Sec. 709. Strengthening minority lending 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 lending 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, Hispanic American, Asian American, Native American, Native Alaskan, Native Hawaiian, or Pacific Islander.
The term minority lending institution means a community development financial institution— with respect to which a majority of the total number of loans and a majority of the value of investments of the community development financial institution are directed at minorities and other targeted populations; that is a minority depository institution, as defined under section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note), or otherwise considered to be a minority depository institution by the appropriate Federal banking agency; or that is 51 percent owned by one or more socially and economically disadvantaged individuals.
In this paragraph, the terms other targeted populations and socially and economically disadvantaged individual shall have the meaning given those terms by the Administrator. . A community development financial institution that is a minority depository institution listed in the Federal Deposit Insurance Corporation’s Minority Depository Institutions List published for the Second Quarter 2020 shall be deemed a minority lending institution under section 103(22) of the Community Development Banking and Financial Institutions Act of 1994 for purposes of— any program carried out using appropriations authorized for the Community Development Financial Institutions Fund under section 706; and the Neighborhood Capital Investment Program established under section 4003(i) of the CARES Act.
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 Lending Institutions, which shall oversee assistance provided by the Fund to minority lending institutions. The head of the Office shall be the Deputy Director of Minority Lending 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 lending institutions. . Section 104 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4703 ) is amended by adding at the end the following: In this subsection— the term executive officer has the meaning given the term in section 230.501(f) of title 17, Code of Federal Regulations, as in effect on the date of enactment of this subsection; and the term veteran has the meaning given the term in section 101 of title 38, United States Code. Each Fund applicant and recipient shall provide the following: Data, based on voluntary self-identification, on the racial, ethnic, and gender composition of— the board of directors of the institution; nominees for the board of directors of the institution; and the executive officers of the institution. The status of any member of the board of directors of the institution, any nominee for the board of directors of the institution, or any executive officer of the institution, based on voluntary self-identification, as a veteran. Whether the board of directors of the institution, or any committee of that board of directors, has, as of the date on which the institution makes a disclosure under this paragraph, adopted any policy, plan, or strategy to promote racial, ethnic, and gender diversity among— the board of directors of the institution; nominees for the board of directors of the institution; or the executive officers of the institution. Not later than 18 months after the date of enactment of this subsection, and annually thereafter, the Fund shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and make publicly available on the website of the Fund, a report— on the data and trends of the diversity information made available pursuant to paragraph (2); and containing all administrative or legislative recommendations of the Fund to enhance the implementation of this title or to promote diversity and inclusion within community development financial institutions. .
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Sec. 709
Strengthening minority lending institutions
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