Sec. 6. Minority Depository Institutions Advisory Committees
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Each covered regulator shall establish an advisory committee to be called the Minority Depository Institutions Advisory Committee . Each Minority Depository Institutions Advisory Committee shall provide advice to the respective covered regulator on meeting the goals established by section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note) to preserve the present number of covered minority institutions, preserve the minority character of minority-owned institutions in cases involving mergers or acquisitions, provide technical assistance, and encourage the creation of new covered minority institutions.
The scope of the work of each such Minority Depository Institutions Advisory Committee shall include an assessment of the current condition of covered minority institutions, what regulatory changes or other steps the respective agencies may be able to take to fulfill the requirements of such section 308, and other issues of concern to minority depository institutions. Each Minority Depository Institutions Advisory Committee shall consist of no more than 10 members, who— shall serve for one two-year term; shall serve as a representative of a depository institution or an insured credit union with respect to which the respective covered regulator is the covered regulator of such depository institution or insured credit union; and shall not receive pay by reason of their service on the advisory committee, but may receive travel or transportation expenses in accordance with section 5703 of title 5, United States Code.
To the extent practicable, each covered regulator shall ensure that the members of Minority Depository Institutions Advisory Committee of such agency reflect the diversity of depository institutions. Each Minority Depository Institutions Advisory Committee shall meet not less frequently than twice each year. Each Minority Depository Institutions Advisory Committee shall invite the attendance at each meeting of the Minority Depository Institutions Advisory Committee of— one member of the majority party and one member of the minority party of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; and one member of the majority party and one member of the minority party of any relevant subcommittees of such committees.
The termination requirements under section 14 of the Federal Advisory Committee Act (5 U.S.C. app.) shall not apply to a Minority Depository Institutions Advisory Committee established pursuant to this section. In this section: The term covered regulator means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. The term covered minority institution means a minority depository institution (as defined in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note)) or a minority credit union (as defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended by this Act).
The term depository institution has the meaning given under section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). The term insured credit union has the meaning given in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ). Section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note) is amended by adding at the end the following new paragraph: The term depository institution means an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) and an insured credit union (as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 )). .
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