‘‘(3) MINIMIZATION
OF
BURDEN.—Any guid-
ance, regulations, frequently asked question, or other 
written or verbal communications provided by the 
Secretary or the Board of Governors of the Federal 
Reserve System in connection with the Program 
shall be designed to minimize any burden to the rel-
evant low- and moderate-income community finan-
cial institution and to ensure that the Program is 
actively utilized by the low- and moderate-income 
community financial institution for which the Pro-
gram is being created. 
‘‘(4) SMALL BUSINESS COMMUNITY LOAN PAR-
TICIPATIONS.— 
‘‘(A) IN GENERAL.—The facilities created 
under paragraph (2) shall purchase 90 percent 
of the balance of eligible small business loans 
described in subparagraph (B), either directly 
from low- and moderate-income community fi-
nancial institutions, or from intermediaries, to 
increase access to credit and build wealth in 
low- and moderate-income and minority commu-
nities. 
‘‘(B) CRITERIA
FOR
ELIGIBLE
SMALL 
BUSINESS LOANS.—An eligible small business 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
loan described in this subparagraph shall 
have— 
‘‘(i) a maximum loan balance of 
$250,000; 
‘‘(ii) reasonable loan origination and 
service fees; and 
‘‘(iii) other terms as prescribed by the 
Secretary. 
‘‘(C) ELIGIBILITY.—To be eligible under 
subparagraph (A), a low- and moderate-income 
community financial institution shall hold not 
less than 10 percent of each eligible small busi-
ness loan described in subparagraph (B), or 10 
percent of the loans as represented in a loan 
pool described in subparagraph (D). 
‘‘(D) LOAN
POOL.—Each loan pool de-
scribed in subparagraph (A)— 
‘‘(i) shall be composed of not less than 
50 loans that amount to not less than 
$1,000,000; 
‘‘(ii) shall be originated by a low- and 
moderate-income community financial in-
stitution for a commercially reasonable fee 
charged by the facility created under the 
Program; 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00021
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(iii) shall be serviced by a low- and 
moderate-income community financial in-
stitution for a commercially reasonable fee 
charged by a facility created under the 
Program; and 
‘‘(iv) shall be representative of the 
risk in the total loan portfolio of the low- 
and moderate-income community financial 
institution. 
‘‘(E) PRIORITIZATION.—Low- and mod-
erate-income community financial institutions 
shall prioritize the purchase of eligible small 
business loans described in subparagraph (B) 
that are made to minority-owned small busi-
nesses. 
‘‘(5) EQUITY
EQUIVALENT
LOAN
PARTICIPA-
TIONS.— 
‘‘(A) IN GENERAL.—The facilities created 
under paragraph (2) shall purchase 90-percent 
participations in loans made by financial insti-
tutions to low- and moderate-income community 
financial institutions that meet the eligibility re-
quirements in this paragraph. 
‘‘(B) ELIGIBILITY.—To be eligible under 
subparagraph (A), a financial institution shall 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00022
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
retain not less than 10 percent of each loan de-
scribed in subparagraph (C). 
‘‘(C) LOANS.—A loan described in this 
subparagraph shall be— 
‘‘(i) for not more than $10,000,000; 
‘‘(ii) originated after March 15, 2020; 
‘‘(iii) serviced by a financial institu-
tion; and 
‘‘(iv) treated as an equity equivalent 
investment, as defined by the Comptroller 
of the Currency, the Board of Governors of 
the Federal Reserve System, or the Fed-
eral Deposit Insurance Corporation. 
‘‘(6) APPLICATION DATE.—The Secretary shall 
begin accepting applications under the Program not 
later than the end of the 30-day period beginning on 
the date of enactment of this subsection. 
‘‘(7) INAPPLICABILITY OF RESTRICTIONS.—The 
restrictions and limitations described in subpara-
graphs (E) and (F) of paragraph (2) and paragraph 
(3)(A)(ii) of subsection (b) of section 4003 and in 
section 4004 shall not apply to the Program. 
