Sec. 7. Federal deposits in minority depository institutions
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Section 308 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 subsection: The Secretary of the Treasury shall ensure that deposits made by Federal agencies in minority depository institutions and impact banks are fully collateralized or fully insured, as determined by the Secretary. Such deposits shall include reciprocal deposits as defined in section 337.6(e)(2)(v) of title 12, Code of Federal Regulations (as in effect on March 6, 2019). ; and in subsection (b), as amended by section 6(g), by adding at the end the following new paragraph:
The term impact bank means a depository institution designated by an appropriate Federal banking agency pursuant to section 5 of the Ensuring Diversity in Community Banking Act of 2019. . Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note) is amended— in the matter preceding paragraph (1), by striking section— and inserting section: ; and in the paragraph heading for paragraph (1), by striking and inserting financial . depository
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Sec. 7
Federal deposits in minority depository institutions
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