,i #aafth ,,congress #b;d ,session ,h4 ,r4 #hgba ,,in ,,the ,,house ,,of ,,representatives ,october #cj1 #bjbj,ms4 ,tlaib 7for herself1 ,ms4 ,ocasio-,cortez1 ,ms4 ,pressley1 ,ms4 ,jayapal1 ,ms4 ,omar1 ,mr4 ,green of ,texas1 ,mr4 ,thompson of ,mississippi1 ,mr4 ,blumenauer1 ,ms4 ,lee of ,california1 and ,ms4 ,schakowsky7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,oversight and ,reform1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to provide for the ,federal charter of certain public banks1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,public ,banking ,act of #bjbj4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,definitions4,title ,i--,federal ,recognition of ,public ,banks,sec4 #aja4 ,federal charter of public lending banks and public payment banks4,sec4 #ajb4 ,federal recognition of non-federally chartered banks4,sec4 #ajc4 ,federal ,reserve ,system membership4,sec4 #ajd4 ,public member bank services4,sec4 #aje4 ,specific requirements relating to covered banks4,sec4 #ajf4 ,regulations4,sec4 #ajg4 ,technical assistance4,title ,,ii--,federal ,recognition of ,public ,securities,sec4 #bja4 ,regulation of public lending banks and non-federally chartered banks4,title ,,iii--,public ,deposit ,insurance,sec4 #cja4 ,in general4,title ,,iv--,postal ,banking,sec4 #dja4 ,partnerships with covered banks for postal banking services4,title ,v--,public ,bank ,development ,programs,sec4 #eja4 ,public bank grant program4,sec4 #ejb4 ,public bank incubator program4,sec4 #ejc4 ,community development grant program4,sec4 #ejd4 ,treatment of funding4 #b4 ,definitions ,in this ,act3 7#a7 ,board of ,governors ,the term ,board of ,governors means the ,board of ,governors of the ,federal ,reserve ,system4 7#b7 ,commission ,the term ,commission means the ,securities and ,exchange ,commission4 7#c7 ,corporation ,the term ,corporation means the ,federal ,deposit ,insurance ,corporation4 7#d7 ,covered bank ,the term covered bank means-- 7,a7 a public lending bank 7as defined in section #aja7;b772 7,b7 a public payment bank 7as defined in section #aja7;c772 and 7,c7 a non-federally chartered bank 7as defined in section #ajb7;b77 that obtains a certificate of ,federal recognition under section #ajb4 7#e7 ,public member bank ,the term public member bank means a covered bank that is a member of the ,federal ,reserve ,system4 7#f7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#g7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 and any commonwealth1 territory1 or possession of the ,united ,states4 ,i ,federal ,recognition of ,public ,banks #aja4 ,federal charter of public lending banks and public payment banks 7a7 ,in general ,the ,board of ,governors shall charter public lending banks and public payment banks4 7b7 ,public lending bank defined ,the term public lending bank means a person that-- 7#a7 is wholly owned and controlled by-- 7,a7 a ,state or ,tribal government1 including a unit of local government1 government agency2 7,b7 a ,state or ,tribally chartered corporation2 7,c7 a nonprofit instrumentality designated by a ,state or ,tribal government as acting in the public interest of a community within such ,state or ,tribe1 including an unincorporated community2 or 7,d7 an association of #a or more entities described in subparagraphs 7,a7 through 7,c72 7#b7 that-- 7,a7 is not owned or governed by1 operated as a subsidiary of1 or otherwise affiliated with any for-profit entity2 7,b7 does not own1 govern1 or operate as a subsidiary of any for-profit entity2 and 7,c7 does not compensate any employee1 executive1 or board member at a rate to exceed the salary of the ,president of the ,united ,states for that equivalent period2 and 7#c7 provides-- 7,a7 fiscal agent services2 7,b7 money transmitter services2 7,c7 digital dollar services as a pass-through intermediary for the ,federal ,government2 7,d7 depository services2 7,e7 postal banking services2 7,f7 securities-related services2 or 7,g7 any lending product approved by the ,board of ,governors4 7c7 ,public payment bank defined ,the term public payment bank means a person that-- 7#a7 is wholly owned and controlled by an entity described in subsection 7b77#a72 7#b7 provides at least one of the services specified in subparagraphs 7,a7 through 7,e7 of subsection 7b77#b72 and 7#c7 does not provide the services specified in subparagraph 7,f7 or 7,g7 of subsection 7b77#b74 7d7 ,exception of certain public lending banks from consideration as bank holding company ,a person described in subsection 7b7 shall not be considered a bank holding company under the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda et seq47 or any other law1 solely due to the person's ownership or control of a public lending bank1 public payment bank1 or non-federally chartered bank4 7e7 ,guidance with respect