II 

116TH CONGRESS 

2D SESSION S. 3774 

To amend the CARES Act to establish a Community Capital Investment 

Program, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 20, 2020 

Mr. PETERS introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To amend the CARES Act to establish a Community Capital 

Investment Program, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. COMMUNITY CAPITAL INVESTMENT PROGRAM. 

4 Section 4003 of the CARES Act (Public Law 116– 

5 136) is amended by adding at the end the following: 

6 ‘‘(i) COMMUNITY CAPITAL INVESTMENT PROGRAM.— 

7 ‘‘(1) IN GENERAL.—The Secretary shall estab8 lish a Community Capital Investment Program to 

9 support the efforts of community investment institu10 tions to provide loans and forbearance for small 


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1 businesses, minority-owned businesses, and con2 sumers, especially in low-income and underserved 

3 communities, by— 

4 ‘‘(A) providing direct capital investments 

5 in community investment institutions; and 

6 ‘‘(B) providing loans to community invest7 ment institutions— 

8 ‘‘(i) that are interest-free loans; 

9 ‘‘(ii) that have a loan term of 5 years; 

10 ‘‘(iii) with respect to which no loan 

11 payment is required under at least the end 

12 of the 180-day period beginning on the 

13 date the loan is made, or such longer term 

14 as the Secretary may determine appro15 priate. 

16 ‘‘(2) APPLICATION DATE.—The Secretary shall 

17 begin accepting applications for capital investments 

18 and loans under the Program not later than the end 

19 of the 10-day period beginning on the date of enact20 ment of this subsection. 

21 ‘‘(3) DIVIDEND RATE.—Any preferred stock or 

22 other financial instrument issued to the Secretary in 

23 exchange for a capital investment under the Pro24 gram shall carry a dividend or interest rate that 

25 does not exceed— 


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1 ‘‘(A) 1 percent, during the 3-year period 

2 following the date on which such instrument is 

3 issued; and 

4 ‘‘(B) 3 percent, after the 3-year period de5 scribed under subparagraph (A). 

6 ‘‘(4) RESTRICTIONS.—The restrictions de7 scribed under subsection (c)(3)(A)(ii) shall apply to 

8 capital investments and loans made under this sub9 section. 

10 ‘‘(5) AVAILABLE AMOUNTS.—In carrying out 

11 the Program, the Secretary shall use amounts made 

12 available under subsection (b), notwithstanding the 

13 limitations on the use of such funds under para14 graphs (1) through (4) of such subsection (b). 

15 ‘‘(6) DEFINITIONS.—In this subsection: 

16 ‘‘(A) COMMUNITY INVESTMENT INSTITU17 TION.—The term ‘community investment insti18 tution’ means— 

19 ‘‘(i) a community development finan20 cial institution, as defined in section 103 of 

21 the Community Development Banking and 

22 Financial Institutions Act of 1994 (12 

23 U.S.C. 4702); 

24 ‘‘(ii) an impact credit union; 

25 ‘‘(iii) an impact bank; and 


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1 ‘‘(iv) a minority depository institution, 

2 as defined in section 308 of the Financial 

3 Institutions Reform, Recovery, and En4 forcement Act of 1989 (12 U.S.C. 1463 

5 note). 

6 ‘‘(B) CREDIT UNION.—The term ‘credit 

7 union’ means a State credit union and Federal 

8 credit union, as defined in section 101 of the 

9 Federal Credit Union Act (12 U.S.C. 1752). 

10 ‘‘(C) IMPACT CREDIT UNION.—The term 

11 ‘impact credit union’ means a credit union 

12 that— 

13 ‘‘(i) has total consolidated assets of 

14 less than $10,000,000,000; and 

15 ‘‘(ii) extends at least 50 percent of the 

16 loans extended by the credit union to bor17 rowers who are low-income borrowers, as 

18 determined by the Secretary. 

19 ‘‘(D) IMPACT BANK.—The term ‘impact 

20 bank’ means a depository institution, as defined 

21 in section 3 of the Federal Deposit Insurance 

22 Act (12 U.S.C. 1813) that— 

23 ‘‘(i) has total consolidated assets of 

24 less than $10,000,000,000; and 


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1 ‘‘(ii) extends at least 50 percent of the 

2 loans extended by the institution to bor3 rowers who are low-income borrowers, as 

4 determined by the Secretary. 

5 ‘‘(E) PROGRAM.—The term ‘Program’ 

6 means the Community Capital Investment Pro7 gram.’’. 

Æ 


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