694 
(iv) failed comply with safety and 
soundness standards, as documented in 
writing by the primary regulator of the 
covered bank. 
(7) DEFINITIONS.—In this subsection: 
(A) CORPORATION.—The term ‘‘Corpora-
tion’’ means the Federal Deposit Insurance 
Corporation. 
(B) COVERED BANK.—The term ‘‘covered 
bank’’ means— 
(i) a minority depository institution 
that is regulated by the Corporation or the 
National Credit Union Administration that 
is well capitalized (as defined in section 
38(b) of the Federal Deposit Insurance 
Act (12 U.S.C. 1831o(b))); or 
(ii) a depository institution designated 
pursuant to section 5 of the Ensuring Di-
versity in Community Banking Act of 2020 
that is well capitalized (as defined in sec-
tion 38(b) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831o(b))). 
(C) ELIGIBLE
CUSTODIAL
ENTITY.—The 
term ‘‘eligible custodial entity’’ means— 
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695 
(i) an insured depository institution 
(as defined in section 3 of the Federal De-
posit Insurance Act (12 U.S.C. 1813)), 
(ii) an insured credit union (as de-
fined in section 101 of the Federal Credit 
Union Act (12 U.S.C. 1752)), or 
(iii) or a well capitalized State-char-
tered trust company, 
designated by the Secretary under subsection 
(k)(3)(A). 
(D) FEDERAL BANK SECRECY LAWS.—The 
term ‘‘Federal bank secrecy laws’’ means— 
(i) section 21 of the Federal Deposit 
Insurance Act (12 U.S.C. 1829b); 
(ii) section 123 of Public Law 91– 
508; and 
(iii) subchapter II of chapter 53 of 
title 31, United States Code. 
(E) QUALIFYING
ACCOUNT.—The term 
‘‘qualifying account’’ means any account estab-
lished in the Department of the Treasury 
that— 
(i) is controlled by the Secretary; and 
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696 
(ii) is expected to maintain a balance 
greater than $200,000,000 for the fol-
lowing calendar month. 
(F) SECRETARY.—The term ‘‘Secretary’’ 
means the Secretary of the Treasury. 
(G) WELL CAPITALIZED.—The term ‘‘well 
capitalized’’ has the meaning given in section 
38 of the Federal Deposit Insurance Act (12 
U.S.C. 1831o). 
(l) STREAMLINED COMMUNITY DEVELOPMENT FI-
NANCIAL INSTITUTION APPLICATIONS AND REPORTING.— 
(1) APPLICATION PROCESSES.—Not later than 
12 months after the date of the enactment of this 
Act and with respect to any person having assets 
under $3,000,000,000 that submits an application 
for deposit insurance with the Federal Deposit In-
surance Corporation that could also become a com-
munity development financial institution, the Fed-
eral Deposit Insurance Corporation, in consultation 
with the Administrator of the Community Develop-
ment Financial Institutions Fund, shall— 
(A) develop systems and procedures to 
record necessary information to allow the Ad-
ministrator to conduct preliminary analysis for 
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697 
such person to also become a community devel-
opment financial institution; and 
(B) develop procedures to streamline the 
application and annual certification processes 
and to reduce costs for such person to become, 
and maintain certification as, a community de-
velopment financial institution that serves low- 
and moderate-income neighborhoods (as defined 
under the Community Reinvestment Act of 
1977 (12 U.S.C. 2901 et seq.)). 
(2) REPORT ON IMPLEMENTATION.—Not later 
than 18 months after the date of the enactment of 
this Act, the Federal Deposit Insurance Corporation 
shall submit to Congress a report describing the sys-
tems and procedures required under paragraph (1). 
(3) ANNUAL REPORT.— 
(A) IN GENERAL.—Section 17(a)(1) of the 
Federal Deposit Insurance Act (12 U.S.C. 
