SEC. 6. MINORITY DEPOSITORIES ADVISORY COMMITTEES. 
(a) ESTABLISHMENT.—Each covered regulator shall 
establish an advisory committee to be called the ‘‘Minority 
Depositories Advisory Committee’’. 
(b) DUTIES.—Each Minority Depositories Advisory 
Committee shall provide advice to the respective covered 
regulator on meeting the goals established by section 308 
of the Financial Institutions Reform, Recovery, and En-
forcement Act of 1989 (12 U.S.C. 1463 note) to preserve 
the present number of covered minority institutions, pre-
serve the minority character of minority-owned institu-
tions in cases involving mergers or acquisitions, provide 
technical assistance, and encourage the creation of new 
covered minority institutions. The scope of the work of 
each such Minority Depositories Advisory Committee shall 
include an assessment of the current condition of covered 
minority institutions, what regulatory changes or other 
steps the respective agencies may be able to take to fulfill 
the requirements of such section 308, and other issues of 
concern to covered minority institutions. 
(c) MEMBERSHIP.— 
(1) IN GENERAL.—Each Minority Depositories 
Advisory Committee shall consist of no more than 
10 members, who— 
(A) shall serve for one two-year term; 
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(B) shall serve as a representative of a de-
pository institution or an insured credit union 
with respect to which the respective covered 
regulator is the covered regulator of such de-
pository institution or insured credit union; and 
(C) shall not receive pay by reason of their 
service on the advisory committee, but may re-
ceive travel or transportation expenses in ac-
cordance with section 5703 of title 5, United 
States Code. 
(2) DIVERSITY.—To the extent practicable, 
each covered regulator shall ensure that the mem-
bers of the Minority Depositories Advisory Com-
mittee of such agency reflect the diversity of covered 
minority institutions. 
(d) MEETINGS.— 
(1) IN GENERAL.—Each Minority Depositories 
Advisory Committee shall meet not less frequently 
than twice each year. 
(2) NOTICE AND INVITATIONS.—Each Minority 
Depositories Advisory Committee shall— 
(A) notify the Committee on Financial 
Services of the House of Representatives and 
the Committee on Banking, Housing, and 
Urban Affairs of the Senate in advance of each 
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meeting of the Minority Depositories Advisory 
Committee; and 
(B) invite the attendance at each meeting 
of the Minority Depositories Advisory Com-
mittee of— 
(i) one member of the majority party 
and one member of the minority party of 
the Committee on Financial Services of the 
House of Representatives and the Com-
mittee on Banking, Housing, and Urban 
Affairs of the Senate; and 
(ii) one member of the majority party 
and one member of the minority party of 
any relevant subcommittees of such com-
mittees. 
(e) NO TERMINATION OF ADVISORY COMMITTEES.— 
The termination requirements under section 14 of the 
Federal Advisory Committee Act (5 U.S.C. app.) shall not 
apply to a Minority Depositories Advisory Committee es-
tablished pursuant to this section. 
(f) DEFINITIONS.—In this section: 
(1) COVERED REGULATOR.—The term ‘‘covered 
regulator’’ means the Comptroller of the Currency, 
the Board of Governors of the Federal Reserve Sys-
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tem, the Federal Deposit Insurance Corporation, 
and the National Credit Union Administration. 
(2) COVERED
MINORITY
INSTITUTION.—The 
term ‘‘covered minority institution’’ means a minor-
ity depository institution (as defined in section 
308(b) of the Financial Institutions Reform, Recov-
ery, and Enforcement Act of 1989 (12 U.S.C. 1463 
note)). 
(3) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ has the meaning given under 
section 3 of the Federal Deposit Insurance Act (12 
U.S.C. 1813). 
(4) INSURED CREDIT UNION.—The term ‘‘in-
sured credit union’’ has the meaning given in section 
101 of the Federal Credit Union Act (12 U.S.C. 
1752). 
(g) TECHNICAL AMENDMENT.—Section 308(b) of the 
Financial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 (12 U.S.C. 1463 note) is amended by 
adding at the end the following new paragraph: 
‘‘(3) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ means an ‘insured depository in-
stitution’ (as defined in section 3 of the Federal De-
posit Insurance Act (12 U.S.C. 1813)) and an in-
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