 ,equity equival5t loan p>ticipations 7,a7 ,9 g5]al ,! facilities creat$ "u p>agraph 7#b7 %all pur*ase #ij-p]c5t p>ticipations 9 loans made by f9ancial in/itutions to l[- & mod]ate-income community f9ancial in/itutions t meet ! eligibility requirem5ts 9 ?is p>agraph4 7,b7 ,eligibility ,to be eligible "u subp>agraph 7,a71 a f9ancial in/itution %all reta9 n less ?an #aj p]c5t ( ea* loan describ$ 9 subp>agraph 7,c74 7,c7 ,loans ,a loan describ$ 9 ?is subp>agraph %all be-- 7i7 = n m ?an #aj1jjj1jjj2 7ii7 orig9at$ aft] ,m>* #ae1 #bjbj2 7iii7 s]vic$ by a f9ancial in/itution2 & 7iv7 treat$ z an equity equival5t inve/m5t1 z def9$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 or ! ,f$]al ,deposit ,insurance ,corporation4 7#f7 ,application date ,! ,secret>y %all beg9 accept+ applications "u ! ,program n lat] ?an ! end ( ! #cj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is subsection4 7#g7 ,inapplicability ( re/rictions ,! re/rictions & limitations describ$ 9 subp>agraphs 7,e7 & 7,f7 ( p>agraph 7#b7 & p>agraph 7#c77;,a77ii7 ( subsection 7b7 ( section #djjc & 9 section #djjd %all n apply to ! ,program4 7#h7 ,available am\nts ,9 c>ry+ out ! ,program1 ! ,secret>y %all use su* sums z may be necess>y1 b n less ?an #h1jjj1jjj1jjj1 f am\nts made available "u p>agraph 7#d7 ( subsection 7b71 not)/&+ ! limitations on ! use ( su* funds "u t p>agraph4 7#i7 ,t]m9ation ,! ,program %all t]m9ate on ! date t is #dh mon?s aft] ! date ( enactm5t ( ?is subsection4 7k7 ,application ( ! ,milit>y l5d+ ,act 7#a7 ,9 g5]al ,no l[- & mod]ate-income community f9ancial in/itution t receives an equity inve/m5t "u subsection 7i7 or sells a loan p>ticipation "u subsection 7j7 %all1 = s long z ! inve/m5t or p>ticipation cont9ues1 make any loan at an annualiz$ p]c5tage rate above #cf p]c5t1 z det]m9$ 9 accordance ) section #ihg7;b7 ( title #aj1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,milit>y ,l5d+ ,act74 7#b7 ,no exemptions p]mitt$ ,! exemption au?ority ( ! ,bureau "u section #aje7;f7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjd7;f77 %all n apply ) respect to ?is subsection4 4 #f4 ,support+ ! ,,cdfi ,fund 7a7 ,appropriations ,( ! am\nts made available to ! ,secret>y ( ! ,treasury "u section #djbg ( ! ,,c>es ,act 7,public ,law #aaf-acf71 #b1ijj1jjj1jjj %all be made available to ! ,fund to c>ry out ?is section4 7b7 ,set asides ,( ! am\nts made available "u subsection 7a71 ! foll[+ am\nts %all be set aside3 7#a7 ,up to #a1jjj1jjj1jjj1 to rema9 available until ,septemb] #cj1 #bjba1 to support1 prep>e =1 & respond to ! economic impact ( ! coronavirus1 provid$ t ! ,fund %all-- 7,a7 provide grants fund$ "u ?is p>agraph us+ a =mula t takes into acc\nt crit]ia su* z c]tification /atus1 f9ancial & compliance p]=mance1 portfolio & balance %eet /r5g?1 a div]sity ( ,,cdfi bus9ess model types1 & program capacity1 ( :i* n less ?an #be1jjj1jjj may be = grants to b5efit ,native ,am]ican1 ,native ,hawaiian1 & ,alaska ,native communities2 & 7,b7 make funds available "u ?is p>agraph n lat] ?an #fj days aft] ! date ( enactm5t ( ?is ,act4 7#b7 ,up to #a1jjj1jjj1jjj1 to rema9 