H. R. 133—903 
‘‘(B)(i) not more than 7.5 percent of total assets for 
an institution with assets of more than $2,000,000,000; 
‘‘(ii) not more than 15 percent of total assets for an 
institution with assets of not less than $500,000,000 and 
not more than $2,000,000,000; and 
‘‘(iii) not more than 22.5 percent of total assets for 
an institution with assets of less than $500,000,000. 
‘‘(2) SET-ASIDES.—Of the amounts made available under 
subsection (c)(2), not less than $4,000,000,000 shall be made 
available for eligible institutions with total assets of not more 
than $2,000,000,000 that timely apply to receive a capital 
investment under the Program, of which not less than 
$2,000,000,000 shall be made available for eligible institutions 
with total assets of less than $500,000,000 that timely apply 
to receive a capital investment under the Program. 
‘‘(3) HOLDING OF INSTRUMENTS.—Holding any instrument 
of a low- and moderate-income community financial institution 
described in paragraph (1) shall not give the Secretary or 
any successor that owns the instrument any rights over the 
management of the institution in the ordinary course of busi-
ness. 
‘‘(4) SALE OF INTEREST.— 
‘‘(A) IN GENERAL.—With respect to a capital investment 
made into a low- and moderate-income community financial 
institution under this section, the Secretary— 
‘‘(i) prior to any sale of such capital investment 
to a third party, shall provide the low- and moderate- 
income community financial institution a right of first 
refusal to buy back the investment under terms that 
do not exceed a value as determined by an independent 
third party; 
‘‘(ii) shall not sell more than 25 percent of the 
outstanding equity interests of any institution to a 
single third party without the consent of such institu-
tion, which may not be unreasonably withheld; and 
‘‘(iii) with the permission of the institution, may 
transfer or sell the interest of the Secretary in the 
capital investment for no consideration or for a de 
minimis amount to a mission aligned nonprofit affiliate 
of an applicant that is an insured community develop-
ment financial institution. 
‘‘(B) CALCULATION OF OWNERSHIP FOR MINORITY DEPOSI-
TORY INSTITUTIONS.—The calculation and determination of 
ownership thresholds for a depository institution to qualify 
as a minority depository institution shall exclude any dilu-
tive effect of equity investments by the Federal Govern-
ment, including under the Program or through the Fund. 
‘‘(5) REPAYMENT INCENTIVES.—The Secretary may establish 
repayment incentives that will apply to capital investments 
under the Program in a manner that the Secretary determines 
to be consistent with the purposes of the Program. 
‘‘(f) TREATMENT OF CAPITAL INVESTMENTS.—The Secretary shall 
seek to establish the terms of preferred stock issued under the 
Program to enable such preferred stock to receive Tier 1 capital 
treatment. 
‘‘(g) OUTREACH
TO MINORITY COMMUNITIES.—The Secretary 
shall require low- and moderate-income community financial
H. R. 133—904 
institutions receiving capital investments under the Program to 
provide community outreach and communication, where appro-
priate, describing the availability and application process of 
receiving loans made possible by the Program through organiza-
tions, trade associations, and individuals that represent or work 
within or are members of minority communities. 
‘‘(h) RESTRICTIONS.— 
‘‘(1) IN GENERAL.—Not later than the end of the 30-day 
period beginning on the date of enactment of this section, 
the Secretary shall issue rules setting restrictions on executive 
compensation, share buybacks, and dividend payments for 
recipients of capital investments under the Program. 
‘‘(2) CONFLICTS OF INTEREST.— 
‘‘(A) DEFINITIONS.—In this paragraph: 
‘‘(i) CONTROLLING INTEREST.—The term ‘controlling 
interest’ means owning, controlling, or holding not less 
than 20 percent, by vote or value, of the outstanding 
amount of any class of equity interest in an entity. 
‘‘(ii) COVERED ENTITY.—The term ‘covered entity’ 
means an entity in which a covered individual directly 
or indirectly holds a controlling interest. For the pur-
pose of determining whether an entity is a covered 
entity, the securities owned, controlled, or held by 2 
or more individuals who are related as described in 
clause (iii)(II) shall be aggregated. 
‘‘(iii) COVERED
INDIVIDUAL.—The term ‘covered 
individual’ means— 
‘‘(I) the President, the Vice President, the head 
of an Executive department, or a Member of Con-
gress; and 
‘‘(II) the spouse, child, son-in-law, or daughter- 
in-law, as determined under applicable common 
law, of an individual described in subclause (i). 
‘‘(iv) EXECUTIVE DEPARTMENT.—The term ‘Execu-
tive department’ has the meaning given the term in 
section 101 of title 5, United States Code. 
‘‘(v) MEMBER OF CONGRESS.—The term ‘member 
of Congress’ means a member of the Senate or House 
of Representatives, a Delegate to the House of Rep-
resentatives, and the Resident Commissioner from 
Puerto Rico. 
‘‘(vi) EQUITY INTEREST.—The term ‘equity interest’ 
means— 
‘‘(I) a share in an entity, without regard to 
whether the share is— 
‘‘(aa) transferable; or 
‘‘(bb) classified as stock or anything 
similar; 
‘‘(II) a capital or profit interest in a limited 
liability company or partnership; or 
‘‘(III) a warrant or right, other than a right 
to convert, to purchase, sell, or subscribe to a 
share or interest described in subclause (I) or (II), 
respectively. 
‘‘(B) PROHIBITION.—Notwithstanding any other provi-
sion of this section, no covered entity may be eligible for 
any investment made under the Program.
