tions regarding the matters set forth in
subparagraph (A).
‘‘(ii) SUBSEQUENT
REPORTS.—After
the report required under clause (i), the
Board shall report its findings and rec-
ommendations to the President with the
annual report required by subsection
(b)(1).
‘‘(3) INVESTMENT, GOVERNANCE, AND ROLE OF
FUND.—After the end of the 6-year period beginning
on the date of the enactment of the Bank Enterprise
Act Amendments of 1993, the Fund, in accordance
with the procedures described in subparagraphs (A)
and (B) of paragraph (2), shall conduct a study
evaluating the structure, governance, and perform-
ance of the Fund. The study shall be submitted to
the President. Such study shall include an evaluation
of the overall performance of the Fund in meeting
the purposes of this Act and any recommendations
of the Fund for restructuring the Board, altering
procedures under which the Fund is governed, the
future role of the Fund in addressing community de-
velopment, and the ability of the Fund to become a
private, self-sustaining entity capable of fulfilling the
purposes of this Act.
‘‘(c) INVESTMENT OF RECEIPTS AND PROCEEDS.—
‘‘(1) PROCEEDS
DEPOSITED
IN
FUND.—Any
dividends on equity investments and proceeds from
the disposition of investments, deposits, or member-
ship shares and interest payments and loan principal
repayments that are received by the Fund as a re-
sult of assistance provided pursuant to section 238
shall be deposited and accredited to the Fund.
‘‘(2) INVESTMENTS
OF
AMOUNTS
IN
THE
FUND.—The Secretary of the Treasury shall invest
amounts deposited in such account in public debt se-
curities with maturities suitable to the needs of the
Fund and bearing interest at rates determined by
the Secretary of the Treasury, taking into consider-
ation current market yields on outstanding market-
able obligations of the United States of comparable
maturities.
‘‘(3) AVAILABILITY
OF
AMOUNTS.—Amounts
deposited into the account and interest earned on
such amounts pursuant to this section shall be avail-
able to the Fund until expended.’’
(b) 
ADDITIONAL
BOARD
MEMBERS.—Section
233(d)(2) of the Bank Enterprise Act of 1991 (12 U.S.C.
1834a(d)(2)) is amended—
(1) by striking ‘‘5 members’’ and inserting ‘‘7
members’’; and
(2) by redesignating subparagraph (D) as sub-
paragraph (F) and inserting after subparagraph (C)
the following new subparagraphs:
‘‘(D) The Secretary of Agriculture.
‘‘(E) The Administrator of the Small Busi-
ness Administration.’’.
(c) EFFECTIVE
DATE
OF
REGULATIONS.—The
Board shall prescribe regulations necessary to implement
the amendments made by subsection (a) not later than
210 days after enactment of this Act.
(d) TECHNICAL AND CONFORMING AMENDMENT.—
Section 8E(a)(2) of the Inspector General Act of 1978 (5
U.S.C. App. 3, 8E(a)(2)) is amended by inserting ‘‘the
Community Enterprise Assessment Credit Board,’’ imme-
diately after ‘‘the Commodity Futures Trading Commis-
sion’’.
SEC. 102. CREDITS FOR NEWLY CHARTERED COMMUNITY
DEVELOPMENT BANKS.
(a) IN GENERAL.—Section 233(a) of the Bank En-
terprise Act of 1991 (12 U.S.C. 1834a(a)) is amended by
redesignating paragraphs (3), (4), (5), and (6) as para-
graphs (4), (5), (6), and (7) and by inserting after para-
graph (2) the following new paragraph:
‘‘(3) NEWLY CHARTERED COMMUNITY DEVEL-
OPMENT
BANKS.—Notwithstanding paragraph (2),
any insured depository institution chartered as a
community development bank in accordance with the
requirements of section 234(b) of this Act shall be
eligible for any community enterprise assessment
credit for the 1st 6 semiannual periods which begin
after the date of the approval of the initial charter
of such insured depository institution by the appro-
priate Federal banking agency or State bank super-
visor.’’.
(b) 
CONFORMING
AMENDMENT.—Section
233(a)(1)(B) of the Bank Enterprise Act of 1991 (12
U.S.C. 1834a(a)(1)(B)) is amended by striking ‘‘para-
graph (3)’’ and inserting ‘‘paragraph (4)’’.
SEC. 103. FINANCIAL SERVICES FOR DISTRESSED COMMU-
NITIES.
