Sec. 3. Establishment of an Office of the Community Development Advocate the Community Development Financial Institutions Fund
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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 new subsection: The Administrator shall establish in the Fund an Office of the Community Development Advocate (in this subsection referred to as the Office ). The head of the Office shall be the Community Development Advocate who shall— report directly to the Administrator; and be appointed by the Administrator from among individuals having experience in advocating to expand economic opportunity for targeted populations and investment areas.
The annual rate of pay for the Community Development Advocate shall be equal to the highest rate of annual pay for other senior executives who report to the Administrator. An individual who serves as the Community Development Advocate may not be employed by the Administrator— during the 2-year period ending on the date of appointment as Community Development Advocate; or during the 5-year period beginning on the date on which the person ceases to serve as the Community Development Advocate.
The Community Development Advocate may retain or employ independent counsel, research staff, and service staff, as the Community Development Advocate deems necessary to carry out the functions and duties of the Office. The Community Development Advocate shall ensure that community development financial institutions provide safe and affordable financial products and services to targeted populations and investment areas. Such duties may include the following: Collecting, addressing, and documenting complaints from institutions about— the process of becoming a certified community development financial institution; and the process of applying for grants or programs of the Fund.
Working with the Administrator and institutions to address complaints where possible, including the following: Obtaining clarity relating to determinations or notices of noncompliance of an institution. Ensuring reasonable responsiveness of the Administrator to inquiries from institutions. Facilitating coordination between the Administrator and appropriate Federal banking agencies to ensure full understanding of issues related to safety and soundness of community development financial institutions or legal and regulatory obligations of such institutions.
Ensuring that community development financial institutions have timely access to technical assistance for application systems administered by the Administrator. Assess the efficiency and efficacy of the certification and application processes described in subparagraph
(A)and assess whether the Fund has adequate resources for the number of applicants. The Community Development Advocate shall submit to Congress, the Administrator, and the Community Development Advisory Board an annual report that includes— an assessment of the responsiveness of the Administrator to inquiries from community development financial institutions; an assessment of the length of time taken to review applications for certification or recertification from such institutions; the results of the assessments conducted under paragraph (4)(C); and such other information, as determined by the Community Development Advocate. .
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Sec. 3
Establishment of an Office of the Community Development Advocate the Community Development Financial Institutions Fund
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