SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Financial Institution Advisory 
Committees Act of 2016''.

SEC. 2. COMMUNITY BANK ADVISORY COMMITTEE.

    (a) Definitions.--For purposes of this section:
            (1) Community bank.--The term ``community bank'' means a 
        depository institution with total assets of $10,000,000,000 or 
        less.
            (2) Depository institution.--The term ``depository 
        institution'' has the meaning given that term under section 3 
        of the Federal Deposit Insurance Act (12 U.S.C. 1813).
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
    (b) Establishment and Functions.--
            (1) Establishment.--There is established within the 
        Department of the Treasury (hereafter in this section referred 
        to as the ``Department'') the Community Bank Advisory Committee 
        (hereafter in this section referred to as the ``Committee'').
            (2) Functions.--The Committee shall provide the Department 
        with advice on the Department's efforts regarding financial 
        institutions legislation and regulation, legislation affecting 
        Federal departments and agencies that regulate or insure 
        financial institutions, and securities markets legislation and 
        regulation, as such efforts relate to community banks.
    (c) Membership.--
            (1) Member appointment.--Not later than 12 months after the 
        date of the enactment of this Act, the Secretary shall appoint 
        not fewer than 15, and not more than 20, members to the 
        Committee. In appointing such members, the Secretary shall--
                    (A) include members representing community banks 
                that are not affiliates of depository institutions with 
                total assets of more than $10,000,000,000;
                    (B) include members representing community banks of 
                different charter types, asset sizes, geographic areas, 
                and ownership types;
                    (C) give strong consideration to members 
                representing community banks predominantly serving 
                traditionally rural and underserved communities and 
                populations and their interests; and
                    (D) make such appointments without regard to party 
                affiliation.
            (2) Term.--Each member of the Committee shall serve for a 
        term of 2 years, which is not eligible for renewal.
            (3) Members not department employees.--Members of the 
        Committee shall not be treated as employees or agents of the 
        Department solely because of membership on the Committee.
            (4) Resignation.--Any member may resign at any time by 
        giving notice to the Department. The Secretary shall appoint 
        persons to fill vacancies on the Committee as the vacancies 
        occur.
    (d) Chairman; Vice Chairman; Secretary; Assistant Secretary.--
            (1) In general.--The members of the Committee shall elect, 
        from among the members of the Committee--
                    (A) a chairman;
                    (B) a vice chairman;
                    (C) a secretary; and
                    (D) an assistant secretary.
            (2) Term.--Each member elected under paragraph (1) shall 
        serve for a term of 2 years in the capacity for which the 
        member was elected under paragraph (1).
    (e) Meetings.--
            (1) Frequency of meetings.--The Committee shall meet--
                    (A) not less frequently than 4 times annually, at 
                the call of the chairman of the Committee; and
                    (B) from time to time, at the call of the 
                Department.
            (2) Notice.--The chairman of the Committee shall give the 
        members of the Committee written notice of each meeting, not 
        later than 4 weeks before the date of the meeting.
            (3) Location.--At least 2 of the meetings each year shall 
        take place in person at the Department's headquarters in the 
        District of Columbia. Participants should make every effort 
        within reason to attend these meetings in person.
            (4) Agenda.--Each meeting shall be conducted in accordance 
        with an agenda formulated by the chairman of the Committee, 
        with input from other Committee members.
            (5) Department representation.--Each meeting of the 
        Committee shall be attended by the Secretary or the Secretary's 
        designee.
    (f) Compensation and Travel Expenses.--Each member of the Committee 
who is not a full-time employee of the United States shall--
            (1) be entitled to receive compensation at a rate not to 
        exceed the daily equivalent of the annual rate of basic pay in 
        effect for a position at level V of the Executive Schedule 
        under section 5316 of title 5, United States Code, for each day 
        during which the member is engaged in the actual performance of 
        the duties of the Committee; and
            (2) while away from the home or regular place of business 
        of the member in the performance of services for the Committee, 
        be allowed travel expenses, including per diem in lieu of 
        subsistence, in the same manner as persons employed 
        intermittently in the Government service are allowed expenses 
        under section 5703 of title 5, United States Code.
    (g) Staff.--The Department shall make available to the Committee 
such staff as the chairman of the Committee determines are necessary to 
carry out the functions of the Committee.
    (h) Review by Department.--The Department shall--
            (1) review the findings and recommendations of the 
        Committee; and
            (2) each time the Committee submits a finding or 
        recommendation to the Department, promptly, but no more than 60 
        days after submission, issue a public statement, a copy of 
        which shall be delivered to Committee members--
                    (A) assessing the finding or recommendation of the 
                Committee; and
                    (B) disclosing the action, if any, the Department 
                intends to take with respect to the finding or 
                recommendation.

SEC. 3. CREDIT UNION ADVISORY COMMITTEE.

