Sec. 8. Minority Bank Deposit Program
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Section 1204 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1811 note) is amended to read as follows: There is established a program to be known as the Minority Bank Deposit Program to expand the use of minority banks and minority credit unions. The Secretary of the Treasury, acting through the Fiscal Service, shall— on application by a depository institution or credit union, certify whether such depository institution or credit union is a minority bank or minority credit union; maintain and publish a list of all depository institutions and credit unions that have been certified pursuant to subparagraph (A); and periodically distribute the list described in subparagraph
(B)to— all Federal departments and agencies; interested State and local governments; and interested private sector companies. A depository institution or credit union that, on the date of the enactment of this section, has a current certification from the Secretary of the Treasury stating that such depository institution or credit union is a minority bank or minority credit union shall be included on the list described under paragraph (2)(B). Not later than 1 year after the establishment of the program described in subsection (a), the head of each Federal department or agency shall develop and implement standards and procedures to ensure, to the maximum extent possible as permitted by law, the use of minority banks and minority credit unions to serve the financial needs of each such department or agency. Not later than 2 years after the establishment of the program described in subsection (a), and annually thereafter, the head of each Federal department or agency shall submit to Congress a report on the actions taken to increase the use of minority banks and minority credit unions to serve the financial needs of each such department or agency. For purposes of this section: The term credit union has the meaning given the term insured credit union in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ). The term depository institution has the meaning given the term insured depository institution in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). The term minority means any Black American, Native American, Hispanic American, or Asian American. The term minority bank means a minority depository institution as defined in section 308 of this Act. The term minority credit union means any credit union for which more than 50 percent of the membership (including board members) of such credit union are minority individuals, as determined by the National Credit Union Administration pursuant to section 308 of this Act. . The following provisions are amended by striking 1204(c)(3) and inserting 1204(c) : Section 808(b)(3) of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2907(b)(3) ). Section 40(g)(1)(B) of the Federal Deposit Insurance Act ( 12 U.S.C. 1831q(g)(1)(B) ). Section 704B(h)(4) of the Equal Credit Opportunity Act ( 15 U.S.C. 1691c–2(h)(4) ).
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- 15 USC 1691c–2(h)(4)
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Sec. 8
Minority Bank Deposit Program
Cite15 USC 1691c–2(h)(4)
Cites 6Cited by 0 across 0 sources