(a) BANK ENTERPRISE ACT.—The Bank Enterprise
Act of 1991 is amended by inserting after section 239 (as
added by section 101 of this title) the following new sec-
tion:
‘‘SEC. 240. FINANCIAL SERVICES FOR DISTRESSED COMMU-
NITIES.
‘‘(a) DISTRESSED COMMUNITIES LACKING INSUR-
ANCE SERVICES.—
‘‘(1) IN GENERAL.—With the approval of the
appropriate Federal banking agency and notwith-
standing any provision of the law of any State to the
contrary, any insured depository institution which is
located in (or maintains a full service branch located
in) a qualified distressed community may sell prop-
erty and casualty insurance, as agent or broker, to
the extent—
‘‘(A) the insurance activities are confined
to that community; and
‘‘(B) the insurance is sold only to residents
of the community or individuals employed with-
in such community.
‘‘(2) CERTAIN ACTIVITIES PROHIBITED IN CON-
NECTION WITH INSURANCE ACTIVITIES.—No insured
depository institution which sells insurance pursuant
to paragraph (1) may—
‘‘(A) assume or guarantee the payment of
any premium on any insurance policy issued
through the agency of the institution by the in-
surance company for which the institution is
acting as agent; or
‘‘(B) guarantee the truth of any statement
made by an insurance customer in filing such
customer’s application for insurance.
‘‘(3) SHOWING OF UNAVAILABILITY OF INSUR-
ANCE SERVICES.—The appropriate Federal banking
agency may approve an application by an insured
depository institution to sell insurance under para-
graph (1) in any qualified distressed community only
if the institution provides sufficient evidence that the
availability of insurance agents providing competi-
tively priced products in the community is inad-
equate.
‘‘(4) DEFINITIONS.—For purposes of this sub-
section—
‘‘(A) APPROPRIATE
FEDERAL
BANKING
AGENCY.—The term ‘appropriate Federal bank-
ing agency’ has the meaning given to such term
in section 3(q) of the Federal Deposit Insur-
ance Act.
‘‘(B) QUALIFIED
DISTRESSED
COMMU-
NITY.—The term ‘qualified distressed commu-
nity’ has the meaning given to such term in sec-
tion 233(b).’’.
(b) BANK ELIGIBLE SECURITIES.—The clause des-
ignated the ‘‘Seventh’’ of section 5136 of the Revised Stat-
utes (12 U.S.C. 24) is amended by adding at the end the
following new sentence: ‘‘Subject to the approval of the
appropriate Federal banking agency (as defined in section
SEC. 104. BANK ENTERPRISE ACT ENHANCEMENTS.
(a) QUALIFIED DISTRESSED COMMUNITIES.—Sec-
tion 233(b)(1)(B) of the Bank Enterprise Act of 1991 is
amended to read as follows:
‘‘(B) is designated as a distressed commu-
nity by—
‘‘(i) the Board; or
‘‘(ii) any insured depository institu-
tion in accordance with paragraph (2) if
such designation by an insured depository
institution is not disapproved by the appro-
priate Federal banking agency under such
paragraph.’’
(b) RURAL DISTRESSED AREAS.—Section 233(b) of
the Bank Enterprise Act of 1991 is amended by inserting
at the end the following:
‘‘(5) QUALIFIED DISTRESSED RURAL AREAS.—
‘‘(A) IN GENERAL.—Notwithstanding para-
graph (4), the Board shall establish independ-
ent criteria for a distressed rural area to be eli-
gible as a qualified distressed community under
this subsection.
‘‘(B) FACTORS.—In establishing the cri-
teria for a distressed rural area to be eligible as
a ‘qualified distressed community’ under this
subsection, the factors considered by the Board
shall include the following factors:
‘‘(i) Population (as determined by the
most recent census data available).
‘‘(ii) State of distress.
‘‘(iii) Size.
‘‘(iv) Unemployment rate.
‘‘(v) Poverty rate.
‘‘(vi) Job loss.
‘‘(vii) Out-migration.’’.
(c) EXPANDED QUALIFIED LOANS AND FINANCIAL
ASSISTANCE.—Section 233(a)(4) of the Bank Enterprise
Act of 1991 is amended by inserting at the end the follow-
ing new subparagraphs:
‘‘(L) Extensions of credit to small busi-
nesses located within a qualified distressed com-
munity.
‘‘(M) Consumer education programs either
sponsored or offered by insured depository in-
stitutions that provide assistance to residents of
qualified distressed communities in managing
their personal finances.
