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previous motion to the same effect has been 
disagreed to) to move to proceed to the con-
sideration of the joint resolution, and all 
points of order against the joint resolution 
(and against consideration of the joint reso-
lution) are waived. The motion to proceed is 
not debatable. The motion is not subject to 
a motion to postpone. A motion to recon-
sider the vote by which the motion is agreed 
to or disagreed to shall not be in order. If 
a motion to proceed to the consideration of 
the resolution is agreed to, the joint resolu-
tion shall remain the unfinished business 
until disposed of. 
(ii) DEBATE.—Debate on the joint res-
olution, and on all debatable motions and 
appeals in connection therewith, shall be 
limited to not more than 10 hours, which 
shall be divided equally between the major-
ity and minority leaders or their designees. 
A motion further to limit debate is in order 
and not debatable. An amendment to, or a 
motion to postpone, or a motion to proceed 
to the consideration of other business, or a
1573 
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motion to recommit the joint resolution is 
not in order. 
(iii) VOTE ON PASSAGE.—The vote on 
passage shall occur immediately following 
the conclusion of the debate on the joint res-
olution, and a single quorum call at the 
conclusion of the debate if requested in ac-
cordance with the rules of the Senate. 
(iv) RULINGS OF THE CHAIR ON PRO-
CEDURE.—Appeals from the decisions of the 
Chair relating to the application of the 
rules of the Senate, as the case may be, to 
the procedure relating to a joint resolution 
shall be decided without debate. 
(3) RULES.— 
(A) COORDINATION WITH ACTION BY HOUSE 
OF REPRESENTATIVES.—If, before the passage by 
the Senate of a joint resolution of the Senate, the 
Senate receives a joint resolution, from the 
House of Representatives, then the following pro-
cedures shall apply: 
(i) The joint resolution of the House of 
Representatives shall not be referred to a 
committee.
1574 
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(ii) With respect to a joint resolution 
of the Senate— 
(I) the procedure in the Senate 
shall be the same as if no joint resolu-
tion had been received from the other 
House; but 
(II) the vote on passage shall be 
on the joint resolution of the House of 
Representatives. 
(B) TREATMENT OF JOINT RESOLUTION OF 
HOUSE
OF
REPRESENTATIVES.—If the Senate 
fails to introduce or consider a joint resolution 
under this section, the joint resolution of the 
House of Representatives shall be entitled to ex-
pedited floor procedures under this subsection. 
(C) TREATMENT
OF
COMPANION
MEAS-
URES.—If, following passage of the joint resolu-
tion in the Senate, the Senate then receives the 
companion measure from the House of Rep-
resentatives, the companion measure shall not be 
debatable. 
(D) RULES
OF
THE
SENATE.—This sub-
section is enacted by Congress— 
(i) as an exercise of the rulemaking 
power of the Senate, and as such it is
1575 
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deemed a part of the rules of the Senate, but 
applicable only with respect to the proce-
dure to be followed in the Senate in the case 
of a joint resolution, and it supersedes other 
rules, only to the extent that it is incon-
sistent with such rules; and 
(ii) with full recognition of the con-
stitutional right of the Senate to change the 
rules (so far as relating to the procedure of 
the Senate) at any time, in the same man-
ner, and to the same extent as in the case 
of any other rule of the Senate. 
(4) DEFINITION.—As used in this subsection, the 
term ‘‘joint resolution’’ means only a joint resolu-
tion— 
(A) that is introduced not later than 3 cal-
endar days after the date on which the request 
referred to in subsection (c) is received by Con-
gress; 
(B) that does not have a preamble; 
(C) the title of which is as follows: ‘‘Joint 
resolution relating to the approval of a plan to 
guarantee obligations under section 1155 of the 
Restoring American Financial Stability Act of 
2010’’; and
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(D) the matter after the resolving clause of 
which is as follows: ‘‘That Congress approves the 
obligation of any amount described in section 
1155(c) of the Restoring American Financial 
Stability Act of 2010.’’. 