‘‘(8) AVAILABLE
AMOUNTS.—In carrying out 
the Program, the Secretary shall use such sums as 
may be necessary, but not less than $8,000,000,000, 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00023
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
from amounts made available under paragraph (4) 
of subsection (b), notwithstanding the limitations on 
the use of such funds under that paragraph. 
‘‘(9) TERMINATION.—The Program shall termi-
nate on the date that is 48 months after the date 
of enactment of this subsection. 
‘‘(k) APPLICATION
OF
THE MILITARY LENDING 
ACT.— 
‘‘(1) IN GENERAL.—No low- and moderate-in-
come community financial institution that receives 
an equity investment under subsection (i) or sells a 
loan participation under subsection (j) shall, for so 
long as the investment or participation continues, 
make any loan at an annualized percentage rate 
above 36 percent, as determined in accordance with 
section 987(b) of title 10, United States Code (com-
monly known as the ‘Military Lending Act)’. 
‘‘(2) NO
EXEMPTIONS
PERMITTED.—The ex-
emption authority of the Bureau under section 
105(f) of the Truth in Lending Act (15 U.S.C. 
1604(f)) shall not apply with respect to this sub-
section.’’. 
SEC. 6. SUPPORTING THE CDFI FUND. 
(a) APPROPRIATIONS.—Of the amounts made avail-
able to the Secretary of the Treasury under section 4027 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00024
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
of 
the 
CARES 
Act 
(Public 
Law 
116–136), 
$2,900,000,000 shall be made available to the Fund to 
carry out this section. 
(b) SET ASIDES.—Of the amounts made available 
under subsection (a), the following amounts shall be set 
aside: 
(1) Up to $1,000,000,000, to remain available 
until September 30, 2021, to support, prepare for, 
and respond to the economic impact of the coronavi-
rus, provided that the Fund shall— 
(A) provide grants funded under this para-
graph using a formula that takes into account 
criteria such as certification status, financial 
and compliance performance, portfolio and bal-
ance sheet strength, a diversity of CDFI busi-
ness model types, and program capacity, of 
which not less than $25,000,000 may be for 
grants to benefit Native American, Native Ha-
waiian, and Alaska Native communities; and 
(B) make funds available under this para-
graph not later than 60 days after the date of 
enactment of this Act. 
(2) Up to $1,000,000,000, to remain available 
until expended, to provide grants to CDFIs— 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00025
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
(A) to expand lending or investment activ-
ity in low- or moderate-income minority commu-
nities and to minorities that have significant 
unmet capital or financial services needs; and 
(B) using a formula that takes into ac-
count criteria such as certification status, finan-
cial and compliance performance, portfolio and 
balance sheet strength, a diversity of CDFI 
business model types, and program capacity, as 
well as experience making loans and invest-
ments to those areas and populations identified 
in this paragraph. 
(3) Up to $400,000,000, to remain available 
until expended, for technical assistance, technology, 
and training under sections 108(a)(1)(B) and 109, 
respectively, of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 
U.S.C. 4707(a)(1)(B), 4708), with a preference for 
minority-led and minority-owned CDFIs that pri-
marily serve low- and moderate-income communities. 
(4) Up to $500,000,000, to remain available 
until expended, to provide grants to recipients that 
are minority-led and minority-owned CDFIs. 
(c) 
ADMINISTRATIVE
EXPENSES.—Funds 
made 
available under this section may be used for administrative 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00026
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
expenses, including administration of Fund programs and 
the New Markets Tax Credit Program under section 45D 
of the Internal Revenue Code. 
(d) EMERGENCY DESIGNATION.— 
(1) IN GENERAL.—The amounts provided under 
this section are designated as an emergency require-
ment pursuant to section 4(g) of the Statutory Pay- 
As-You-Go Act of 2010 (2 U.S.C. 933(g)). 
(2) DESIGNATION IN SENATE.—In the Senate, 
this section is designated as an emergency require-
ment pursuant to section 4112(a) of H. Con. Res. 