to excluded and marginalized groups ,the ,board of ,governors shall issue guidance to public lending banks and public payment banks to ensure that the services provided by such banks are universal and comprehensively include historically excluded and marginalized groups4 #ajb4 ,federal recognition of non-federally chartered banks 7a7 ,certificates of recognition ,the ,board of ,governors shall issue certificates of ,federal recognition to non-federally chartered banks4 7b7 ,non-,federally chartered bank defined ,the term non-federally chartered bank means a person that is-- 7#a7 wholly owned and controlled by an entity described in section #aja7;b77#a72 and 7#b7 either-- 7,a7 chartered as a non-depository institution by an approved non-,federal financial regulator described in subsection 7c72 or 7,b7 insured as a depository institution by the ,corporation1 or under an alternate public deposit insurance scheme approved by the ,corporation4 7c7 ,list of approved non-,federal financial regulators ,the ,board of ,governors shall establish and maintain on a public website of the ,board of ,governors a list of approved non-,federal financial regulators for the purpose of determining eligibility for a certificate of ,federal recognition under this section4 7d7 ,conversion ,at the request of a non-federally chartered bank1 the ,board of ,governors may convert such bank into a public payment bank or a public lending bank4 7e7 ,services ,a non-federally chartered bank-- 7#a7 may not offer depository services before-- 7,a7 obtaining-- 7i7 deposit insurance or conditional deposit insurance from the ,corporation2 or 7ii7 deposit insurance from alternate public deposit insurance scheme approved by the ,corporation2 and 7,b7 becoming a public member bank or a conditional public member in accordance with section #ajc7;b72 and 7#b7 may-- 7,a7 invest any funds held on behalf of an entity described in section #aja7;b77#a7 in a fiscal agent account2 7,b7 provide fiscal agent services1 including sending and receiving money and effectuating payments to and from any entity whose funds are invested in a fiscal agent account2 7,c7 invest any funds held on behalf of an entity not described in section #aja7;b77#a7 in a payments account or as digital dollar products2 and 7,d7 provide money transmitter and digital dollar services4 7f7 ,guidance with respect to excluded and marginalized groups ,not later than #a year after the date of the enactment of this ,act1 the ,board of ,governors shall issue guidance to non-federally chartered banks to ensure that the services provided by such banks are universal and comprehensively include historically excluded and marginalized groups4 #ajc4 ,federal ,reserve ,system membership 7a7 ,eligibility ,a covered bank shall be eligible for membership in the ,federal ,reserve ,system as a public member bank and1 except as provided in subsection 7c71 shall be treated in the same manner as a member bank under section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cjh74 7b7 ,conditional ,public ,member ,bank ,the ,board of ,governors shall establish a special category of public member bank1 called a conditional public member bank1 for persons that are in the process of applying for becoming a covered bank4 ,such conditional public member banks shall be subject to such conditions and restrictions as the ,board of ,governors determines to be necessary and appropriate to promote public welfare1 provided that such conditions and restrictions are not arbitrary1 punitive1 or unduly burdensome4 7c7 ,purchasing stock ,the ,board of ,governors may not require a covered bank to purchase stock in a ,federal ,reserve ,bank or otherwise maintain paid-in capital in the ,federal ,reserve ,system4 #ajd4 ,public member bank services 7a7 ,purposes of services ,the ,board of ,governors shall offer the services described in subsection 7b7 to public member banks in order to-- 7#a7 promote the safety1 soundness1 viability1 and resiliency of publicly owned and operated financial institutions2 7#b7 facilitate the provision of payments1 credit1 and other financial services as a public good2 and 7#c7 support the financial and budgetary health of ,state and ,tribal governments1 local government units1 government agencies1 ,state or tribally chartered corporations1 nonprofit entities designated by a ,state or ,tribal government to be acting in the public interest of a community within such ,state or ,tribe1 or an association of one or more of such entities4 7b7 ,services ,the ,board of ,governors shall offer the following services to public member banks3 7#a7 ,fiscal agent accounts-- 7,a7 in which public member banks may invest funds held on behalf of any entity described in section #aja7;b77#a72 and 7,b7 under which-- 7i7 the ,board of ,governors shall