Sec. 5. Establishment of impact bank designation
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/bill/116/hr/5322/ih/section-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Each appropriate Federal banking agency shall establish a program under which a depository institution with total consolidated assets of less than $10,000,000,000 may elect to be designated as an impact bank if 50 percent or more of the loans extended by such covered bank are extended to low-income borrowers. Based on data obtained through examinations, an appropriate Federal banking agency shall submit a notification to a depository institution stating that the depository institution qualifies for designation as an impact bank. A depository institution that does not receive a notification described in subsection
(b)may submit an application to the appropriate Federal banking agency demonstrating that the depository institution qualifies for designation as an impact bank. A depository institution is not required to submit additional data to an appropriate Federal banking agency or be subject to additional oversight from such an agency if such data or oversight is related specifically and solely for consideration for a designation as an impact bank. If an appropriate Federal banking agency determines that a depository institution designated as an impact bank no longer meets the criteria for such designation, the appropriate Federal banking agency shall rescind the designation and notify the depository institution of such rescission. A depository institution may— submit to the appropriate Federal banking agency a request to reconsider a determination that such depository institution no longer meets the criteria for the designation; or file an appeal in accordance with procedures established by the appropriate Federal banking agency. Not later than 1 year after the date of the enactment of this Act, the appropriate Federal banking agencies shall jointly issue rules to carry out the requirements of this section, including by providing a definition of a low-income borrower. In this section, the terms depository institution and appropriate Federal banking agency have the meanings given such terms, respectively, in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ).
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Sec. 5
Establishment of impact bank designation
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