I
105TH CONGRESS
2D SESSION
H. R. 3617
To make technical corrections to the Community Development Banking and
Financial Institutions Act of 1994 to reflect the status of the Community
Development Financial Institutions Fund within the Treasury Depart-
ment, to extend the authorization for the Fund, and to make other
amendments to the Community Development Financial Institutions Fund,
the community development financial institutions program, the Bank
Enterprise Act awards program, and the small business capital enhance-
ment program in order to more efficiently and effectively promote eco-
nomic revitalization, community development, and community develop-
ment financial institutions, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
APRIL 1, 1998
Mr. VENTO (for himself and Mrs. ROUKEMA) (both by request) introduced the
following bill; which was referred to the Committee on Banking and Fi-
nancial Services
A BILL
To make technical corrections to the Community Develop-
ment Banking and Financial Institutions Act of 1994
to reflect the status of the Community Development Fi-
nancial Institutions Fund within the Treasury Depart-
ment, to extend the authorization for the Fund, and
to make other amendments to the Community Develop-
ment Financial Institutions Fund, the community devel-
opment financial institutions program, the Bank Enter-
prise Act awards program, and the small business capital
enhancement program in order to more efficiently and
effectively promote economic revitalization, community
development, and community development financial insti-
tutions, and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the
‘‘Community Development Financial Institutions Fund
Amendments Act of 1998’’.
(b) TABLE OF CONTENTS.—The table of contents for
this Act follows:
Sec. 1. Short title; table of contents.
Sec. 2. Technical corrections to reflect status of the Fund within Treasury
Department; miscellaneous technical corrections.
Sec. 3. Amendments to programs administered by the Fund.
Sec. 4. Extension of authorization.
Sec. 5. Amendments to Small Business Capital Enhancement Program.
SEC. 2. TECHNICAL CORRECTIONS TO REFLECT STATUS
OF THE FUND WITHIN TREASURY DEPART-
MENT; MISCELLANEOUS TECHNICAL COR-
RECTIONS.
(a) PURPOSE.—Section 102(b) of the Community
Development Banking and Financial Institutions Act of
1994 (12 U.S.C. 4701(b)) is amended to read as follows:
‘‘(b) PURPOSE.—The purpose of this subtitle is to
create a Community Development Financial Institutions
Fund to promote economic revitalization and community
development through investment in and assistance to com-
munity development financial institutions, including en-
hancing the liquidity of community development financial
institutions, and through incentives to insured depository
institutions that increase lending and other assistance and
investment in both economically distressed communities
and community development financial institutions.’’.
(b) DEFINITIONS.—
(1) Section 103 of the Community Development
Banking and Financial Institutions Act of 1994 is
amended—
(A) by striking paragraph (1); and
(B) 
by 
redesignating 
paragraphs 
(2)
through (21) as paragraphs (1) through (20),
respectively.
(2) The Community Development Banking and
Financial Institutions Act of 1994 (12 U.S.C. 4701
et seq.) is amended (other than in section 118) by
striking ‘‘Administrator’’ each place it appears and
inserting instead ‘‘Secretary of the Treasury’’.
(c) ESTABLISHMENT OF FUND WITHIN TREASURY
DEPARTMENT.—
(1) IN GENERAL.—Section 104(a) of the Com-
munity Development Banking and Financial Institu-
tions Act of 1994 (12 U.S.C. 4703(a)) is amended
to read as follows:
‘‘(a) ESTABLISHMENT.—
‘‘(1) IN GENERAL.—There is established in the
Department of the Treasury a Community Develop-
ment Financial Institutions Fund that shall have the
functions specified by this subtitle and subtitle B of
Title II. The offices of the Fund shall be in Wash-
ington, D.C. The Fund shall not be affiliated with
any other agency or department of the Federal
Government.
‘‘(2) WHOLLY OWNED GOVERNMENT CORPORA-
TION.—The Fund shall be a wholly owned govern-
ment corporation within the Department of the
Treasury and shall be treated in all respects as an
agency of the United States, except as otherwise
provided in this subtitle.’’.
(2) AUTHORITY OF THE SECRETARY OF THE
TREASURY.—Section 104(b) of the Community De-
velopment Banking and Financial Institutions Act of
1994 (12 U.S.C. 4703(b)) is amended to read as
follows:
‘‘(b) MANAGEMENT OF FUND.—
‘‘(1) AUTHORITY
OF
SECRETARY
OF
THE
TREASURY.—All functions of the Fund shall be per-
formed by or under the supervision of the Secretary
of the Treasury.
‘‘(2) APPOINTMENT OF OFFICERS AND EMPLOY-
EES.—The Secretary of the Treasury may appoint
such officers and employees of the Fund, including
a Director, as the Secretary deems necessary or ap-
propriate.’’.