‘‘(N) Technical assistance and consulting
services to newly formed small businesses lo-
cated in qualified distressed communities.
‘‘(O) Technical assistance to, or servicing
the loans of, low- or moderate-income home-
owners, and homeowners located in qualified
distressed communities.
‘‘(P) Extensions of credit for activities
which qualify for advances from a Federal home
loan bank under a community investment pro-
gram established by the bank pursuant to sec-
tion 10(i) of the Federal Home Loan Bank
Act.’’
(d) PRIORITY
OF FUNDING.—Section 233 of the
Bank Enterprise Act of 1991 is amended by redesignating
subsection (g) as subsection (h) and inserting after sub-
section (f) the following new subsection:
‘‘(g) PRIORITY OF FUNDING.—In allocating funds for
the implementation of this section, the Board shall grant
a priority to qualified distressed communities designated
by the Board pursuant to section 233(b)(1)(B) and no less
than 25 percent of the funds authorized and appropriated
for the implementation of this section shall be allocated
by the Board to distressed rural areas that are determined
to be qualified distressed communities pursuant to section
233(b)(5).’’.
(e) COMMUNITY DEVELOPMENT ORGANIZATIONS.—
Section 234(e) of the Bank Enterprise Act of 1991 is
amended by striking ‘‘institution,’’ and inserting ‘‘institu-
tion, nonprofit microloan lending organization licensed by
the Small Business Administration, development company
certified by the Small Business Administration, commu-
nity development financial institution,’’.
(f) NONPROFIT, PRIVATE, COMMUNITY DEVELOP-
MENT CORPORATIONS—
(1) IN
GENERAL.—Section 234(a)(1) of the
Bank 
Enterprise 
Act 
of 
1991 
(12 
U.S.C.
1834b(a)(1)) is amended—
(A) by striking ‘‘or’’ at the end of subpara-
graph (C);
(B) by inserting ‘‘or’’ after the semicolon
at the end of subparagraph (D); and
(C) by adding at the end the following new
subparagraph:
‘‘(E) invests in a nonprofit, private, com-
munity development corporation;’’.
(2) NONPROFIT, PRIVATE, COMMUNITY DEVEL-
OPMENT
CORPORATION
REQUIREMENTS.—Section
234 of the Bank Enterprise Act of 1991 (12 U.S.C.
1834b) is amended by adding at the end the follow-
ing new subsection:
‘‘(f) NONPROFIT, PRIVATE, COMMUNITY DE-
VELOPMENT CORPORATION REQUIREMENTS.—
‘‘(1) IN GENERAL.—A private, nonprofit, com-
munity development corporation meets the require-
ment of this subsection if the corporation satisfies
the selection criteria and the performance require-
ments which the Board shall establish and admin-
ister.
‘‘(2) PERFORMANCE REQUIREMENTS.—The per-
formance requirements established pursuant to para-
graph (1) shall include the following:
‘‘(A) The corporation has received funding
from a Federal agency or department.
‘‘(B) The lending and investments of the
corporation have been regulated by the Federal
agency providing the funding.
‘‘(C) The corporation has satisfactorily met
the conditions of the funding.
‘‘(D) The corporation has submitted an-
nual audits or other reports required by the
agency providing the funding.’’.
(3) DEFINITION OF NONPROFIT, PRIVATE, COM-
MUNITY
DEVELOPMENT
CORPORATION.—Section
234(e) of the Bank Enterprise Act of 1991 (12
U.S.C. 1834b(e)) is amended by adding at the end
the following new paragraph:
‘‘SEC. 809. PERFORMANCE RATING STANDARDS FOR CRA
CREDIT.
‘‘(a) 
PERFORMANCE
RATING
STANDARDS
RE-
QUIRED.—
‘‘(1) IN GENERAL.—Not later than 1 year after
the date of enactment of the Bank Enterprise Act
Amendments of 1993, the Financial Institutions Ex-
amination Council, in consultation with the Commu-
nity Enterprise Assessment Credit Board, individ-
uals representing regulated financial institutions,
consumers, community groups, and other interested
parties, shall establish performance rating standards
to assess the record of a regulated financial institu-
tion in meeting the credit needs of the institution’s
community, including low- and moderate-income
neighborhoods, for purposes of this title.