(e) FUNDING.— 
(1) FEES AND OTHER CHARGES.—The Corpora-
tion shall charge fees and other assessments to all par-
ticipants in the program established pursuant to this 
section, in such amounts as are necessary to offset 
projected losses and administrative expenses, includ-
ing amounts borrowed pursuant to paragraph (3), 
and such amounts shall be available to the Corpora-
tion. 
(2) EXCESS FUNDS.—If, at the conclusion of the 
program established under this section, there are any 
excess funds collected from the fees associated with 
such program, the funds shall be deposited in the 
General Fund of the Treasury. 
(3) AUTHORITY
OF
CORPORATION.—The Cor-
poration— 
(A) may borrow funds from the Secretary of 
the Treasury and issue obligations of the Cor-
poration to the Secretary for amounts borrowed, 
and the amounts borrowed shall be available to
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issued under chapter 31 of title 31, United States 
Code, and the purposes for which securities may be 
issued under that chapter 31 are extended to include 
such purchases, and the amount of any securities 
issued under that chapter 31 for such purpose shall 
be treated in the same manner as securities issued 
under section 208(n)(3)(B). 
(f) RULE OF CONSTRUCTION.—For purposes of this 
section, a guarantee of deposits held by insured depository 
institutions shall not be treated as a debt guarantee pro-
gram. 
(g) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) COMPANY.—The term ‘‘company’’ means any 
entity other than a natural person that is incor-
porated or organized under Federal law or the laws 
of any State. 
(2) DEPOSITORY
INSTITUTION
HOLDING
COM-
PANY.—The term ‘‘depository institution holding com-
pany’’ has the same meaning as in section 3 of the 
Federal Deposit Insurance Act (12 U.S.C. 1813). 
(3) LIQUIDITY
EVENT.—The term ‘‘liquidity 
event’’ means—
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(A) an exceptional and broad reduction in 
the general ability of financial market partici-
pants— 
(i) to sell financial assets without an 
unusual and significant discount; or 
(ii) to borrow using financial assets as 
collateral without an unusual and signifi-
cant increase in margin; or 
(B) an unusual and significant reduction 
in the ability of financial market participants to 
obtain unsecured credit. 
(4) SOLVENT.—The term ‘‘solvent’’ means that 
the value of the assets of an entity exceed its obliga-
tions to creditors. 
SEC. 1156. ADDITIONAL RELATED AMENDMENTS. 
(a) SUSPENSION OF PARALLEL FEDERAL DEPOSIT IN-
SURANCE ACT AUTHORITY.—Effective upon the date of en-
actment of this section, the Corporation may not exercise 
its authority under section 13(c)(4)(G)(i) of the Federal De-
posit Insurance Act (12 U.S.C. 1823(c)(4)(G)(i)) to estab-
lish any widely available debt guarantee program for which 
section 1155 would provide authority. 
(b) FEDERAL DEPOSIT INSURANCE ACT.—Section 
13(c)(4)(G) of the Federal Deposit Insurance Act (12 U.S.C. 
1823(c)(4)(G)) is amended—
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(1) in clause (i)— 
(A) in subclause (I), by inserting ‘‘for which 
the Corporation has been appointed receiver’’ be-
fore ‘‘would have serious’’; and 
(B) in the undesignated matter following 
subclause (II), by inserting ‘‘for the purpose of 
winding up the insured depository institution 
for which the Corporation has been appointed re-
ceiver’’ after ‘‘provide assistance under this sec-
tion’’; and 
(2) in clause (v)(I), by striking ‘‘The’’ and in-
serting ‘‘Not later than 3 days after making a deter-
mination under clause (i), the’’. 
