Sec. 711. Reports
350 words·~2 min read·
/bill/116/hr/925/eah/section-711A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary of the Treasury shall provide to the appropriate committees of Congress— within 30 days of the end of each month commencing with the first month in which transactions are made under a program established under this title or the amendments made by this title, a written report describing all of the transactions made during the reporting period pursuant to the authorities granted under this title or the amendments made by this title; and after the end of March and the end of September, commencing March 31, 2021, a written report on all projected costs and liabilities, all operating expenses, including compensation for financial agents, and all transactions made by the Community Development Financial Institutions Fund, including participating institutions and amounts each institution has received under each program described in paragraph (1).
Each report required under subsection
(a)shall specify the amount of funds under each program described under subsection (a)(1) that went to— minority depository institutions that are depository institutions; minority depository institutions that are credit unions; minority lending institutions; community development financial institution loan funds; community development financial institutions that are depository institutions; and community development financial institutions that are credit unions. In this section: The term appropriate committees of Congress means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. The term community development financial institution has the meaning given that term under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994. The term credit union means a State credit union or a Federal credit union, as such terms are defined, respectively, under section 101 of the Federal Credit Union Act. The term depository institution has the meaning given that term under section 3 of the Federal Deposit Insurance Act. The term minority depository institution has the meaning given under section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 . The term minority lending institution has the meaning given that term under section 103 of the Community Development Banking and Financial Institutions Act of 1994.