available until exp5d$1 to provide grants to ,c,d,f,is-- 7,a7 to exp& l5d+ or inve/m5t activity 9 l[- or mod]ate-income m9ority communities & to m9orities t h significant unmet capital or f9ancial s]vices ne$s2 & 7,b7 us+ a =mula t takes into acc\nt crit]ia su* z c]tification /atus1 f9ancial & compliance p]=mance1 portfolio & balance %eet /r5g?1 a div]sity ( ,,cdfi bus9ess model types1 & program capacity1 z well z exp]i5ce mak+ loans & inve/m5ts to ^? areas & populations id5tifi$ 9 ?is p>agraph4 7#c7 ,up to #djj1jjj1jjj1 to rema9 available until exp5d$1 = te*nical assi/ance1 te*nology1 & tra9+ "u sections #ajh7;a77#a77;,b7 & #aji1 respectively1 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjg7;a77#a77;,b71 #dgjh71 ) a pref]5ce = m9ority-l$ & m9ority-own$ ,c,d,f,is t prim>ily s]ve l[- & mod]ate-income communities4 7#d7 ,up to #ejj1jjj1jjj1 to rema9 available until exp5d$1 to provide grants to recipi5ts t are m9ority-l$ & m9ority-own$ ,c,d,f,is4 7c7 ,adm9i/rative exp5ses ,funds made available "u ?is section may be us$ = adm9i/rative exp5ses1 includ+ adm9i/ration ( ,fund programs & ! ,new ,m>kets ,tax ,cr$it ,program "u section #de;,d ( ! ,int]nal ,rev5ue ,code4 7d7 ,em]g5cy designation 7#a7 ,9 g5]al ,! am\nts provid$ "u ?is section are designat$ z an em]g5cy requirem5t pursuant to section #d7;g7 ( ! ,/atutory ,pay-,z-,y-,g ,act ( #bjaj 7#b ,u4,s4,c4 #icc7;g774 7#b7 ,designation 9 s5ate ,9 ! ,s5ate1 ?is section is designat$ z an em]g5cy requirem5t pursuant to section #daab7;a7 ( ,h4 ,con4 ,res4 #ga 7#aae? ,congress71 ! concurr5t resolution on ! budget = fiscal ye> #bjah4 7e7 ,def9itions ,9 ?is section3 7#a7 ,,cdfi ,! t]m ,,cdfi means a community developm5t f9ancial in/itution1 z def9$ 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,fund ,! t]m ,fund means ! ,community ,developm5t ,f9ancial ,in/itutions ,fund e/abli%$ "u section #ajd7;a7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7;a774 7#c7 ,m9ority ,! t]m m9ority means any ,black ,am]ican1 ,native ,am]ican1 ,hispanic ,am]ican1 or ,asian ,am]ican4 #g4 ,f$]al deposits 9 m9ority depository in/itutions 7a7 ,9 g5]al ,section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,f$]al deposits ,! ,secret>y ( ! ,treasury %all ensure t deposits made by ,f$]al ag5cies 9 m9ority depository in/itutions are fully collat]aliz$ or fully insur$1 z det]m9$ by ! ,secret>y4 ,su* deposits %all include reciprocal deposits z def9$ 9 section #ccg4f7;e77#b77v7 ( title #ab1 ,code ( ,f$]al ,regulations 7z 9 effect on ,m>* #f1 #bjai74 4 7b7 ,te*nical am5dm5ts ,section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 is am5d$-- 7#a7 9 p>agraph 7#a71 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ section-- & ins]t+ section32 & 7#b7 9 ! p>agraph head+ = p>agraph 7#a71 by /rik+ f9ancial & ins]t+ depository4 #h4 ,m9ority ,bank ,deposit ,program 7a7 ,9 g5]al ,section #abjd ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ahaa note7 is am5d$ to read z foll[s3 #abjd4 ,expansion ( use ( m9ority banks & m9ority cr$it unions 7a7 ,m9ority ,bank ,deposit ,program 7#a7 ,e/abli%m5t ,!re is e/abli%$ a