Sec. 336. Consultation and minimization of data requests
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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 carrying out its duties, the Fund shall— periodically, and no less frequent than once a year, consult with the applicable Federal regulator of certified CDFIs and applicants to be a certified CDFI ( applicants) ; seek to gather any information necessary related to Fund certification and award decisions on certified CDFIs and applicants from the applicable Federal regulator, and such regulators shall use reasonable efforts to provide such information to the Fund, to minimize duplicative data collection requests made by the Fund of certified CDFIs and applicants and to expedite certification, award, or other relevant processes administered by the Fund.
In this subsection, the term applicable Federal regulator means— with respect to a certified CDFI or an applicant that is regulated by both an appropriate Federal banking agency and the Bureau of Consumer Financial Protection, the Bureau of Consumer Financial Protection; with respect to a certified CDFI or an applicant that is not regulated by the Bureau of Consumer Financial Protection, the appropriate Federal banking agency for such applicant; or the Bureau of Consumer Financial Protection, with respect to a certified CDFI or an applicant— that is not regulated by an appropriate Federal banking agency; and that offers or provides consumer financial products or services (as defined in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 ). .
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