‘‘(2) RATING
METHODOLOGY.—The perform-
ance rating standards shall require—
‘‘(A) a quantitative analysis of objective,
quantitative data which shall be used to meas-
ure the extent to which a regulated financial in-
stitution is committing financial and managerial
resources to community reinvestment activities
in relation to the institution’s total amount of
deposit liabilities; and
‘‘(B) a qualitative analysis of subjective
factors which the Financial Institutions Exam-
ination Council determines are appropriate in
assessing a regulated financial institution for
purposes of this title, including the following
factors:
‘‘(i) The regulated financial institu-
tion’s asset size and service area.
‘‘(ii) Access to Federal programs.
‘‘(iii) Economic conditions in the insti-
tution’s service area.
‘‘(iv) Legal impediments.
‘‘(v) The unique nature of any com-
munity reinvestment activity of the regu-
lated financial institution which may not
be accurately or adequately reflected in
amount of the institution’s investments.
‘‘(vi) The community reinvestment ac-
tivities of any affiliate (as defined in sec-
tion 2(k) of the Bank Holding Company
Act of 1956) of the institution which is not
a regulated financial institution to the ex-
tent the consideration of such affiliate is
appropriate in assessing the community re-
investment activities of the institution.
‘‘(vii) Any additional factors that rea-
sonably bear upon the institution’s ability
to meet the credit needs of the institution’s
service area, including low- and moderate-
income neighborhoods.
‘‘(3) QUALIFIED
INVESTMENTS
AND
ACTIVI-
TIES.—
‘‘(A) IN GENERAL.—The Financial Institu-
tions Examination Council shall compile a list
of activities and investments which qualify as
community reinvestment activities for purposes
of this title and the relative weight which shall
be accorded to each type or category of such in-
vestment activities for purposes of paragraph
(2)(A).
‘‘(B) CERTAIN
ACTIVITIES
AND
INVEST-
MENTS
INCLUDED.—The following activities
and investments shall qualify as community re-
investment activities for purposes of this title:
‘‘(i) Any activity or investment of a
regulated financial institution which is
treated as a qualifying activity or invest-
ment under section 233(a) of the Bank
Enterprise Act of 1991 for purposes of
such Act.
‘‘(ii) Any activity of a regulated finan-
cial institution which involves providing
lifeline accounts (as defined in section
232(a) of the Bank Enterprise Act of
1991).
‘‘(iii) Any investment which—
‘‘(I) is made by a regulated fi-
nancial institution or an affiliate of
any such institution in a community
development bank, community devel-
opment corporation, community devel-
opment credit union, or small business
investment corporation operating in
the regulated financial institution’s
delineated community; and
‘‘(II) is consistent with safe and
sound banking practices.
‘‘(4) PREINVESTMENT OPINION.—
‘‘(A) PROCEDURES
REQUIRED.—The Fi-
nancial Institutions Examination Council shall
establish procedures under which a regulated fi-
nancial institution can obtain a written opinion
of the appropriate Federal supervisory agency
on the qualification of a proposed activity or in-
vestment as a community reinvestment activity
for purposes of this title.
‘‘(B) TIMELY OPINION REQUIRED.—In the
case of a request for an opinion under the pro-
cedures established pursuant to subparagraph
(A) with respect to a proposed activity or in-
vestment, the appropriate Federal financial su-
pervisory agency shall provide a written opinion
on whether such activity or investment may be
treated as a qualified community reinvestment
activity within 3 business days of the receipt of
the request.
‘‘(b) REGULATIONS TO INCLUDE STANDARDS.—Each
appropriate Federal financial supervisory agency shall in-
clude the standards established under subsection (a) in the
regulations prescribed by the agency pursuant to this title.
‘‘(c) ASSIGNED RATINGS.—The Federal financial su-
pervisory agencies shall base the assigned ratings required
under section 807(b)(2) on the standards established pur-
suant to subsection (a).’’.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
Section 808(a) of the Community Reinvestment Act of
1977 (12 U.S.C. 2907(a)) is amended by striking ‘‘may
be a factor’’ and inserting ‘‘shall be considered and given
credit’’.
SEC. 202. CRA COMPLIANCE AND COMMUNITY DEVELOP-
MENT INVESTMENT ACTIVITIES.
