Sec. 8. Minority Bank Deposit Program
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Section 1204 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1811 note) is amended to read as follows: There is established a program to be known as the Minority Bank Deposit Program to expand the use of minority depository institutions. The Secretary of the Treasury, acting through the Fiscal Service, shall— on application by a depository institution or credit union, certify whether such depository institution or credit union is a minority depository institution; maintain and publish a list of all depository institutions and credit unions that have been certified pursuant to subparagraph (A); and periodically distribute the list described in subparagraph
(B)to— all Federal departments and agencies; interested State and local governments; and interested private sector companies. A depository institution or credit union that, on the date of the enactment of this section, has a current certification from the Secretary of the Treasury stating that such depository institution or credit union is a minority depository institution shall be included on the list described under paragraph (2)(B). Not later than 1 year after the establishment of the program described in subsection (a), the head of each Federal department or agency shall develop and implement standards and procedures to prioritize, to the maximum extent possible as permitted by law and consistent with principles of sound financial management, the use of minority depository institutions to hold the deposits of each such department or agency. Not later than 2 years after the establishment of the program described in subsection (a), and annually thereafter, the head of each Federal department or agency shall submit to Congress a report on the actions taken to increase the use of minority depository institutions to hold the deposits of each such department or agency. For purposes of this section: The term credit union has the meaning given the term insured credit union in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ). The term depository institution has the meaning given in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). The term minority depository institution has the meaning given that term under section 308 of this Act. . The following provisions are amended by striking 1204(c)(3) and inserting 1204(c) : Section 808(b)(3) of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2907(b)(3) ). Section 40(g)(1)(B) of the Federal Deposit Insurance Act ( 12 U.S.C. 1831q(g)(1)(B) ). Section 704B(h)(4) of the Equal Credit Opportunity Act ( 15 U.S.C. 1691c–2(h)(4) ).
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- 15 USC 1691c–2(h)(4)
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Sec. 8
Minority Bank Deposit Program
Cite15 USC 1691c–2(h)(4)
Cites 6Cited by 0 across 0 sources