,,ii #aafth ,,congress #b;d ,session ,s4 #ddcj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,august #d1 #bjbj,mr4 ,schatz 7for himself1 ,ms4 ,baldwin1 ,mr4 ,van ,hollen1 ,mrs4 ,gillibrand1 ,mr4 ,wyden1 ,ms4 ,warren1 ,mrs4 ,feinstein1 ,mr4 ,blumenthal1 ,mr4 ,sanders1 ,mr4 ,heinrich1 and ,mr4 ,merkley7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,community ,development ,banking and ,financial ,institutions ,act of #aiid to establish a ,,cdfi ,national ,crisis ,fund1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,,cdfi ,crisis ,fund ,act4 #b4 ,,cdfi ,national ,crisis ,fund 7a7 ,in general ,the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgja et seq47 is amended by inserting after section #abb 7#ab ,u4,s4,c4 #dgai7 the following3 #abc4 ,,cdfi ,crisis ,fund 7a7 ,definitions ,in this section3 7#a7 ,affected area ,the term affected area means-- 7,a7 a ,state that is subject to a covered crisis2 7,b7 a county that is subject to a covered crisis described in paragraph 7#c77;,b72 or 7,c7 a ,tribal government that is-- 7i7 located in a ,state that is subject to a covered crisis2 or 7ii7 subject to a covered crisis4 7#b7 ,community development financial institution ,the term community development financial institution shall include small and emerging community development financial institutions1 as defined in the most recent relevant regulations from the ,department of the ,treasury4 7#c7 ,covered crisis ,the term covered crisis means-- 7,a7 the emergency involving ,federal primary responsibility determined to exist by the ,president under section #eja7;b7 of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eaia7;b77 with respect to the ,coronavirus disease #bjai 7,,covid-#ai72 7,b7 a major disaster exists in the ,state for which assistance is authorized under section #djh of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagd7 for a county2 7,c7 a major disaster exists in the ,state for which assistance is authorized under section #djh of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagd7 for individuals who live in an area of the ,state in which a majority of the residents of the ,state reside2 7,d7 an increase in statewide #f-month average unemployment rate1 seasonally adjusted1 by not less than #j4e percentage points more than the lowest recorded unemployment rate over the preceding #ab-month period2 or 7,e7 an increase in the national #c-month average unemployment rate1 seasonally adjusted1 by not less than #j4e percentage points more than the lowest recorded unemployment rate over the preceding #ab-month period4 7#d7 ,crisis ,fund ,the term ,crisis ,fund means the ,,cdfi ,national ,crisis ,fund established under this section4 7#e7 ,low-income ,the term low-income means having an income1 as adjusted for family size1 that is-- 7,a7 for metropolitan areas1 less than #hj percent of the area median income2 and 7,b7 for nonmetropolitan areas1 the greater of-- 7i7 less than #hj percent of the area median income2 or 7ii7 less than #hj percent of the statewide nonmetropolitan area median income4 7#f7 ,minority community development financial institution ,the term minority community financial institution means a community development financial institution that-- 7,a7 if a privately-owned institution1 #ea percent is owned by one or more socially and economically disadvantaged individuals2 7,b7 if publicly-owned1 #ea percent of the stock is owned by one or more socially and economically disadvantaged individuals2 and 7,c7 in the case of a mutual institution1 where the majority of the ,board of ,directors1 account holders1 and the community which the institution services is predominantly ,black ,american1 ,native ,american1 ,hispanic ,american1 or ,asian ,american4 7#g7 ,native community development financial institution 7,a7 ,in general ,the term ,native community development financial institution means a community development financial institution-- 7i7 the activities of which not less than #ea percent serve ,native ,americans2 or 7ii7 that is not less than #ea percent owned or controlled ,native ,americans4 7,b7 ,native ,americans ,in this paragraph1 the term ,native ,americans has the meaning given the term in section #cgfe of title #ch1 ,united ,states ,code4 7#h7 ,state ,the term ,state means any ,state of the ,united ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 the ,virgin ,islands1 ,guam1 ,american ,samoa1 and the ,commonwealth of the ,northern ,mariana ,islands4 7#i7 ,tribal government ,the term ,tribal government has the meaning given the term ,indian tribal government in section #ajb of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eabb74 7#aj7 ,very low-income ,the term very low-income means having an income1 as adjusted for family size1 that is-- 