,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #giic ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,augu/ #g1 #bjbj ,ms4 ,wat]s 7= h]self1 ,mr4 ,clay1 ,mr4 ,gre5 ( ,texas1 ,mr4 ,gonzalez ( ,texas1 ,mr4 ,lawson ( ,florida1 ,ms4 ,pressley1 ,ms4 ,tlaib1 ,ms4 ,adams1 ,mr4 ,phillips1 ,ms4 ,g>cia ( ,texas1 ,mr4 ,cleav]1 ,mrs4 ,beatty1 ,mr4 ,g>ca ( ,ill9ois1 ,mr4 ,david ,scott ( ,georgia1 ,mr4 ,got!im]1 & ,mr4 ,meeks7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committee on ,small ,bus9ess1 = 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 support ! ef=ts ( ,community ,developm5t ,f9ancial ,in/itutions 7,c,d,f,is71 m9ority ,c,d,f,is1 & m9ority depository in/itutions to s]ve consum]s1 small bus9esses1 & m9ority-own$ bus9esses1 especially 9 l[-income & und]s]v$ communities1 & = o!r purposes4 #a4 ,%ort title2 ,table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,f9d+s2 s5se ( ,congress4 ,sec4 #c4 ,/r5g!n+ m9ority community developm5t f9ancial in/itutions4 ,sec4 #d4 ,community ,developm5t ,f9ancial ,in/itutions ,fund4 ,sec4 #e4 ,m9imum issuance am\nts "u ! ,,cdfi ,bond ,gu>antee ,program4 ,sec4 #f4 ,community ,capital ,inve/m5t ,program4 ,sec4 #g4 ,ensur+ ,div]sity 9 ,community ,bank+4 ,sec4 #h4 ,e/abli%m5t ( ,f9ancial ,ag5t ,m5tor-,protg ,program4 ,sec4 #i4 ,/udy & report ) respect to impact ( programs on l[- & mod]ate-income & m9ority communities4 #b4 ,f9d+s2 ,s5se ( ,congress 7a7 ,f9d+s ,! ,congress f9ds ! foll[+3 7#a7 ,! ,coronavirus #bjai 7,,covid-#ai7 p&emic & ! result+ recession h l$ to m ?an #d4h million cases & at lea/ #aeg1jjj dea?s 9 ! ,unit$ ,/ates z ( ,augu/ #f1 #bjbj2 a #g4f p]c5t increase 9 ! unemploym5t rate f ,febru>y to ,june1 or approximately #ab million m p]sons :o h lo/ _! job2 & an e/imat$ #cf p]c5t ( r5t]s & #d4a million home[n]s :o are /ruggl+ to pay _! r5t & mortgages4 7#b7 ,accord+ to ! ,c5t]s = ,disease ,control1 long-/&+ sy/emic heal? & social inequities h put "s memb]s ( racial & e?nic m9ority gr\ps at increas$ risk ( gett+ ,,covid-#ai or exp]i5c+ sev]e illness4 7#c7 ,m9ority-own$ bus9esses are also fac+ m difficult economic circum/ances ?an o!rs z a result ( ! ,,covid-#ai p&emic4 ,9 ,april #bjbj1 ! ,f$]al ,res]ve ,bank ( ,new ,york report$ t m9ority- & wom5-own$ bus9esses 7 n only m likely to %[ signs ( limit$ f9ancial heal?1 b also twice z likely to be classifi$ z at risk or di/ress$ ?an _! non-m9ority c\nt]p>ts4 7#d7 ,dur+ ! ,coronavirus #bjai 7,,covid-#ai7 p&emic1 community developm5t f9ancial in/itutions 7,c,d,f,is7 & m9ority depository in/itutions 7,m,d,is7 h deliv]$ ne$$ capital & relief to und]s]v$ communities1 _m ( :i* h borne a disproportionate impact ( ! ,,covid-#ai p&emic4 ,?r\gh ,july #ca1 #bjbj1 ,c,d,f,is & ,m,d,is h provid$ m ?an #af4b billion 9 ,pay*eck ,protection ,program 7,,ppp7 loans to small bus9esses ) a small] m$ian loan size ( ab\t #ge1jjj comp>$ to ! ov]all program m$ian loan size ( #ajc1jjj4 7#e7 ,9 addition to e/abli%+ relief funds & s]vices = local bus9esses & individuals exp]i5c+ loss ( income1 ,c,d,f,is & ,m,d,is h provid$ mortgage =be>ances1 loan def]m5ts1 & modifications to help address ! ne$s ( _! borr[]s4 ,c,d,f,is & ,m,d,is are rea*+ und]s]v$ communities & m9ority-own$ bus9esses at a critical "t4 7#f7 ,! ,community ,developm5t ,f9ancial ,in/itutions ,fund 7,,cdfi ,fund7 is an ag5cy ( ! ,u4,s4 ,dep>tm5t ( ! ,treasury & 0 e/abli%$ by ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid4 ,! mission ( ! ,,cdfi ,fund is to exp& economic opportunity = und]s]v$ p & communities by support+ ! gr[? & capacity ( a national network ( community developm5t l5d]s1 inve/ors1 & f9ancial s]vice provid]s4 ,z ( ,july #ac1 #bjbj1 !re 7 #a1abi c]tifi$ ,c,d,f,is 9 all #ej ,/ates1 ,di/rict ( ,columbia1 ,guam1 & ,pu]to ,rico4 7#g7 ,foll[+ ! #bjjh f9ancial crisis & ! disproportionate impact ! ,great ,recession _h on m9ority communities1 ! numb] ( ,,mdi banks fell m ?an #cj p]c5t ov] ! foll[+ decade1 to #adc z ( ! fir/ qu>t] ( #bjbj4 ,mean:ile1 ,,mdi cr$it unions h se5 simil> decl9es1 ) m ?an "o-?ird ( su* in/itutions disappe>+ s9ce #bjac4 7#h7 ,! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives has exam9$ ! importance ( ,c,d,f,is & ,m,d,is ?r\gh ?ree he>+s held dur+ ! #aaf? ,congress4 ,at ^! he>+s1 ! ,committee receiv$ te/imony f #ac witnesses1 mo/ ( :om 7 repres5tatives ( ,c,d,f,is or ,m,d,is1 & f\r ( :om 7 ,f$]al regulators4 ,^! he>+s include3 7,a7 ,octob] #bb1 #bjai1 ,an ,exam9ation ( ! ,decl9e ( ,m9ority ,depository ,in/itutions & ! ,impact on ,und]s]v$ ,communities4 7,b7 ,novemb] #bj1 #bjai1 ,an ,exam9ation ( ,regulators' ,ef=ts to ,pres]ve & ,promote ,m9ority ,depository ,in/itutions4 7,c7 ,june #c1 #bjbj1 ,virtual ,he>+--,promot+ ,inclusive ,l5d+ ,dur+ ! ,p&emic3 ,community ,developm5t ,f9ancial ,in/itutions & ,m9ority ,depository ,in/itutions4 ,at ^! he>+s1 ! ,committee discuss$ ! opportunities & *all5ges fac+ ,c,d,f,is & ,m,d,is4 ,! ,committee discuss$ #i diff]5t pieces ( legislation to address "s ( ^! *all5ges & fully support ! "w ( ,m,d,is & ,c,d,f,is4 7b7 ,s5se ( ,congress ,! foll[+ is ! s5se ( ! ,congress3 7#a7 ,! ,dep>tm5t ( ! ,treasury1 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ,small ,bus9ess ,adm9i/ration 7,,sba71 ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ,f$]al ,deposit ,insurance ,corporation1 ,national ,cr$it ,union ,adm9i/ration1 & o!r ,f$]al ag5cies %\ld take /eps to support1 engage )1 & utilize m9ority depository in/itutions & community developm5t f9ancial in/itutions 9 ! ne> t]m1 especially z !y c>ry out programs to respond to ! ,,covid-#ai p&emic1 & ! long t]m4 7#b7 ,! ,dep>tm5t ( ! ,treasury & prud5tial regulators %\ld e/abli% a /rategic plan id5tify+ concrete /eps t !y c take to support exi/+ m9ority depository in/itutions1 z well z ! =mation ( new m9ority depository in/itutions consi/5t ) ! goals e/abli%$ 9 ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7,,firrea7 to pres]ve & promote m9ority depository in/itutions4 7#c7 ,congress %\ld increase fund+ & make o!r enhancem5ts1 includ+ ^? provid$ by ?is legislation1 to enhance ! effectiv5ess ( ! ,,cdfi ,fund1 especially re=ms to support m9ority-own$ & m9ority l$ ,c,d,f,is 9 times ( crisis & beyond4 7#d7 ,congress %\ld conduct robu/ & ongo+ ov]sight ( ! ,dep>tm5t ( ! ,treasury1 ,,cdfi ,fund1 ,f$]al prud5tial regulators1 ,,sba1 & o!r ,f$]al ag5cies to ensure !y fulfill _! obligations "u ! law z well z implem5t ?is ,act & o!r laws 9 a mann] t supports & fully utilizes m9ority depository in/itutions & community developm5t f9ancial intuitions1 z appropriate4 #c4 ,/r5g!n+ m9ority community developm5t f9ancial in/itutions 7a7 ,m9ority community developm5t f9ancial in/itution set-,aside 9 provid+ assi/ance 7#a7 ,9 g5]al ,section #ajh ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjg7 is am5d$ by add+ at ! end ! foll[+3 7i7 ,m9ority community developm5t f9ancial in/itution set-,aside 9 provid+ assi/ance ,not)/&+ any o!r provision ( law1 9 provid+ any assi/ance1 ! ,fund %all res]ve #dj p]c5t ( su* assi/ance = m9ority community developm5t f9ancial in/itutions4 4 7#b7 ,def9itions ,section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb7 is am5d$ by add+ at ! end ! foll[+3 7#bb7 ,m9ority community developm5t f9ancial in/itution def9itions 7,a7 ,m9ority ,! t]m m9ority means any ,black ,am]ican1 ,native ,am]ican1 ,hispanic ,am]ican1 or ,asian ,am]ican4 7,b7 ,m9ority community developm5t f9ancial in/itution ,! t]m m9ority community developm5t f9ancial in/itution means a community developm5t f9ancial in/itution t-- 7i7 if a privately own$ in/itution1 #ea p]c5t is own$ by "o or m socially & economically disadvantag$ individuals2 7ii7 if publicly own$1 #ea p]c5t ( ! /ock is own$ by "o or m socially & economically disadvantag$ individuals2 7iii7 9 ! case ( a mutual in/itution1 :]e ! majority ( ! ,bo>d ( ,directors1 acc\nt hold]s1 & ! community :i* ! in/itution s]vices is pr$om9antly m9ority2 & 7iv7 9 ! case ( any o!r in/itution1 is a m9ority-own$ or m9ority-l$ in/itution1 z det]m9$ by ! ,adm9i/rator4 4 7b7 ,(fice ( ,m9ority ,community ,developm5t ,f9ancial ,in/itutions ,section #ajd ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjc7 is am5d$ by add+ at ! end ! foll[+3 7l7 ,(fice ( ,m9ority ,community ,developm5t ,f9ancial ,in/itutions 7#a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,fund an ,(fice ( ,m9ority ,community ,developm5t ,f9ancial ,in/itutions1 :i* %all ov]see assi/ance provid$ by ! ,fund to m9ority community developm5t f9ancial in/itutions4 7#b7 ,deputy ,director ,! head ( ! ,(fice %all be ! ,deputy ,director ( ,m9ority ,community ,developm5t ,f9ancial ,in/itutions1 :o %all report directly to ! ,adm9i/rator ( ! ,fund4 4 7c7 ,report+ on m9ority community developm5t f9ancial in/itutions ,section #aag ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgaf7 is am5d$ by add+ at ! end ! foll[+3 7g7 ,report+ on m9ority community developm5t f9ancial in/itutions ,ea* report requir$ "u subsection 7a7 %all include a description ( ! ext5t to :i* assi/ance f ! ,fund are provid$ to m9ority community developm5t f9ancial in/itutions4 4 #d4 ,community ,developm5t ,f9ancial ,in/itutions ,fund 7a7 ,9 ,g5]al ,( any unobligat$ am\nts t 7 appropriat$ to ! fund e/abli%$ "u section #ecjb7;a77#a7 ( title #ca1 ,unit$ ,/ates ,code1 by section #djbg ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijfa71 #e1jjj1jjj1jjj %all be transf]r$ to ! ,community ,developm5t ,f9ancial ,in/itutions ,fund = fiscal ye>s #bjbj & #bjba1 = provid+ f9ancial assi/ance & te*nical assi/ance "u subp>agraphs 7,a7 & 7,b7 ( section #ajh7;a77#a7 ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjg7;a77#a771 except t subsections 7d7 & 7e7 ( su* section #ajh %all n apply to ! provision ( su* assi/ance1 = ! ,bank ,ent]prise ,aw>d program1 & = f9ancial assi/ance1 te*nical assi/ance1 tra9+1 & outrea* programs design$ to b5efit ,native ,am]ican1 ,native ,hawaiian1 & ,alaska ,native communities & provid$ prim>ily ?r\gh qualifi$ community developm5t l5d] organizations ) exp]i5ce & exp]tise 9 community developm5t bank+ & l5d+ 9 ,indian c\ntry1 ,native ,am]ican organizations1 ,tribes & ,tribal organizations1 & o!r suitable provid]s4 ,( su* am\nt1 n less ?an #b1jjj1jjj1jjj %all be = provid+ f9ancial assi/ance1 te*nical assi/ance1 aw>ds1 tra9+1 & outrea* programs describ$ above to recipi5ts t are m9ority l5d+ in/itutions4 7b7 ,def9itions ,= purposes ( ?is section3 7#a7 ,m9ority l5d+ in/itution ,! t]m m9ority l5d+ in/itution means any depository in/itution1 loan fund1 or o!r f9ancial in/itution t-- 7,a7 if a privately own$ in/itution1 #ea p]c5t is own$ by "o or m socially & economically disadvantag$ individuals2 7,b7 if publicly own$1 #ea p]c5t ( ! /ock is own$ by "o or m socially & economically disadvantag$ individuals2 7,c7 9 ! case ( a mutual in/itution1 :]e ! majority ( ! ,bo>d ( ,directors1 acc\nt hold]s1 & ! community :i* x s]vices is pr$om9antly m9ority2 & 7,d7 9 ! case ( any o!r in/itution1 is a m9ority-own$ or m9ority-l$ in/itution1 z det]m9$ by ! ,adm9i/rator ( ! ,community ,developm5t ,f9ancial ,in/itutions ,fund4 7#b7 ,m9ority ,! t]m m9ority means any ,black ,am]ican1 ,native ,am]ican1 ,hispanic ,am]ican1 or ,asian ,am]ican4 #e4 ,m9imum issuance am\nts "u ! ,,cdfi ,bond ,gu>antee ,program 7a7 ,r$uction = fiscal ye> #bjbj 7#a7 ,9 g5]al ,section #aad;,a7e77#b77;,b7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgac;a7e77#b77;,b77 is am5d$ by /rik+ #ajj1jjj1jjj & ins]t+ #be1jjj1jjj4 7#b7 ,rule ( application ,! ,notice ( ,gu>antee ,availability issu$ = ! ,bond ,gu>antee ,program 9 fiscal ye> #bjai 7,,cfda #ba4jaa7 %all apply = purposes ( c>ry+ out ! ,program 7z def9$ "u section #aad;,a7a7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid7 ) reg>d to commitm5ts to gu>antee bonds & notes dur+ fiscal ye> #bjbj4 7b7 ,p]man5t adju/m5t ,effective ,octob] #a1 #bjbj1 section #aad;,a7e77#b77;,b7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgac;a7e77#b77;,b77 is am5d$ by /rik+ #be1jjj1jjj & ins]t+ #ej1jjj1jjj4 #f4 ,community ,capital ,inve/m5t ,program ,section #djjc ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijdb7 is am5d$ by add+ at ! end ! foll[+3 7i7 ,community ,capital ,inve/m5t ,program 7#a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all e/abli% a ,community ,capital ,inve/m5t ,program 7! ,program7 to support ! ef=ts ( community inve/m5t in/itutions to provide loans & =be>ance = small bus9esses1 m9ority-own$ bus9esses1 & consum]s1 especially 9 l[-income & und]s]v$ communities1 by-- 7,a7 provid+ direct capital inve/m5ts 9 community inve/m5t in/itutions2 & 7,b7 provid+ loans to community inve/m5t in/itutions-- 7i7 t are int]e/-free loans2 7ii7 t h a loan t]m ( #e ye>s2 & 7iii7 ) respect to :i* no loan paym5t is requir$ until at lea/ ! end ( ! #f-mon? p]iod beg9n+ on ! date ! loan is made1 or su* long] t]m z ! ,secret>y may det]m9e appropriate4 7#b7 ,application date ,! ,secret>y %all beg9 accept+ applications = capital inve/m5ts & loans "u ! ,program n lat] ?an ! end ( ! #aj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is subsection4 7#c7 ,community ,inve/m5t ,plan ,at ! "t t an applicant submits an application to ! ,secret>y = a capital inve/m5t "u ! ,program1 ! applicant %all-- 7,a7 provide ! ,secret>y ) a ,community ,inve/m5t ,plan t specifies h[ ! applicant int5ds to use ! capital inve/m5t or loans made available "u ! ,program to provide loans & =be>ance = small bus9esses1 m9ority-own$ bus9esses1 & consum]s1 especially 9 l[-income & und]s]v$ communities2 & 7,b7 include ) su* application an atte/ation by ! applicant t ! applicant-- 7i7 does n own1 s]vice1 or (f] any f9ancial product 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 ,code2 & 7ii7 is compliant ) all ,/ate int]e/ rate laws4 7#d7 ,divid5d rate ,any pref]r$ /ock or o!r f9ancial in/rum5t issu$ to ! ,secret>y 9 ex*ange = a capital inve/m5t "u ! ,program %all c>ry a divid5d or int]e/ rate t does n exce$ #a p]c5t4 7#e7 ,re/rictions ,! re/rictions describ$ "u subsection 7c77#c77;,a77ii7 %all apply to capital inve/m5ts & loans made "u ?is subsection4 7#f7 ,available am\nts ,9 c>ry+ out ! ,program1 ! ,secret>y %all use 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#g7 ,,mdi set-aside ,at lea/ #c1jjj1jjj1jjj ( ! direct capital inve/m5ts & loans made by ! ,secret>y "u ! ,program %all be made to m9ority depository in/itutions4 7#h7 ,treatm5t ( capital inve/m5ts ,9 mak+ any capital inve/m5t "u ! ,program1 ! ,secret>y %all ensure t ! t]ms ( ! inve/m5t are design$ to ensure ! inve/m5t receives ,ti] #a capital treatm5t4 7#i7 ,collection ( data ,not)/&+ ! ,equal ,opportunity ,cr$it ,act 7#ae ,u4,s4,c4 #afia et seq47-- 7,a7 a community inve/m5t in/itution may collect data describ$ 9 section #gja7;a77#a7 ( t ,act 7#ae ,u4,s4,c4 #afia7;a77#a77 f borr[]s & applicants = cr$it = ! purpose ( monitor+ compliance "u ! ,community ,inve/m5t ,plan requir$ "u p>agraph 7#c72 & 7,b7 a community inve/m5t 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$]al ag5cy4 7#aj7 ,def9itions ,9 ?is subsection1 subsection 7j71 & subsection 7k73 7,a7 ,community inve/m5t in/itution ,! t]m community inve/m5t in/itution means-- 7i7 a community developm5t f9ancial in/itution1 z def9$ "u section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb72 7ii7 an impact cr$it union2 7iii7 an impact bank2 & 7iv7 a m9ority depository in/itution1 z def9$ "u section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note74 7,b7 ,cr$it union ,! t]m cr$it union has ! mean+ giv5 ! t]ms ,/ate cr$it union & ,f$]al cr$it union "u section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7,c7 ,impact cr$it union ,! t]m impact cr$it union means a cr$it union t-- 7i7 has total consolidat$ assets ( less ?an #aj1jjj1jjj1jjj2 & 7ii7 ext5ds at lea/ #ej p]c5t ( ! loans ext5d$ by ! cr$it union to borr[]s :o are l[-income borr[]s1 z det]m9$ by ! ,secret>y4 7,d7 ,impact bank ,! t]m impact bank means a depository in/itution 7z def9$ "u section #c ( ! ,f$]al ,deposit ,insurance ,act7 t-- 7i7 has total consolidat$ assets ( less ?an #aj1jjj1jjj1jjj2 & 7ii7 ext5ds at lea/ #ej p]c5t ( ! loans ext5d$ by ! in/itution to borr[]s :o are l[-income borr[]s1 z det]m9$ by ! ,secret>y4 7j7 ,application ( ! ,milit>y l5d+ ,act 7#a7 ,9 g5]al ,no community inve/m5t in/itution t receives an equity inve/m5t "u subsection 7i7 %all1 = s long z ! inve/m5t 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 #g4 ,ensur+ ,div]sity 9 ,community ,bank+ 7a7 ,s5se ( ,congress on fund+ ! loan-,loss res]ve fund = small doll> loans ,! s5se ( ,congress is ! foll[+3 7#a7 ,! ,community ,developm5t ,f9ancial ,in/itutions ,fund 7! ,,cdfi ,fund7 is an ag5cy ( ! ,dep>tm5t ( ! ,treasury1 & 0 e/abli%$ by ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid4 ,! mission ( ! ,,cdfi ,fund is to exp& economic opportunity = und]s]v$ p & communities by support+ ! gr[? & capacity ( a national network ( community developm5t l5d]s1 inve/ors1 & f9ancial s]vice provid]s4 ,a community developm5t f9ancial in/itution 7a ,,cdfi7 is a specializ$ f9ancial in/itution s]v+ l[-income communities & a ,community ,developm5t ,entity 7a ,,cde7 is a dome/ic corporation or p>tn]%ip t is an int]m$i>y vehicle = ! provision ( loans1 inve/m5ts1 or f9ancial c\nsel+ 9 l[-income communities4 ,! ,,cdfi ,fund c]tifies ,c,d,f,is & ,c,d,es4 ,becom+ a c]tifi$ ,,cdfi or ,,cde all[s organizations to p>ticipate 9 v>i\s ,,cdfi ,fund programs z foll[s3 7,a7 ,! ,bank ,ent]prise ,aw>d ,program1 :i* provides ,,fdic-insur$ depository in/itutions aw>ds = a demon/rat$ increase 9 l5d+ & inve/m5ts 9 di/ress$ communities & ,c,d,f,is4 7,b7 ,! ,,cdfi ,program1 :i* provides ,f9ancial & ,te*nical ,assi/ance aw>ds to ,c,d,f,is to re9ve/ 9 ! ,,cdfi1 & to build ! capacity ( ! ,,cdfi1 includ+ f9anc+ product developm5t & loan loss res]ves4 7,c7 ,! ,native ,am]ican ,,cdfi ,assi/ance ,program1 :i* provides ,c,d,f,is & sponsor+ entities ,f9ancial & ,te*nical ,assi/ance aw>ds to increase l5d+ & gr[ ! numb] ( ,c,d,f,is own$ by ,native ,am]icans to help build capacity ( su* ,c,d,f,is4 7,d7 ,! ,new ,m>ket ,tax ,cr$it ,program1 :i* provides tax cr$its = mak+ equity inve/m5ts 9 ,c,d,es t /imulate capital inve/m5ts 9 l[-income communities4 7,e7 ,! ,capital ,magnet ,fund1 :i* provides aw>ds to ,c,d,f,is & nonpr(it af=dable h\s+ organizations to f9ance af=dable h\s+ solutions & relat$ economic developm5t activities4 7,f7 ,! ,bond ,gu>antee ,program1 a s\rce ( long-t]m1 pati5t capital = ,c,d,f,is to exp& l5d+ & inve/m5t capacity = community & economic developm5t purposes4 7#b7 ,! ,dep>tm5t ( ! ,treasury is au?oriz$ to create multi-ye> grant programs design$ to enc\rage l[-to-mod]ate income individuals to e/abli% acc\nts at f$]ally insur$ banks1 & to improve l[-to-mod]ate income individuals' access to su* acc\nts on reasonable t]ms4 7#c7 ,"u ?is au?ority1 grants to p>ticipants 9 ,,cdfi ,fund programs may be us$ = loan-loss res]ves & to e/abli% small-doll> loan programs by subsidiz+ relat$ losses4 ,^! grants also all[ = ! provid+ recipi5ts ) ! f9ancial c\nsel+ & education necess>y to conduct transactions & manage _! acc\nts4 ,^! loans provide l[-co/ alt]natives to payday loans & o!r nontraditional =ms ( f9anc+ t (t5 impose excessive int]e/ rates & fees on borr[]s1 & lead millions ( ,am]icans to fall into debt traps4 ,small-doll> loans c only be made pursuant to t]ms1 conditions1 & practices t are reasonable = ! individual consum] obta9+ ! loan4 7#d7 ,program p>ticipation is re/rict$ to eligible in/itutions1 :i* are limit$ to organizations li/$ 9 section #eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code & exempt f tax "u #eja7;a7 ( su* ,code1 f$]ally insur$ depository in/itutions1 community developm5t f9ancial in/itutions & ,/ate1 local1 or ,tribal gov]nm5t entities4 7#e7 ,s9ce its f\nd+1 ! ,,cdfi ,fund has aw>d$ ov] #c1cjj1jjj1jjj to ,c,d,f,is & ,c,d,es1 allocat$ #ed1jjj1jjj1jjj 9 tax cr$its1 & #a1eaj1jjj1jjj 9 bond gu>antees4 ,accord+ to ! ,,cdfi ,fund1 "s programs attract z mu* z #aj 9 private capital = e #a inve/$ by ! ,,cdfi ,fund4 ,! ,adm9i/ration & ! ,congress %\ld prioritize appropriation ( funds = ! loan loss res]ve fund & te*nical assi/ance programs adm9i/]$ by ! ,community ,developm5t ,f9ancial ,in/itution ,fund4 7b7 ,def9itions ,9 ?is section3 7#a7 ,community developm5t f9ancial in/itution ,! t]m community developm5t f9ancial in/itution has ! mean+ giv5 "u section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution has ! mean+ giv5 "u section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note71 z am5d$ by ?is ,act4 7c7 ,e/abli%m5t ( impact bank designation 7#a7 ,9 g5]al ,ea* ,f$]al bank+ ag5cy %all e/abli% a program "u :i* a depository in/itution ) total consolidat$ assets ( less ?an #aj1jjj1jjj1jjj may elect to be designat$ z an impact bank if ! total doll> value ( ! loans ext5d$ by su* depository in/itution to l[-income borr[]s is great] ?an or equal to #ej p]c5t ( ! assets ( su* bank4 7#b7 ,notification ( eligibility ,bas$ on data obta9$ ?r\gh exam9ations ( depository in/itutions1 ! appropriate ,f$]al bank+ ag5cy %all notify a depository in/itution if ! in/itution is eligible to be designat$ z an impact bank4 7#c7 ,application ,reg>dless ( :e!r or n x has receiv$ a notice ( eligibility "u p>agraph 7#a71 a depository in/itution may submit an application to ! appropriate ,f$]al bank+ ag5cy-- 7,a7 reque/+ to be designat$ z an impact bank2 & 7,b7 demon/rat+ t ! depository in/itution meets ! applicable qualifications4 7#d7 ,limitation on additional data requirem5ts ,! ,f$]al bank+ ag5cies may only impose additional data collection requirem5ts on a depository in/itution "u ?is subsection if su* data is-- 7,a7 necess>y to process an application submitt$ by ! depository in/itution to be designat$ an impact bank2 or 7,b7 ) respect to a depository in/itution t is designat$ z an impact bank1 necess>y to ensure ! depository in/itution's ongo+ qualifications to ma9ta9 su* designation4 7#e7 ,removal ( designation ,if ! appropriate ,f$]al bank+ ag5cy det]m9es t a depository in/itution designat$ z an impact bank no long] meets ! crit]ia = su* designation1 ! appropriate ,f$]al bank+ ag5cy %all resc9d ! designation & notify ! depository in/itution ( su* rescission4 7#f7 ,reconsid]ation ( designation2 appeals ,"u su* proc$ures z ! ,f$]al bank+ ag5cies may e/abli%1 a depository in/itution may-- 7,a7 submit to ! appropriate ,f$]al bank+ ag5cy a reque/ to reconsid] a det]m9ation t su* depository in/itution no long] meets ! crit]ia = ! designation2 or 7,b7 file an appeal ( su* det]m9ation4 7#g7 ,rulemak+ ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,f$]al bank+ ag5cies %all jo9tly issue rules to c>ry out ! requirem5ts ( ?is subsection1 includ+ by provid+ a def9ition ( a l[-income borr[]4 7#h7 ,reports ,ea* ,f$]al bank+ ag5cy %all submit an annual report to ! ,congress conta9+ a description ( actions tak5 to c>ry out ?is subsection4 7#i7 ,f$]al ,deposit ,insurance ,act def9itions ,9 ?is subsection1 ! t]ms depository in/itution1 appropriate ,f$]al bank+ ag5cy1 & ,f$]al bank+ ag5cy h ! mean+s giv5 su* t]ms1 respectively1 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7d7 ,m9ority ,depositories ,advisory ,committees 7#a7 ,e/abli%m5t ,ea* cov]$ regulator %all e/abli% an advisory committee to be call$ ! ,m9ority ,depositories ,advisory ,committee4 7#b7 ,duties ,ea* ,m9ority ,depositories ,advisory ,committee %all provide advice to ! respective cov]$ regulator on meet+ ! goals e/abli%$ by section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 to pres]ve ! pres5t numb] ( cov]$ m9ority in/itutions1 pres]ve ! m9ority "* ( m9ority-own$ in/itutions 9 cases involv+ m]g]s or acquisitions1 provide te*nical assi/ance1 & enc\rage ! creation ( new cov]$ m9ority in/itutions4 ,! scope ( ! "w ( ea* su* ,m9ority ,depositories ,advisory ,committee %all include an assessm5t ( ! curr5t condition ( cov]$ m9ority in/itutions1 :at regulatory *anges or o!r /eps ! respective ag5cies may be able to take to fulfill ! requirem5ts ( su* section #cjh1 & o!r issues ( conc]n to cov]$ m9ority in/itutions4 7#c7 ,memb]%ip 7,a7 ,9 g5]al ,ea* ,m9ority ,depositories ,advisory ,committee %all consi/ ( no m ?an #aj memb]s1 :o-- 7i7 %all s]ve = "o two-ye> t]m2 7ii7 %all s]ve z a repres5tative ( a depository in/itution or an insur$ cr$it union ) respect to :i* ! respective cov]$ regulator is ! cov]$ regulator ( su* depository in/itution or insur$ cr$it union2 & 7iii7 %all n receive pay by reason ( _! s]vice on ! advisory committee1 b may receive travel or transportation exp5ses 9 accordance ) section #egjc ( title #e1 ,unit$ ,/ates ,code4 7,b7 ,div]sity ,to ! ext5t practicable1 ea* cov]$ regulator %all ensure t ! memb]s ( ! ,m9ority ,depositories ,advisory ,committee ( su* ag5cy reflect ! div]sity ( cov]$ m9ority in/itutions4 7#d7 ,meet+s 7,a7 ,9 g5]al ,ea* ,m9ority ,depositories ,advisory ,committee %all meet n less frequ5tly ?an twice ea* ye>4 7,b7 ,notice & invitations ,ea* ,m9ority ,depositories ,advisory ,committee %all-- 7i7 notify ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate 9 advance ( ea* meet+ ( ! ,m9ority ,depositories ,advisory ,committee2 & 7ii7 invite ! att5dance at ea* meet+ ( ! ,m9ority ,depositories ,advisory ,committee (-- 7,i7 "o memb] ( ! majority p>ty & "o memb] ( ! m9ority p>ty ( ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 & 7,,ii7 "o memb] ( ! majority p>ty & "o memb] ( ! m9ority p>ty ( any relevant subcommittees ( su* committees4 7#e7 ,no t]m9ation ( advisory committees ,! t]m9ation requirem5ts "u section #ad ( ! ,f$]al ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 %all n apply to a ,m9ority ,depositories ,advisory ,committee e/abli%$ pursuant to ?is subsection4 7#f7 ,def9itions ,9 ?is subsection3 7,a7 ,cov]$ regulator ,! t]m cov]$ regulator means ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration4 7,b7 ,cov]$ m9ority in/itution ,! t]m cov]$ m9ority in/itution means a m9ority depository in/itution 7z def9$ 9 section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note774 7,c7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,d7 ,insur$ cr$it union ,! t]m insur$ cr$it union has ! mean+ giv5 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#g7 ,te*nical am5dm5t ,section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#c7 ,depository in/itution ,! t]m depository in/itution means an insur$ depository in/itution 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 & an insur$ cr$it union 7z def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb774 4 7e7 ,f$]al deposits 9 m9ority depository in/itutions 7#a7 ,9 g5]al ,section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 is am5d$-- 7,a7 by add+ at ! end ! foll[+ new subsection3 7d7 ,f$]al deposits ,! ,secret>y ( ! ,treasury %all ensure t deposits made by ,f$]al ag5cies 9 m9ority depository in/itutions & impact banks are collat]aliz$ or 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$]al ,regulations 7z 9 effect on ,m>* #f1 #bjai74 2 & 7,b7 9 subsection 7b71 z am5d$ by section #f7;g71 by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,impact bank ,! t]m impact bank means a depository in/itution designat$ by ! appropriate ,f$]al bank+ ag5cy pursuant to section #g7;c7 ( ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act4 4 7#b7 ,te*nical am5dm5ts ,section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note7 is am5d$-- 7,a7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ section-- & ins]t+ section32 & 7,b7 9 ! p>agraph head+ = p>agraph 7#a71 by /rik+ f9ancial & ins]t+ depository4 7f7 ,m9ority ,bank ,deposit ,program 7#a7 ,9 g5]al ,section #abjd ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ahaa note7 is am5d$ to read z foll[s3 #abjd4 ,expansion ( use ( m9ority depository in/itutions 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 depository in/itutions4 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 depository in/itution2 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 depository in/itution %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 prioritize1 to ! maximum ext5t possible z p]mitt$ by law & consi/5t ) pr9ciples ( s\nd f9ancial managem5t1 ! use ( m9ority depository in/itutions to hold ! deposits ( 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$]al dep>tm5t or ag5cy %all submit to ,congress a report on ! actions tak5 to increase ! use ( m9ority depository in/itutions to hold ! deposits ( ea* su* dep>tm5t or ag5cy4 7c7 ,def9itions ,= purposes ( ?is section3 7#a7 ,cr$it union ,! t]m cr$it union has ! mean+ giv5 ! t]m insur$ cr$it union 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#b7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,m9ority depository in/itution ,! t]m m9ority depository in/itution has ! mean+ giv5 t t]m "u section #cjh ( ?is ,act4 4 7#b7 ,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 7g7 ,div]sity report & be/ practices 7#a7 ,annual report ,ea* cov]$ regulator %all submit to ,congress an annual report on div]sity includ+ ! foll[+3 7,a7 ,data1 bas$ on volunt>y self-id5tification1 on ! racial1 e?nic1 & g5d] composition ( ! exam9]s ( ea* cov]$ regulator1 disaggregat$ by l5g? ( "t s]v$ z an exam9]4 7,b7 ,! /atus ( any exam9]s ( cov]$ regulators1 bas$ on volunt>y self-id5tification1 z a vet]an4 7,c7 ,:e!r any cov]$ regulator1 z ( ! date on :i* ! report requir$ "u ?is subsection is submitt$1 has adopt$ a policy1 plan1 or /rategy to promote racial1 e?nic1 & g5d] div]sity among exam9]s ( ! cov]$ regulator4 7,d7 ,:e!r any special tra9+ is develop$ & provid$ = exam9]s relat$ specifically to work+ ) depository in/itutions & cr$it unions t s]ve communities t are pr$om9antly m9orities1 l[ income1 or rural1 & ! key focus ( su* tra9+4 7#b7 ,be/ practices ,ea* ,(fice ( ,m9ority & ,wom5 ,inclusion ( a cov]$ regulator %all develop1 provide to ! head ( ! cov]$ regulator1 & make publicly available be/ practices-- 7,a7 = increas+ ! div]sity ( c&idates apply+ = exam9] positions1 includ+ ?r\gh outrea* ef=ts to recruit div]se c&idate to apply = entry-level exam9] positions2 & 7,b7 = reta9+ & provid+ fair consid]ation = promotions )9 ! exam9] /aff = purposes ( a*iev+ div]sity among exam9]s4 7#c7 ,cov]$ regulator def9$ ,9 ?is subsection1 ! t]m cov]$ regulator means ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration4 7h7 ,inve/m5ts 9 m9ority depository in/itutions & impact banks 7#a7 ,control = c]ta9 in/itutions ,section #g7;j77#h77;,b7 ( ! ,f$]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 7,i7 ) respect to an insur$ depository in/itution1 ( a p]son to vote #be p] c5tum or m ( any class ( vot+ securities ( su* in/itution2 or 7,,ii7 ) respect to an insur$ depository in/itution t is an impact bank 7z designat$ pursuant to section #g7;c7 ( ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act7 or a m9ority depository in/itution 7z def9$ 9 section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi71 ( an individual to vote #cj p]c5t or m ( any class ( vot+ securities ( su* an impact bank or a m9ority depository in/itution4 4 7#b7 ,rulemak+ ,! ,f$]al bank+ ag5cies 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 %all jo9tly issue rules = de novo m9ority depository in/itutions & de novo impact banks 7z designat$ pursuant to subsection 7c77 to all[ #c ye>s to meet ! capital requirem5ts o!rwise applicable to m9ority depository in/itutions & impact banks4 7#c7 ,report ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,f$]al bank+ ag5cies %all jo9tly submit to ,congress a report on-- 7,a7 ! pr9cipal causes = ! l[ numb] ( de novo m9ority depository in/itutions dur+ ! #aj-ye> p]iod prec$+ ! date ( ! report2 7,b7 ! ma9 *all5ges to ! creation ( de novo m9ority depository in/itutions & de novo impact banks2 & 7,c7 regulatory & legislative consid]ations to promote ! e/abli%m5t ( de novo m9ority depository in/itutions & de novo impact banks4 7i7 ,report on cov]$ m5tor-,protege programs 7#a7 ,report ,n lat] ?an #f mon?s aft] ! date ( ! enactm5t ( ?is ,act & annually !reaft]1 ! ,secret>y ( ! ,treasury %all submit to ,congress a report on p>ticipants 9 a cov]$ m5tor-protege program1 includ+-- 7,a7 an analysis ( outcomes ( su* program2 7,b7 ! numb] ( m9ority depository in/itutions t are eligible to p>ticipate 9 su* program b d n h l>ge f9ancial in/itution m5tors2 & 7,c7 recomm5dations = h[ to mat* su* m9ority depository in/itutions ) l>ge f9ancial in/itution m5tors4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,cov]$ m5tor-protege program ,! t]m cov]$ m5tor-protege program means a m5tor-protege program e/abli%$ by ! ,secret>y ( ! ,treasury pursuant to section #de ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fegr74 7,b7 ,l>ge f9ancial in/itution ,! t]m l>ge f9ancial in/itution means any entity-- 7i7 regulat$ by ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 or ! ,national ,cr$it ,union ,adm9i/ration2 & 7ii7 t has total consolidat$ assets great] ?an or equal to #ej1jjj1jjj1jjj4 7j7 ,cu/odial deposit program = cov]$ m9ority depository in/itutions & impact banks 7#a7 ,9 g5]al ,n lat] ?an "o ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all issue rules e/abli%+ a cu/odial deposit program "u :i* a cov]$ bank may receive deposits f a qualify+ acc\nt4 7#b7 ,requirem5ts ,9 issu+ rules "u p>agraph 7#a71 ! ,secret>y ( ! ,treasury %all-- 7,a7 consult ) ! ,f$]al bank+ ag5cies2 7,b7 ensure ea* cov]$ bank p>ticipat+ 9 ! program e/abli%$ "u ?is section-- 7i7 has appropriate policies relat+ to managem5t ( assets1 includ+ measures to ensure ! safety & s\ndness ( ea* su* cov]$ bank2 & 7ii7 is compliant ) applicable law2 & 7,c7 ensure1 to ! ext5t practicable t ! rules d n conflict ) goals describ$ 9 section #cjh7;a7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note74 7#c7 ,report ,ea* qu>t]1 ! ,secret>y ( ! ,treasury %all submit to ,congress a report on ! implem5tation ( ! program e/abli%$ "u ?is subsection includ+ in=mation id5tify+ p>ticipat+ cov]$ banks & ! total am\nt ( deposits receiv$ by cov]$ banks "u ! program4 7#d7 ,def9itions ,9 ?is subsection3 7,a7 ,cov]$ bank ,! t]m cov]$ bank means-- 7i7 a m9ority depository in/itution t is well capitaliz$1 z def9$ by ! appropriate ,f$]al bank+ ag5cy2 or 7ii7 a depository in/itution designat$ pursuant to subsection 7c7 t is well capitaliz$1 z def9$ by ! appropriate ,f$]al bank+ ag5cy4 7,b7 ,f$]al bank+ ag5cies ,! t]ms appropriate ,f$]al bank+ ag5cy & ,f$]al bank+ ag5cies h ! mean+ giv5 ^? t]ms1 respectively1 "u section #c ( ! ,f$]al ,deposit ,insurance ,act4 7,c7 ,qualify+ acc\nt ,! t]m qualify+ acc\nt means any acc\nt e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury t-- 7i7 is controll$ by ! ,secret>y2 & 7ii7 is expect$ to ma9ta9 a balance great] ?an #bjj1jjj1jjj = ! foll[+ #bd-mon? p]iod4 7k7 ,/reaml9$ community developm5t f9ancial in/itution applications & report+ 7#a7 ,application processes ,n lat] ?an #ab mon?s aft] ! date ( ! enactm5t ( ?is ,act & ) respect to any p]son hav+ assets "u #c1jjj1jjj1jjj t submits an application = deposit insurance ) ! ,f$]al ,deposit ,insurance ,corporation t c\ld also become a community developm5t f9ancial in/itution1 ! ,f$]al ,deposit ,insurance ,corporation1 9 consultation ) ! ,adm9i/rator ( ! ,community ,developm5t ,f9ancial ,in/itutions ,fund1 %all-- 7,a7 develop sy/ems & proc$ures to record necess>y in=mation to all[ ! ,adm9i/rator to conduct prelim9>y analysis = su* p]son to also become a community developm5t f9ancial in/itution2 & 7,b7 develop proc$ures to /reaml9e ! application & annual c]tification processes & to r$uce co/s = su* p]son to become1 & ma9ta9 c]tification z1 a community developm5t f9ancial in/itution4 7#b7 ,implem5tation report ,n lat] ?an #ah mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,f$]al ,deposit ,insurance ,corporation %all submit to ,congress a report describ+ ! sy/ems & proc$ures requir$ "u p>agraph 7#a74 7#c7 ,annual report 7,a7 ,9 g5]al ,section #ag7;a77#a7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbg7;a77#a77 is am5d$-- 7i7 9 subp>agraph 7,e71 by /rik+ & at ! end2 7ii7 by r$esignat+ subp>agraph 7,f7 z subp>agraph 7,g72 7iii7 by ins]t+ aft] subp>agraph 7,e7 ! foll[+ new subp>agraph3 7,f7 applicants = deposit insurance t c\ld also become a community developm5t f9ancial in/itution 7z def9$ 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid71 a m9ority depository in/itution 7z def9$ 9 section #cjh ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi71 or an impact bank 7z designat$ pursuant to section #g7;c7 ( ! ,promot+ & ,advanc+ ,communities ( ,color ?r\gh ,inclusive ,l5d+ ,act72 & 4 7,b7 ,application ,! am5dm5t made by ?is p>agraph %all apply ) respect to ! fir/ report to be submitt$ aft] ! date t is #b ye>s aft] ! date ( ! enactm5t ( ?is ,act4 7l7 ,task =ce on l5d+ to small bus9ess conc]ns 7#a7 ,9 g5]al ,n lat] ?an #f mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all e/abli% a task =ce to exam9e me?ods = improv+ relation%ips betwe5 ! ,small ,bus9ess ,adm9i/ration & community developm5t f9ancial in/itutions1 m9ority depository in/itutions1 & ,impact ,banks to increase ! volume ( loans provid$ by su* in/itutions to small bus9ess conc]ns 7z def9$ "u section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb774 7#b7 ,report to ,congress ,n lat] ?an #ah mon?s aft] ! e/abli%m5t ( ! task =ce describ$ 9 p>agraph 7#a71 ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration %all submit to ,congress a report on ! f9d+s ( su* task =ce4 #h4 ,e/abli%m5t ( ,f9ancial ,ag5t ,m5tor-,protg ,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 #f7;f71 is fur!r am5d$ by add+ at ! end ! foll[+ new subsection3 7e7 ,f9ancial ,ag5t ,m5tor-,protg ,program 7#a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all e/abli% a program to be kn[n z ! ,f9ancial ,ag5t ,m5tor-,protg ,program 79 ?is subsection ref]r$ to z ! ,program7 "u :i* a f9ancial ag5t designat$ by ! ,secret>y or a l>ge f9ancial in/itution may s]ve z a m5tor1 "u guidance or regulations prescrib$ by ! ,secret>y1 to a small f9ancial in/itution to all[ su* small f9ancial in/itution-- 7,a7 to be prep>$ to p]=m z a f9ancial ag5t2 or 7,b7 to improve capacity to provide s]vices to ! cu/om]s ( ! small f9ancial in/itution4 7#b7 ,outrea* ,! ,secret>y %all hold outrea* ev5ts to promote ! p>ticipation ( f9ancial ag5ts1 l>ge f9ancial in/itutions1 & small f9ancial in/itutions 9 ! ,program at lea/ once a ye>4 7#c7 ,exclusion ,! ,secret>y %all issue guidance or regulations to e/abli% a process "u :i* a f9ancial ag5t1 l>ge f9ancial in/itution1 or small f9ancial in/itution may be exclud$ f p>ticipation 9 ! ,program4 7#d7 ,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 in=mation p]ta9+ to ! ,program1 includ+-- 7,a7 ! numb] ( f9ancial ag5ts1 l>ge f9ancial in/itutions1 & small f9ancial in/itutions p>ticipat+ 9 su* ,program2 & 7,b7 ! numb] ( outrea* ev5ts describ$ 9 p>agraph 7#b7 held dur+ ! ye> cov]$ by su* report4 7#e7 ,def9itions ,9 ?is subsection3 7,a7 ,f9ancial ag5t ,! t]m f9ancial ag5t means any national bank+ association designat$ by ! ,secret>y ( ! ,treasury 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 great] ?an or equal to #ej1jjj1jjj1jjj4 7,c7 ,small f9ancial in/itution ,! t]m small f9ancial in/itution means-- 7i7 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 less] ?an or equal to #b1jjj1jjj1jjj2 or 7ii7 a m9ority depository in/itution4 4 7b7 ,effective date ,?is section & ! am5dm5ts made by ?is section %all take effect #ij days aft] ! date ( ! enactm5t ( ?is ,act4 #i4 ,/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 racial & 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