1827(a)(1)) is amended— 
(i) in subparagraph (E), by striking 
‘‘and’’ at the end; 
(ii) by redesignating subparagraph 
(F) as subparagraph (G); 
(iii) by inserting after subparagraph 
(E) the following new subparagraph: 
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698 
‘‘(F) applicants for deposit insurance that 
could also become a community development fi-
nancial institution (as defined in section 103 of 
the Riegle Community Development and Regu-
latory Improvement Act of 1994), a minority 
depository institution (as defined in section 308 
of the Financial Institutions Reform, Recovery, 
and Enforcement Act of 1989), or an impact 
bank (as designated pursuant to section 5 of 
the Ensuring Diversity in Community Banking 
Act of 2020); and’’. 
(B) APPLICATION.—The amendment made 
by this paragraph shall apply with respect to 
the first report to be submitted after the date 
that is 2 years after the date of the enactment 
of this Act. 
(m) TASK FORCE ON LENDING TO SMALL BUSINESS 
CONCERNS.— 
(1) IN
GENERAL.—Not later than 6 months 
after the date of the enactment of this Act, the Ad-
ministrator of the Small Business Administration 
shall establish a task force to examine methods for 
improving relationships between the Small Business 
Administration and community development finan-
cial institutions, minority depository institutions, 
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699 
and impact bank (as designated pursuant to section 
5 of the Ensuring Diversity in Community Banking 
Act of 2020) to increase the volume of loans pro-
vided by such institutions to small business concerns 
(as defined under section 3 of the Small Business 
Act (15 U.S.C. 632)). 
(2) REPORT TO CONGRESS.—Not later than 18 
months after the establishment of the task force de-
scribed in paragraph (1), the Administrator of the 
Small Business Administration shall submit to Con-
gress a report on the findings of such task force. 
(n) ASSISTANCE TO MINORITY DEPOSITORY INSTI-
TUTIONS
AND IMPACT BANKS.—The Secretary of the 
Treasury shall establish a program to provide assistance 
to a minority depository institution or an impact bank (as 
designated pursuant to section 5 of the Ensuring Diversity 
in Community Banking Act of 2020) to support growth 
and development of such minority depository institutions 
and impact banks, including by providing assistance with 
obtaining or converting a charter, bylaw amendments, 
field-of-membership expansion requests, and online train-
ing and resources. 
SEC. 208. LOANS TO MDIS AND CDFIS. 
(a) IN GENERAL.—During the COVID–19 emergency 
period, the Board of Governors of the Federal Reserve 
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700 
System shall provide zero-interest loans to minority depos-
itory institutions and community development financial in-
stitutions to help mitigate the economic impact of 
COVID–19 in low-income, underserved communities. 
(b) ASSET LIMITATION.—Subsection (a) shall only 
apply to minority depository institutions and community 
development 
financial 
institutions 
with 
less 
than 
$1,000,000,000 in assets. 
(c) INTEREST TO RESUME 18 MONTHS AFTER PAN-
DEMIC.—Notwithstanding subsection (a), the Board of 
Governors shall charge interest on loans made pursuant 
to subsection (a) after the end of the 18-month period be-
ginning at the end of the COVID–19 emergency period, 
at a rate to be determined by the Board of Governors 
based on the interest amount charged under the discount 
window lending programs. 
(d) COVID–19 PANDEMIC DEFINED.—In this sec-
tion, the term ‘‘COVID–19 emergency period’’ means the 
period that begins upon the date of the enactment of this 
Act and ends upon the date of the termination by the Fed-
eral Emergency Management Administration of the emer-
gency declared on March 13, 2020, by the President under 
the Robert T. Stafford Disaster Relief and Emergency As-
sistance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID–19) pandemic. 
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701 
SEC. 209. INSURANCE OF TRANSACTION ACCOUNTS. 