71 (115th Congress), the concurrent resolution on 
the budget for fiscal year 2018. 
(e) DEFINITIONS.—In this section: 
(1) CDFI.—The term ‘‘CDFI’’ means a com-
munity development financial institution, as defined 
in section 103 of the Riegle Community Develop-
ment and Regulatory Improvement Act of 1994 (12 
U.S.C. 4702). 
(2) FUND.—The term ‘‘Fund’’ means the Com-
munity Development Financial Institutions Fund es-
tablished under section 104(a) of the Riegle Commu-
nity Development and Regulatory Improvement Act 
of 1994 (12 U.S.C. 4703(a)). 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00027
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
(3) MINORITY.—The term ‘‘minority’’ means 
any Black American, Native American, Hispanic 
American, or Asian American. 
SEC. 7. FEDERAL DEPOSITS IN MINORITY DEPOSITORY IN-
STITUTIONS. 
(a) IN GENERAL.—Section 308 of the Financial In-
stitutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1463 note) is amended by adding at the 
end the following: 
‘‘(d) FEDERAL DEPOSITS.—The Secretary of the 
Treasury shall ensure that deposits made by Federal agen-
cies in minority depository institutions are fully 
collateralized or fully insured, as determined by the Sec-
retary. Such deposits shall include reciprocal deposits as 
defined in section 337.6(e)(2)(v) of title 12, Code of Fed-
eral Regulations (as in effect on March 6, 2019).’’. 
(b) TECHNICAL AMENDMENTS.—Section 308 of the 
Financial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 (12 U.S.C. 1463 note) is amended— 
(1) in paragraph (1), in the matter preceding 
subparagraph (A), by striking ‘‘section—’’ and in-
serting ‘‘section:’’; and 
(2) in the paragraph heading for paragraph (1), 
by striking ‘‘FINANCIAL’’ and inserting ‘‘DEPOSI-
TORY’’. 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
SEC. 8. MINORITY BANK DEPOSIT PROGRAM. 
(a) IN GENERAL.—Section 1204 of the Financial In-
stitutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1811 note) is amended to read as follows: 
‘‘SEC. 1204. EXPANSION OF USE OF MINORITY BANKS AND 
MINORITY CREDIT UNIONS. 
‘‘(a) MINORITY BANK DEPOSIT PROGRAM.— 
‘‘(1) ESTABLISHMENT.—There is established a 
program to be known as the ‘Minority Bank Deposit 
Program’ to expand the use of minority banks and 
minority credit unions. 
‘‘(2) ADMINISTRATION.—The Secretary of the 
Treasury, acting through the Fiscal Service, shall— 
‘‘(A) on application by a depository institu-
tion or credit union, certify whether such depos-
itory institution or credit union is a minority 
bank or minority credit union; 
‘‘(B) maintain and publish a list of all de-
pository institutions and credit unions that have 
been certified pursuant to subparagraph (A); 
and 
‘‘(C) periodically distribute the list de-
scribed in subparagraph (B) to— 
‘‘(i) all Federal departments and 
agencies; 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(ii) interested State and local govern-
ments; and 
‘‘(iii) interested private sector compa-
nies. 
‘‘(3) INCLUSION
OF
CERTAIN
ENTITIES
ON 
LIST.—A depository institution or credit union that, 
on the date of the enactment of this section, has a 
current certification from the Secretary of the 
Treasury stating that such depository institution or 
credit union is a minority bank or minority credit 
union shall be included on the list described under 
paragraph (2)(B). 
‘‘(b) EXPANDED USE AMONG FEDERAL DEPART-
MENTS AND AGENCIES.— 
‘‘(1) IN GENERAL.—Not later than 1 year after 
the establishment of the program described in sub-
section (a), the head of each Federal department or 
agency shall develop and implement standards and 
procedures to ensure, to the maximum extent pos-
sible as permitted by law, the use of minority banks 
and minority credit unions to serve the financial 
needs of each such department or agency. 
