Sec. 2. Regulation of Black and Community Banks
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There is established within the Office of the Comptroller of the Currency an office to be known as the Office of Black and Community Banks . The Comptroller of the Currency, acting through the Office of Black and Community Banks, shall supervise and examine Black banks and community banks. The Comptroller shall issue regulations to partially or completely exempt Black banks and community banks from Federal banking statutes and regulations, to the extent the Comptroller determines it appropriate without endangering the safety and soundness of such banks.
For purposes of risk-based capital requirements for Black banks and community banks, the Comptroller shall issue regulations to assign a lower level of risk to loans that are issued by such banks using manual underwriting, in recognition of the individualized scrutiny provided by manual underwriting. The Comptroller shall issue regulations to encourage affordable small-dollar lending by Black banks and community banks by providing regulatory flexibility with respect to such lending.
With respect to investment products sold by a Black bank or a community bank (or an affiliate of such bank) to individuals in the community in which such bank is located, the Securities and Exchange Commission shall issue regulations to partially or completely exempt the bank from the securities laws and regulations issued under the securities laws, to the extent the Commission determines it appropriate without endangering the protection of investors. The Securities and Exchange Commission shall issue regulations to reduce the regulatory burden applicable to Black banks and community banks— under the amendments made by the Jumpstart Our Business Startups Act; issuing mortgage-backed securities; and issuing securities backed by loans guaranteed by the Small Business Act.
Section 4A of the Securities Act of 1933 ( 15 U.S.C. 77d–1 ) shall not apply to Black banks or community banks. Section 3(q)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(q)(1) ) is amended— in subparagraph (B), by striking and at the end; in subparagraph (C), by adding and at the end; and by adding at the end the following: notwithstanding paragraphs
(2)and (3), any Black bank or community bank (as such terms are defined under section 5 of the RESCUE Act for Black and Community Banks); .
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- 15 USC 77d–1
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