(a) IN GENERAL.—Section 804 of the Community
Reinvestment Act of 1977 (12 U.S.C. 2903) is amended—
(1) by striking ‘‘In connection with’’ and insert-
ing ‘‘(a) IN GENERAL.—Subject to subsection (b), in
connection with’’; and
(2) by adding at the end the following new sub-
sections:
‘‘(b) SAFE HARBOR FOR INSTITUTIONS WITH OUT-
STANDING RATINGS.—Notwithstanding subsection (a)(2),
an application for a deposit facility by a regulated finan-
cial institution in any year shall not be denied on the basis
of such institution’s compliance with this Act if such insti-
tution has received a 1 rating under section 807 in each
of the 3 years preceding such year.
‘‘(c) DETERMINATION OF SERVICE AREA.—
‘‘(1) CRITERIA AND PROCEDURES.—The Finan-
cial Institutions Examination Council shall establish
criteria and procedures for delineating the service
area of a regulated financial institution on the basis
of existing market conditions and local credit needs,
including the credit needs of low- and moderate-in-
come neighborhoods.
‘‘(2) USE
OF
CRITERIA
AND
PROCEDURES.—
The delineation of the service area of a regulated fi-
nancial institution by the appropriate Federal finan-
cial supervisory agency for purposes of this title
shall be made in accordance with the criteria and
procedures established under paragraph (1).
‘‘(3) RULE OF CONSTRUCTION.—Any reference
in this title to a regulated financial institution’s
community shall be considered to be a reference to
the service area delineated for such bank under this
subsection.’’.
‘‘(b) 
TECHNICAL
AND
CONFORMING
AMEND-
MENTS.—Section 803 of the Community Reinvestment
Act is amended by inserting at the end the following:
‘‘(5) DEPOSITORY INSTITUTION HOLDING COM-
PANY.—The term ‘depository institution holding
company’ has the same meaning given such term as
in section 3(w)(1) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(w)(1)).
‘‘(6) COMMUNITY
DEVELOPMENT
ORGANIZA-
TION, COMMUNITY DEVELOPMENT BANK, AND COM-
MUNITY DEVELOPMENT CORPORATION.—The terms
‘community development organization’, ‘community
development bank’, and ‘community development
corporation’ have the meaning given to such terms
in section 234 of the Bank Enterprise Act of 1991.
‘‘(7) 
COMMUNITY
DEVELOPMENT
CREDIT
UNION.—The term ‘community development credit
union’ has the same meaning given such term as in
section 101(1) of the Federal Credit Union Act.’’.
SEC. 203. COMMUNITY COMMENTS; REVIEW PROCEDURE.
‘‘(a) IN GENERAL.—Section 809 of the Community
Reinvestment Act of 1977 (12 U.S.C. 2906) (as added by
section 201 of this Act) is amended by adding at the end
the following new subsections:
‘‘(d) COMMUNITY COMMENTS
ON PERFORMANCE
RATING STANDARDS.—
‘‘(1) NOTICE
OF
OPPORTUNITY
REQUIRED.—
Before making any final determination with respect
to the proposed treatment of any activity or invest-
ment as a qualified community reinvestment, the Fi-
nancial Institutions Examination Council shall pub-
lish a notice in the Federal Register soliciting the
comments of any community group or other inter-
ested person.
‘‘(2) COMMENTS CONSIDERED.—In making the
determination described in paragraph (1), the Fi-
nancial Institutions Examination Council shall con-
sider comments received pursuant to any solicitation
of comments under this subsection.’’.
(b) REVIEW PROCEDURE FOR WRITTEN EVALUA-
TIONS.—
(1) IN GENERAL.—Section 807 of the Commu-
nity Reinvestment Act of 1977 (12 U.S.C. 2906) is
amended by adding at the end the following new
subsection:
‘‘(d) REVIEW PROCEDURE.—
‘‘(1) NOTICE.—Each appropriate Federal finan-
cial supervisory agency shall notify a regulated fi-
nancial institution of the completion of an evaluation
of the institution under subsection (a).
‘‘(2) HEARING.—Any regulated financial insti-
tution may request a hearing for agency review, in
accordance with chapter 5 of title 5, United States
Code, of any evaluation prepared under this section
before the end of the 14-day period beginning on the
date the institution receives notice under paragraph
(1).’’.