(3) INSPECTOR GENERAL.—
(A) IN
GENERAL.—Section 118 of the
Community Development Banking and Finan-
cial Institutions Act of 1994 is amended to read
as follows:
‘‘SEC. 118. INSPECTOR GENERAL.
‘‘The Inspector General of the Department of the
Treasury shall be the Inspector General of the Fund.’’.
(B) TECHNICAL AND CONFORMING AMEND-
MENT.—Section 11 of the Inspector General
Act of 1978 (5 U.S.C. App. 3) is amended—
(i) in paragraph (1), by striking ‘‘; the
Administrator of the Community Develop-
ment Financial Institutions Fund;’’; and
(ii) in paragraph (2), by striking ‘‘the
Community Development Financial Insti-
tutions Fund,’’.
(4) TECHNICAL CORRECTION TO RULEMAKING
AUTHORITY.—Section 119(a)(1) of the Community
Development Banking and Financial Institutions Act
of 1994 (12 U.S.C. 4717(a)(1)) is amended to read
as follows:
‘‘(1) IN
GENERAL.—The Secretary of the
Treasury may promulgate such regulations and pro-
cedures as may be necessary to carry out this sub-
title.’’.
SEC. 3. AMENDMENTS TO PROGRAMS ADMINISTERED BY
THE FUND.
(a) AMENDMENTS TO COMMUNITY DEVELOPMENT
FINANCIAL INSTITUTIONS PROGRAM.—
(1) FORM OF ASSISTANCE PROVIDED.—Section
108(a)(1)(B)(iii) of the Community Development
Banking and Financial Institutions Act of 1994 (12
U.S.C. 4707(a)(1)(B)(iii)) is amended by inserting
‘‘through cooperative agreements or’’ before ‘‘by
contracting’’.
(2) TRAINING PROGRAMS.—Section 109(d) of
the Community Development Banking and Financial
Institutions Act of 1994 (12 U.S.C. 4708(d)) is
amended to read as follows:
‘‘(d) FORM.—The Fund may offer the training pro-
gram described in this section directly, through grants,
contracts, or cooperative agreements with other organiza-
tions. The Fund may provide the training through grants,
contracts, or cooperative agreements with organizations
that possess special expertise in community development,
without regard to whether the organizations receive or are
eligible to receive assistance under this subtitle.’’.
(b) AMENDMENTS TO THE BANK ENTERPRISE ACT
AWARDS PROGRAM.—
(1) AWARDS FOR ASSISTANCE TO COMMUNITY
DEVELOPMENT
FINANCIAL
INSTITUTIONS.—Section
233(a)(2) of the Bank Enterprise Act (12 U.S.C.
1834a(a)(2)) is amended—
(A) by striking ‘‘for for’’ in the text pre-
ceding subparagraph (A) and inserting ‘‘for’’;
(B) in subparagraph (A), by striking ‘‘for
low- and moderate-income persons’’ and insert-
ing ‘‘to community development financial insti-
tutions, low- and moderate-income persons’’;
and
(C) in subparagraph (B)—
(i) by inserting ‘‘of the increase’’ after
‘‘the amount’’; and
(ii) by striking ‘‘financial’’ each place
such term appears.
(2) INCREASE IN AWARD AMOUNTS FOR CER-
TAIN ACTIVITIES.—Section 114(b)(2) of the Commu-
nity Development Banking and Financial Institu-
tions Act of 1994 (12 U.S.C. 4713(b)(2)) is amend-
ed by amending the substitute text used to apply
section 233(a)(3) of the Bank Enterprise Act of
1991—
(A) in subparagraph (A), by inserting
‘‘and (2)(B)’’ after ‘‘paragraph (2)(A)’’;
(B) in subparagraph (A)(i), by inserting
‘‘each’’ before ‘‘such subparagraph’’; and
(C) in subparagraph (A)(ii), by inserting
‘‘each’’ before ‘‘such subparagraph’’.
(3) AWARDING CREDIT FOR ADDITIONAL QUALI-
FIED ACTIVITIES.—Section 233(a)(4) of the Bank
Enterprise Act (12 U.S.C. 1834a(a)(4)) is amend-
ed—
(A) in the text preceding subparagraph
(A), by inserting ‘‘and (2)(B)’’ after ‘‘para-
graph (2)(A)’’; and
(B) by adding at the end the following new
subparagraph:
‘‘(P) Other forms of assistance that the
Board deems appropriate.
(4) EVALUATION
OF
TECHNICAL
ASSISTANCE
PROVIDED.—Section 233(a)(7) of the Bank Enter-
prise Act (12 U.S.C. 1834a(a)(7)) is amended—
(A) by inserting ‘‘and other’’ after ‘‘tech-
nical’’; and