(c) EFFECT OF DEFAULT ON AN FDIC GUARANTEE.— 
If an insured depository institution or depository institu-
tion holding company (as those terms are defined in section 
3 of the Federal Deposit Insurance Act) participating in 
a program under section 1155, or any participant in a debt 
guarantee 
program 
established 
pursuant 
to 
section 
13(c)(4)(G)(i) of the Federal Deposit Insurance Act defaults 
on any obligation guaranteed by the Corporation after the 
date of enactment of this Act, the Corporation shall— 
(1) appoint itself as receiver for the insured de-
pository institution that defaults; and
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(2) with respect to any other participating com-
pany that is not an insured depository institution 
that defaults— 
(A) require— 
(i) consideration of whether a deter-
mination shall be made, as provided in sec-
tion 202 to resolve the company under sec-
tion 203; and 
(ii) the company to file a petition for 
bankruptcy under section 301 of title 11, 
United States Code, if the Corporation is 
not appointed receiver pursuant to section 
203 within 30 days of the date of default; 
or 
(B) file a petition for involuntary bank-
ruptcy on behalf of the company under section 
303 of title 11, United States Code. 
SEC. 1157. FEDERAL RESERVE ACT AMENDMENTS ON FED-
ERAL RESERVE BANK GOVERNANCE. 
The Federal Reserve Act (12 U.S.C. 221 et seq.) is 
amended in section 4 by adding at the end the following: 
‘‘(25) SELECTION OF THE PRESIDENT OF THE 
FEDERAL RESERVE BANK OF NEW YORK.—Notwith-
standing any other provision of this section, after the 
date of enactment of the Restoring American Finan-
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cial Stability Act of 2010, the president of the Federal 
Reserve Bank of New York shall be appointed by the 
President, by and with the advice and consent of the 
Senate, for terms of 5 years. 
‘‘(26) LIMITATION ON ELIGIBILITY TO VOTE FOR 
OR
SERVE
AS
A
FEDERAL
RESERVE
BANK
DIREC-
TOR.—Notwithstanding any other provision of this 
section, after the date of enactment of the Restoring 
American Financial Stability Act of 2010, no com-
pany, or subsidiary or affiliate of a company that is 
supervised by the Board, may vote for members of the 
board of directors of a Federal reserve bank, and no 
past or current officer, director, or employee of such 
company, or subsidiary or affiliate of such company, 
may serve as a member of the board of directors of 
a Federal reserve bank.’’. 
SEC. 1158. AMENDMENTS TO THE FEDERAL RESERVE ACT 
RELATING TO SUPERVISION AND REGULA-
TION POLICY. 
(a) ESTABLISHMENT
OF
THE POSITION
OF VICE 
CHAIRMAN FOR SUPERVISION.— 
(1) POSITION ESTABLISHED.—The second undes-
ignated paragraph of section 10 of the Federal Re-
serve Act (12 U.S.C. 242) (relating to the Chairman 
and Vice Chairman of the Board) is amended by
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striking the third sentence and inserting the fol-
lowing: ‘‘Of the persons thus appointed, 1 shall be 
designated by the President, by and with the advice 
and consent of the Senate, to serve as Chairman of 
the Board for a term of 4 years, and 2 shall be des-
ignated by the President, by and with the advice and 
consent of the Senate, to serve as Vice Chairmen of 
the Board, each for a term of 4 years, 1 of whom shall 
serve in the absence of the Chairman, as provided in 
the fourth undesignated paragraph of this section, 
and 1 of whom shall be designated Vice Chairman for 
Supervision. The Vice Chairman for Supervision 
shall develop policy recommendations for the Board 
regarding supervision and regulation of depository 
institution holding companies and other financial 
firms supervised by the Board, and shall oversee the 
supervision and regulation of such firms.’’. 
(2) EFFECTIVE DATE.—The amendment made by 
subsection (a) takes effect on the date of enactment of 
this title and applies to individuals who are des-
ignated by the President on or after that date to serve 
as Vice Chairman of Supervision. 
(b) FINANCIAL STABILITY AS BOARD FUNCTION.—Sec-
tion 10 of the Federal Reserve Act (12 U.S.C. 241) is 
amended by adding at the end the following:
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‘‘(11) FINANCIAL
STABILITY
FUNCTION.—The 
Board of Governors shall identify, measure, monitor, 
and mitigate risks to the financial stability of the 
United States.’’. 