pay interest on all balances held overnight in such fiscal agent accounts at a rate that is greater than or equal to the greater of-- 7,i7 the sum of the overnight policy target rate plus two percent2 or 7,,ii7 the daily rate on #cj-year marketable ,treasury bonds2 and 7ii7 the interest described in clause 7i7 7minus a reasonable administrative fee imposed by the public member bank7 shall be paid to the entity for which the public member bank invested such funds4 7#b7 ,payment accounts-- 7,a7 in which public member banks may invest funds held on behalf of any entity other than an entity described in section #aja7;b77#a7 for purposes of providing money transmitter services2 and 7,b7 under which the ,board of ,governors shall pay interest 7minus a reasonable administrative fee7 on all balances held overnight in such fiscal agent accounts at a rate that is greater than or equal to the greater of the following3 7i7 ,the overnight rate paid on required reserves4 7ii7 ,the overnight night paid on excess reserves4 7#c7 7,a7 ,digital dollar services in which public member banks may operate as pass-through intermediaries for any digital dollar or other financial services offered by the ,federal ,government1 including-- 7i7 digital dollar account wallets administered by the ,board of ,governors 7commonly known as ,fed,accounts72 7ii7 digital dollar cash wallets administered by the ,secretary 7commonly known as e,cash72 and 7iii7 postal banking services provided by the ,united ,states ,postal ,service4 7,b7 ,the ,board of ,governors may issue regulations as necessary to ensure effective harmonization and coordination between covered banks and any entities responsible for administering digital dollar services on behalf of the ,federal ,government4 7#d7 7,a7 ,a facility 7to be known as the ,public ,bank ,primary ,liquidity ,facility7 to provide liquidity to public member banks by buying or lending 7at a reasonable rate of interest that is not greater than the overnight policy target rate7 against federally recognized public loans 7as described in section #aje7 and federally-recognized public securities 7as described in section #bja7;b771 under terms and conditions that the ,board of ,governors determines to be necessary and appropriate to promote public welfare4 7,b7 ,the facility under subparagraph 7,a7 shall purchase or accept loans or securities under such subparagraph at face value4 7#e7 7,a7 ,a facility 7to be known as the ,public ,bank ,supplementary ,liquidity ,facility7 to provide liquidity to public member banks by buying or lending 7at a reasonable rate of interest that is not greater than the overnight policy target rate7 against assets not otherwise eligible to be purchased or accepted as collateral under paragraph 7#d74 7,b7 ,the facility under subparagraph 7,a7 may purchase or accept assets as collateral under such subparagraph at a reasonable discount4 7#f7 ,a facility 7to be known as the ,public ,bank ,credit ,facility7 to provide credit to public member banks on an unsecured basis1 in such amounts and such rates of interests as the ,board of ,governors determines to be necessary and appropriate to promote public welfare4 7#g7 ,a facility 7to be known as the ,federally ,recognized ,public ,loan ,facility7 to1 in consultation with the ,corporation-- 7,a7 develop rules1 standards1 and criteria for ,federal recognition of loans1 mortgages1 credit cards1 account overdrafts1 and other direct lending products issued by public member banks2 and 7,b7 provide prepurchase agreements under which the facility will purchase loans and agree that such loans will be repurchased by the public member bank at such time as is agreed upon by such facility and member bank4 7c7 ,administrative1 operating1 and maintenance costs ,the ,board of ,governors shall pay all administrative1 operating1 and maintenance costs associated with the accounts1 services1 and facilities described in subsection 7b74 7d7 ,reimbursement ,the ,board of ,governors shall reimburse a public member bank for any expenses reasonably incurred in the process of operating as a pass-through intermediary described in subsection 7b77#c74 7e7 ,expenses 7#a7 ,member services ,any expenses incurred by the ,board of ,governors under paragraphs 7#a7 through 7#c7 of subsection 7b7 and under subsections 7c7 and 7d7 shall be recorded-- 7,a7 in an account to be known as the ,special ,public ,member ,bank ,services ,account established at the ,federal ,reserve ,bank of ,new ,york2 and 7,b7 as a deferred asset 7as described in section #aa4if of the ,financial ,accounting ,manual for ,federal ,reserve ,banks1 as in effect on the date of the enactment of this ,act7 and maintained separately from the balance sheet of the ,federal ,reserve ,bank of ,new ,york and the ,federal ,reserve ,system1 so as