‘‘(C) periodically distribute the list de-
scribed in subparagraph (B) to— 
‘‘(i) all Federal departments and 
agencies; 
‘‘(ii) interested State and local govern-
ments; and 
‘‘(iii) interested private sector compa-
nies; and 
‘‘(D) support the creation of ratings, on-
line Black bank resources, and database prod-
ucts, including online lending and investment 
facilities. 
‘‘(3) INCLUSION
OF
CERTAIN
ENTITIES
ON 
LIST.—A depository institution or credit union that, 
on the date of the enactment of this section, has a 
current certification from the Secretary of the 
Treasury stating that such depository institution or 
credit union is a minority bank, women’s bank, or 
low-income credit union shall be included on the list 
described under paragraph (2)(B). 
‘‘(b) EXPANDED USE AMONG FEDERAL DEPART-
MENTS AND AGENCIES.— 
‘‘(1) IN GENERAL.—Not later than 1 year after 
the establishment of the program described in sub-
section (a), the head of each Federal department or 
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agency shall develop and implement standards and 
procedures to ensure, to the maximum extent pos-
sible as permitted by law, the use of minority banks, 
women’s banks, and low-income credit unions to 
serve the financial needs of each such department or 
agency. 
‘‘(2) 
MINIMUM
REQUIREMENT.—Notwith-
standing paragraph (1), the head of each Federal 
department or agency shall ensure that at least 10 
percent of the financial needs of each such depart-
ment or agency are met by the use of minority 
banks, women’s banks, and low-income credit 
unions. 
‘‘(3) REPORT TO CONGRESS.—Not later than 2 
years after the establishment of the program de-
scribed in subsection (a), and annually thereafter, 
the head of each Federal department or agency shall 
submit to Congress a report on the actions taken to 
increase the use of minority banks, women’s banks, 
and low-income credit unions to serve the financial 
needs of each such department or agency. 
‘‘(c) DEFINITIONS.—For purposes of this section: 
‘‘(1) CREDIT UNION.—The term ‘credit union’ 
has the meaning given the term ‘insured credit 
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union’ in section 101 of the Federal Credit Union 
Act (12 U.S.C. 1752). 
‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ has the meaning given the term 
‘insured depository institution’ in section 3 of the 
Federal Deposit Insurance Act (12 U.S.C. 1813). 
‘‘(3) LOW-INCOME CREDIT UNION.—The term 
‘low-income credit union’ means any entity described 
in section 19(b)(1)(A)(iv) of the Federal Reserve 
Act. 
‘‘(4) MINORITY.—The term ‘minority’ means 
any Black American, Native American, Hispanic 
American, or Asian American. 
‘‘(5) MINORITY
BANK.—The term ‘minority 
bank’ means any bank described in clause (i), (ii), 
or (iii) of section 19(b)(1)(A) of the Federal Reserve 
Act for which— 
‘‘(A) more than 50 percent of the out-
standing shares of which are held by 1 or more 
minority individuals; 
‘‘(B) the majority of the directors on the 
board of directors of which are minority individ-
uals; and 
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‘‘(C) a significant percentage of senior 
management positions of which are held by mi-
nority individuals. 
‘‘(6) WOMEN’S
BANK.—The term ‘women’s 
bank’ means any bank described in clause (i), (ii), 
or (iii) of section 19(b)(1)(A) of the Federal Reserve 
Act for which— 
‘‘(A) more than 50 percent of the out-
standing shares of which are held by 1 or more 
women; 
‘‘(B) the majority of the directors on the 
board of directors of which are women; and 
‘‘(C) a significant percentage of senior 
management positions of which are held by 
women.’’. 
(2) 
CONFORMING
AMENDMENTS.—The 
fol-
lowing 
provisions 
are 
amended 
by 
striking 
‘‘1204(c)(3)’’ and inserting ‘‘1204(c)’’: 
(A) Section 808(b)(3) of the Community 
Reinvestment 
Act 
of 
1977 
(12 
U.S.C. 
2907(b)(3)). 
(B) Section 40(g)(1)(B) of the Federal De-
posit 
Insurance 
Act 
(12 
U.S.C. 
1831q(g)(1)(B)). 
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pamtmann on DSKBFK8HB2PROD with BILLS
(C) Section 704B(h)(4) of the Equal Cred-
it Opportunity Act (15 U.S.C. 1691c–2(h)(4)). 
(b) AMENDMENTS TO THE COMMUNITY REINVEST-
MENT ACT.—Section 804(b) of the Community Reinvest-
ment Act of 1977 (12 U.S.C. 2903(b)) is amended to read 
as follows: 
‘‘(b) 
COOPERATION
WITH
MINORITY
BANKS, 
WOMEN’S BANKS, AND LOW-INCOME CREDIT UNIONS 
CONSIDERED.— 
‘‘(1) IN
GENERAL.—In assessing and taking 
into account, under subsection (a), the record of a 
financial institution, the appropriate Federal finan-
cial supervisory agency shall consider as a factor 
capital investment, loan participation, and other ven-
tures undertaken by the institution in cooperation 
with minority banks, women’s banks, community de-
velopment financial institutions, and low-income 
credit unions provided that these activities help meet 
the credit needs of local communities in which such 
institutions and credit unions are chartered. 
