incurred in the performance of their duties, in ac-
cordance with sections 5702 and 5703 of title 5,
United States Code.
(9) MEETINGS.—The Board shall hold meetings
at least quarterly. Special meetings of the Board
may be called by the Chairperson or on the written
request of three members of the Board. A majority
of the members of the Board in office shall con-
stitute a quorum.
(c) OFFICERS AND EMPLOYEES.—The Board shall
appoint a Chief Executive Officer who will be responsible
for the management of the Fund and such other duties
deemed appropriate by the Board. The Board shall ap-
point a Chief Financial Officer who shall oversee all of
the financial management activities of the Fund. The
Board shall also appoint an Inspector General. The Board
may appoint such other officers and employees of the
Fund as the Board determines to be necessary or appro-
priate. The Chief Executive Officer, Chief Financial Offi-
cer, and up to 3 other officers of the Fund may be ap-
pointed without regard to the provisions of title 5 of the
United States Code governing appointments in the Fed-
eral service and compensated without regard to chapter
51 and subchapter III of chapter 53 of title 5 of the
United States Code, except that the rate of pay for the
Chief Executive Officer shall not exceed the rate for a po-
sition under Level II of the Executive Schedule under sec-
tion 5313 of title 5 of the United States Code and the
rate of pay for the remaining four officers shall not exceed
the rate for a position under Level IV of the Executive
Schedule under section 5315 of title 5 of the United States
Code.
(d) GENERAL POWERS.—In carrying out its powers
and duties, the Fund—
(1) shall have all necessary and proper powers
to carry out its authority under this Act;
(2) may adopt, alter, and use a corporate seal,
which shall be judicially noticed;
(3) may sue and be sued in its corporate name
and complain and defend in any court of competent
jurisdiction;
(4) may adopt, amend, and repeal bylaws, rules,
and regulations governing the manner in which its
business may be conducted and shall have power to
make such rules and regulations as may be nec-
essary or appropriate to implement the provisions of
this Act;
(5) may enter into and perform such agree-
ments, contracts, and transactions as may be
deemed necessary or appropriate to the conduct of
activities authorized under this Act;
(6) may determine the character of and neces-
sity for its expenditures and the manner in which
they shall be incurred, allowed, and paid;
(7) may utilize or employ the services of person-
nel of any agency or instrumentality of the United
States with the consent of the agency or instrumen-
tality 
concerned 
on 
a 
reimbursable 
or
nonreimbursable basis; and
(8) may execute all instruments necessary or
appropriate in the exercise of any of its functions
under this Act and may delegate to the members of
the Board, to the Chief Executive Officer, or the of-
ficers of the Fund such of its powers and respon-
sibilities as it deems necessary or appropriate for the
administration of the Fund.
(e) 
WHOLLY-OWNED
GOVERNMENT
CORPORA-
TION.—
(1) The Fund shall be a wholly-owned Govern-
ment corporation in the Executive branch and shall
be treated in all respects as an agency of the United
States, except to the extent this Act provides other-
wise.
(2) Section 9101(3) of title 31, United States
Code (the Government Corporation Control Act), is
amended—
(A) by redesignating paragraphs (B)
through (M) as paragraphs (C) through (N),
respectively; and
(B) by inserting after paragraph (A) the
following:
‘‘(B) the Community Development Banking and
Financial Institutions Fund.’’; and
(3) Section 9107(b) of title 31, United States
Code (the Government Corporation Control Act),
shall not apply to deposits of the Fund made pursu-
ant to section 7 of this Act.
(f) LIMITATION OF FUND AND FEDERAL LIABIL-
ITY.—The liability of the Fund and of the United States
Government arising out of any investment in a community
development financial institution in accordance with this
Act shall be limited to the amount of the investment and
the Fund shall be exempt from any assessments and other
liabilities that may be imposed on controlling or principal
shareholders by any Federal law or the law of any State,
Territory, or the District of Columbia. A community devel-
opment financial institution that receives assistance pur-
suant to this Act shall not be deemed to be an agency,
department, or instrumentality of the United States.
(g) PROHIBITION OF ISSUANCE OF SECURITIES.—
The Fund may not issue stock, bonds, debentures, notes,
or other securities.
SEC. 5. APPLICATIONS FOR ASSISTANCE.
(a) FORM AND PROCEDURES.—An application for as-
sistance under this Act shall be submitted by an applicant
in such form and in accordance with such procedures as
the Board shall establish. The Board shall publish regula-
tions with respect to application requirements and proce-
dures not later than 210 days after enactment of this Act.
(b) MINIMUM REQUIREMENTS.—The Board shall re-
quire that the application—
(1) demonstrate to the satisfaction of the Board
that the applicant is, or upon the receipt of a char-
ter will be, a community development financial insti-
tution as defined in section 3(a) of this Act;
(2) demonstrate that the applicant will serve—
(A) a targeted population; or
(B) an area which is an investment area;
(3) in the case of an applicant that has pre-
viously received assistance under this Act, dem-
onstrate that the applicant—