to not reduce or impact the calculation of total income or revenue generated by the ,federal ,reserve ,system1 or otherwise reduce the total amount of net operating profits to be made available for remittance to the ,treasury on an ongoing basis4 7#b7 ,facilities ,any expenses incurred by the ,board of ,governors under paragraphs 7#d7 through 7#g7 of subsection 7b7 shall be recorded-- 7,a7 in an account to be known as the ,special ,public ,member ,bank ,liquidity and ,credit ,account established at the ,federal ,reserve ,bank of ,new ,york2 and 7,b7 as a deferred asset 7as described in section #aa4if of the ,financial ,accounting ,manual for ,federal ,reserve ,banks1 as in effect on the date of the enactment of this ,act7 and maintained separately from the balance sheet of the ,federal ,reserve ,bank of ,new ,york and the ,federal ,reserve ,system1 so as to not reduce or impact the calculation of total income or revenue generated by the ,federal ,reserve ,system1 or otherwise reduce the total amount of net operating profits to be made available for remittance to the ,treasury on an ongoing basis4 #aje4 ,specific requirements relating to covered banks 7a7 ,terms of retail account services ,any covered bank that holds1 administers1 or manages funds on behalf of any unincorporated person in a payments account1 or otherwise accepts funds on deposit or for the purpose of providing public depository accounts services-- 7#a7 may not-- 7,a7 impose any fees1 minimum balances1 or maximum balances on such payments accounts or public depository accounts2 or 7,b7 include on such payments accounts or public depository accounts2 7#b7 shall-- 7,a7 prominently brand any such payments account or public depository account as a public bank account in all account statements1 marketing materials1 and other communications of the public bank2 and 7,b7 provide such account holders with reasonable protection against losses caused by fraud or security breaches1 as determined by the ,corporation or the ,director of the ,bureau of ,consumer ,financial ,protection1 or both2 and 7#c7 may only close or restrict access to such payments accounts or public depository accounts on the basis of the mandate of the covered bank4 7b7 ,terms of retail credit 7#a7 ,in general ,notwithstanding any provision of law1 the annual percentage rate applicable to any extension of credit by a covered bank may not exceed the lesser of-- 7,a7 #ae percent on unpaid balances1 inclusive of all finance charges2 or 7,b7 the maximum rate permitted by the laws of the ,state in which the consumer resides4 7#b7 ,other fees ,any fees that are not considered finance charges under paragraph 7#a71 including fees for ancillary products and services1 may not-- 7,a7 exceed the total amount of finance charges assessed2 and 7,b7 be imposed in such a way as to evade or frustrate the purpose of limiting the total interest and related costs that may be charged in relation to any lending product issued by covered banks under this ,act4 7#c7 ,penalties for charging higher rates on retail credit 7,a7 ,violation ,the taking1 receiving1 reserving1 or charging of an annual percentage rate or fee greater than that permitted by paragraph 7#a71 when knowingly done1 shall be a violation of this subsection1 and a forfeiture of the entire interest which the note1 bill1 or other evidence of the obligation carries with it1 or which has been agreed to be paid thereon4 7,b7 ,refund of interest amounts 7i7 ,in general ,with respect to a person charging interest1 a finance charge1 or a fee greater than that permitted by paragraph 7#a71 the person paying such interest1 finance charge1 or fee may notify the ,bureau of ,consumer ,financial ,protection1 and the ,bureau of ,consumer ,financial ,protection shall take such enforcement actions as the ,director of the ,bureau of ,consumer ,financial ,protection determines appropriate4 7ii7 ,lack of ,bureau action ,if a person notifies the ,bureau of ,consumer ,financial ,protection under clause 7i71 and the ,bureau of ,consumer ,financial ,protection takes no action with respect to such notice during the #fj-;day period following such notice1 such person may bring an action in a ,federal district court to recover the entire amount of interest1 finance charges1 or fees paid4 7,c7 ,civil liability ,any creditor who violates this subsection shall be subject to the provisions of section #acj7;a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afdj7;a774 7,d7 ,bank ,secrecy ,act ,in establishing and maintaining personal accounts1 each covered bank shall comply with-- 7i7 section #ba of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72 7ii7 section #abc of ,public ,law #ia-ejh2 and 7iii7 subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 7c7 ,annual reporting requirements ,each