(c) APPEARANCES BEFORE CONGRESS.—Section 10 of 
the Federal Reserve Act (12 U.S.C. 241) is amended by add-
ing at the end the following: 
‘‘(12) APPEARANCES
BEFORE
CONGRESS.—The 
Vice Chairman for Supervision shall appear before 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate and the Committee on Financial 
Services of the House of Representatives and at semi- 
annual hearings regarding the efforts, activities, ob-
jectives, and plans of the Board with respect to the 
conduct of supervision and regulation of depository 
institution holding companies and other financial 
firms supervised by the Board.’’. 
(d) BOARD RESPONSIBILITY TO SET SUPERVISION 
AND REGULATORY POLICY.—Section 11 of the Federal Re-
serve Act (12 U.S.C. 248) (relating to enumerated powers 
of the Board) is amended by adding at the end of subsection 
(k) (relating to delegation) the following: ‘‘The Board of 
Governors may not delegate to a Federal reserve bank its 
functions for the establishment of policies for the super-
vision and regulation of depository institution holding com-
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† HR 4173 PP
panies and other financial firms supervised by the Board 
of Governors.’’. 
SEC. 1159. GAO AUDIT OF THE FEDERAL RESERVE FACILI-
TIES; PUBLICATION OF BOARD ACTIONS. 
(a) GAO AUDIT.— 
(1) 
IN
GENERAL.—Notwithstanding 
section 
714(b) of title 31, United States Code, or any other 
provision of law, the Comptroller General of the 
United States (in this subsection referred to as the 
‘‘Comptroller General’’) shall conduct a one-time 
audit of all loans and other financial assistance pro-
vided during the period beginning on December 1, 
2007 and ending on the date of enactment of this Act 
by the Board of Governors under the Asset-Backed 
Commercial Paper Money Market Mutual Fund Li-
quidity Facility, the Term Asset-Backed Securities 
Loan Facility, the Primary Dealer Credit Facility, 
the Commercial Paper Funding Facility, the Term 
Securities Lending Facility, the Term Auction Facil-
ity, Maiden Lane, Maiden Lane II, Maiden Lane III, 
the agency Mortgage-Backed Securities program, for-
eign currency liquidity swap lines, and any other 
program created as a result of the third undesignated 
paragraph of section 13 of the Federal Reserve Act.
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(2) ASSESSMENTS.—In conducting the audit 
under paragraph (1), the Comptroller General shall 
assess— 
(A) the operational integrity, accounting, 
financial reporting, and internal controls of the 
credit facility; 
(B) the effectiveness of the collateral policies 
established for the facility in mitigating risk to 
the relevant Federal reserve bank and taxpayers; 
(C) whether the credit facility inappropri-
ately favors one or more specific participants 
over other institutions eligible to utilize the facil-
ity; 
(D) the policies governing the use, selection, 
or payment of third-party contractors by or for 
any credit facility; and 
(E) whether there were conflicts of interest 
with respect to the manner in which such facility 
was established or operated. 
(3) TIMING.—The audit required by this sub-
section shall be commenced not later than 30 days 
after the date of enactment of this Act, and shall be 
completed not later than 12 months after that date of 
enactment.
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(4) REPORT REQUIRED.—The Comptroller Gen-
eral shall submit a report on the audit conducted 
under paragraph (1) to the Congress not later than 
12 months after the date of enactment of this Act, and 
such report shall be made available to— 
(A) the Speaker of the House of Representa-
tives; 
(B) the majority and minority leaders of 
the House of Representatives; 
(C) the majority and minority leaders of 
the Senate; 
(D) the Chairman and Ranking Member of 
the Committee on Banking, Housing, and Urban 
Affairs of the Senate and of the Committee on 
Financial Services of the House of Representa-
tives; and 
(E) any member of Congress who requests 
it. 