‘‘(2) REPORT TO CONGRESS.—Not later than 2 
years after the establishment of the program de-
scribed in subsection (a), and annually thereafter, 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00030
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
Credit Union Administration pursuant to section 
308 of this Act.’’. 
(b) CONFORMING AMENDMENTS.—The following pro-
visions are amended by striking ‘‘1204(c)(3)’’ and insert-
ing ‘‘1204(c)’’: 
(1) Section 808(b)(3) of the Community Rein-
vestment Act of 1977 (12 U.S.C. 2907(b)(3)). 
(2) Section 40(g)(1)(B) of the Federal Deposit 
Insurance Act (12 U.S.C. 1831q(g)(1)(B)). 
(3) Section 704B(h)(4) of the Equal Credit Op-
portunity Act (15 U.S.C. 1691c–2(h)(4)). 
SEC. 9. INVESTMENTS IN MINORITY DEPOSITORY INSTITU-
TIONS. 
(a) CONTROL FOR INSURED DEPOSITORY INSTITU-
TIONS.—Section 7(j)(8)(B) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1817(j)(8)(B)) is amended to read 
as follows: 
‘‘(B) ‘control’ means the power, directly or indi-
rectly— 
‘‘(i) to direct the management or policies 
of an insured depository institution; or 
‘‘(ii) of a person to vote 25 per centum or 
more of any class of voting securities of an in-
sured depository institution.’’. 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00032
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
(b) RULEMAKING.—The appropriate Federal banking 
agency (as defined in section 3 of the Federal Deposit In-
surance Act (12 U.S.C. 1813)) shall jointly issue rules for 
de novo minority depository institutions to allow 3 years 
to meet the capital requirements otherwise applicable to 
minority depository institutions. 
(c) REPORT.—Not later than 1 year after the date 
of enactment of this Act, the appropriate Federal banking 
agencies (as defined in section 3 of the Federal Deposit 
Insurance Act (12 U.S.C. 1813)) shall jointly submit to 
Congress a report on— 
(1) the principal causes for the low number of 
de novo minority depository institutions during the 
10-year period preceding the date of the report; 
(2) the main challenges to the creation of de 
novo minority depository institutions; and 
(3) regulatory and legislative considerations to 
promote the establishment of de novo minority de-
pository institutions. 
SEC. 10. CUSTODIAL DEPOSIT PROGRAM FOR COVERED MI-
NORITY DEPOSITORY INSTITUTIONS. 
(a) ESTABLISHMENT.—The Secretary of the Treas-
ury shall establish a custodial deposit program (in this sec-
tion referred to as the ‘‘Program’’) under which a covered 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00033
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
bank shall receive monthly deposits from a qualifying ac-
count. 
(b) APPLICATION.—A covered bank shall submit to 
the Secretary an application to participate in the Program 
at such time, in such manner, and containing such infor-
mation as the Secretary may determine. 
(c) PROGRAM OPERATIONS.— 
(1) DESIGNATION OF CUSTODIAL ENTITIES.— 
The Secretary shall designate eligible custodial enti-
ties to make monthly deposits with covered banks se-
lected for participation in the Program on behalf of 
a qualifying account. 
(2) CUSTODIAL ACCOUNTS.— 
(A) IN GENERAL.—The Secretary shall es-
tablish a custodial deposit account for each 
qualifying account with the eligible custodial en-
tity designated to make deposits with covered 
banks for each such qualifying account. 
(B) AMOUNT.—The Secretary shall deposit 
a total amount not greater than 5 percent of a 
qualifying account into any custodial deposit ac-
counts established under subparagraph (A). 
(C) DEPOSITS
WITH
PROGRAM
PARTICI-
PANTS.— 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00034
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
(i) 
MONTHLY
DEPOSITS.—Each 
month, each eligible custodial entity des-
ignated by the Secretary shall deposit an 
amount not greater than the insured 
amount, in the aggregate, from each custo-
dial deposit account, in a single covered 
bank. 
(ii) LIMITATION.—With respect to the 
funds of an individual qualifying account, 
the eligible custodial entity may not de-
posit an amount greater than the insured 
amount in a single covered bank. 