covered bank shall make publicly available an annual report on the activities of such covered bank1 including recipients of financial services1 sources of funding1 financial reporting1 and evaluation of the effectiveness of the covered bank's services in achieving the public purposes for which it was chartered1 as well as any other purposes1 goals1 and targets under this ,act or other law or regulation4 #ajf4 ,regulations 7a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 the ,board of ,governors1 the ,director of the ,bureau of ,consumer ,financial ,protection1 and the ,corporation shall jointly-- 7#a7 establish a separate regulatory scheme with respect to public lending banks1 public payment banks1 and non-federally chartered banks that receive or are in the process of receiving a certificate of ,federal recognition under section #ajb2 and 7#b7 after a notice and comment period during which consumer advocacy organizations shall be invited to submit feedback and suggestions1 and issue such regulations as are necessary and appropriate to promote public welfare with respect to public lending banks1 public payment banks1 and non-federally chartered banks that receive or are in the process of receiving a certificate of ,federal recognition under section #ajb4 7b7 ,regulations with respect to excluded and marginalized groups 7#a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 the ,board of ,governors shall issue regulations for public lending banks and public payment banks to ensure that the services provided by such banks are universal and comprehensively include historically excluded and marginalized groups4 7#b7 ,limitations ,a regulation issued under this subsection may not-- 7,a7 supersede or supplant any other stronger regulations or standards promulgated by other ,federal or applicable ,state regulatory entities1 including any such regulation issued by the ,corporation or the ,director of the ,bureau of ,consumer ,financial ,protection2 and 7,b7 result in less robust or less stringent protections to consumers than protections that exist on the date of the enactment of this ,act for consumers served by other existing categories of depository institutions1 including protection under the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bija et seq474 7#c7 ,data reporting ,the ,board of ,governors and the ,corporation shall jointly1 in a manner that respects the privacy of covered bank customers to the greatest extent possible1 develop an annual assessment for determining if covered banks have appropriately provided services to all customers within the jurisdiction of service1 based on demographic information chosen by regulators1 including race1 gender1 and area median income of such customers4 7c7 ,ecological sustainability considerations and prohibitions on fossil fuel investment 7#a7 ,in general ,the ,board of ,governors1 the ,corporation1 and the ,commission shall jointly develop and promulgate rules and regulations to-- 7,a7 ensure that any and all activities undertaken and services offered by a covered bank1 or any person seeking or in the process of becoming a covered bank1 are consistent with ,federal and scientifically established standards1 goals1 and targets with respect to ecological sustainability1 climate crisis-mitigation1 and decarbonization2 and 7,b7 require that any covered bank or person seeking or in the process of becoming a covered bank1 may not facilitate fossil fuel production or infrastructure1 including by-- 7i7 providing loans to1 making investments in1 or otherwise engaging in any activity that is financial in nature1 or incidental to such financial activity1 with a fossil fuel company2 7ii7 providing loans to1 making investments in1 or otherwise engaging in any activity that is financial in nature1 or incidental to such financial activity1 for a fossil fuel project2 7iii7 taking compensation to arrange or facilitate a transaction that provides funds for fossil fuel production from new sources2 7iv7 securitizing assets that provide funds for fossil fuel production from new sources2 7v7 entering into a derivatives transaction designed to provide funding for1 facilitate1 or hedge risks from fossil fuel production from new sources2 and 7vi7 engaging in any activity that is complementary to a financial activity involving fossil fuel production from new sources1 including financing the international trade thereof2 or any other form of activity defined by regulators or supervisors of the covered bank4 7#b7 ,definitions ,in this subsection3 7,a7 ,fossil fuel ,the term fossil fuel means coal1 petroleum1 natural gas1 or any derivative of coal1 petroleum1 or natural gas that is used for fuel4 7,b7 ,fossil infrastructure ,the term fossil infrastructure means fossil fuel-related projects1 including wells1 