I 

114TH CONGRESS 

2D SESSION H. R. 5511 

To require the Federal Deposit Insurance Corporation to implement regulations easing certain restrictions on non-profit community development 

financial institution banks, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 16, 2016 

Mr. DELANEY (for himself and Mr. CARNEY) introduced the following bill; 

which was referred to the Committee on Financial Services 

A BILL 

To require the Federal Deposit Insurance Corporation to 

implement regulations easing certain restrictions on nonprofit community development financial institution 

banks, 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. SHORT TITLE; PURPOSE. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Equal Access to Banking Act’’. 

6 (b) PURPOSE.—This purposes of this Act are the fol7 lowing: 


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1 (1) To expand banking services to unbanked 

2 and underbanked individuals by requiring the Fed3 eral Deposit Insurance Corporation to re-assess reg4 ulations to allow non-profit community development 

5 financial institution banks to obtain deposit insur6 ance, while still adequately protecting the Deposit 

7 Insurance Fund. 

8 (2) To facilitate an insured depository institu9 tion structure that benefits from philanthropic dona10 tions, investment incentives from the Community 

11 Reinvestment Act of 1977, and Community Develop12 ment Financial Institution Fund grants. 

13 SEC. 2. REGULATIONS TO EASE CERTAIN RESTRICTIONS 

14 ON NON-PROFIT COMMUNITY DEVELOPMENT 

15 FINANCIAL INSTITUTION BANKS. 

16 (a) REGULATIONS RELATED TO DEPOSIT INSUR17 ANCE.— 

18 (1) IN GENERAL.—The Federal Deposit Insur19 ance Corporation shall issue regulations— 

20 (A) easing the restrictive impact of regula21 tions issued pursuant to section 6 of the Fed22 eral Deposit Insurance Act (12 U.S.C. 1816) 

23 (relating to the factors to be considered for de24 posit insurance) on non-profit community devel25 opment financial institution banks; and 


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1 (B) easing restrictions on the operation of 

2 non-profit community development financial in3 stitution banks insured by the Federal Deposit 

4 Insurance Corporation. 

5 (2) OTHER FINANCIAL INSTITUTIONS.—The 

6 Federal Deposit Insurance Corporation shall ensure 

7 that regulations issued under paragraph (1)— 

8 (A) will not provide an opportunity for in9 dividuals or for-profit financial institutions to 

10 avoid taxation or other requirements related to 

11 deposit insurance; and 

12 (B) allow charitable contributions and 

13 grants to non-profit community development fi14 nancial institution banks. 

15 (3) FAILURE TO MAINTAIN CERTIFICATION.— 

16 The Federal Deposit Insurance Corporation shall 

17 terminate the deposit insurance of a non-profit com18 munity development financial institution bank if the 

19 bank loses the bank’s certification as a community 

20 development financial institution. 

21 (b) DEFINITIONS.—For purposes of this Act: 

22 (1) COMMUNITY DEVELOPMENT FINANCIAL IN23 STITUTION.—The term ‘‘community development fi24 nancial institution’’ has the meaning given that term 

25 under section 103 of the Community Development 


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1 Banking and Financial Institutions Act of 1994 (12 

2 U.S.C. 4702). 

3 (2) DEPOSITORY INSTITUTION.—The term ‘‘de4 pository institution’’ has the meaning given such 

5 term in section 3 of the Federal Deposit Insurance 

6 Act (12 U.S.C. 1813). 

7 (3) INCOME DEFINITIONS.—The terms ‘‘low-in8 come’’ and ‘‘moderate-income’’ have the meaning 

9 given those terms, respectively, under section 25.12 

10 of title 12, Code of Federal Regulations. 

11 (4) NON-PROFIT COMMUNITY DEVELOPMENT

12 FINANCIAL INSTITUTION BANK.—The term ‘‘non13 profit community development financial institution 

14 bank’’ means a non-profit depository institution 

15 that— 

16 (A) is certified as a community develop17 ment financial institution by the Community 

18 Development Financial Institutions Fund; and 

19 (B) serves low-income and moderate-in20 come customers. 

Æ 


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