(iii) INSURED AMOUNT DEFINED.—In 
this subparagraph, the term ‘‘insured 
amount’’ means the amount that is the 
greater of— 
(I) the standard maximum de-
posit insurance amount (as defined in 
section 11(a)(1)(E) of the Federal 
Deposit Insurance Act (12 U.S.C. 
1821(a)(1)(E))); or 
(II) such higher amount nego-
tiated between the Secretary and the 
Corporation under which the Corpora-
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00035
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
tion will insure all deposits of such 
higher amount. 
(D) LIMITATIONS.—The total amount of 
funds deposited under the Program in a covered 
bank may not exceed the lesser of— 
(i) 10 percent of the average amount 
of deposits held by such covered bank in 
the previous quarter; or 
(ii) $100,000,000. 
(3) INTEREST.— 
(A) IN GENERAL.—Each eligible custodial 
entity designated by the Secretary shall— 
(i) collect interest from each covered 
bank in which such custodial entity depos-
its funds pursuant to paragraph (2); and 
(ii) disburse such interest to the Sec-
retary each month. 
(B) INTEREST RATE.—The rate of any in-
terest collected under this paragraph may not 
exceed 50 percent of the discount window pri-
mary credit interest rate most recently pub-
lished on the Federal Reserve Statistical Re-
lease on selected interest rates (daily or week-
ly), commonly referred to as the H.15 release 
(commonly known as the ‘‘Federal funds rate’’). 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00036
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
(4) STATEMENTS.—Each eligible custodial enti-
ty designated by the Secretary shall submit to the 
Secretary monthly statements that include the total 
amount of funds deposited with, and interest rate 
received from, each covered bank by the eligible cus-
todial entity on behalf of qualifying entities. 
(5) RECORDS.—The Secretary shall issue a 
quarterly report to Congress and make publicly 
available a record identifying all covered banks par-
ticipating in the Program and amounts deposited 
under the Program in covered banks. 
(d) REQUIREMENTS RELATING TO DEPOSITS.—De-
posits made with covered banks under this section may 
not— 
(1) be considered by the Corporation to be 
funds obtained, directly or indirectly, by or through 
any deposit broker for deposit into one or more de-
posit accounts (as described under section 29 of the 
Federal Deposit Insurance Act (12 U.S.C. 1831f)); 
or 
(2) be subject to insurance fees from the Cor-
poration that are greater than insurance fees for 
typical demand deposits not obtained, directly or in-
directly, by or through any deposit broker (com-
monly known as ‘‘core deposits’’). 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00037
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
(e) MODIFICATIONS.— 
(1) IN GENERAL.—The Secretary shall provide 
a 3-month period for public notice and comment be-
fore making any material change to the operation of 
the Program. 
(2) EXCEPTION.—The requirements of para-
graph (1) shall not apply if the Secretary makes a 
material change to the Program to comply with safe-
ty and soundness standards or other law. 
(f) TERMINATION.— 
(1) BY COVERED BANK.—A covered bank se-
lected for participation in the Program pursuant to 
subsection (c) may terminate participation in the 
Program by providing the Secretary a notification 
60 days prior to termination. 
(2) BY SECRETARY.—The Secretary may termi-
nate the participation of a covered bank in the Pro-
gram if the Secretary determines the covered bank— 
(A) violated any terms of participation in 
the Program; 
(B) failed to comply with Federal bank se-
crecy laws, as documented in writing by the pri-
mary regulator of the covered bank; 
(C) failed to remain well capitalized; or 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00038
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
(D) failed comply with safety and sound-
ness standards, as documented in writing by 
the primary regulator of the covered bank. 
(g) DEFINITIONS.—In this section: 
(1) CORPORATION.—The term ‘‘Corporation’’ 
means the Federal Deposit Insurance Corporation. 
(2) COVERED BANK.—The term ‘‘covered bank’’ 
means a minority depository institution that is regu-
lated by the Corporation or the National Credit 
Union Administration that is well capitalized (as de-
fined in section 38(b) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831o(b))). 