rail infrastructure1 pipelines1 terminals1 refineries1 and power plants4 7,c7 ,new sources ,the term new sources means-- 7i7 any production in excess of proven developed producing reserves of fossil fuels as of the date of enactment of this section2 or 7ii7 new or expanded fossil infrastructure that would facilitate the production described in subparagraph 7,a74 7,d7 ,production ,the term production means extractive or production activities that result in fossil fuels being made available for refining or use4 7d7 ,state law ,nothing in this section may be construed to preempt any provision of ,state law that provides greater protection to consumers1 or establishes more stringent environmental or ecological regulations1 than is provided in this section4 #ajg4 ,technical assistance ,the ,board of ,governors shall provide technical assistance to public member banks to develop1 use1 and share financial and infrastructure technologies1 practices1 and operational and business practice data that promote the public welfare1 however such data may not include any customer data1 including transactional and identifying information4 ,,ii ,federal ,recognition of ,public ,securities #bja4 ,regulation of public lending banks and non-federally chartered banks 7a7 ,in general ,the ,commission shall establish a separate registration and regulatory scheme for licensing and regulating as public investment entities all public lending banks and non-federally chartered banks that engage or seek to engage in securities-related activities1 including origination1 investment brokering1 dealing1 and trading of federally-recognized public securities4 7b7 ,federally-recognized public securities ,the ,board of ,governors shall1 in consultation with the ,commission1 develop rules1 standards1 and criteria for ,federal recognition of securities issued by public member banks 7to be known as federally-recognized public securities7 as the ,commission determines to be necessary and appropriate to promote public welfare4 7c7 ,conditional license ,the ,commission shall establish a special category of public investment entity license for entities that are in the process of applying for1 but have not yet received1 any license to issue federally-recognized public securities1 which shall be subject to such conditions and restrictions as the ,commission determines to be necessary and appropriate to promote public welfare4 ,,iii ,public ,deposit ,insurance #cja4 ,in general 7a7 ,public deposit insurance ,the ,corporation shall establish a separate registration and regulatory scheme for providing deposit insurance 7to be known as public deposit insurance7 to covered banks and make such deposit insurance available to covered banks without regard to the total deposit amount4 7b7 ,conditional insurance ,the ,corporation shall establish a separate registration and regulatory scheme for providing deposit insurance 7to be known as conditional public deposit insurance7 for entities that are in the process of applying for1 but have not yet received1 public deposit insurance1 which shall be subject to such conditions and restrictions as the ,corporation determines to be necessary and appropriate to promote public welfare4 ,,iv ,postal ,banking #dja4 ,partnerships with covered banks for postal banking services 7a7 ,partnership with ,,usps ,notwithstanding section #djd7;e77#b7 of title #cf1 ,united ,states ,code1 the ,postmaster ,general shall1 to the maximum extent practicable1 partner with covered banks to make available retail account and payment services provided by covered banks at post offices1 and via any postal banking platforms established by the ,united ,states ,postal ,service4 7b7 ,funding ,the ,board of ,governors shall provide such funding to the ,united ,states ,postal ,service as the ,postmaster ,general determines to be necessary to achieve carry out subsection 7a74 7c7 ,treatment of expenses ,any expenses incurred by the ,board of ,governors under this section shall be recorded-- 7#a7 in an account to be known as the ,special ,public ,member ,bank ,services ,account established at the ,federal ,reserve ,bank of ,new ,york2 and 7#b7 as a deferred asset 7as described in section #aa4if of the ,financial ,accounting ,manual for ,federal ,reserve ,banks1 as in effect on the date of the enactment of this ,act7 and maintained separately from the balance sheet of the ,federal ,reserve ,bank of ,new ,york and the ,federal ,reserve ,system1 so as to not reduce or impact the calculation of total income or revenue generated by the ,federal ,reserve ,system1 or otherwise reduce the total amount of net operating profits to be made available for remittance to the ,treasury on an ongoing basis4 ,v ,public ,bank ,development ,programs #eja4 ,public bank grant program 7a7 ,program established 