Sec. 1204. EXPANSION OF USE OF UNDERUTILIZED MINORITY BANKS, WOMEN'S BANKS, AND LOW-INCOME CREDIT UNIONS
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## SEC. 1204 EXPANSION OF USE OF UNDERUTILIZED MINORITY BANKS, WOMEN'S BANKS, AND LOW-INCOME CREDIT UNIONS **[**[12 U.S.C. 1811](/us/usc/t12/s1811) nt.**]** ###
(a)Consultation on Expanded Use The Secretary of the Treasury shall consult with the appropriate Federal banking agencies and the National Credit Union Administration Board on methods for increasing the use of underutilized minority banks, women's banks, and limited income credit unions as depositaries or financial agents of Federal agencies. ###
(b)Report to Congress The Secretary of the Treasury shall include, in the 1st annual report submitted to the Congress under section 331(a) of title 31, United States Code, after the completion of the consultation required by subsection (a), a report of the actions taken by the Secretary to increase the use of underutilized minority banks, women's banks, and limited income credit unions as depositaries or financial agents of Federal agencies. ###
(c)Definitions For purposes of this section: ####
(1)Appropriate federal banking agency The term “**appropriate Federal banking agency**” has the meaning given to such term in section 3(q) of the Federal Deposit Insurance Act. ####
(2)Minority bank The term “**minority bank**” means any depository institution described in clause (i), (ii), or
(iii)of section 19(b)(1)(A) of the Federal Reserve Act— #####
(A)more than 50 percent of the ownership or control of which is held by 1 or more minority individuals; and #####
(B)more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals. ####
(3)Minority The term “**minority**” means any Black American, Native American, Hispanic American, or Asian American. ####
(4)Low-income credit union The term “**low-income credit union**” means any depository institution described in section 19(b)(1)(A)(iv) of the Federal Reserve Act which serves predominately low-income members (as defined by the National Credit Union Administration Board pursuant to section 101(5) of the Federal Credit Union Act). ####
(5)Women's bank The term “**women's bank**” means any depository institution described in clause (i), (ii), or
(iii)of section 19(b)(1)(A) of the Federal Reserve Act— #####
(A)more than 50 percent of the outstanding shares of which are held by 1 or more women; #####
(B)a majority of the directors on the board of directors of which are women; and #####
(C)a significant percentage of senior management positions of which are held by women.
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Sec. 1204
EXPANSION OF USE OF UNDERUTILIZED MINORITY BANKS, WOMEN'S BANKS, AND LOW-INCOME CREDIT UNIONS
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