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Code · BILL · 114th Congress · H.R. 5511 (Introduced in House) — To require the Federal Deposit Insurance Corporation to implement regulations easing certain restrictions on non-prof... · Sec. 2

Sec. 2. Regulations to ease certain restrictions on non-profit community development financial institution banks

262 words·~1 min read·/bill/114/hr/5511/ih/section-2

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The Federal Deposit Insurance Corporation shall issue regulations— easing the restrictive impact of regulations issued pursuant to section 6 of the Federal Deposit Insurance Act ( 12 U.S.C. 1816 ) (relating to the factors to be considered for deposit insurance) on non-profit community development financial institution banks; and easing restrictions on the operation of non-profit community development financial institution banks insured by the Federal Deposit Insurance Corporation.
The Federal Deposit Insurance Corporation shall ensure that regulations issued under paragraph (1)— will not provide an opportunity for individuals or for-profit financial institutions to avoid taxation or other requirements related to deposit insurance; and allow charitable contributions and grants to non-profit community development financial institution banks. The Federal Deposit Insurance Corporation shall terminate the deposit insurance of a non-profit community development financial institution bank if the bank loses the bank’s certification as a community development financial institution.
For purposes of this Act: The term community development financial institution has the meaning given that term under section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 ). The term depository institution has the meaning given such term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). The terms low-income and moderate-income have the meaning given those terms, respectively, under section 25.12 of title 12, Code of Federal Regulations.
The term non-profit community development financial institution bank means a non-profit depository institution that— is certified as a community development financial institution by the Community Development Financial Institutions Fund; and serves low-income and moderate-income customers.
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Sec. 2
Regulations to ease certain restrictions on non-profit community development financial institution banks
U.S.C.§ 1816
U.S.C.§ 4702
U.S.C.§ 1813
Cites 3Cited by 0 across 0 sources
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