7,a7 for metropolitan areas1 less than #ej percent of the area median income2 and 7,b7 for nonmetropolitan areas1 the greater of-- 7i7 less than #ej percent of the area median income2 or 7ii7 less than #ej percent of the statewide nonmetropolitan area median income4 7b7 ,purpose ,the purpose of this section is to create a fund to support community development financial institutions during acute periods of crisis in their mission to provide uniquely supportive financial products and services to otherwise underserved clients4 7c7 ,establishment ,there is established in the ,treasury the ,,cdfi ,national ,crisis ,fund1 which shall be within the ,fund4 7d7 ,availability of ,crisis fund ,amounts in the ,crisis ,fund shall be available1 until expended1 to provide grants to community development financial institutions as provided under this section4 7e7 ,grants 7#a7 ,in general ,the ,crisis ,fund shall be authorized to make grants to community development financial institutions to enable those institutions to provide emergency assistance in the form of financial products and services to help small businesses and low-income and very low-income populations respond to and recover from covered crises in the affected area4 7#b7 ,application 7,a7 ,in general ,the ,secretary shall-- 7i7 accept applications during the period beginning upon notification of a covered crisis under subsection 7f7 and ending on the date that is #f months after the date of the notification2 7ii7 approve or deny any application submitted for a grant under paragraph 7#a7 not later than #cj days after receipt2 and 7iii7 upon request by an applicant for a grant under paragraph 7#a71 provide technical assistance for the applicant4 7,b7 ,selection formula 7i7 ,in general ,not later than #ahj days after the date of enactment of this section1 the ,fund shall-- 7,i7 develop a selection formula as may be necessary for the selection of community development financial institutions to receive assistance under this section and guidance to aid those institutions in meeting the formula2 and 7,,ii7 post the information described in subclause 7,i7 on a publicly available website4 7ii7 ,considerations ,in establishing the selection formula under clause 7i71 the ,fund shall take into account-- 7,i7 the program capacity of a community development financial institution to provide emergency assistance in the form of financial products and services to help targeted populations or populations in investment areas recover from covered crises in the affected area2 and 7,,ii7 the need for simplicity in the selection formula given the varying capacities of community development financial institutions and the time frames required under this section4 7#c7 ,amount of grants 7,a7 ,determination of amount ,the amount of a grant made to a community development financial institution under this section shall be determined based on the previously demonstrated capacity of the community development financial institution to make impactful financial services and products available1 as determined by the ,secretary of the ,treasury4 7,b7 ,grant amount 7i7 ,maximum ,with respect to grants made under this section1 the grant shall be in an amount that is not more than #aj percent of the total amount in the ,crisis ,fund for each fiscal year in which the community development financial institution receives a grant4 7ii7 ,minimum ,the ,fund shall establish minimum grant amounts under this section for each fiscal year in which a community development financial institution receives a grant under this section based on the demonstrated capacity of and the cost of grant requirements for the applicant4 7,c7 ,limitation of assistance ,the total aggregate amount outstanding and committed to any community development financial institution in grants under this section in any fiscal year shall not exceed #ae percent of the total amount of the ,crisis ,fund4 7,d7 ,distribution of assistance ,the ,secretary shall disburse the full amount of a grant under this section to an approved applicant not later than #cj days after the date on which the application is approved4 7,e7 ,set asides 7i7 ,native ,c,d,f,is ,of the amounts in the ,crisis ,fund1 #aj percent shall be set aside for grants made to ,native community development financial institutions1 which set aside may also qualify under clause 7ii74 7ii7 ,minority community development financial institutions ,of the amounts in the ,crisis ,fund1 #cj percent shall be set aside for grants made to minority community development financial institutions4 7,f7 ,use of grant funds for more than #a covered crisis ,the ,secretary may retroactively approve use of grant funds for covered crises in affected areas that took place after the grant was made4 7#d7 ,use