H. R. 133—899 
‘‘(B)(i) an insured depository institution that is not 
controlled by a bank holding company or savings and loan 
holding company that is also an eligible institution; 
‘‘(ii) a bank holding company; 
‘‘(iii) a savings and loan holding company; or 
‘‘(iv) a federally insured credit union; 
‘‘(5) the term ‘minority’ means any Black American, Native 
American, 
Hispanic 
American, 
Asian 
American, 
Native 
Alaskan, Native Hawaiian, or Pacific Islander; 
‘‘(6) the term ‘minority depository institution’ means an 
entity that is— 
‘‘(A) a minority depository institution, as defined in 
section 308 of the Financial Institutions Reform, Recovery, 
and Enforcement Act of 1989 (12 U.S.C. 1463 note); or 
‘‘(B) considered to be a minority depository institution 
by— 
‘‘(i) the appropriate Federal banking agency; or 
‘‘(ii) the National Credit Union Administration, in 
the case of an insured credit union; or 
‘‘(C) listed in the Federal Deposit Insurance Corpora-
tion’s Minority Depository Institutions List published for 
the Third Quarter 2020. 
‘‘(7) the term ‘Program’ means the Emergency Capital 
Investment Program established under subsection (b); 
‘‘(8) the term ‘savings and loan holding company’ has the 
meaning given the term under section 10(a) of the Home 
Owners’ Loan Act (12 U.S.C. 1467a(a)); and 
‘‘(9) the ‘Secretary’ means the Secretary of the Treasury. 
‘‘(b) ESTABLISHMENT.— 
‘‘(1) FUND
ESTABLISHED.—There is established in the 
Treasury of the United States a fund to be known as the 
‘Emergency Capital Investment Fund’, which shall be adminis-
tered by the Secretary. 
‘‘(2) PROGRAM AUTHORIZED.—The Secretary is authorized 
to establish an emergency program known as the ‘Emergency 
Capital Investment Program’ to support the efforts of low- 
and moderate-income community financial institutions to, 
among other things, provide loans, grants, and forbearance 
for small businesses, minority-owned businesses, and con-
sumers, especially in low-income and underserved communities, 
including persistent poverty counties, that may be dispropor-
tionately impacted by the economic effects of the COVID–19 
pandemic, by providing direct and indirect capital investments 
in low- and moderate-income community financial institutions 
consistent with this section. 
‘‘(c) PURCHASES.— 
‘‘(1) IN GENERAL.—Subject to paragraph (2), the Emergency 
Capital Investment Fund shall be available to the Secretary, 
without further appropriation or fiscal year limitation, for the 
costs of purchases (including commitments to purchase), and 
modifications of such purchases, of preferred stock and other 
financial instruments from eligible institutions on such terms 
and conditions as are determined by the Secretary in accordance 
with this section. 
‘‘(2) PURCHASE LIMIT.—The aggregate amount of purchases 
pursuant to paragraph (1) may not exceed $9,000,000,000. 
‘‘(d) APPLICATION.—
H. R. 133—900 
‘‘(1) ACCEPTANCE.—The Secretary shall begin accepting 
applications for capital investments under the Program not 
later than the end of the 30-day period beginning on the date 
of enactment of this section. 
‘‘(2) CONSULTATION WITH REGULATORS.—For each eligible 
institution that applies to receive a capital investment under 
the Program, the Secretary shall consult with the appropriate 
Federal banking agency or the National Credit Union Adminis-
tration, as applicable, to determine whether the eligible institu-
tion may receive such capital investment. 
‘‘(3) ELIGIBILITY.— 
‘‘(A) IN
GENERAL.—Only low- and moderate-income 
community financial institutions shall be eligible to partici-
pate in the Program. 
‘‘(B) ADDITIONAL CRITERIA.—The Secretary may estab-
lish additional criteria for participation by an institution 
in the Program, as the Secretary may determine appro-
priate in furtherance of the goals of the Program. 
‘‘(4) REQUIREMENT TO PROVIDE AN EMERGENCY INVESTMENT 
LENDING PLAN FOR COMMUNITIES THAT MAY BE DISPROPORTION-
ATELY IMPACTED BY THE ECONOMIC EFFECTS OF THE COVID– 
19 PANDEMIC.— 
‘‘(A) IN GENERAL.—At the time that an applicant sub-
mits an application to the Secretary for a capital invest-
ment under the Program, the applicant shall provide the 
Secretary, along with the appropriate Federal banking 
agency or the National Credit Union Administration, as 
applicable, an investment and lending plan that— 
‘‘(i) demonstrates that not less than 30 percent 
of the lending of the applicant over the past 2 fiscal 
years was made directly to low- and moderate income 
borrowers, to borrowers that create direct benefits for 
low- and moderate-income populations, to other tar-
geted populations as defined by the Fund, or any com-
bination thereof, as measured by the total number 
and dollar amount of loans; 
‘‘(ii) describes how the business strategy and oper-
ating goals of the applicant will address community 
development needs in communities that may be dis-
proportionately impacted by the economic effects of 
COVID–19, which includes the needs of small 
businesses, 
consumers, 
nonprofit 
organizations, 
community development, and other projects providing 
direct benefits to low- and moderate-income commu-
nities, low-income individuals, and minorities within 
the minority, rural, and urban low-income and under-
served areas served by the applicant; 
‘‘(iii) includes a plan to provide community out-
reach and communication, where appropriate; 
‘‘(iv) includes details on how the applicant plans 
to expand or maintain significant lending or invest-
ment activity in low- or moderate-income minority 
communities, especially those that may be dispropor-
tionately impacted by COVID–19 to historically dis-
advantaged borrowers, and to minorities that have 
significant unmet capital or financial services needs.