(3) ELIGIBLE CUSTODIAL ENTITY.—The term 
‘‘eligible custodial entity’’ means— 
(A) an insured depository institution (as 
defined in section 3 of the Federal Deposit In-
surance Act (12 U.S.C. 1813)); 
(B) an insured credit union (as defined in 
section 101 of the Federal Credit Union Act 
(12 U.S.C. 1752)); or 
(C) or a well capitalized State-chartered 
trust company, 
designated by the Secretary under subsection (c)(1). 
(4) FEDERAL BANK SECRECY LAWS.—The term 
‘‘Federal bank secrecy laws’’ means— 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00039
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
(A) section 21 of the Federal Deposit In-
surance Act (12 U.S.C. 1829b); 
(B) section 123 of Public Law 91–508; 
and 
(C) subchapter II of chapter 53 of title 31, 
United States Code. 
(5) QUALIFYING ACCOUNT.—The term ‘‘quali-
fying account’’ means any account established in the 
Department of the Treasury that— 
(A) is controlled by the Secretary; and 
(B) is expected to maintain a balance 
greater than $200,000,000 for the following 
calendar month. 
(6) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(7) WELL CAPITALIZED.—The term ‘‘well cap-
italized’’ has the meaning given in section 38 of the 
Federal Deposit Insurance Act (12 U.S.C. 1831o). 
SEC. 11. ESTABLISHMENT OF FINANCIAL AGENT PARTNER-
SHIP PROGRAM. 
(a) IN GENERAL.—Section 308 of the Financial In-
stitutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1463 note), as amended by section 7, 
is further amended by adding at the end the following: 
‘‘(e) FINANCIAL AGENT PARTNERSHIP PROGRAM.— 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00040
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(1) DEFINITIONS.—In this subsection: 
‘‘(A) FINANCIAL
AGENT.—The term ‘fi-
nancial agent’ means any national banking as-
sociation designated by the Secretary to be em-
ployed as a financial agent of the Government. 
‘‘(B) LARGE
FINANCIAL
INSTITUTION.— 
The term ‘large financial institution’ means any 
entity regulated by the Comptroller of the Cur-
rency, the Board of Governors of the Federal 
Reserve System, the Federal Deposit Insurance 
Corporation, or the National Credit Union Ad-
ministration that has total consolidated assets 
of not less than $50,000,000,000. 
‘‘(C) SMALL COMMUNITY FINANCIAL INSTI-
TUTION.—The term ‘small community financial 
institution’ means any financial institution 
that— 
‘‘(i) has total consolidated assets of 
less than $3,000,000,000; 
‘‘(ii) is an entity regulated by the 
Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, 
the Federal Deposit Insurance Corpora-
tion, or the National Credit Union Admin-
istration; and 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00041
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(iii) is— 
‘‘(I) a community development fi-
nancial institution, as defined in sec-
tion 103 of the Riegle Community De-
velopment and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4702); 
or 
‘‘(II) a minority depository insti-
tution, as defined in subsection (b). 
‘‘(D) PROGRAM.—The term ‘Program’ 
means the Financial Agent Partnership Pro-
gram established under paragraph (2). 
‘‘(E) SECRETARY.—The term ‘Secretary’ 
means the Secretary of the Treasury. 
‘‘(2) ESTABLISHMENT.—The Secretary shall es-
tablish a program to be known as the Financial 
Agent Partnership Program under which a financial 
agent designated by the Secretary or a large finan-
cial institution may serve as a partner, under guid-
ance or regulations prescribed by the Secretary, and 
at the request of a small community financial insti-
tution, to allow the small community financial insti-
tution— 
‘‘(A) to be prepared to perform as a finan-
cial agent; 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00042
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(B) to improve capacity to provide serv-
ices to the customers of the institution; and 
‘‘(C) to participate in contracts awarded by 
the Secretary under the National Bank Acts of 
1863 and 1864. 