7#a7 ,in general ,the ,board of ,governors shall1 jointly with the ,secretary1 carry out a grant program to make grants to covered banks1 or persons seeking to become or in the process of becoming covered banks1 to carry out the activities described in subsection 7b74 7#b7 ,considerations for eligibility 7,a7 ,required considerations ,when determining eligibility for grants under this section1 the ,board of ,governors and the ,secretary shall consider1 among other factors1 the extent to which a grant applicant has established an appropriate degree of community involvement and oversight1 including dedicated community representation on the governing board1 and evidence of support or commitment from community representative organizations4 7,b7 ,prohibited consideration ,when determining eligibility for grants under this section1 the ,board of ,governors and the ,secretary may not consider the budgetary or financial health of the entity that wholly owns or controls a covered bank4 7b7 ,use of funds ,an entity that receives a grant under this section may use the grant funds-- 7#a7 to carry out activities related to bank formation1 chartering1 and regulatory compliance2 7#b7 for capitalization2 7#c7 to make payments and develop financial market infrastructure2 7#d7 to carry out activities related to information and communications technology2 7#e7 to support operations2 7#f7 to cover unexpected losses2 and 7#g7 to carry out such other activities as the ,board of ,governors and the ,secretary determine appropriate4 7c7 ,matching funds ,the ,board of ,governors and the ,secretary may not require that an entity that receives a grant under this section provide matching funds with respect to such grant4 #ejb4 ,public bank incubator program 7a7 ,in general ,the ,board of ,governors shall establish an incubator program to provide technical and technological assistance to persons seeking to be chartered by the ,board of ,governors under section #aja or to obtain a certificate of ,federal recognition under section #ajb4 7b7 ,application ,the ,board of ,governors1 in coordination with the ,secretary1 the ,corporation1 and the ,commission1 shall establish a single application and review process for persons seeking to-- 7#a7 be federally chartered under section #aja2 7#b7 obtain a certificate of ,federal recognition under section #ajb2 7#c7 become a public member bank2 7#d7 obtain a license to issue federally-recognized public securities under section #bja2 7#e7 obtain public deposit insurance pursuant to section #cja or from a ,corporation-approved alternative provider2 and 7#f7 apply for a grant under section #dja4 #ejc4 ,community development grant program 7a7 ,reasonable efforts ,to coordinate ,covered banks shall1 where and as appropriate1 make reasonable efforts to coordinate activities with community development financial institutions1 minority deposit institutions1 and credit unions to promote community development and ensure community-oriented financial services are universal and comprehensively include historically excluded and marginalized groups4 7b7 ,grants for coordination ,the ,board of ,governors shall1 jointly with the ,secretary1 award grants to covered banks1 community development financial institutions1 minority deposit institutions1 and credit unions to facilitate coordination of activities under subsection 7a74 7c7 ,definitions ,in this section3 7#a7 ,community development financial institution ,the term community development financial institution has the meaning given the term in section #ajc7e7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb7e774 7#b7 ,credit union ,the term credit union means a ,federal credit union or a ,state credit union 7as such terms are defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb774 7#c7 ,minority deposit institution ,the term minority deposit institution has the meaning given the term in section #cjh7;b77#a7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc7;b77#a774 #ejd4 ,treatment of funding ,any expenses incurred by the ,board of ,governors under this title shall be recorded-- 7#a7 in an account to be known as the ,special ,public ,bank ,development ,programs established at the ,federal ,reserve ,bank of ,new ,york2 and 7#b7 as a deferred asset 7as described in section #aa4if of the ,financial ,accounting ,manual for ,federal ,reserve ,banks1 as in effect on the date of the enactment of this ,act7 and maintained separately from the balance sheet of the ,federal ,reserve ,bank of ,new ,york and the ,federal ,reserve ,system1 so as to not reduce or impact the calculation of total income or revenue generated by the ,federal ,reserve ,system1 or otherwise reduce the total amount of net operating profits to be made available for remittance to the ,treasury on an ongoing basis4