,,ii #aai? ,,congress #a/ ,session ,s4 #adci ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,april #aj1 #bjbe,ms4 ,cortez ,ma/o introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to reaffirm & improve ! p>ticipation ( memb]s ( ! ,f$]al ,home ,loan ,bank ,sy/em to meet ! %ort- & long-t]m h\s+1 includ+ af=dable h\s+1 agricultural & small bus9ess l5d+1 & community economic developm5t f9anc+ ne$s ( ! communities !y s]ve1 includ+ rural1 urban1 l[-income1 & ,tribal communities1 improve ! ability ( community developm5t f9ancial in/itutions & cr$it unions to meet community economic developm5t f9anc+ ne$s = _! communities1 & align+ executive comp5sation to mission a*ievem5ts1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,f$]al ,home ,loan ,banks' ,mission ,activities ,act4 #b4 ,purpose ,! purpose ( ?is ,act is to reaffirm & improve ! p>ticipation ( memb]s ( ! ,f$]al ,home ,loan ,bank ,sy/em 9 f9anc+ t meets ! %ort- & long-t]m h\s+1 includ+ af=dable h\s+1 agricultural1 & small bus9ess l5d+ & community economic developm5t f9anc+ ne$s ( ! communities !y s]ve1 includ+ rural1 urban1 l[-income & ,tribal communities1 by-- 7#a7 exp&+ ! ability ( ! ,f$]al ,home ,loan ,banks to support ! h\s+1 includ+ af=dable h\s+1 small bus9ess1 agricultural & economic developm5t activities ( ! memb]s ( ! ,f$]al ,home ,loan ,banks1 includ+ cr$it unions1 community developm5t f9ancial in/itutions1 insurance companies1 & h\s+ f9ance ag5cies2 7#b7 cl>ify+ t ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adba et seq47 p]mits a broad range ( activities t enable ! ,f$]al ,home ,loan ,banks to support ! h\s+ & community developm5t activities ( _! memb]s1 includ+ provid+ grants1 subsidiz$ f9anc+ & advances1 & cr$it enhancem5t2 & 7#c7 simplify+ executive comp5sation & align+ x ) mission a*ievem5ts4 #c4 ,add+ cr$it unions & community developm5t f9ancial in/itutions to ! def9ition ( community f9ancial in/itutions ,section #b7aj7 ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbb7aj77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ clauses 7i7 & 7ii7 & ins]t+ ! foll[+3 7i7 7,i7 ! deposits ( :i* are insur$ "u ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 or ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agea et seq471 or t qualifies "u section #d7;a77#e7 to be treat$ z an insur$ depository in/itution = purposes ( det]m9+ eligibility = memb]%ip2 & 7,,ii7 t has1 z ( ! date ( ! transaction at issue1 less ?an #a1jjj1jjj1jjj 9 av]age total assets1 bas$ on an av]age ( total assets ov] ! #c ye>s prec$+ t date2 or 7ii7 t has be5 c]tifi$ z a community developm5t f9ancial in/itution 7z def9$ 9 section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb77 by ! ,secret>y ( ! ,treasury4 2 & 7#b7 9 subp>agraph 7,b71 by /rik+ 7,a77ii7 & ins]t+ 7,a77i77,,ii74 #d4 ,af=dable h\s+ program ,section #aj ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adcj7 is am5d$-- 7#a7 9 ! section head+1 by ins]t+ & grants aft] ,advances2 & 7#b7 9 subsection 7j7-- 7,a7 by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,pursuant to