‘‘(3) FINANCIAL PARTNERSHIPS.— 
‘‘(A) IN GENERAL.—Any large financial in-
stitution participating in a program with the 
Treasury, if not already required to include a 
small community financial institution, shall 
offer not more than 5 percent of every contract 
under that program to a small community fi-
nancial institution. 
‘‘(B) ACCEPTANCE
OF
RISK.—As a re-
quirement of participation in any financial ar-
rangement under the Program, a small commu-
nity financial institution shall accept the risk of 
the transaction equivalent to the percentage of 
any fee the institution receives under the Pro-
gram. 
‘‘(C) PARTNER.—A large financial institu-
tion partner may work with small community fi-
nancial institutions, if necessary, to train pro-
fessionals to understand any risks involved in a 
contract under the Program. 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00043
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(4) OUTREACH.—The Secretary shall— 
‘‘(A) issue guidance or regulations to es-
tablish a process under which a financial agent, 
large financial institution, or small community 
financial institution may participate in the Pro-
gram; and 
‘‘(B) not less frequently than once per 
year, hold outreach events to promote the par-
ticipation of financial agents, large financial in-
stitutions, and small community financial insti-
tutions in the Program. 
‘‘(5) REPORT.—The Office of Minority and 
Women Inclusion of the Department of the Treasury 
shall include in the report submitted to Congress 
under section 342(e) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 
5452(e)) information pertaining to the Program, in-
cluding— 
‘‘(A) the number of financial agents, large 
financial institutions, and small community fi-
nancial institutions participating in the Pro-
gram; and 
‘‘(B) the number of contracts awarded by 
the Secretary where a small community finan-
cial institution participated in a financial agent 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00044
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
agreement awarded to a large financial institu-
tion; and 
‘‘(C) the number of outreach events de-
scribed in paragraph (4) held during the year 
covered by such report.’’. 
(b) EFFECTIVE DATE.—This section and the amend-
ments made by this section shall take effect 90 days after 
the date of the enactment of this Act. 
SEC. 12. APPLICATION OF CARES ACT TO LOW- AND MOD-
ERATE-INCOME COMMUNITY FINANCIAL IN-
STITUTIONS. 
Title IV of the CARES Act (Public Law 116–136) 
is amended— 
(1) in section 4012(b)— 
(A) in paragraph (2), by striking ‘‘The in-
terim’’ and inserting ‘‘Except as provided in 
paragraph (3), the interim’’; and 
(B) by adding at the end the following: 
‘‘(3) EXCEPTION FOR LOW- AND MODERATE-IN-
COME COMMUNITY FINANCIAL INSTITUTIONS.—Not-
withstanding paragraph (2), with respect to a quali-
fying community bank that is a low- and moderate- 
income community financial institution, the interim 
rule issued under paragraph (1) shall be effective 
during the period beginning on the date on which 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00045
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
the appropriate Federal banking agencies issue the 
rule and ending on December 31, 2022.’’; and 
(2) in section 4013(a)(1)— 
(A) by striking ‘‘means the period’’ and in-
serting ‘‘means— 
‘‘(A) except as provided in subparagraph 
(B), the period’’; 
(B) in subparagraph (A), as so designated, 
by striking the period at the end and inserting 
‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(B) with respect to a low- and moderate- 
income community financial institution, the pe-
riod beginning on March 1, 2020, and ending 
on December 31, 2022.’’. 
SEC. 13. SUBMISSION OF DATA RELATING TO DIVERSITY BY 
COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTIONS. 
Section 104 of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 U.S.C. 
4703) is amended by adding at the end the following: 
‘‘(l) SUBMISSION OF DATA RELATING TO DIVER-
SITY.— 
‘‘(1) DEFINITIONS.—In this subsection— 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00046
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(A) the term ‘executive officer’ has the 
meaning given the term in section 230.501(f) of 
title 17, Code of Federal Regulations, as in ef-
fect on the date of enactment of this subsection; 
and 
‘‘(B) the term ‘veteran’ has the meaning 
given the term in section 101 of title 38, United 
States Code. 
