Sec. 3. Improvements to the State Small Business Credit Initiative
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The State Small Business Credit Initiative Act of 2010 ( 12 U.S.C. 5701 et seq. ) is amended— in section 3002, by adding at the end the following: The term depository institution means— a depository institution, as defined under section 3 of the Federal Deposit Insurance Act; and a State credit union and a Federal credit union, as such terms are defined, respectively, under section 101 of the Federal Credit Union Act. The term minority has the meaning given that term under section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
The term minority-owned small business means a small business with— more than 50 percent of the ownership or control of which is held by one or more minority individuals; and more than 50 percent of the net profit or loss of which accrues to one or more minority individuals. The term minority-owned depository institution means a depository institution, if— in the case of a privately owned institution, 51 percent or more of such institution is owned by one or more socially and economically disadvantaged individuals; in the case of a publicly owned institution, 51 percent or more of the stock of such institution is owned by one or more socially and economically disadvantaged individuals; and in the case of a mutual institution— the board of directors and account holders of such institution are predominantly minority; and the community which the institution services is predominantly minority.
The term women-owned small business means a small business with— more than 50 percent of the ownership or control of which is held by one or more women; and more than 50 percent of the net profit or loss of which accrues to one or more women. ; in section 3005(e)(8)— by striking , including and inserting and ; and by adding at the end the following: The Secretary may not approve any State capital access program that fails to include a plan that promotes a fair share of the Federal contributions to be used to strengthen and increase economic opportunities for small businesses in low- and moderate-income, minority, and other underserved communities and women- and minority-owned small businesses. ; in section 3006(d) is amended by adding at the end the following:
The extent to which the State plans to use the Federal contributions to provide access to capital for small businesses in low- and moderate-income, minority, and other underserved communities and to women- and minority-owned small businesses, and the extent to which resulting small business lending will expand economic opportunities for such communities and such businesses. ; in section 3007(b)— in paragraph (4), by striking of each borrower that received such a new loan and inserting in which the borrower is headquartered and zip codes in which the borrower maintains significant operations ; and by adding at the end the following:
The race, ethnicity, and sex of the principal owners of the borrowers and applicants, the number of applications and the date on which each application was received, the loan or type of investment being applied for, and the number of loans or applications that were approved and the date of such approval. In compiling and reporting the information required under this paragraph, a State may modify data which is or will be available to the public, if the State determines that the deletion or modification of the data is necessary to protect the privacy interest of the borrower or applicant.
A summary of the extent to which the approved State program increased economic opportunities for small businesses in low- and moderate-income, minority, and other underserved communities and women- and minority-owned small businesses, consistent with the plan delivered by the State pursuant to section 3005(e)(8). The number of loans or investments by program type made by minority-owned depository institutions. ; in section 3009(a)— by amending paragraph
(1)to read as follows: consult with the Director of the Office of Minority and Women Inclusion of the Departmental Offices of the Department of the Treasury, the Administrator of the Small Business Administration, and the head of each of the appropriate Federal banking agencies (who shall each consult with the Director of the Office of Minority and Women Inclusion of their agency), on the administration of the Program; ; and in paragraph (5), by inserting after performance, the following: efforts to expand economic opportunity for minority- and women-owned small businesses, ; and in section 3010— by inserting after in consultation with the following: the Director of the Office of Minority and Women Inclusion of the Departmental Offices of the Department of the Treasury and ; and by adding at the end the following: In issuing such regulations the Secretary shall seek public input from community, civil rights, consumer advocates, small business advocates, and other interested or affected parties. .
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Sec. 3
Improvements to the State Small Business Credit Initiative
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