regulations promulgat$ by ! ,director1 ea* ,bank %all e/abli% an af=dable h\s+ program 79 ?is subsection ref]r$ to z ! ,program7 to f9ance long-t]m1 l[- or mod]ate-income1 own]-occupi$ & af=dable r5tal h\s+ by subsidiz+ ! int]e/ rate on advances1 or provid+ grants1 to memb]s1 provid$ t ! int]e/ rate on any loan issu$ by a memb] & fund$ by a subsidiz$ ,bank advance %all also be subsidiz$4 2 7,b7 9 p>agraph 7#b71 9 ! matt] prec$+ subp>agraph 7,a7-- 7i7 by /rik+ ,bo>d's & ins]t+ ,director's2 & 7ii7 by ins]t+ & provide grants aft] advances2 7,c7 9 p>agraph 7#c7-- 7i7 9 ! p>agraph head+1 by ins]t+ or grants aft] advances2 7ii7 9 ! matt] prec$+ subp>agraph 7,a7-- 7,i7 by ins]t+ or grants aft] advances2 & 7,,ii7 by /rik+ z ! foll[+3 & ins]t+ z--2 7iii7 9 subp>agraph 7,a7-- 7,i7 by ins]t+ ! be=e pur*ase2 & 7,,ii7 by /rik+ area1 & ins]t+ area2 &2 7iv7 by /rik+ subp>agraph 7,b72 7v7 by r$esignat+ subp>agraph 7,c7 z subp>agraph 7,b72 & 7vi7 9 subp>agraph 7,b71 z s r$esignat$1 by ins]t+ ! be=e pur*ase2 7,d7 9 p>agraph 7#d7-- 7i7 by ins]t+ or grants aft] receiv+ advances2 7ii7 by ins]t+ or grants aft] su* advances2 7iii7 by ins]t+ or grants aft] ( advances2 & 7iv7 by /rik+ ?is program & ins]t+ ! ,program2 7,e7 9 p>agraph 7#e7-- 7i7 9 ! matt] prec$+ subp>agraph 7,a7-- 7,i7 by ins]t+ or grants aft] advances2 & 7,,ii7 by /rik+ ,af=dable ,h\s+2 7ii7 9 subp>agraph 7,c71 by /rik+ #aiie1 & subsequ5t ye>s & ins]t+ #aiie & ye>s subsequ5t ?r\gh #bjbe2 & 7iii7 by add+ at ! end ! foll[+3 7,d7 ,9 #bjbe1 & subsequ5t ye>s1 #cj p]c5t ( ! prec$+ ye>'s net income1 or su* prorat$ sums z may be requir$ to assure t ! aggregate contribution ( ! ,banks %all n be less ?an #bjj1jjj1jjj = ea* su* ye>1 except t a ,bank may1 aft] consultation ) its ,advisory ,c\ncil1 allocate up to #ae p]c5t ( t prec$+ ye>'s net income to be us$ = non-competitive grants1 subsidiz$ loans1 or inve/m5ts t w\ld g5]ate bel[ m>ket rates ( return = af=dable h\s+ or community economic ne$s ( l[- or mod]ate-income h\seholds or neighborhoods1 includ+ 9 l[-income1 ,tribal1 or rural communities1 "u programs o!r ?an ! ,program1 z foll[s3 7i7 ,any community inve/m5t ca% advance or grant program e/abli%$ by ! ,bank4 7ii7 ,ano!r af=dable h\s+ or community developm5t program e/abli%$ by ! ,bank t provides ! funds directly or indirectly to organizations meet+ ! requirem5ts & limitations necess>y to qualify z a *>itable contribution = :i* an income tax d$uction is all[able "u section #agj ( ! ,int]nal ,rev5ue ,code ( #aihf or o!rwise approv$ by ! ,director 9 regulation1 & t b5efits p]sons :o are resid5ts ( ! ,/ates ( ! di/rict 9 :i* ! ,bank is headqu>t]$4 2 7,f7 9 p>agraph 7#f7-- 7i7 9 subp>agraph 7,a71 by /rik+ ?is p>agraph & ins]t+ p>agraph 7#e72 7ii7 9 subp>agraph 7,c71 by /rik+ ,bo>d's & ins]t+ ,director's2 7iii7 9 subp>agraph 7,e71 by /rik+ ,af=dable ,h\s+2 & 7iv7 9 subp>agraph 7,f71 by ins]t+ ,notification4-- be=e ,! ,director2 7,g7 9 p>agraph 7#i7-- 7i7 by /rik+ ?is program ea* place x appe>s & ins]t+ ! ,program2 & 7ii7 by ins]t+ & grants aft] advances ea* place x appe>s2 7,h7 9 p>agraph 