‘‘(2) SUBMISSION OF DISCLOSURE.—Each Fund 
applicant and recipient shall provide the following: 
‘‘(A) Data, based on voluntary self-identi-
fication, on the racial, ethnic, and gender com-
position of— 
‘‘(i) the board of directors of the insti-
tution; 
‘‘(ii) nominees for the board of direc-
tors of the institution; and 
‘‘(iii) the executive officers of the in-
stitution. 
‘‘(B) The status of any member of the 
board of directors of the institution, any nomi-
nee for the board of directors of the institution, 
or any executive officer of the institution, based 
on voluntary self-identification, as a veteran. 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00047
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(C) Whether the board of directors of the 
institution, or any committee of that board of 
directors, has, as of the date on which the insti-
tution makes a disclosure under this paragraph, 
adopted any policy, plan, or strategy to promote 
racial, ethnic, and gender diversity among— 
‘‘(i) the board of directors of the insti-
tution; 
‘‘(ii) nominees for the board of direc-
tors of the institution; or 
‘‘(iii) the executive officers of the in-
stitution. 
‘‘(3) ANNUAL
REPORT.—Not later than 18 
months after the date of enactment of this sub-
section, and annually thereafter, the Fund shall sub-
mit to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives, 
and make publicly available on the website of the 
Fund, a report on the data and trends of the diver-
sity information made available pursuant to para-
graph (2).’’. 
SEC. 14. REPORTS. 
The Secretary shall provide to the appropriate com-
mittees of Congress— 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00048
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
(1) within 30 days of the end of each month 
commencing with the first month in which trans-
actions are made under a program established under 
this Act or the amendments made by this Act, a 
written report describing all of the transactions 
made during the reporting period pursuant to the 
authorities granted under this Act or the amend-
ments made by this Act; and 
(2) after the end of March and the end of Sep-
tember, commencing September 30, 2021, a written 
report on all projected costs and liabilities, all oper-
ating expenses, including compensation for financial 
agents, and all transactions made by the Community 
Development Financial Institutions Fund, which 
shall include participating institutions and amounts 
each institution has received under each program de-
scribed in paragraph (1). 
SEC. 15. INSPECTOR GENERAL OVERSIGHT. 
(a) IN GENERAL.—The Inspector General of the De-
partment of the Treasury shall conduct, supervise, and co-
ordinate audits and investigations of any program estab-
lished under this Act or the amendments made by this 
Act. 
(b) REPORTING.—The Inspector General of the De-
partment of the Treasury shall issue a report not less fre-
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00049
Fmt 6652
Sfmt 6201
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS
quently than 2 times per year to Congress and the Sec-
retary of the Treasury relating to the oversight provided 
by the Office of the Inspector General, including any rec-
ommendations for improvements to the programs de-
scribed in subsection (a). 
SEC. 16. STUDY AND REPORT WITH RESPECT TO IMPACT 
OF PROGRAMS ON LOW- AND MODERATE-IN-
COME AND MINORITY COMMUNITIES. 
(a) STUDY.—The Secretary of the Treasury shall 
conduct a study of the impact of the programs established 
under this Act or any amendment made by this Act on 
low- and moderate-income and minority communities. 
(b) REPORT.—Not later than 18 months after the 
date of enactment of this Act, the Secretary shall submit 
to Congress a report on the results of the study conducted 
pursuant to subsection (a), which shall include, to the ex-
tent possible, the results of the study disaggregated by 
ethnic group. 
(c) INFORMATION PROVIDED TO THE SECRETARY.— 
Eligible institutions that participate in any of the pro-
grams described in subsection (a) shall provide the Sec-
retary of the Treasury with such information as the Sec-
retary may require to carry out the study required by this 
section. 
Æ 
VerDate Sep 11 2014 
03:39 Aug 10, 2020
Jkt 099200
PO 00000
Frm 00050
Fmt 6652
Sfmt 6301
E:\BILLS\H7709.IH
H7709
pbinns on DSKJLVW7X2PROD with BILLS