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Code · BILL · 117th Congress · H.R. 3323 (Introduced in House) — To strengthen the ability of the Federal Home Loan Bank system to provide critical financing to address the economic... · Sec. 5

Sec. 5. Adding credit unions to the definition of community financial institutions and expanding the purposes of advances and collateral available to certain community development financial institutions

240 words·~1 min read·/bill/117/hr/3323/ih/section-5

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Section 10(a) of the Federal Home Loan Bank Act ( 12 U.S.C. 1430(a) ) is amended— in paragraph (2)(B), by inserting or qualifying community development financial institution after community financial institution ; and in paragraph (3)(E), by inserting or qualifying community development financial institution after community financial institution . Section 2 of the Federal Home Loan Bank Act ( 12 U.S.C. 1422 ) is amended— in paragraph (10)— by striking and all that follows through institution .— The term and inserting ; institution .—The term by striking subparagraph (B); by redesignating clauses
(i)and
(ii)as subparagraphs
(A)and (B), respectively, and adjusting the margins accordingly; in subparagraph (A), as so redesignated, by inserting ( before the semicolon; and 12 U.S.C. 1811 et seq. ) or the Federal Credit Union Act ( 12 U.S.C. 1751 et seq. ) in subparagraph (B), as so redesignated, by striking $1,000,000,000 and inserting assets at a level set by the Agency, but not more than $10,000,000,000 ; and by adding at the end the following: The term qualifying community development financial institution means an entity that— has been certified as a community development financial institution (as such term is defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 ) by the Secretary of the Treasury; and satisfies the average total assets threshold requirement for a community financial institution set forth in paragraph (10). .
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Sec. 5
Adding credit unions to the definition of community financial institutions and expanding the purposes of advances and collateral available to certain community development financial institutions
U.S.C.§ 1430
U.S.C.§ 1422
U.S.C.§ 1811
U.S.C.§ 1751
U.S.C.§ 4702
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