H. R. 133—905 
‘‘(C) REQUIREMENT.—The principal executive officer 
and the principal financial officer, or individuals performing 
similar functions, of an entity seeking to receive an invest-
ment made under the Program shall, before that invest-
ment is approved, certify to the Secretary and the appro-
priate Federal banking agency or the National Credit Union 
Administration, as applicable, that the entity is eligible 
to receive the investment, including that the entity is not 
a covered entity. 
‘‘(i) INELIGIBILITY
OF CERTAIN INSTITUTIONS.—An institution 
shall be ineligible to participate in the Program if such institution 
is designated in Troubled Condition by the appropriate Federal 
banking agency or the National Credit Union Administration, as 
applicable, or is subject to a formal enforcement action with its 
primary Federal regulator that addresses unsafe or unsound lending 
practices. 
‘‘(j) TERMINATION OF INVESTMENT AUTHORITY.— 
‘‘(1) IN
GENERAL.—The authority to make new capital 
investments in low- and moderate-income community financial 
institutions, including commitments to purchase preferred stock 
or other instruments, provided under the Program shall termi-
nate on the date that is 6 months after the date on which 
the national emergency concerning the novel coronavirus dis-
ease (COVID–19) outbreak declared by the President on March 
13, 2020 under the National Emergencies Act (50 U.S.C. 1601 
et seq.) terminates. 
‘‘(2) RULE OF CONSTRUCTION.—Nothing in this subsection 
may be construed to limit any other authority of the Secretary 
not described in paragraph (1). 
‘‘(k) COLLECTION OF DATA.—Notwithstanding the Equal Credit 
Opportunity Act (15 U.S.C. 1691 et seq.)— 
‘‘(1) any low- and moderate-income community financial 
institution may collect data described in section 701(a)(1) of 
that Act (15 U.S.C. 1691(a)(1)) from borrowers and applicants 
for credit for the sole purpose and exclusive use of monitoring 
compliance under the plan required under subsection (d)(4); 
and 
‘‘(2) a low- and moderate-income community financial 
institution that collects the data described in paragraph (1) 
shall not be subject to adverse action related to that collection 
by the Bureau of Consumer Financial Protection or any other 
Federal agency. 
‘‘(l) DEPOSIT OF FUNDS.—All funds received by the Secretary 
in connection with purchases made pursuant this section, including 
interest payments, dividend payments, and proceeds from the sale 
of any financial instrument, shall be deposited into the Fund and 
used to provide financial and technical assistance pursuant to sec-
tion 108, except that subsection (e) of that section shall be waived. 
‘‘(m) DIRECT APPROPRIATION.—There is appropriated, out of 
amounts in the Treasury not otherwise appropriated, for fiscal 
year 2021, $9,000,000,000, to remain available until expended and 
to be deposited in the Emergency Capital Investment Fund, to 
carry out this section. 
‘‘(n) ADMINISTRATIVE EXPENSES.—Funds appropriated pursuant 
to subsection (m) may be used for administrative expenses, 
including the costs of modifying such investments, and reasonable
H. R. 133—906 
costs of administering the Program of making, holding, managing, 
and selling the capital investments. 
‘‘(o) ADMINISTRATIVE PROVISIONS.—The Secretary may take 
such actions as the Secretary determines necessary to carry out 
the authorities in this section, including the following: 
‘‘(1) The Secretary may use the services of any agency 
or instrumentality of the United States or component thereof 
on a reimbursable basis, and any such agency or instrumen-
tality or component thereof is authorized to provide services 
as requested by the Secretary using all authorities vested in 
or delegated to that agency, instrumentality, or component. 
‘‘(2) The Secretary may enter into contracts, including con-
tracts for services authorized by section 3109 of title 5, United 
States Code. 
‘‘(3) The Secretary may designate any bank, savings 
association, trust company, security broker or dealer, asset 
manager, or investment adviser as a financial agent of the 
Federal Government and such institution shall perform all 
such reasonable duties related to this section as financial agent 
of the Federal Government as may be required. The Secretary 
shall have authority to amend existing agreements with finan-
cial agents to perform reasonable duties related to this section. 
‘‘(4) The Secretary may exercise any rights received in 
connection with any preferred stock or other financial 
instruments or assets purchased or acquired pursuant to the 
authorities granted under this section. 
‘‘(5) The Secretary may manage any assets purchased under 
this section, including revenues and portfolio risks therefrom. 
‘‘(6) The Secretary may sell, dispose of, transfer, exchange 
or enter into securities loans, repurchase transactions, or other 
financial transactions in regard to, any preferred stock or other 
financial instrument or asset purchased or acquired under this 
section, upon terms and conditions and at a price determined 
by the Secretary. 
‘‘(7) The Secretary may manage or prohibit conflicts of 
interest that may arise in connection with the administration 
and execution of the authorities provided under this section. 
‘‘(8) The Secretary may establish and use vehicles to pur-
chase, hold, and sell preferred stock or other financial 
instruments and issue obligations. 
‘‘(9) The Secretary may issue such regulations and other 
guidance as may be necessary or appropriate to define terms 
or carry out the authorities or purposes of this section. 
‘‘(10) The Secretary is authorized to use direct hiring 
authority to hire employees to administer this section.’’. 
(b) TECHNICAL AND CONFORMING AMENDMENT.—The table of 
contents in section 1(b) of the Riegle Community Development 
and Regulatory Improvement Act of 1994 is amended by inserting 
after the item relating to section 104 the following: 
‘‘104A. Capital investments for neighborhoods disproportionately impacted by the 
COVID–19 pandemic.’’. 
SEC. 523. EMERGENCY SUPPORT FOR CDFIS AND COMMUNITIES 
RESPONDING TO THE COVID–19 PANDEMIC. 
(a) DIRECT APPROPRIATION.—There is appropriated, out of 
amounts in the Treasury not otherwise appropriated, for the fiscal