‘‘(2) DEFINITIONS.— 
‘‘(A) FIRREA DEFINITIONS.—The terms 
‘low-income credit union’, ‘minority bank’, and 
‘women’s bank’ have the meanings given such 
terms, respectively, in section 1204(c) of the Fi-
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pamtmann on DSKBFK8HB2PROD with BILLS
nancial Institutions Reform, Recovery, and En-
forcement Act of 1989 (12 U.S.C. 1811 note). 
‘‘(B) COMMUNITY
DEVELOPMENT
FINAN-
CIAL INSTITUTION.—The term ‘community de-
velopment financial institution’ has the meaning 
given in section 103(5) of the Riegle Commu-
nity Development and Regulatory Improvement 
Act of 1994 (12 U.S.C. 4702(5)).’’. 
(c) CONSIDERATIONS WHEN ASSESSING FINANCIAL 
INCLUSION FOR FEDERALLY CHARTERED FINANCIAL IN-
STITUTIONS.— 
(1) IN GENERAL.—In assessing and taking into 
account the record of a federally chartered financial 
institution under any financial inclusion assessment 
process created by the Comptroller of the Currency 
in any rule relating to the chartering of a financial 
institution, the Comptroller shall consider as a fac-
tor capital investment, loan participation, and other 
ventures undertaken by the bank in cooperation with 
Black banks, women’s banks, community develop-
ment financial institutions, and low-income credit 
unions, provided that these activities help meet the 
financial needs of local communities in which the 
federally chartered financial institution provides fi-
nancial products or services. 
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(2) DEFINITIONS.—For purposes of this sec-
tion: 
(A) COMMUNITY
DEVELOPMENT
FINAN-
CIAL INSTITUTION.—The term ‘‘community de-
velopment financial institution’’ has the mean-
ing given in section 103(5) of the Riegle Com-
munity Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4702(5)). 
(B) FINANCIAL
INCLUSION
ASSESSMENT 
PROCESS.—The term ‘‘financial inclusion as-
sessment process’’ means any process relating 
to the chartering of a financial institution 
whereby the Comptroller of the Currency as-
sesses and takes into account the financial in-
stitution’s record of meeting the financial needs 
of the bank’s entire community, including low- 
and moderate-income neighborhoods, consistent 
with the safe and sound operation of such bank. 
(C) FINANCIAL PRODUCT OR SERVICE.— 
The term ‘‘financial product or service’’ has the 
meaning given such term in section 1002 of the 
Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5481). 
(D) FIRREA DEFINITIONS.—The terms 
‘‘low-income credit union’’ and ‘‘women’s bank’’ 
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have the meanings given such terms, respec-
tively, in section 1204(c) of the Financial Insti-
tutions Reform, Recovery, and Enforcement Act 
of 1989 (12 U.S.C. 1811 note). 
SEC. 4. GAO STUDIES. 
(a) NEW
MARKETS
TAX
CREDIT
STUDY.—The 
Comptroller General of the United States shall carry out 
a study on the award of the new markets tax credit by— 
(1) surveying communities and specifically talk-
ing to Black banks, community banks, and CDFIs 
that wish to receive the tax credit about why they 
are not receiving the tax credit; 
(2) determining where the tax credit money ac-
tually went and what it was used for; and 
(3) to the extent possible, using a case study 
approach. 
(b) 
LOWER-VALUE
HOME
MORTGAGE
LOAN 
STUDY.—The Comptroller General of the United States 
shall carry out a study on mortgage loans with a principal 
amount of $100,000 or less, including— 
(1) who is making such loans currently; 
(2) how communities are encouraging such 
loans; 
(3) what changes could encourage banks and 
other persons to provide more such loans; and 
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(4) any statutory or regulatory changes that 
the Comptroller believes may be needed to encourage 
more such loans. 
(c) BLOCKCHAIN STUDY.—The Comptroller General 
of the United States shall carry out a study on blockchain 
technology and whether such technology could be used to 
increase investment by lower-income individuals in start- 
ups and other crowd-funded companies. 
SEC. 5. DEFINITIONS. 
For purposes of this Act: 
(1) BLACK
BANK.—The term ‘‘Black bank’’ 
means an insured depository institution— 
(A) more than 50 percent of the ownership 
or control of which is held by 1 or more Black 
individuals; and 
(B) more than 50 percent of the net profit 
or loss of which accrues to 1 or more Black in-
dividuals. 
(2) CDFI.—The term ‘‘CDFI’’ has the mean-
ing given the term ‘‘community development finan-
cial institution’’ under section 103 of the Commu-
nity Development Banking and Financial Institu-
tions Act of 1994. 
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(3) COMMUNITY BANK.—The term ‘‘community 
bank’’ means an insured depository institution with 
less than $100,000,000 in consolidated assets. 
(4) COMPTROLLER.—The term ‘‘Comptroller’’ 
means the Comptroller of the Currency, except when 
used in the context of the Comptroller General of 
the United States. 
(5) INSURED CREDIT UNION.—The term ‘‘in-
sured credit union’’ has the meaning given such 
term under section 101 of the Federal Credit Union 
Act. 
(6) INSURED DEPOSITORY INSTITUTION.—The 
term ‘‘insured depository institution’’— 
(A) has the meaning given such term 
under section 3 of the Federal Deposit Insur-
ance Act; and 
(B) includes an insured credit union. 
(7) SECURITIES LAWS.—The term ‘‘securities 
laws’’ has the meaning given such term under sec-
tion 3 of the Securities Exchange Act of 1934 (15 
U.S.C. 78c). 
Æ 
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