program to be kn[n z ! ,m9ority ,bank ,deposit ,program to exp& ! use ( m9ority banks & m9ority cr$it unions4 7#b7 ,adm9i/ration ,! ,secret>y ( ! ,treasury1 act+ ?r\gh ! ,fiscal ,s]vice1 %all-- 7,a7 on application by a depository in/itution or cr$it union1 c]tify :e!r su* depository in/itution or cr$it union is a m9ority bank or m9ority cr$it union2 7,b7 ma9ta9 & publi% a li/ ( all depository in/itutions & cr$it unions t h be5 c]tifi$ pursuant to subp>agraph 7,a72 & 7,c7 p]iodically di/ribute ! li/ describ$ 9 subp>agraph 7,b7 to-- 7i7 all ,f$]al dep>tm5ts & ag5cies2 7ii7 int]e/$ ,/ate & local gov]nm5ts2 & 7iii7 int]e/$ private sector companies4 7#c7 ,inclusion ( c]ta9 entities on li/ ,a depository in/itution or cr$it union t1 on ! date ( ! enactm5t ( ?is section1 has a curr5t c]tification f ! ,secret>y ( ! ,treasury /at+ t su* depository in/itution or cr$it union is a m9ority bank or m9ority cr$it union %all be includ$ on ! li/ describ$ "u p>agraph 7#b77;,b74 7b7 ,exp&$ ,use ,among ,f$]al ,dep>tm5ts & ,ag5cies 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! e/abli%m5t ( ! program describ$ 9 subsection 7a71 ! head ( ea* ,f$]al dep>tm5t or ag5cy %all develop & implem5t /&>ds & proc$ures to ensure1 to ! maximum ext5t possible z p]mitt$ by law1 ! use ( m9ority banks & m9ority cr$it unions to s]ve ! f9ancial ne$s ( ea* su* dep>tm5t or ag5cy4 7#b7 ,report to ,congress ,n lat] ?an #b ye>s aft] ! e/abli%m5t ( ! program describ$ 9 subsection 7a71 & annually !reaft]1 ! head ( ea* ,f$]al dep>tm5t or ag5cy %all submit to ,congress a report on ! actions tak5 to increase ! use ( m9ority banks & m9ority cr$it unions to s]ve ! f9ancial ne$s ( ea* su* dep>tm5t or ag5cy4 7c7 ,def9itions ,= purposes ( ?is section3 7#a7 ,cr$it union ,! t]m cr$it union has ! mean+ giv5 ! t]m insur$ cr$it union 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#b7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 ! t]m insur$ depository in/itution 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,m9ority ,! t]m m9ority means any ,black ,am]ican1 ,native ,am]ican1 ,hispanic ,am]ican1 or ,asian ,am]ican4 7#d7 ,m9ority bank ,! t]m m9ority bank means a m9ority depository in/itution z def9$ 9 section #cjh ( ?is ,act4 7#e7 ,m9ority cr$it union ,! t]m m9ority cr$it union means any cr$it union = :i* m ?an #ej p]c5t ( ! memb]%ip 7includ+ bo>d memb]s7 ( su* cr$it union are m9ority individuals1 z det]m9$ by ! ,national ,cr$it ,union ,adm9i/ration pursuant to section #cjh ( ?is ,act4 4 7b7 ,con=m+ ,am5dm5ts ,! foll[+ provisions are am5d$ by /rik+ #abjd7;c77#c7 & ins]t+ #abjd7;c73 7#a7 ,section #hjh7;b77#c7 ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijg7;b77#c774 7#b7 ,section #dj7;g77#a77;,b7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcaq7g77#a77;,b774 7#c7 ,section #gjd;,b7h77#d7 ( ! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia;c-#b7;h77#d774 #i4 ,inve/m5ts 9 m9ority depository in/itutions 7a7 ,control = insur$ depository in/itutions ,section #g7;j77#h77;,b7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j77#h77;,b77 is am5d$ to read z foll[s3 7,b7 control means ! p[]1 directly or indirectly-- 7i7 to direct ! managem5t or policies ( an insur$ depository in/itution2 or 7ii7 ( a p]son to vote #be p] c5tum or m ( any class ( vot+ securities ( an insur$ depository in/itution4 4 7b7 ,rulemak+ ,! appropriate ,f$]al bank+ ag5cy 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 %all jo9tly issue rules = de novo m9ority depository in/itutions to all[ #c ye>s to meet ! capital requirem5ts o!rwise applicable to m9ority depository in/itutions4 7c7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! appropriate ,f$]al bank+ ag5cies 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 %all jo9tly submit to ,congress a report on-- 7#a7 ! pr9cipal causes = ! l[ numb] ( de novo m9ority depository in/itutions dur+ ! #aj-ye> p]iod prec$+ ! date ( ! report2 7#b7 ! ma9 *all5ges to ! creation ( de novo m9ority depository in/itutions2 & 7#c7 regulatory & legislative consid]ations to promote ! e/abli%m5t ( de novo m9ority depository in/itutions4 #aj4 ,cu/odial deposit program = cov]$ m9ority depository in/itutions 7a7 ,e/abli%m5t ,! ,secret>y ( ! ,treasury %all e/abli% a cu/odial deposit program 79 ?is section ref]r$ to z ! ,program7 "u :i* a cov]$ bank %all receive mon?ly deposits f a qualify+ acc\nt4 7b7 ,application ,a cov]$ bank %all submit to ! ,secret>y an application to p>ticipate 9 ! ,program at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,secret>y may det]m9e4 7c7 ,program op]ations 7#a7 ,designation ( cu/odial entities ,! ,secret>y %all designate eligible cu/odial entities to make mon?ly deposits ) cov]$ banks select$ = p>ticipation 9 ! ,program on behalf ( a qualify+ acc\nt4 7#b7 ,cu/odial acc\nts 7,a7 ,9 g5]al ,! ,secret>y %all e/abli% a cu/odial deposit acc\nt = ea* qualify+ acc\nt ) ! eligible cu/odial entity designat$ to make deposits ) cov]$ banks = ea* su* qualify+ acc\nt4 7,b7 ,am\nt ,! ,secret>y %all deposit a total am\nt n great] ?an #e p]c5t ( a qualify+ acc\nt into any cu/odial deposit acc\nts e/abli%$ "u subp>agraph 7,a74 7,c7 ,deposits ) ,program p>ticipants 7i7 ,mon?ly deposits ,ea* mon?1 ea* eligible cu/odial entity designat$ by ! ,secret>y %all deposit an am\nt n great] ?an ! insur$ am\nt1 9 ! aggregate1 f ea* cu/odial deposit acc\nt1 9 a s+le cov]$ bank4 7ii7 ,limitation ,) respect to ! funds ( an individual qualify+ acc\nt1 ! eligible cu/odial entity may n deposit an am\nt great] ?an ! insur$ am\nt 9 a s+le cov]$ bank4 7iii7 ,insur$ am\nt def9$ ,9 ?is subp>agraph1 ! t]m insur$ am\nt means ! am\nt t is ! great] (-- 7,i7 ! /&>d maximum deposit insurance am\nt 7z def9$ 9 section #aa7;a77#a77;,e7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77;,e7772 or 7,,ii7 su* high] am\nt negotiat$ betwe5 ! ,secret>y & ! ,corporation "u :i* ! ,corporation w insure all deposits ( su* high] am\nt4 7,d7 ,limitations ,! total am\nt ( funds deposit$ "u ! ,program 9 a cov]$ bank may n exce$ ! less] (-- 7i7 #aj p]c5t ( ! av]age am\nt ( deposits held by su* cov]$ bank 9 ! previ\s qu>t]2 or 7ii7 #ajj1jjj1jjj4 7#c7 ,int]e/ 7,a7 ,9 g5]al ,ea* eligible cu/odial entity designat$ by ! ,secret>y %all-- 7i7 collect int]e/ f ea* cov]$ bank 9 :i* su* cu/odial entity deposits funds pursuant to p>agraph 7#b72 & 7ii7 disburse su* int]e/ to ! ,secret>y ea* mon?4 7,b7 ,int]e/ rate ,! rate ( any int]e/ collect$ "u ?is p>agraph may n exce$ #ej p]c5t ( ! disc\nt w9d[ prim>y cr$it int]e/ rate mo/ rec5tly publi%$ on ! ,f$]al ,res]ve ,/ati/ical ,release on select$ int]e/ rates 7daily or weekly71 commonly ref]r$ to z ! ,h4#ae release 7commonly kn[n z ! ,f$]al funds rate74 7#d7 ,/atem5ts ,ea* eligible cu/odial entity designat$ by ! ,secret>y %all submit to ! ,secret>y mon?ly /atem5ts t include ! total am\nt ( funds deposit$ )1 & int]e/ rate receiv$ f1 ea* cov]$ bank by ! eligible cu/odial entity on behalf ( qualify+ entities4 7#e7 ,records ,! ,secret>y %all issue a qu>t]ly report to ,congress & make publicly available a record id5tify+ all cov]$ banks p>ticipat+ 9 ! ,program & am\nts deposit$ "u ! ,program 9 cov]$ banks4 7d7 ,requirem5ts relat+ to deposits ,deposits made ) cov]$ banks "u ?is section may n-- 7#a7 be consid]$ by ! ,corporation to be funds obta9$1 directly or indirectly1 by or ?r\gh any deposit brok] = deposit into "o or m deposit acc\nts 7z describ$ "u section #bi ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f772 or 7#b7 be subject to insurance fees f ! ,corporation t are great] ?an insurance fees = typical dem& deposits n obta9$1 directly or indirectly1 by or ?r\gh any deposit brok] 7commonly kn[n z core deposits74 7e7 ,modifications 7#a7 ,9 g5]al ,! ,secret>y %all provide a #c-mon? p]iod = public notice & comm5t be=e mak+ any mat]ial *ange to ! op]ation ( ! ,program4 7#b7 ,exception ,! requirem5ts ( p>agraph 7#a7 %all n apply if ! ,secret>y makes a mat]ial *ange to ! ,program to comply ) safety & s\ndness /&>ds or o!r law4 7f7 ,t]m9ation 7#a7 ,by cov]$ bank ,a cov]$ bank select$ = p>ticipation 9 ! ,program pursuant to subsection 7c7 may t]m9ate p>ticipation 9 ! ,program by provid+ ! ,secret>y a notification #fj days prior to t]m9ation4 7#b7 ,by ,secret>y ,! ,secret>y may t]m9ate ! p>ticipation ( a cov]$ bank 9 ! ,program if ! ,secret>y det]m9es ! cov]$ bank-- 7,a7 violat$ any t]ms ( p>ticipation 9 ! ,program2 7,b7 fail$ to comply ) ,f$]al bank secrecy laws1 z docum5t$ 9 writ+ by ! prim>y regulator ( ! cov]$ bank2 7,c7 fail$ to rema9 well capitaliz$2 or 7,d7 fail$ comply ) safety & s\ndness /&>ds1 z docum5t$ 9 writ+ by ! prim>y regulator ( ! cov]$ bank4 7g7 ,def9itions ,9 ?is section3 7#a7 ,corporation ,! t]m ,corporation means ! ,f$]al ,deposit ,insurance ,corporation4 7#b7 ,cov]$ bank ,! t]m cov]$ bank means a m9ority depository in/itution t is regulat$ by ! ,corporation or ! ,national ,cr$it ,union ,adm9i/ration t is well capitaliz$ 7z def9$ 9 section #ch7;b7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7b7774 7#c7 ,eligible cu/odial entity ,! t]m eligible cu/odial entity means-- 7,a7 an insur$ depository in/itution 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac772 7,b7 an insur$ cr$it union 7z def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb772 or 7,c7 or a well capitaliz$ ,/ate-*>t]$ tru/ company1 