(b) AUDIT OF FEDERAL RESERVE BANK GOVERN-
ANCE.— 
(1) AUDIT.— 
(A) IN GENERAL.—Not later than 1 year 
after the date of enactment of this Act, the 
Comptroller General shall complete an audit of
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the governance of the Federal reserve bank sys-
tem. 
(B) REQUIRED EXAMINATIONS.—The audit 
required under subparagraph (A) shall— 
(i) examine the extent to which the 
current system of appointing Federal re-
serve bank directors effectively represents 
‘‘the public, without discrimination on the 
basis of race, creed, color, sex or national 
origin, and with due but not exclusive con-
sideration to the interests of agriculture, 
commerce, industry, services, labor, and 
consumers’’ in the selection of bank direc-
tors, as such requirement is set forth under 
section 4 of the Federal Reserve Act; 
(ii) examine whether there are actual 
or potential conflicts of interest created 
when the directors of Federal reserve banks, 
which execute the supervisory functions of 
the Board of Governors of the Federal Re-
serve System, are elected by member banks; 
(iii) examine the establishment and op-
erations of each facility described in sub-
section (a)(1) and each Federal reserve bank
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involved in the establishment and oper-
ations thereof; and 
(iv) identify changes to selection proce-
dures for Federal reserve bank directors, or 
to other aspects of Federal reserve bank gov-
ernance, that would— 
(I) improve how the public is rep-
resented; 
(II) eliminate actual or potential 
conflicts of interest in bank super-
vision; 
(III) increase the availability of 
information useful for the formation 
and execution of monetary policy; or 
(IV) in other ways increase the ef-
fectiveness or efficiency of reserve 
banks. 
(2) REPORT REQUIRED.—A report on the audit 
conducted under paragraph (1) shall be submitted by 
the Comptroller General to the Congress before the end 
of the 90-day period beginning on the date on which 
such audit is completed, and such report shall be 
made available to— 
(A) the Speaker of the House of Representa-
tives;
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(B) the majority and minority leaders of 
the House of Representatives; 
(C) the majority and minority leaders of 
the Senate; 
(D) the Chairman and Ranking Member of 
the Committee on Banking, Housing, and Urban 
Affairs of the Senate and of the Committee on 
Financial Services of the House of Representa-
tives; and 
(E) any member of Congress who requests 
it. 
(c) PUBLICATION
OF
BOARD
ACTIONS.—Notwith-
standing any other provision of law, the Board of Governors 
shall publish on its website, not later than December 1, 
2010, with respect to all loans and other financial assist-
ance it has provided during the period beginning on Decem-
ber 1, 2007 and ending on the date of enactment of this 
Act under the Asset-Backed Commercial Paper Money Mar-
ket Mutual Fund Liquidity Facility, the Term Asset- 
Backed Securities Loan Facility, the Primary Dealer Cred-
it Facility, the Commercial Paper Funding Facility, the 
Term Securities Lending Facility, the Term Auction Facil-
ity, Maiden Lane, Maiden Lane II, Maiden Lane III, the 
agency Mortgage-Backed Securities program, foreign cur-
rency liquidity swap lines, and any other program created
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as a result of the third undesignated paragraph of section 
13 of the Federal Reserve Act— 
(1) the identity of each business, individual, en-
tity, or foreign central bank to which the Board of 
Governors has provided such assistance; 
(2) the type of financial assistance provided to 
that business, individual, entity, or foreign central 
bank; 
(3) the value or amount of that financial assist-
ance; 
(4) the date on which the financial assistance 
was provided; 
(5) the specific terms of any repayment expected, 
including the repayment time period, interest charges, 
collateral, limitations on executive compensation or 
dividends, and other material terms; and 
(6) the specific rationale for each such facility or 
program. 
TITLE XII—IMPROVING ACCESS 
TO MAINSTREAM FINANCIAL 
INSTITUTIONS 
SEC. 1201. SHORT TITLE. 
This title may be cited as the ‘‘Improving Access to 
Mainstream Financial Institutions Act of 2010’’.
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SEC. 1202. PURPOSE. 
