Equal Access to Banking Act

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. 1. Short title; purpose (a) Short title This Act may be cited as the Equal Access to Banking Act (b) Purpose This purposes of this Act are the following: (1) To expand banking services to unbanked and underbanked individuals by requiring the Federal Deposit Insurance Corporation to re-assess regulations to allow non-profit community development financial institution banks to obtain deposit insurance, while still adequately protecting the Deposit Insurance Fund. (2) To facilitate an insured depository institution structure that benefits from philanthropic donations, investment incentives from the Community Reinvestment Act of 1977, and Community Development Financial Institution Fund grants. 2. Regulations to ease certain restrictions on non-profit community development financial institution banks (a) Regulations related to deposit insurance (1) In general The Federal Deposit Insurance Corporation shall issue regulations— (A) easing the restrictive impact of regulations issued pursuant to section 6 of the Federal Deposit Insurance Act ( 12 U.S.C. 1816 (B) easing restrictions on the operation of non-profit community development financial institution banks insured by the Federal Deposit Insurance Corporation. (2) Other financial institutions The Federal Deposit Insurance Corporation shall ensure that regulations issued under paragraph (1)— (A) will not provide an opportunity for individuals or for-profit financial institutions to avoid taxation or other requirements related to deposit insurance; and (B) allow charitable contributions and grants to non-profit community development financial institution banks. (3) Failure to maintain certification The Federal Deposit Insurance Corporation shall terminate the deposit insurance of a non-profit community development financial institution bank if the bank loses the bank’s certification as a community development financial institution. (b) Definitions For purposes of this Act: (1) Community development financial institution The term community development financial institution 12 U.S.C. 4702 (2) Depository institution The term depository institution 12 U.S.C. 1813 (3) Income definitions The terms low-income moderate-income (4) Non-profit community development financial institution bank The term non-profit community development financial institution bank (A) is certified as a community development financial institution by the Community Development Financial Institutions Fund; and (B) serves low-income and moderate-income customers.

Summary: Equal Access to Banking Act This bill requires the Federal Deposit Insurance Corporation (FDIC) to issue regulations: (1) easing the restrictive impact of regulations issued pursuant to the Federal Deposit Insurance Act relating to the factors to be considered for deposit insurance on non-profit community development financial institution banks, and (2) easing restrictions on the operation of such banks insured by the FDIC. The FDIC shall ensure that such regulations issued under this bill: (1) will not provide an opportunity for individuals or for-profit financial institutions to avoid taxation or other requirements related to deposit insurance, and (2) allow charitable contributions and grants to such banks. The FDIC shall terminate the deposit insurance of such a bank if the bank loses its certification as a community development financial institution. The bill defines a "non-profit community development financial institution bank" as a non-profit depository institution that: (1) is certified as a community development financial institution by the Community Development Financial Institutions Fund, and (2) serves low-income and moderate-income customers.