    (a) Definitions.--For purposes of this section:
            (1) Credit union.--The term ``credit union'' means a 
        Federal credit union or a State credit union, as such terms are 
        defined, respectively, under section 101 of the Federal Credit 
        Union Act (12 U.S.C. 1752).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
    (b) Establishment and Functions.--
            (1) Establishment.--There is established within the 
        Department of the Treasury (hereafter in this section referred 
        to as the ``Department'') the Credit Union Advisory Committee 
        (hereafter in this section referred to as the ``Committee'').
            (2) Functions.--The Committee shall provide the Department 
        with advice on the Department's efforts regarding financial 
        institutions legislation and regulation, legislation affecting 
        Federal departments and agencies that regulate or insure 
        financial institutions, and securities markets legislation and 
        regulation, as such efforts relate to credit unions.
    (c) Membership.--
            (1) Member appointment.--Not later than 12 months after the 
        date of the enactment of this Act, the Secretary shall appoint 
        not fewer than 15, and not more than 20, members to the 
        Committee. In appointing such members, the Secretary shall--
                    (A) include members representing credit unions with 
                total assets of $10,000,000,000 or less;
                    (B) include members representing credit unions that 
                are not affiliates of credit unions with total assets 
                of more than $10,000,000,000;
                    (C) include members representing credit unions of 
                different charter types, asset sizes, geographic areas, 
                and ownership types;
                    (D) give strong consideration to members 
                representing credit unions predominantly serving 
                traditionally rural and underserved communities and 
                populations and their interests; and
                    (E) make such appointments without regard to party 
                affiliation.
            (2) Term.--Each member of the Committee shall serve for a 
        term of 2 years, which is not eligible for renewal.
            (3) Members not department employees.--Members of the 
        Committee shall not be treated as employees or agents of the 
        Department solely because of membership on the Committee.
            (4) Resignation.--Any member may resign at any time by 
        giving notice to the Department. The Secretary shall appoint 
        persons to fill vacancies on the Committee as the vacancies 
        occur.
    (d) Chairman; Vice Chairman; Secretary; Assistant Secretary.--
            (1) In general.--The members of the Committee shall elect, 
        from among the members of the Committee--
                    (A) a chairman;
                    (B) a vice chairman;
                    (C) a secretary; and
                    (D) an assistant secretary.
            (2) Term.--Each member elected under paragraph (1) shall 
        serve for a term of 2 years in the capacity for which the 
        member was elected under paragraph (1).
    (e) Meetings.--
            (1) Frequency of meetings.--The Committee shall meet--
                    (A) not less frequently than 4 times annually, at 
                the call of the chairman of the Committee; and
                    (B) from time to time, at the call of the 
                Department.
            (2) Notice.--The chairman of the Committee shall give the 
        members of the Committee written notice of each meeting, not 
        later than 4 weeks before the date of the meeting.
            (3) Location.--At least 2 of the meetings each year shall 
        take place in person at the Department's headquarters in the 
        District of Columbia. Participants should make every effort 
        within reason to attend these meetings in person.
            (4) Agenda.--Each meeting shall be conducted in accordance 
        with an agenda formulated by the chairman of the Committee, 
        with input from other Committee members.
            (5) Department representation.--Each meeting of the 
        Committee shall be attended by the Secretary or the Secretary's 
        designee.
    (f) Compensation and Travel Expenses.--Each member of the Committee 
who is not a full-time employee of the United States shall--
            (1) be entitled to receive compensation at a rate not to 
        exceed the daily equivalent of the annual rate of basic pay in 
        effect for a position at level V of the Executive Schedule 
        under section 5316 of title 5, United States Code, for each day 
        during which the member is engaged in the actual performance of 
        the duties of the Committee; and
            (2) while away from the home or regular place of business 
        of the member in the performance of services for the Committee, 
        be allowed travel expenses, including per diem in lieu of 
        subsistence, in the same manner as persons employed 
        intermittently in the Government service are allowed expenses 
        under section 5703 of title 5, United States Code.
    (g) Staff.--The Department shall make available to the Committee 
such staff as the chairman of the Committee determines are necessary to 
carry out the functions of the Committee.
    (h) Review by Department.--The Department shall--
            (1) review the findings and recommendations of the 
        Committee; and
            (2) each time the Committee submits a finding or 
        recommendation to the Department, promptly, but no more than 60 
        days after submission, issue a public statement, a copy of 
        which shall be delivered to Committee members--
                    (A) assessing the finding or recommendation of the 
                Committee; and
                    (B) disclosing the action, if any, the Department 
                intends to take with respect to the finding or 
                recommendation.
Small Financial Institution Advisory Committees Act of 2016 This bill establishes within the Department of the Treasury:  the Community Bank Advisory Committee to advise Treasury about its efforts regarding legislation and regulation that affect financial institutions, federal departments and agencies that regulate or insure financial institutions, and securities markets, as these efforts relate to community banks; and   the Credit Union Advisory Committee to advise Treasury about such efforts as they relate to credit unions. 
Small Financial Institution Advisory Committees Act of 2016