Sec. 503. Community development grant program
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Covered banks shall, where and as appropriate, make reasonable efforts to coordinate activities with community development financial institutions, minority deposit institutions, and credit unions to promote community development and ensure community-oriented financial services are universal and comprehensively include historically excluded and marginalized groups. The Board of Governors shall, jointly with the Secretary, award grants to covered banks, community development financial institutions, minority deposit institutions, and credit unions to facilitate coordination of activities under subsection (a).
In this section: The term community development financial institution has the meaning given the term in section 103(5) of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702(5) ). The term credit union means a Federal credit union or a State credit union (as such terms are defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 )). The term minority deposit institution has the meaning given the term in section 308(b)(1) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463(b)(1) ).
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