The purpose of this title is to encourage initiatives for 
financial products and services that are appropriate and 
accessible for millions of Americans who are not fully incor-
porated into the financial mainstream. 
SEC. 1203. DEFINITIONS. 
In this title, the following definitions shall apply: 
(1) ACCOUNT.—The term ‘‘account’’ means an 
agreement between an individual and an eligible enti-
ty under which the individual obtains from or 
through the entity 1 or more banking products and 
services, and includes a deposit account, a savings ac-
count (including a money market savings account), 
an account for a closed-end loan, and other products 
or services, as the Secretary deems appropriate. 
(2) COMMUNITY DEVELOPMENT FINANCIAL INSTI-
TUTION.—The term ‘‘community development finan-
cial institution’’ has the same meaning as in section 
103(5) of the Community Development Banking and 
Financial Institutions Act of 1994 (12 U.S.C. 
4702(5)). 
(3) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means— 
(A) an organization described in section 
501(c)(3) of the Internal Revenue Code of 1986,
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† HR 4173 PP
and exempt from tax under section 501(a) of 
such Code; 
(B) a federally insured depository institu-
tion; 
(C) a community development financial in-
stitution; 
(D) a State, local, or tribal government en-
tity; or 
(E) a partnership or other joint venture 
comprised of 1 or more of the entities described 
in subparagraphs (A) through (D), in accord-
ance with regulations prescribed by the Secretary 
under this title. 
(4) FEDERALLY INSURED DEPOSITORY INSTITU-
TION.—The term ‘‘federally insured depository insti-
tution’’ means any insured depository institution (as 
that term is defined in section 3 of the Federal De-
posit Insurance Act (12 U.S.C. 1813)) and any in-
sured credit union (as that term is defined in section 
101 of the Federal Credit Union Act (12 U.S.C. 
1752)). 
(5) PAYDAY
LOAN.—The term ‘‘payday loan’’ 
means any transaction in which a small cash ad-
vance is made to a consumer in exchange for—
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† HR 4173 PP
(A) the personal check or share draft of the 
consumer, in the amount of the advance plus a 
fee, where presentment or negotiation of such 
check or share draft is deferred by agreement of 
the parties until a designated future date; or 
(B) the authorization of the consumer to 
debit the transaction account or share draft ac-
count of the consumer, in the amount of the ad-
vance plus a fee, where such account will be deb-
ited on or after a designated future date. 
SEC. 1204. EXPANDED ACCESS TO MAINSTREAM FINANCIAL 
INSTITUTIONS. 
(a) IN GENERAL.—The Secretary is authorized to es-
tablish a multiyear program of grants, cooperative agree-
ments, financial agency agreements, and similar contracts 
or undertakings to promote initiatives designed— 
(1) to enable low- and moderate-income individ-
uals to establish one or more accounts in a federally 
insured depository institution that are appropriate to 
meet the financial needs of such individuals; and 
(2) to improve access to the provision of ac-
counts, on reasonable terms, for low- and moderate- 
income individuals. 
(b) PROGRAM ELIGIBILITY AND ACTIVITIES.—
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(1) IN GENERAL.—The Secretary shall restrict 
participation in any program established under sub-
section (a) to an eligible entity. Subject to regulations 
prescribed by the Secretary under this title, 1 or more 
eligible entities may participate in 1 or several pro-
grams established under subsection (a). 
(2) ACCOUNT ACTIVITIES.—Subject to regulations 
prescribed by the Secretary, an eligible entity may, in 
participating in a program established under sub-
section (a), offer or provide to low- and moderate-in-
come individuals products and services relating to ac-
counts, including— 
(A) small-dollar value loans; and 
(B) financial education and counseling re-
lating to conducting transactions in and man-
aging accounts. 
SEC. 1205. LOW-COST ALTERNATIVES TO PAYDAY LOANS. 
