I 

111TH CONGRESS 

1ST SESSION H. R. 2676 

To amend chapter 3 of title 31, United States Code, to provide for an 

Assistant Secretary of the Treasury for Community Financial Institutions 

and an Office of Ombudsman for Community Financial Institutions, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 3, 2009 

Mr. CARDOZA introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To amend chapter 3 of title 31, United States Code, to 

provide for an Assistant Secretary of the Treasury for 

Community Financial Institutions and an Office of Ombudsman for Community Financial Institutions, 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. 

4 This Act may be cited as the ‘‘Administrative Sup5 port and Oversight for Community Financial Institutions 

6 Act of 2009’’. 


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1 SEC. 2. ASSISTANT SECRETARY FOR COMMUNITY FINAN2 CIAL INSTITUTIONS. 

3 (a) ESTABLISHED.—The 1st sentence of section 

4 301(e) of title 31, United States Code, is amended— 

5 (1) by striking ‘‘10’’ and inserting ‘‘11’’; and 

6 (2) by inserting ‘‘, 1 of whom shall be des7 ignated by the President as the Assistant Secretary 

8 for Community Financial Institutions’’ before the 

9 period at the end. 

10 (b) ADDITIONAL DUTIES.—Subchapter I of chapter 

11 3 of title 31, United States Code, is amended by inserting 

12 after section 301 the following new section: 

13 ‘‘§ 301A. Assistant Secretary for Community Financial 

14 Institutions 

15 ‘‘(a) IN GENERAL.—In addition to other duties and 

16 powers prescribed the Secretary, the Assistant Secretary 

17 for Community Financial Institutions designated under 

18 section 301(e) shall— 

19 ‘‘(1) advise the Secretary on the impact of poli20 cies and regulations of the Department on commu21 nity financial institutions; and 

22 ‘‘(2) provide guidance to the Secretary to en23 sure that the policies and regulations of the Depart24 ment strengthen community financial institutions.’’. 

25 (c) CLERICAL AMENDMENT.—The table of sections 

26 for subchapter I of chapter 3 of title 31, United States 


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1 Code, is amended by inserting after the item relating to 

2 section 301 the following new item: 

‘‘301A. Assistant Secretary for Community Financial Institutions.’’. 

3 SEC. 3. OFFICE OF OMBUDSMAN FOR COMMUNITY FINAN4 CIAL INSTITUTIONS. 

5 Section 301A of title 31, United States Code (as 

6 added by section 2), is amended by adding at the end the 

7 following new subsections: 

8 ‘‘(b) OFFICE OF OMBUDSMAN FOR COMMUNITY FI9 NANCIAL INSTITUTIONS.— 

10 ‘‘(1) ESTABLISHMENT.—The Secretary of 

11 Treasury shall establish an Office of Ombudsman 

12 for Community Financial Institutions (hereafter in 

13 this subsection referred to as the ‘Ombudsman Of14 fice’), the head of which shall be the Assistant Sec15 retary for Community Financial Institutions. 

16 ‘‘(2) FUNCTIONS.—The functions of the Assist17 ant Secretary for Community Financial Institutions 

18 as the head of the Ombudsman Office shall be to 

19 provide assistance to and answer questions from 

20 community financial institutions regarding policies 

21 of the Secretary and their effects on community fi22 nancial institutions. 

23 ‘‘(3) ADDITIONAL FUNCTIONS RELATING TO

24 TARP AND P–PIP.—The Assistant Secretary for 

25 Community Financial Institutions as the head of the 


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1 Ombudsman Office shall also provide assistance to 

2 community financial institutions regarding— 

3 ‘‘(A) applications and the application proc4 ess for Troubled Asset Relief Program funds; 

5 ‘‘(B) sales of assets to or purchase of as6 sets from the Public-Private Investment Pro7 gram for Legacy Assets established by the Sec8 retary of the Treasury, in conjunction with the 

9 Board of Governors of the Federal Reserve Sys10 tem and the Federal Deposit Insurance Cor11 poration; 

12 ‘‘(C) status of pending applications for 

13 Troubled Asset Relief Program funds or sales 

14 to or purchases from the Public-Private Invest15 ment Program for Legacy Assets; and 

16 ‘‘(D) compliance with regulations associ17 ated with acceptance of Troubled Asset Relief 

18 Program funds or sales to or purchases from 

19 the Public-Private Investment Program for 

20 Legacy Assets. 

21 ‘‘(E) TOLL-FREE TELEPHONE NUM22 BERS.—The Assistant Secretary shall establish 

23 and maintain toll-free telephone assistance 

24 phone numbers as follows: 


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1 ‘‘(i) A telephone number shall be 

2 made available for community financial in3 stitution general inquiries 8 hours a day 

4 and 7 days a week. 

5 ‘‘(ii) A telephone number shall be 

6 made available for community financial in7 stitution inquiries about the Troubled 

8 Asset Relief Program 8 hours a day and 7 

9 days a week.’’. 

Æ 


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