designat$ by ! ,secret>y "u subsection 7c77#a74 7#d7 ,f$]al bank secrecy laws ,! t]m ,f$]al bank secrecy laws means-- 7,a7 section #ba ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72 7,b7 section #abc ( ,public ,law #ia-ejh2 & 7,c7 sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code4 7#e7 ,qualify+ acc\nt ,! t]m qualify+ acc\nt means any acc\nt e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury t-- 7,a7 is controll$ by ! ,secret>y2 & 7,b7 is expect$ to ma9ta9 a balance great] ?an #bjj1jjj1jjj = ! foll[+ cal5d> mon?4 7#f7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#g7 ,well capitaliz$ ,! t]m well capitaliz$ has ! mean+ giv5 9 section #ch ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao74 #aa4 ,e/abli%m5t ( ,f9ancial ,ag5t ,p>tn]%ip ,program 7a7 ,9 g5]al ,section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note71 z am5d$ by section #g1 is fur!r am5d$ by add+ at ! end ! foll[+3 7e7 ,f9ancial ag5t p>tn]%ip program 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,f9ancial ag5t ,! t]m f9ancial ag5t means any national bank+ association designat$ by ! ,secret>y to be employ$ z a f9ancial ag5t ( ! ,gov]nm5t4 7,b7 ,l>ge f9ancial in/itution ,! t]m l>ge f9ancial in/itution means any entity regulat$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 or ! ,national ,cr$it ,union ,adm9i/ration t has total consolidat$ assets ( n less ?an #ej1jjj1jjj1jjj4 7,c7 ,small community f9ancial in/itution ,! t]m small community f9ancial in/itution means any f9ancial in/itution t-- 7i7 has total consolidat$ assets ( less ?an #c1jjj1jjj1jjj2 7ii7 is an entity regulat$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 or ! ,national ,cr$it ,union ,adm9i/ration2 & 7iii7 is-- 7,i7 a community developm5t f9ancial in/itution1 z def9$ 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb72 or 7,,ii7 a m9ority depository in/itution1 z def9$ 9 subsection 7b74 7,d7 ,program ,! t]m ,program means ! ,f9ancial ,ag5t ,p>tn]%ip ,program e/abli%$ "u p>agraph 7#b74 7,e7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#b7 ,e/abli%m5t ,! ,secret>y %all e/abli% a program to be kn[n z ! ,f9ancial ,ag5t ,p>tn]%ip ,program "u :i* a f9ancial ag5t designat$ by ! ,secret>y or a l>ge f9ancial in/itution may s]ve z a p>tn]1 "u guidance or regulations prescrib$ by ! ,secret>y1 & at ! reque/ ( a small community f9ancial in/itution1 to all[ ! small community f9ancial in/itution-- 7,a7 to be prep>$ to p]=m z a f9ancial ag5t2 7,b7 to improve capacity to provide s]vices to ! cu/om]s ( ! in/itution2 & 7,c7 to p>ticipate 9 contracts aw>d$ by ! ,secret>y "u ! ,national ,bank ,acts ( #ahfc & #ahfd4 7#c7 ,f9ancial p>tn]%ips 7,a7 ,9 g5]al ,any l>ge f9ancial in/itution p>ticipat+ 9 a program ) ! ,treasury1 if n already requir$ to include a small community f9ancial in/itution1 %all (f] n m ?an #e p]c5t ( e contract "u t program to a small community f9ancial in/itution4 7,b7 ,acceptance ( risk ,z a requirem5t ( p>ticipation 9 any f9ancial arrangem5t "u ! ,program1 a small community f9ancial in/itution %all accept ! risk ( ! transaction equival5t to ! p]c5tage ( any fee ! in/itution receives "u ! ,program4 7,c7 ,p>tn] ,a l>ge f9ancial in/itution p>tn] may "w ) small community f9ancial in/itutions1 if necess>y1 to tra9 pr(essionals to und]/& any risks involv$ 9 a contract "u ! ,program4 7#d7 ,outrea* ,! ,secret>y %all-- 7,a7 issue guidance or regulations to e/abli% a process "u :i* a f9ancial ag5t1 l>ge f9ancial in/itution1 or small community f9ancial in/itution may p>ticipate 9 ! ,program2 & 7,b7 n less frequ5tly ?an once p] ye>1 hold outrea* ev5ts to promote ! p>ticipation ( f9ancial ag5ts1 l>ge f9ancial in/itutions1 & small community f9ancial in/itutions 9 ! ,program4 7#e7 ,report ,! ,(fice ( ,m9ority & ,wom5 ,inclusion ( ! ,dep>tm5t ( ! ,treasury %all include 9 ! report submitt$ to ,congress "u section #cdb7;e7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #edeb7;e77 in=mation p]ta9+ to ! ,program1 includ+-- 7,a7 ! numb] ( f9ancial ag5ts1 l>ge f9ancial in/itutions1 & small community f9ancial in/itutions p>ticipat+ 9 ! ,program2 & 7,b7 ! numb] ( contracts aw>d$ by ! ,secret>y :]e a small community f9ancial in/itution p>ticipat$ 9 a f9ancial ag5t agreem5t aw>d$ to a l>ge f9ancial in/itution2 & 7,c7 ! numb] ( outrea* ev5ts describ$ 9 p>agraph 7#d7 held dur+ ! ye> cov]$ by su* report4 4 7b7 ,effective date ,?is section & ! am5dm5ts made by ?is section %all take effect #ij days aft] ! date ( ! enactm5t ( ?is ,act4 #ab4 ,application ( ,,c>es ,act to l[- & mod]ate-income community f9ancial in/itutions ,title ,,iv ( ! ,,c>es ,act 7,public ,law #aaf-acf7 is am5d$-- 7#a7 9 section #djab7;b7-- 7,a7 9 p>agraph 7#b71 by /rik+ ,! int]im & ins]t+ ,except z provid$ 9 p>agraph 7#c71 ! int]im2 & 7,b7 by add+ at ! end ! foll[+3 7#c7 ,exception = l[- & mod]ate-income community f9ancial in/itutions ,not)/&+ p>agraph 7#b71 ) respect to a qualify+ community bank t is a l[- & mod]ate-income community f9ancial in/itution1 ! int]im rule issu$ "u p>agraph 7#a7 %all be effective dur+ ! p]iod beg9n+ on ! date on :i* ! appropriate ,f$]al bank+ ag5cies issue ! rule & end+ on ,decemb] #ca1 #bjbb4 2 & 7#b7 9 section #djac7;a77#a7-- 7,a7 by /rik+ means ! p]iod & ins]t+ means-- 7,a7 except z provid$ 9 subp>agraph 7,b71 ! p]iod 2 7,b7 9 subp>agraph 7,a71 z s designat$1 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7,b7 ) respect to a l[- & mod]ate-income community f9ancial in/itution1 ! p]iod beg9n+ on ,m>* #a1 #bjbj1 & end+ on ,decemb] #ca1 #bjbb4 4 #ac4 ,submission ( data relat+ to div]sity by community developm5t f9ancial in/itutions ,section #ajd ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7 is am5d$ by add+ at ! end ! foll[+3 7l7 ,submission ( data relat+ to div]sity 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m executive (fic] has ! mean+ giv5 ! t]m 9 section #bcj4eja7;f7 ( title #ag1 ,code ( ,f$]al ,regulations1 z 9 effect on ! date ( enactm5t ( ?is subsection2 & 7,b7 ! t]m vet]an has ! mean+ giv5 ! t]m 9 section #aja ( title #ch1 ,unit$ ,/ates ,code4 7#b7 ,submission ( disclosure ,ea* ,fund applicant & recipi5t %all provide ! foll[+3 7,a7 ,data1 bas$ on volunt>y self-id5tification1 on ! racial1 e?nic1 & g5d] composition (-- 7i7 ! bo>d ( directors ( ! in/itution2 7ii7 nom9ees = ! bo>d ( directors ( ! in/itution2 & 7iii7 ! executive (fic]s ( ! in/itution4 7,b7 ,! /atus ( any memb] ( ! bo>d ( directors ( ! in/itution1 any nom9ee = ! bo>d ( directors ( ! in/itution1 or any executive (fic] ( ! in/itution1 bas$ on volunt>y self-id5tification1 z a vet]an4 7,c7 ,:e!r ! bo>d ( directors ( ! in/itution1 or any committee ( t bo>d ( directors1 has1 z ( ! date on :i* ! in/itution makes a disclosure "u ?is p>agraph1 adopt$ any policy1 plan1 or /rategy to promote racial1 e?nic1 & g5d] div]sity among-- 7i7 ! bo>d ( directors ( ! in/itution2 7ii7 nom9ees = ! bo>d ( directors ( ! in/itution2 or 7iii7 ! executive (fic]s ( ! in/itution4 7#c7 ,annual report ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is subsection1 & annually !reaft]1 ! ,fund %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 & make publicly available on ! website ( ! ,fund1 a report on ! data & tr5ds ( ! div]sity in=mation made available pursuant to p>agraph 7#b74 4 #ad4 ,reports ,! ,secret>y %all provide to ! appropriate committees ( ,congress-- 7#a7 )9 #cj days ( ! end ( ea* mon? comm5c+ ) ! fir/ mon? 9 :i* transactions are made "u a program e/abli%$ "u ?is ,act or ! am5dm5ts made by ?is ,act1 a writt5 report describ+ all ( ! transactions made dur+ ! report+ p]iod pursuant to ! au?orities grant$ "u ?is ,act or ! am5dm5ts made by ?is ,act2 & 7#b7 aft] ! end ( ,m>* & ! end ( ,septemb]1 comm5c+ ,septemb] #cj1 #bjba1 a writt5 report on all project$ co/s & liabilities1 all op]at+ exp5ses1 includ+ comp5sation = f9ancial ag5ts1 & all transactions made by ! ,community ,developm5t ,f9ancial ,in/itutions ,fund1 :i* %all include p>ticipat+ in/itutions & am\nts ea* in/itution has receiv$ "u ea* program describ$ 9 p>agraph 7#a74 #ae4 ,inspector ,g5]al ov]sight 7a7 ,9 g5]al ,! ,inspector ,g5]al ( ! ,dep>tm5t ( ! ,treasury %all conduct1 sup]vise1 & coord9ate audits & inve/igations ( any program e/abli%$ "u ?is ,act or ! am5dm5ts made by ?is ,act4 7b7 ,report+ ,! ,inspector ,g5]al ( ! ,dep>tm5t ( ! ,treasury %all issue a report n less frequ5tly ?an #b times p] ye> to ,congress & ! ,secret>y ( ! ,treasury relat+ to ! ov]sight provid$ by ! ,(fice ( ! ,inspector ,g5]al1 includ+ any recomm5dations = improvem5ts to ! programs describ$ 9 subsection 7a74 #af4 ,/udy & report ) respect to impact ( programs on l[- & mod]ate-income & m9ority communities 7a7 ,/udy ,! ,secret>y ( ! ,treasury %all conduct a /udy ( ! impact ( ! programs e/abli%$ "u ?is ,act or any am5dm5t made by ?is ,act on l[- & mod]ate-income & m9ority communities4 7b7 ,report ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all submit to ,congress a report on ! results ( ! /udy conduct$ pursuant to subsection 7a71 :i* %all include1 to ! ext5t possible1 ! results ( ! /udy disaggregat$ by e?nic gr\p4 7c7 ,in=mation provid$ to ! ,secret>y ,eligible in/itutions t p>ticipate 9 any ( ! programs describ$ 9 subsection 7a7 %all provide ! ,secret>y ( ! ,treasury ) su* in=mation z ! ,secret>y may require to c>ry out ! /udy requir$ by ?is section4