(a) GRANTS AUTHORIZED.—The Secretary is author-
ized to establish multiyear demonstration programs by 
means of grants, cooperative agreements, financial agency 
agreements, and similar contracts or undertakings, with eli-
gible entities to provide low-cost, small loans to consumers 
that will provide alternatives to more costly payday loans. 
(b) TERMS AND CONDITIONS.—
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(1) IN GENERAL.—Loans under this section shall 
be made on terms and conditions, and pursuant to 
lending practices, that are reasonable for consumers. 
(2) FINANCIAL LITERACY AND EDUCATION OP-
PORTUNITIES.— 
(A) IN
GENERAL.—Each eligible entity 
awarded a grant under this section shall promote 
and take appropriate steps to ensure the provi-
sion of financial literacy and education opportu-
nities, such as relevant counseling services, edu-
cational courses, or wealth building programs, to 
each consumer provided with a loan pursuant to 
this section. 
(B) AUTHORITY
TO
EXPAND
ACCESS.—As 
part of the grants, agreements, and undertakings 
established under this section, the Secretary may 
implement reasonable measures or programs de-
signed to expand access to financial literacy and 
education 
opportunities, 
including 
relevant 
counseling services, educational courses, or 
wealth building programs to be provided to indi-
viduals who obtain loans from eligible entities 
under this section.
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SEC. 1206. GRANTS TO ESTABLISH LOAN-LOSS RESERVE 
FUNDS. 
The Community Development Banking and Financial 
Institutions Act of 1994 (12 U.S.C. 4701 et seq.) is amended 
by adding at the end the following: 
‘‘SEC. 122. GRANTS TO ESTABLISH LOAN-LOSS RESERVE 
FUNDS. 
‘‘(a) PURPOSES.—The purposes of this section are— 
‘‘(1) to make financial assistance available from 
the Fund in order to help community development fi-
nancial institutions defray the costs of operating 
small dollar loan programs, by providing the 
amounts necessary for such institutions to establish 
their own loan loss reserve funds to mitigate some of 
the losses on such small dollar loan programs; and 
‘‘(2) to encourage community development finan-
cial institutions to establish and maintain small dol-
lar loan programs that would help give consumers ac-
cess to mainstream financial institutions and combat 
payday lending. 
‘‘(b) GRANTS.— 
‘‘(1) LOAN-LOSS RESERVE FUND GRANTS.—The 
Fund shall make grants to community development 
financial institutions or to any partnership between 
such community development financial institutions 
and any other federally insured depository institution
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with a primary mission to serve targeted investment 
areas, as such areas are defined under section 
103(16), to enable such institutions or any partner-
ship of such institutions to establish a loan-loss re-
serve fund in order to defray the costs of a small dol-
lar loan program established or maintained by such 
institution. 
‘‘(2) MATCHING REQUIREMENT.—A community 
development financial institution or any partnership 
of institutions established pursuant to paragraph (1) 
shall provide non-Federal matching funds in an 
amount equal to 50 percent of the amount of any 
grant received under this section. 
‘‘(3) USE OF FUNDS.—Any grant amounts re-
ceived by a community development financial institu-
tion or any partnership between or among such insti-
tutions under paragraph (1)— 
‘‘(A) may not be used by such institution to 
provide direct loans to consumers; 
‘‘(B) may be used by such institution to 
help recapture a portion or all of a defaulted 
loan made under the small dollar loan program 
of such institution; and
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‘‘(C) may be used to designate and utilize 
a fiscal agent for services normally provided by 
such an agent. 
‘‘(4) 
TECHNICAL
ASSISTANCE
GRANTS.—The 
Fund shall make technical assistance grants to com-
munity development financial institutions or any 
partnership between or among such institutions to 
support and maintain a small dollar loan program. 
Any grant amounts received under this paragraph 
may be used for technology, staff support, and other 
costs associated with establishing a small dollar loan 
program. 
