prises Financial Safety and Soundness Act of 1992 is
amended by adding at the end the following new sentence:
‘‘The Secretary shall establish a separate specific goal
under this section for the purchase by each enterprise of
mortgages originated by community development organi-
zations as such term is described in section 234 of the
Bank Enterprise Act of 1991.’’.
(b) SPECIAL AFFORDABLE HOUSING GOALS.—Sec-
tion 1333(a) of the Federal Housing Enterprises Finan-
cial Safety and Soundness Act of 1992 is amended by add-
ing at the end the following new sentence: ‘‘The Secretary
shall establish a separate specific goal under this section
for the purchase by each enterprise of mortgages origi-
nated by community development organizations as such
term is described in section 234 of the Bank Enterprise
Act of 1991.’’.
(c) HOUSING GOALS FOR UNDERSERVED AREAS.—
Section 1334(a) of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 is amended by
adding at the end the following new sentence: ‘‘The Sec-
retary shall establish a separate specific goal under this
section for the purchase by each enterprise of mortgages
originated by community development organizations as
such term is described in section 234 of the Bank Enter-
prise Act of 1991.’’.
(d) ADDITIONAL REQUIREMENTS.—Section 1335 of
the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992 is amended—
(1) by striking ‘‘and’’ at the end of paragraph
(3);
(2) by striking the period at the end of para-
graph (4) and inserting in lieu thereof ‘‘; and’’; and
(3) by inserting at the end the following new
paragraph:
‘‘(5) assist community development organiza-
tions (as such term is described in section 234 of the
Bank Enterprise Act of 1991) to develop the institu-
tional capacity to assist low- and moderate-income
families with the purchase of their first home.’’.
SEC. 303. QUALIFIED THRIFT LENDER TEST.
Section 10(m)(4)(C)(ii) of the Home Owners’ Loan
Act (12 U.S.C. 1467a(m)(4)(C)(ii)) is amended by insert-
ing at the end the following subclause:
‘‘(VII) Loans or extensions of
credit for the purchase, improvement,
or construction of churches, schools,
nursing homes or hospitals located
within, and loans or extensions of
credit for any purposes to any small
businesses located within, a qualified
distressed community as defined in
section 233(b) of the Bank Enterprise
Act of 1991.’’.
SEC. 304. MICROLOAN GUARANTEE DEMONSTRATION PRO-
GRAM.
(a) PURPOSES.—Section 7(m)(1)(A)(iii) of the Small
Business Act is amended by redesignating subclauses (II),
(III), and (IV) as subclauses (III), (IV), and (V), respec-
tively, and inserting after subclause (I) the following new
subclause (II):
‘‘(II) to establish a model pro-
gram to determine the feasibility of
developing a private secondary market
for loans guaranteed under this sub-
section to enhance the availability of
credit to small business concerns for
working capital or the acquisition of
material, supplies, or equipment.’’.
(b) ESTABLISHMENT.—Section 7(m)(1)(B) of the
Small Business Act is amended by striking out ‘‘direct
loans’’ in clause (i), and inserting in lieu thereof the fol-
lowing: ‘‘loans (either directly or through agreements to
participate on a guaranteed basis)’’;
(c) 
ELIGIBILITY
FOR
PARTICIPATION.—Section
7(m)(2)(B) of the Small Business Act is amended—
(1) in subparagraph (A), by striking ‘‘(10)’’
and inserting in lieu thereof ‘‘(12)’’; and
(2) in subparagraph (B), by striking the period
at the end and inserting in lieu thereof the following:
‘‘or has demonstrated to the satisfaction of the Ad-
ministration a commitment to establish a microloan
program that includes intensive marketing, manage-
ment, and technical assistance to its borrowers.’’.
(d) TERMS AND CONDITIONS.—Section 7(m)(3)(F)
of the Small Business Act is amended by adding the fol-
lowing new clause after clause (v):
‘‘(vi) Notwithstanding any other re-
quirement of this subparagraph, the Ad-
ministration may provide such terms and
conditions, including interest rate require-
ments and percentage of guarantee but not
less than 90 percent, as it deems appro-
priate for purposes of making loan guaran-
tees under this subsection.’’.
(e) PORTFOLIO REQUIREMENT.—Section 7(m)(6)(B)
of the Small Business Act is amended by inserting after
‘‘practicable’’ the following: ‘‘and except as provided by
the Administration with regard to loan guarantees made
under this subsection’’.
(f) MODEL PROGRAM TO ESTABLISH A SECONDARY
MARKET FOR GUARANTEED LOANS.—Section 7(m) of the
Small Business Act is amended by redesignating para-
graphs (10) and (11) as paragraphs (11) and (12), respec-
tively, and by inserting after paragraph (9) the following
new paragraph (10):
‘‘(10) MODEL PROGRAM FOR ESTABLISHING A
SECONDARY
MARKET
FOR
GUARANTEED
LOANS.—
The Administration is authorized to establish a
model program to determine the feasibility of devel-
oping a private secondary market for loans guaran-
teed under this subsection (including the guarantee-
ing of locally originated loan pools) to enhance the
availability of credit to small business concerns for
working capital or the acquisition of material, sup-
plies, or equipment.’’.
(g) REPORT TO CONGRESS.—Section 7(m)(11) of the
Small Business act (as redesignated by this section) is
amended—
(1) in subparagraph (F), by striking ‘‘and’’
after the semicolon; and
(2) redesignating subparagraph (G) as subpara-
graph (H), and inserting after subparagraph (F) the
following new subparagraph (G):
‘‘(G) a description of the loan guarantee
program, including the extent to which credit
may be made available to small businesses
through a private secondary market for small
business loan guarantees and the cost to the
Federal Government for making such guaran-
tees available; and’’.
