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SEC. 109. DEFINITIONS.
For purposes of this title—
(1) the term ‘‘community development bank’’
means—
(A) a bank established pursuant to section
101, or
(B) certified as a community development
bank pursuant to section 105,
that is primarily engaged in the business of provid-
ing credit and investment capital and related serv-
ices to targeted populations and targeted geographic
areas;
(2) the term ‘‘targeted population’’ means mi-
nority-owned and women-owned businesses, non-
profit organizations, community groups, and eco-
nomically disadvantaged persons;
(3) the term ‘‘targeted geographic area’’ means
a neighborhood or other geographic area that is suf-
fering economic distress, as measured by unemploy-
ment, poverty, condition of housing stock, availabil-
ity of credit, or other indicator of relative economic
condition;
(4) the term a community development bank’s
‘‘community’’ means one or more contiguous geo-
graphic areas that represent the combined market or
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service areas of the financial institutions that have
made qualifying investments in such bank;
(5) the term ‘‘insured depository institution’’
shall have the meaning given such term in section 3
of the Federal Deposit Insurance Act;
(6) the term ‘‘appropriate Federal banking
agency’’ shall have the meaning given such term in
section 3 of the Federal Deposit Insurance Act; and
(7) the term ‘‘qualifying investment’’ means an
investment in the equity shares of a community de-
velopment bank in an amount that is equal to the
maximum permissible amount for that investing in-
stitution, as prescribed in section 102.
SEC. 110. SAFETY AND SOUNDNESS.
Nothing in this title shall be deemed to interfere with
the authority of the appropriate Federal banking agency
or the Federal Deposit Insurance Corporation to limit the
permissible activities or investments of an insured deposi-
tory institution or depository institution holding company,
by order or regulation, in order to protect the safety or
soundness of such institution or holding company.
SEC. 111. DISCRIMINATION AND FAIR HOUSING.
(a) IN GENERAL.—Nothing in this title shall be
deemed to interfere with the authority of the appropriate
Federal banking agencies to examine institutions for com-
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pliance with or to enforce the Equal Credit Opportunity
Act, the Fair Housing Act, or the Home Mortgage Disclo-
sure Act.
(b) APPLICABILITY OF SECTION 107.—Section 107
shall not apply to any institution found, in a civil or crimi-
nal judicial proceeding or final agency adjudication, to
have violated any law described in subsection (a).
TITLE II—CONFORMING
AMENDMENTS
SEC. 201. COMMUNITY DEVELOPMENT REVOLVING LOAN
FUND FOR CREDIT UNIONS.
(a) REPEAL.—Section 120(k) of the Federal Credit
Union Act (12 U.S.C. 1766(k)) is repealed.
(b) AMENDMENT.—The Federal Credit Union Act is
amended by inserting after section 129 (12 U.S.C. 1772c)
the following new section:
‘‘SEC. 130. COMMUNITY DEVELOPMENT REVOLVING LOAN
FUND FOR CREDIT UNIONS.
‘‘(a) IN GENERAL.—The Board may exercise the au-
thority granted it by the Community Development Credit
Union Revolving Loan Fund Transfer Act (Public Law
99–609) including any additional appropriation made or
earnings accrued, subject only to this section and to regu-
lations prescribed by the Board.
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‘‘(b) INVESTMENT.—The Board may invest any idle
Fund moneys in United States Treasury securities. Any
interest accrued on such securities shall become a part of
the Fund.
‘‘(c) LOANS.—The Board may require that any loans
made from the Fund be matched by increased shares in
the borrower credit union.
‘‘(d) INTEREST.—Interest earned by the Fund may
be allocated by the Board for technical assistance to com-
munity development credit unions.
‘‘(e) DEFINITION.—As used in this section, the term
‘Fund’ means the Community Development Credit Union
Revolving Loan Fund.’’.
SEC. 202. STUDY OF COMMUNITY DEVELOPMENT CREDIT
UNION.
(a) IN GENERAL.—The National Credit Union Ad-
ministration Board in consultation with representatives of
the credit union industry shall conduct a study of commu-
nity development credit activities by credit unions. In con-
ducting the study, the Board shall consider—
(1) the role of these institutions in providing
credit and related financial services to inner city and
rural areas,
(2) the failure rate of these institutions in the
past,
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(3) the desirability of establishing a special ex-
amination force for community development credit
unions, and mentor programs,
(4) the desirability of establishing a clearing-
house for the recirculation of startup equipment and
furniture for community development credit unions,
and
(5) appropriate startup and permanent financ-
ing programs for such credit unions.
(b) REPORT.—Not later than October 1, 1993, the
Board shall issue a report to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Com-
mittee on Banking, Finance and Urban Affairs of the
House of Representatives on the study and the regulatory
and legislative changes that may be necessary to ensure
that community development activity by credit unions be-
come and remain viable and productive.
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