Sec. 4. Community Development Financial Institutions Fund
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Of any unobligated amounts that were appropriated to the fund established under section 5302(a)(1) of title 31, United States Code, by section 4027 of the CARES Act ( 15 U.S.C. 9061 ), $5,000,000,000 shall be transferred to the Community Development Financial Institutions Fund for fiscal years 2020 and 2021, for providing financial assistance and technical assistance under subparagraphs
(A)and
(B)of section 108(a)(1) of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4707(a)(1) ), except that subsections
(d)and
(e)of such section 108 shall not apply to the provision of such assistance, for the Bank Enterprise Award program, and for financial assistance, technical assistance, training, and outreach programs designed to benefit Native American, Native Hawaiian, and Alaska Native communities and provided primarily through qualified community development lender organizations with experience and expertise in community development banking and lending in Indian country, Native American organizations, Tribes and Tribal organizations, and other suitable providers. Of such amount, not less than $2,000,000,000 shall be for providing financial assistance, technical assistance, awards, training, and outreach programs described above to recipients that are minority lending institutions. For purposes of this section: The term minority lending institution means any depository institution, loan fund, or other 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 it 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 of the Community Development Financial Institutions Fund. The term minority means any Black American, Native American, Hispanic American, or Asian American.
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