of funds ,a recipient of a grant under this section-- 7,a7 shall use-- 7i7 not less than #ij percent of the grant funds for activities described in paragraph 7#a7 in the affected area of the covered crisis2 7ii7 not less than #be percent of the grant funds for activities described in paragraph 7#a7 that benefit very low-income individuals2 and 7iii7 not less than #ae percent of the grant funds for activities described in paragraph 7#a7 that benefit individuals with incomes of not more than #cj percent of the area median income1 which set aside may also qualify under clause 7ii72 7,b7 may use not more than #aj percent of the grant funds for administrative costs1 costs related to outreach and partnership building1 and financial products and services to areas surrounding the affected area2 and 7,c7 may use any remaining grant funds approved for a covered crisis in an affected area for another covered crisis in an affected area occurring after the grant was made1 if the ,secretary approves the use of those funds under paragraph 7#c77;,f74 7#e7 ,unemployment measures for tribal governments ,the ,commissioner of the ,bureau of ,labor ,statistics shall coordinate with the ,assistant ,secretary of ,indian ,affairs to develop reliable unemployment measures for ,american ,indian1 ,native ,alaskan1 and ,native ,hawaiian communities in order to understand when the requirements for a covered crisis under subsection 7a77#a77;,c7 are met with respect to a ,tribal government4 7f7 ,notification of covered crisis 7#a7 ,emergency or major disaster ,the ,administrator of the ,federal ,emergency ,management ,agency1 through the ,secretary of the ,treasury1 shall notify the ,fund when the requirements for a covered crisis under subparagraph 7,a7 or 7,b7 of subsection 7a77#a7 are met1 which shall include the date on which the requirements are met and the relevant affected areas4 7#b7 ,unemployment ,the ,secretary of ,labor1 through the ,secretary of the ,treasury1 shall notify the ,crisis ,fund when the requirements for a covered crisis under subsection 7a77#a77;,c7 are met1 which shall include the date on which the requirements are met and the relevant affected areas1 including for ,tribal governments4 7g7 ,data ,the ,fund shall post updates on-- 7#a7 the disbursements of funds from the ,crisis ,fund1 including the distribution of funds going to low-income and very low-income populations and demographic data regarding the areas and populations receiving funds from the ,crisis ,fund2 and 7#b7 all other applications made1 denied1 and disbursed on a monthly basis during a covered crisis4 7h7 ,repository of best practices ,based on the recommendations of the ,comptroller ,general of the ,united ,states and data that the ,secretary of the ,treasury may collect from recipients of grants under this section1 the ,secretary of the ,treasury shall-- 7#a7 develop a publicly accessible database of best practices for effective use of those grants1 including past case studies of success and other useful information2 and 7#b7 issue guidance1 restrictions1 and regulations with respect to those grants4 7i7 ,authorization of appropriations 7#a7 ,crisis fund authorization ,to carry out this section1 there are authorized to be appropriated to the ,crisis ,fund #b1jjj1jjj1jjj for fiscal year #bjba1 to remain available until expended4 7#b7 ,future fiscal years ,for every fiscal year following fiscal year #bjba1 there is authorized to be appropriated to the ,crisis ,fund an amount equal to the amount by which-- 7,a7 #b1jjj1jjj1jjj 7or1 if greater1 the amount determined for such fiscal year under paragraph 7#c772 exceeds 7,b7 the balance of the ,crisis ,fund as of the last day of the fiscal year preceding the fiscal year involved4 7#c7 ,inflation adjustment 7,a7 ,in general ,subject to subparagraph 7,b71 the amount determined under this paragraph for a fiscal year is the product of-- 7i7 #b1jjj1jjj1jjj2 and 7ii7 the quotient obtained by dividing-- 7,i7 the ,consumer ,price ,index for all-urban consumers published by the ,department of ,labor for the #ab-month period ending with ,september of the preceding fiscal year2 and 7,,ii7 the ,consumer ,price ,index for ,all-,urban ,consumers published by the ,department of ,labor for the #ab-month period ending with ,september #bjai4 7,b7 ,rule of application ,in no case shall the application of this paragraph result in the application under paragraph 7#b77;,a7 of an amount for a fiscal year that is less than the amount that applied under such paragraph 7#b77;,a7 for the preceding fiscal year4 7#d7 ,administrative expenses ,of the amounts made available under paragraph 7#a71 the ,crisis ,fund may use not more than #j4e percent for administrative costs and expenses4 7j7 ,regulations ,the ,secretary