‘‘(c) DEFINITIONS.—For purposes of this section— 
‘‘(1) the term ‘consumer reporting agency that 
compiles and maintains files on consumers on a na-
tionwide basis’ has the same meaning given such term 
in section 603(p) of the Fair Credit Reporting Act 
(15 U.S.C. 1681a(p)); and 
‘‘(2) the term ‘small dollar loan program’ means 
a loan program wherein a community development fi-
nancial institution or any partnership between or 
among such institutions offers loans to consumers 
that— 
‘‘(A) are made in amounts not exceeding 
$2,500;
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‘‘(B) must be repaid in installments; 
‘‘(C) have no pre-payment penalty; 
‘‘(D) the institution has to report payments 
regarding the loan to at least 1 of the consumer 
reporting agencies that compiles and maintains 
files on consumers on a nationwide basis; and 
‘‘(E) meet any other affordability require-
ments as may be established by the Adminis-
trator.’’. 
SEC. 1207. PROCEDURAL PROVISIONS. 
An eligible entity desiring to participate in a program 
or obtain a grant under this title shall submit an applica-
tion to the Secretary, in such form and containing such 
information as the Secretary may require. 
SEC. 1208. AUTHORIZATION OF APPROPRIATIONS. 
(a) AUTHORIZATION TO THE SECRETARY.—There are 
authorized to be appropriated to the Secretary, such sums 
as are necessary to both administer and fund the programs 
and projects authorized by this title, to remain available 
until expended. 
(b) AUTHORIZATION TO THE FUND.—There is author-
ized to be appropriated to the Fund for each fiscal year 
beginning in fiscal year 2010, an amount equal to the 
amount of the administrative costs of the Fund for the oper-
ation of the grant program established under this title.
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SEC. 1209. REGULATIONS. 
(a) IN GENERAL.—The Secretary is authorized to pro-
mulgate regulations to implement and administer the grant 
programs and undertakings authorized by this title. 
(b) 
REGULATORY
AUTHORITY.—Regulations 
pre-
scribed under this section may contain such classifications, 
differentiations, or other provisions, and may provide for 
such adjustments and exceptions for any class of grant pro-
grams, undertakings, or eligible entities, as, in the judgment 
of the Secretary, are necessary or proper to effectuate the 
purposes of this title, to prevent circumvention or evasion 
of this title, or to facilitate compliance with this title. 
SEC. 1210. EVALUATION AND REPORTS TO CONGRESS. 
For each fiscal year in which a program or project 
is carried out under this title, the Secretary shall submit 
a report to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Serv-
ices of the House of Representatives containing a descrip-
tion of the activities funded, amounts distributed, and 
measurable results, as appropriate and available. 
TITLE XIII—PAY IT BACK ACT 
SEC. 1301. SHORT TITLE. 
This title may be cited as the ‘‘Pay It Back Act’’. 
SEC. 1302. AMENDMENT TO REDUCE TARP AUTHORIZATION. 
Section 115(a) of the Emergency Economic Stabiliza-
tion Act of 2008 (12 U.S.C. 5225(a)) is amended—
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(1) in paragraph (3)— 
(A) by striking ‘‘If’’ and inserting ‘‘Except 
as provided in paragraph (4), if’’; 
(B) by striking ‘‘, $700,000,000,000, as such 
amount is reduced by $1,259,000,000, as such 
amount is reduced by $1,244,000,000’’ and in-
serting ‘‘$550,000,000,000’’; and 
(C) by striking ‘‘outstanding at any one 
time’’; and 
(2) by adding at the end the following: 
‘‘(4) If the Secretary, with the concurrence of the 
Chairman of the Board of Governors of the Federal 
Reserve System, determines that there is an imme-
diate and substantial threat to the economy arising 
from financial instability, the Secretary is authorized 
to purchase troubled assets under this Act in an 
amount equal to amounts received by the Secretary 
before, on, or after the date of enactment of the Pay 
It Back Act for repayment of the principal of finan-
cial assistance by an entity that has received finan-
cial assistance under the TARP or any other program 
enacted by the Secretary under the authorities grant-
ed to the Secretary under this Act, but only— 
‘‘(A) to the extent necessary to address the 
threat; and