H. R. 133—901 
‘‘(B) DOCUMENTATION.—In the case of an applicant that 
is certified as a community development financial institu-
tion as of the date of enactment of this subsection, for 
purposes of subparagraph (A)(i), the Secretary may rely 
on documentation submitted by the applicant to the Fund 
as part of certification compliance reporting. 
‘‘(5) INCENTIVES
TO
INCREASE
LENDING
AND
PROVIDE 
AFFORDABLE CREDIT.— 
‘‘(A) ISSUANCE AND PURCHASE OF PREFERRED STOCK.— 
An eligible institution that the Secretary approves for 
participation in the Program may issue to the Secretary, 
and the Secretary may purchase from such institution, 
preferred stock that— 
‘‘(i) provides that the preferred stock will— 
‘‘(I) be repaid not later than the end of the 
10-year period beginning on the date of the capital 
investment under the Program; or 
‘‘(II) at the end of such 10-year period, be 
subject to such additional terms as the Secretary 
shall prescribe, which shall include a requirement 
that the stock shall carry the highest dividend 
or interest rate payable; and 
‘‘(ii) provides that the term and condition described 
under clause (i) shall not apply if the application of 
that term and condition would adversely affect the 
capital treatment of the stock under current or suc-
cessor applicable capital provisions compared to a cap-
ital instrument with identical terms other than the 
term and condition described under clause (i). 
‘‘(B) ALTERNATIVE
FINANCIAL
INSTRUMENTS.—If the 
Secretary determines that an institution cannot feasibly 
issue preferred stock as provided under subparagraph (A), 
such institution may issue to the Secretary, and the Sec-
retary may purchase from such institution, a subordinated 
debt instrument whose terms are, to the extent possible, 
consistent with requirements under the Program applicable 
to the terms of preferred stock issued by institutions 
participating in the Program, with such adjustments as 
the Secretary determines appropriate, including by taking 
into account the tax treatment of payments made with 
respect to securities issued by such eligible institution. 
‘‘(6) REQUIREMENTS
ON
PREFERRED
STOCK
AND
OTHER 
FINANCIAL INSTRUMENT.—Any financial instrument issued to 
the Secretary by a low- and moderate-income community finan-
cial institution under the Program shall provide the following: 
‘‘(A) No dividends, interest or other similar required 
payments shall have a rate exceeding 2 percent per annum 
for the first 10 years. 
‘‘(B) The annual required payment rate of dividends, 
interest, or other similar payments of a low- and moderate- 
income community financial institution shall be adjusted 
downward as follows, based on lending by the institution 
during the most recent annual period compared to lending 
by the institution during the annual period ending on Sep-
tember 30, 2020:
H. R. 133—902 
‘‘(i) No dividends, interest, or other similar pay-
ments shall be due within the first 24-month period 
after the capital investment by the Secretary. 
‘‘(ii) If the amount of lending by the institution 
within minority, rural, and urban low-income and 
underserved communities and to low- and moderate- 
income borrowers has increased in amount between 
200 percent and 400 percent of the amount of the 
capital investment, the annual payment rate shall not 
exceed 1.25 percent per annum. 
‘‘(iii) If the amount of lending by the institution 
within minority, rural, and urban low-income and 
underserved communities and to low- and moderate- 
income borrowers has increased by more than 400 
percent of the capital investment, the annual payment 
rate shall not exceed 0.5 percent per annum. 
‘‘(7) CONTINGENCY OF PAYMENTS BASED ON CERTAIN FINAN-
CIAL CRITERIA.— 
‘‘(A) DEFERRAL.—Any annual payments under this sec-
tion shall be deferred in any quarter or payment period 
if any of the following is true: 
‘‘(i) The low- and moderate-income community 
institution fails to meet the Tier 1 capital ratio or 
similar ratio as determined by the Secretary. 
‘‘(ii) The low- and moderate-income community 
financial institution fails to achieve positive net income 
for the quarter or payment period. 
‘‘(iii) The low- and moderate-income community 
financial institution determines that the payment 
would be detrimental to the financial health of the 
institution and the Chief Executive Officer and Chief 
Financial Officer of the institution provide written 
notice, in a form reasonably satisfactory to the Sec-
retary, of such determination and the basis thereof. 
‘‘(B) TESTING
DURING
NEXT
PAYMENT
PERIOD.—Any 
annual payment that is deferred under this section shall— 
‘‘(i) be tested against the metrics described in 
subparagraph (A) at the beginning of the next payment 
period; and 
‘‘(ii) continue to be deferred until the metrics 
described 
in 
that 
subparagraph 
are 
no 
longer 
applicable. 
‘‘(8) REQUIREMENTS IN CONNECTION WITH FAILURE TO SAT-
ISFY PROGRAM GOALS.—Any financial instrument issued to the 
Secretary by a low- and moderate-income community financial 
institution under the Program may include such additional 
terms and conditions as the Secretary determines may be appro-
priate to provide the holders with rights in the event that 
such institution fails to satisfy applicable requirements under 
the Program or to protect the interests of the Federal Govern-
ment. 
‘‘(e) RESTRICTIONS.— 
‘‘(1) IN GENERAL.—Each low- and moderate-income commu-
nity financial institution may only issue financial instruments 
or senior preferred stock under this subsection with an aggre-
gate principal amount (or comparable amount) that is— 
‘‘(A) not more than $250,000,000; and