(h) DEFINITIONS.—Section 7(m)(12) of the Small
Businesses Act (as redesignated by this section) is amend-
ed—
(1) in clause (iii), by striking ‘‘or’’ after the
semicolon;
(2) by inserting after clause (iv), the following:
‘‘(v) any insured depository institution
(as such term is defined in section 3(c)(2)
of the Federal Deposit Insurance Act);
‘‘(vi) any insured credit union (as
such term is defined in section 101(7) of
the Federal Credit Union Act); or
‘‘(vii) any community development or-
ganization (as such term is described in
section 234 of the Bank Enterprise Act of
1991).’’.
‘‘(B) serves predominately low- and mod-
erate-income minorities.’’.
SEC. 402. COMMUNITY DEVELOPMENT REVOLVING LOAN
FUND AND TECHNICAL ASSISTANCE.
(a) Section 120 of the Federal Credit Union Act (12
U.S.C. 1766) is amended by striking subsection (k).
(b) The Federal Credit Union Act is amended by in-
serting 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.—Notwithstanding any other pro-
vision of law, the Board may exercise the authority grant-
ed to the Board by the Community Development Credit
Union Revolving Loan Fund Transfer Act, including any
additional appropriation made and earnings accrued, sub-
ject only to this section and to regulations prescribed by
the Board.
‘‘(b) INVESTMENT OF FUND BALANCES.—
‘‘(1) IN
GENERAL.—The Board may invest
money in the Community Development Credit Union
Revolving Loan Fund which the Board determines is
not immediately needed for other purposes in securi-
ties issued by the Secretary of the Treasury under
chapter 31, of title 31, United States Code.
‘‘(2) TREATMENT OF INTEREST.—Any interest
which accrues on any securities described in para-
graph (1) shall be deposited in and become a part
of the Fund.
‘‘(c) MATCHING REQUIREMENTS AUTHORIZED.—The
Board may require that any loans made from the Fund
be matched by an increase in the number of shares in the
borrower credit union.
‘‘(d) ALLOCATION OF INTEREST.—Interest earned by
the Fund may be allocated by the Board for technical as-
sistance to community development credit unions.’’.
TITLE V—CONSUMER
EDUCATION
SEC. 501. CONSUMER EDUCATION PROGRAMS.
(a) IN GENERAL.—The appropriate Federal banking
agencies (as defined in section 3(q) of the Federal Deposit
Insurance Act) shall, to the extent practicable, encourage
insured depository institutions to offer or sponsor edu-
cational services for consumers residing in qualified dis-
tressed communities (as defined in section 233(b) of the
Bank Enterprise Act of 1991) located in the service area
of such institutions, relating to the financial products and
services offered by the institution.
(b) EDUCATIONAL SERVICES.—The educational serv-
ices sponsored or offered by insured depository institutions
as described in subsection (a) shall, to the extent prac-
ticable, include a course in personal finance designed for
persons in a qualified distressed community and such
course may include information related to the following:
(1) Consumer credit laws and consumer rights
and obligations.
(2) The credit process and how to obtain a
loan.
(3) The meaning and significance of entries on
a consumer report (as defined in section 603(d) of
the Fair Credit Reporting Act).
(4) Basic banking and personal finances.
(5) Development of an individual financial plan
and budget.
SEC. 502. CREDIT REPORTS.
(a) INSURED DEPOSITORY INSTITUTIONS.—Any in-
sured depository institution that sponsors or offers a
course for consumers residing in a qualified distressed
community as described in section 501(b) of the Bank En-
terprise Act Amendments of 1993 may, in its discretion
and to the extent practicable, report the names of any
consumer who completes such course to any consumer re-
porting agency (as defined in section 603(f) of the Fair
Credit Reporting Act) to which the institution reguarly re-
ports credit information on consumers.
(b) 
CONSUMER
REPORTING
AGENCIES.—Any
consumer report furnished by a consumer reporting agen-
cy on any consumer residing in a qualified distressed com-
munity who has completed an educational course spon-
sored or offered by an insured depository institution as
described in section 501(b) of the Bank Enterprise Act
Amendments of 1993 may, to the extent practicable, in-
clude an indication of the completion of such course if the
consumer reporting agency has received notice of the
course completion from the institution.
SEC. 503. CREDIT CARDS.
Insured depository institutions are encouraged to
sponsor or offer courses for consumers residing in quali-
fied distressed communities as described in section 501(b)
of the Bank Enterprise Act Amendments of 1993, and at
their discretion and to the extent practicable, offer
consumer financial services otherwise available at such in-
stitution, including consumer credit card services, to such
consumers who complete such course and qualify for such
financial services.
TITLE VI—COMMUNITY
DEVELOPMENT TASK FORCE
SEC. 601. TASK FORCE.
(a) IN GENERAL.—The President shall appoint a
community development task force to review the progress
being made by the appropriate Federal agencies and in-
strumentalities in implementing the policies and programs
established by this Act and amendments made by this Act
and the Bank Enterprise Act of 1991.
(b) REPORT.—The community development task
force appointed under subsection (a) shall submit a report
to the Congress by the end of the 2-year period beginning
on the date of the enactment of this Act containing a de-
tailed summary of the task force’s findings in connection
with the review conducted under subsection (a) and such
recommendations for legislative or administrative action
as the task force may determine to be appropriate.
(c) CHAIRPERSON.—The chairman of the Neighbor-
hood Reinvestment Corporation shall serve as the chair-
person of the community development task force.
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