7#aj71 by ins]t+ & grant aft] advance2 7,i7 9 p>agraph 7#aa71 9 second s5t5ce1 by ins]t+ & grants aft] advances2 7,j7 by am5d+ p>agraph 7#ab7 to read z foll[s3 7#ab7 ,tempor>y susp5sion ( requirem5ts foll[+ disa/]s ,foll[+ a decl>ation ( a disa/] decl>$ by ! ,presid5t or a ,f$]al ag5cy or "u ,/ate or ,tribal law1 ! ,director may-- 7,a7 all[ vacant r5tal project units assi/$ "u ! ,program ( a ,bank to be leas$ tempor>ily to h\seholds displac$ by t decl>$ disa/] reg>dless ( income1 not)/&+ ! income t>get+ requirem5ts ( p>agraphs 7#b77;,b7 & 7#ac7 "u conditions e/abli%$ by ! ,director2 & 7,b7 tempor>ily susp5d any o!r requirem5ts ( ?is subsection & its implem5t+ regulations to fur!r recov]y f decl>$ disa/]s1 includ+ recov]y = displac$ h\seholds1 subject to conditions appropriate to facilitate eligible uses ( ,program funds to assi/ recov]y4 2 & 7,k7 9 p>agraph 7#ac71 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ subsection-- & ins]t+ subsection34 #e4 ,comp5sation ( executive (fic]s ,section #g ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbg7 is am5d$-- 7#a7 9 ! fir/ subsection 7l7 7relat+ to )hold+ ( comp5sation7-- 7,a7 9 ! subsection head+1 by /rik+ ,)hold+ ( ,comp5sation & ins]t+ ,comp5sation ( ,executive ,(fic]s2 7,b7 by /rik+ ,not)/&+ & ins]t+ ! foll[+3 7#a7 ,)hold+ ( comp5sation ,not)/&+ 2 & 7,c7 by add+ at ! end ! foll[+3 7#b7 ,sett+ comp5sation 7,a7 ,9 g5]al ,not)/&+ section #acah7;d7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deah7;d771 ! ,director %all1 9 accordance ) regulations issu$ by ! ,director1 e/abli% comp5sation = any executive (fic] ( a ,bank t is reasonable & comp>able to comp5sation = employm5t at a regional ,f$]al ,res]ve ,bank or o!r simil> publicly-subsidiz$ f9ancial in/itutions or f9ancial s]vices companies involv+ simil> duties & responsibilities4 7,b7 ,mission inve/m5ts ,9 det]m9+ ! comp5sation = an executive (fic] ( a ,bank "u subp>agraph 7,a71 ! ,director-- 7i7 %all consid] ! level ( mission inve/m5ts1 includ+-- 7,i7 ! p]c5tage ( memb] in/itutions t provid$ community inve/m5t program advances1 community inve/m5t ca% advances1 & lett]s ( cr$it2 7,,ii7 ! p]c5tage ( memb] in/itutions t sponsor$ af=dable h\s+ programs "u section #aj7;j7 & o!r grant programs creat$ volunt>ily or by regulation2 7,,iii7 ! %>e ( all advances provid$ to community f9ancial in/itutions2 7,,iv7 inve/m5ts 9 municipal & h\s+ f9ance ag5cy bonds2 & 7,v7 o!r mission inve/m5ts t are reasonable 9 accordance ) regulations promulgat$ by ! ,director2 & 7ii7 may pay comp5sation at a level t is high] ?an ! comp5sation = a regional ,f$]al ,res]ve ,bank ) a*ievem5t ( goals align$ ) mission a*ievem5ts z e/abli%$ by ! ,director4 2 & 7#b7 by /rik+ ! second subsection 7l74 #f4 ,report+ on collat]al ,section #aj ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adcj7 is am5d$ by add+ at ! end ! foll[+3 7l7 ,report to ,congress ,! ,director %all annually report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives on ! collat]al pl$g$ to ! ,banks1 includ+ an analysis ( collat]al by type & by ,bank di/rict4 4