of the ,treasury may prescribe such regulations as necessary to carry out this section4 7k7 ,report ,not later than #a year after the date of enactment of this section and periodically thereafter1 the ,comptroller ,general of the ,united ,states shall submit to ,congress a report-- 7#a7 evaluating the impact of this section in meeting intended outcomes1 focusing on the use of the ,crisis ,fund in aiding community development financial institutions to support their communities and helping them respond to and recover from natural disasters and economic crises2 and 7#b7 making recommendations to the ,fund and to ,congress4 4 7b7 ,technical and conforming amendment ,the table of contents in section #a7;b7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7,public ,law #ajc-cbe2 #ajh ,stat4 #bafj7 is amended by inserting after the item relating to section #aba the following3 ,sec4 #abb4 ,grants to establish loan-loss reserve funds4,sec4 #abc4 ,,cdfi ,crisis ,fund4 4 #c4 ,resilience grants ,section #ajh of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjg7 is amended-- 7#a7 in subsection 7a77#a7-- 7,a7 in subparagraph 7,a71 by striking and at the end2 7,b7 in subparagraph 7,b71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following3 7,c7 grants to community development financial institutions 7as defined in section #abc7 to improve resilience to the impacts of covered crises 7as defined in section #abc7 in any ,state 7as defined in section #abc74 2 7#b7 in subsection 7d7-- 7,a7 in paragraph 7#a71 by striking paragraph 7#b7 and inserting paragraphs 7#b7 and 7#c72 7,b7 by redesignating paragraph 7#c7 as paragraph 7#d72 7,c7 by inserting after paragraph 7#b7 the following3 7#c7 ,resilience grants ,with respect to resilience grants described in subsection 7a77#a77;,c71 each grant made in a fiscal year shall be in an amount that is not more than #aj percent of the total amount appropriated for resilience grants for that fiscal year4 2 and 7,d7 in paragraph 7#d71 as so redesignated1 by striking paragraphs 7#a7 and 7#b7 and inserting paragraphs 7#a71 7#b71 and 7#c72 7#c7 by redesignating subsections 7e7 through 7h7 as subsections 7f7 through 7i71 respectively2 and 7#d7 by inserting after subsection 7d7 the following3 7e7 ,resilience grants 7#a7 ,in general ,with respect to resilience grants described in subsection 7a77#a77;,c71 the ,secretary of the ,treasury shall award the grants based on criteria established by the ,fund1 including-- 7,a7 making awards for projects that the ,fund determines will have the greatest impact in improving resilience for low-income populations2 and 7,b7 coordinating with the ,federal ,emergency ,management ,agency1 the ,department of ,housing and ,urban ,development1 and with the ,small ,business ,administration1 as relevant1 to ensure that the awards meet unmet resilience needs4 7#b7 ,use of funds ,a recipient of a resilience grant described in subsection 7a77#a77;,c7 shall use-- 7,a7 not less than #be percent of the grant funds for activities described in paragraph 7#a7 that benefit very low-income individuals2 and 7,b7 not less than #ae percent of the grant funds for activities described in paragraph 7#a7 that benefit individuals with incomes of not more than #cj percent of the area median income4 7#c7 ,set asides 7,a7 ,native ,c,d,f,is ,of the amounts made available under this subsection1 #aj percent shall be set aside for resilience grants made to ,native community development financial institutions1 which set aside may also qualify under subparagraph 7ii74 7,b7 ,minority community development financial institutions ,of the amounts made available under this subsection1 #cj percent shall be set aside for grants made to minority community development financial institutions4 7#d7 ,repository of best practices ,based on the recommendations of the ,comptroller ,general of the ,united ,states and data that the ,secretary of the ,treasury may collect from recipients of resilience grants described in subsection 7a77#a77;,c71 the ,secretary of the ,treasury shall-- 7,a7 develop a publicly accessible database of best practices for effective use of those grants1 including past case studies of success and other useful information2 and 7,b7 issue guidance1 restrictions1 and regulations with respect to those grants4 7#e7 ,authorization of appropriations ,to provide resilience grants described in subsection 7a77#a77;,c71 there is authorized to be appropriated to the ,fund #cj1jjj1jjj for fiscal year #bjba1 to remain available until expended4 7#f7 ,definitions ,in this subsection1 the terms low-income1 minority community development financial institution1 ,native community development financial institution and very low-income have the meanings given those terms in section #abc4 4