(a) BANKS AND SAVINGS ASSOCIATIONS.— 
(1) AMENDMENTS.—Section 11(a)(1) of the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1821(a)(1)) is amended— 
(A) in subparagraph (B)— 
(i) by striking ‘‘The net amount’’ and 
inserting the following: 
‘‘(i) IN GENERAL.—Subject to clause 
(ii), the net amount’’; and 
(ii) by adding at the end the following 
new clauses: 
‘‘(ii) AUTHORIZATION FOR INSURANCE 
FOR
TRANSACTION
ACCOUNTS.—Notwith-
standing clause (i), the Corporation may 
fully insure the net amount that any de-
positor at an insured depository institution 
maintains in a transaction account. Such 
amount shall not be taken into account 
when computing the net amount due to 
such depositor under clause (i). 
‘‘(iii) TRANSACTION
ACCOUNT
DE-
FINED.—For purposes of this subpara-
graph, the term ‘transaction account’ has 
the meaning given that term under section 
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702 
19 of the Federal Reserve Act (12 U.S.C. 
461).’’; and 
(B) in subparagraph (C), by striking ‘‘sub-
paragraph (B)’’ and inserting ‘‘subparagraph 
(B)(i)’’. 
(2) PROSPECTIVE REPEAL.—Effective January 
1, 2022, section 11(a)(1) of the Federal Deposit In-
surance Act (12 U.S.C. 1821(a)(1)), as amended by 
paragraph (1), is amended— 
(A) in subparagraph (B)— 
(i) by striking ‘‘DEPOSIT.—’’ and all 
that follows through ‘‘clause (ii), the net 
amount’’ and insert ‘‘DEPOSIT.—The net 
amount’’; and 
(ii) by striking clauses (ii) and (iii); 
and 
(B) in subparagraph (C), by striking ‘‘sub-
paragraph (B)(i)’’ and inserting ‘‘subparagraph 
(B)’’. 
(b) CREDIT UNIONS.— 
(1) AMENDMENTS.—Section 207(k)(1) of the 
Federal Credit Union Act (12 U.S.C. 1787(k)(1)) is 
amended— 
(A) in subparagraph (A)— 
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703 
(i) by striking ‘‘Subject to the provi-
sions of paragraph (2), the net amount’’ 
and inserting the following: 
‘‘(i) NET
AMOUNT
OF
INSURANCE 
PAYABLE.—Subject to clause (ii) and the 
provisions of paragraph (2), the net 
amount’’; and 
(ii) by adding at the end the following 
new clauses: 
‘‘(ii) AUTHORIZATION FOR INSURANCE 
FOR
TRANSACTION
ACCOUNTS.—Notwith-
standing clause (i), the Board may fully in-
sure the net amount that any member or 
depositor at an insured credit union main-
tains in a transaction account. Such 
amount shall not be taken into account 
when computing the net amount due to 
such member or depositor under clause (i). 
‘‘(iii) TRANSACTION
ACCOUNT
DE-
FINED.—For purposes of this subpara-
graph, the term ‘transaction account’ has 
the meaning given that term under section 
19 of the Federal Reserve Act (12 U.S.C. 
461).’’; and 
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704 
(B) in subparagraph (B), by striking ‘‘sub-
paragraph (A)’’ and inserting ‘‘subparagraph 
(A)(i)’’. 
(2) PROSPECTIVE REPEAL.—Effective January 
1, 2022, section 207(k)(1) of the Federal Credit 
Union Act (12 U.S.C. 1787(k)(1)), as amended by 
paragraph (1), is amended— 
(A) in subparagraph (A)— 
(i) by striking ‘‘(i) NET AMOUNT OF 
INSURANCE PAYABLE.—’’ and all that fol-
lows through ‘‘paragraph (2), the net 
amount’’ and inserting ‘‘Subject to the 
provisions of paragraph (2), the net 
amount’’; and 
(ii) by striking clauses (ii) and (iii); 
and 
(B) in subparagraph (B), by striking ‘‘sub-
paragraph (A)(i)’’ and inserting ‘‘subparagraph 
(A)’’. 
(c) COVID–19 EMERGENCY DEFINED.—In this sec-
tion, the term ‘‘COVID–19 emergency’’ means the period 
that begins upon the date of the enactment of this Act 
and ends upon the date of the termination by the Federal 
Emergency Management Agency of the emergency de-
clared on March 13, 2020, by the President under the 
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