(2) TECHNICAL
AND
CONFORMING
AMEND-
MENTS.—Section 807(b)(2) of the Community Rein-
vestment Act of 1977 (12 U.S.C. 2906(b)(2)) is
amended—
(A) in subparagraph (A), by striking ‘‘Out-
standing’’ and inserting ‘‘1, if the institution
has an outstanding’’;
(B) in subparagraph (B), by striking ‘‘Sat-
isfactory’’ and inserting ‘‘2, if the institution
has a satisfactory’’;
(C) in subparagraph (C), by striking
‘‘Needs to improve’’ and inserting ‘‘3, if the in-
stitution needs to improve its’’;
(D) in subparagraph (D), by striking
‘‘Substantial noncompliance’’ and inserting ‘‘4,
if the institution is in substantial noncompli-
ance’’; and
(E) by striking the closing quotation
marks before the period at the end of subpara-
graphs (A), (B), (C), and (D).
SEC. 204. EXPEDITED PROCEDURES FOR COMMUNITY DE-
VELOPMENT CORPORATIONS.
Section 4 of the Bank Holding Company Act of 1956
(12 U.S.C. 1843) is amended by inserting at the end the
following new subsection:
‘‘(j) NOTICE PROCEDURES FOR COMMUNITY DEVEL-
OPMENT CORPORATION ACTIVITIES.—
‘‘(1) GENERAL NOTICE PROCEDURE.—No bank
holding company may acquire or retain ownership or
control of the shares of a community development
corporation as authorized pursuant to subsection (c)
of this section unless the company submits a written
notice of the proposed transaction or expansion not
less than 30 days before the date the proposed
transaction or expansion commences.
‘‘(2) CONTENTS OF NOTICE.—The notice sub-
mitted to the Board shall contain such information
as the Board shall prescribe by regulation or by spe-
cific request in connection with a particular notice.
‘‘(3) PROCEDURE FOR AGENCY ACTION.—A no-
tice filed under this subsection shall be deemed to be
approved by the Board unless, before the end of the
30-day period beginning on the date of the receipt
of a complete notice, the Board issues an order set-
ting forth the reasons for disapproval.
‘‘(4) WAIVER.—Any activity of a community de-
velopment corporation authorized under subsection
(c) and subject to paragraph (1), may proceed prior
to the expiration of the disapproval period if the
Board issues a written notice of approval.
‘‘(5) SHORTER PERIOD.—The Board may pro-
vide for a shorter period of time for notice under
this subsection if such action would produce benefits
to the public without adversely affecting the safety
and soundness of insured depository institutions.’’.
SEC. 205. COMMUNITY DEVELOPMENT INVESTMENT AC-
COUNTS.
(a) NATIONAL BANKS.—Section 5136 of the Revised
Statutes of the United States (12 U.S.C. 24) is amended
by inserting at the end the following:
‘‘Twelfth. Notwithstanding any other provision of
law, to organize, sponsor or underwrite securities issued
by companies that are registered as investment companies
under the Investment Company Act of 1940 to the extent
that such investment companies invest and trade only in
securities issued by companies located and primarily doing
business in qualified distressed communities as defined in
section 233(b) of the Bank Enterprise Act of 1991.’’.
(b) SAVINGS ASSOCIATIONS.—Section 5(c)(1) of the
Home Owners’ Loan Act (12 U.S.C. 1464(c)(1)) is
amended by inserting at the end the following:
‘‘(S) COMMUNITY DEVELOPMENT INVESTMENT
ACCOUNTS.—Notwithstanding any other provision of
law, to organize, sponsor or underwrite securities is-
sued by companies that are registered as investment
companies under the Investment Company Act of
1940 to the extent that such investment companies
invest and trade only in securities issued by compa-
nies located and primarily doing business in quali-
fied distressed communities as defined in section
233(b) of the Bank Enterprise Act of 1991.’’.
TITLE IV—CREDIT UNION
AMENDMENTS
SEC. 401. COMMUNITY DEVELOPMENT CREDIT UNIONS.
(a) Section 101(5) of the Federal Credit Union Act
(12 U.S.C. 1752(5)) is amended by striking ‘‘in the case
of a credit union serving predominantly low-income mem-
bers (as defined by the Board)’’ and inserting ‘‘in the case
of a community development credit union as defined in
subsection (10)’’.
(b) Section 101 of the Federal Credit Union Act (12
U.S.C. 1752) is amended by adding at the end the follow-
ing:
‘‘(10) In determining whether a State or Fed-
eral credit union may be treated as a community de-
velopment credit union for purposes of this Act and
the Community Development Credit Union Revolv-
ing Loan Fund Transfer Act, the Board may con-
sider whether the institution—
‘‘(A) serves predominantly members whose
median household incomes are below 80 percent
of the national median, or who make less than
80 percent of the average for all wage earners
as established by the Bureau of Labor Statis-
tics; or