Sec. 3. Strengthening minority community development financial institutions
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Section 108 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4707 ) is amended by adding at the end the following: Notwithstanding any other provision of law, in providing any assistance, the Fund shall reserve 40 percent of such assistance for minority community development financial institutions. . Section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 ) is amended by adding at the end the following:
The term minority means any Black American, Native American, Hispanic American, or Asian American. The term minority community development financial institution means a community development financial institution that— if a privately owned institution, 51 percent is owned by one or more socially and economically disadvantaged individuals; if publicly owned, 51 percent of the stock is owned by one or more socially and economically disadvantaged individuals; in the case of a mutual institution, where the majority of the Board of Directors, account holders, and the community which the institution services is predominantly minority; and in the case of any other institution, is a minority-owned or minority-led institution, as determined by the Administrator. .
Section 104 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4703 ) is amended by adding at the end the following: There is established within the Fund an Office of Minority Community Development Financial Institutions, which shall oversee assistance provided by the Fund to minority community development financial institutions. The head of the Office shall be the Deputy Director of Minority Community Development Financial Institutions, who shall report directly to the Administrator of the Fund. .
Section 117 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4716 ) is amended by adding at the end the following: Each report required under subsection
(a)shall include a description of the extent to which assistance from the Fund are provided to minority community development financial institutions. .
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Sec. 3
Strengthening minority community development financial institutions
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