dreamproit/uscode huggingface dataset:
12 U.S.C. § 4639 (BANKS AND BANKING)
§ 4639. Public disclosure of final orders and agreements
(a) In general
The Director shall make available to the public—
(1) any written agreement or other written statement for which a violation may be redressed by the Director or any modification to or termination thereof, unless the Director, in the Director’s discretion, determines that public disclosure would be contrary to the public interest;
(2) any order that is issued with respect to any administrative enforcement proceeding initiated by the Director under this subchapter and that has become final in accordance with sections 4633 and 4634 of this title; and
(3) any modification to or termination of any final order made public pursuant to this subsection.
(b) Hearings
All hearings on the record with respect to any notice of charges issued by the Director shall be open to the public, unless the Director, in the Director’s discretion, determines that holding an open hearing would be contrary to the public interest.
(c) Delay of public disclosure under exceptional circumstances
If the Director makes a determination in writing that the public disclosure of any final order pursuant to subsection (a) of this section would seriously threaten the financial health or security of the regulated entity, the Director may delay the public disclosure of such order for a reasonable time.
(d) Documents filed under seal in public enforcement hearings
The Director may file any document or part thereof under seal in any hearing commenced by the Director if the Director determines in writing that disclosure thereof would be contrary to the public interest.
(e) Retention of documents
The Director shall keep and maintain a record, for not less than 6 years, of all documents described in subsection (a) of this section and all enforcement agreements and other supervisory actions and supporting documents issued with respect to or in connection with any enforcement proceeding initiated by the Director under this subchapter or any other law.
(f) Disclosures to Congress
This section may not be construed to authorize the withholding, or to prohibit the disclosure, of any information to the Congress or any committee or subcommittee thereof.
(Pub. L. 102–550, title XIII, § 1379B, formerly § 1379, Oct. 28, 1992, 106 Stat. 3993; renumbered § 1379B and amended Pub. L. 110–289, div. A, title I, §§ 1153(a)(1), 1156(b)(3), July 30, 2008, 122 Stat. 2770, 2777.)
heading: Prior Provisions
text: A prior section 1379B of Pub. L. 102–550 was renumbered section 1379D and is classified to section 4641 of this title.
heading: Amendments
text: 2008—Subsec. (c). Pub. L. 110–289, § 1156(b)(3), substituted “regulated entity” for “enterprise”.
12 U.S.C. § 4640 (BANKS AND BANKING)
§ 4640. Notice of service
Any service required or authorized to be made by the Director under this subchapter may be made by registered mail, or in such other manner reasonably calculated to give actual notice as the Director may by regulation or otherwise provide.
(Pub. L. 102–550, title XIII, § 1379C, formerly § 1379A, Oct. 28, 1992, 106 Stat. 3993; renumbered § 1379C, Pub. L. 110–289, div. A, title I, § 1153(a)(1), July 30, 2008, 122 Stat. 2770.)
12 U.S.C. § 4642 (BANKS AND BANKING)
§ 4642. Reporting of fraudulent loans
(a) Requirement to report
The Director shall require a regulated entity to submit to the Director a timely report upon discovery by the regulated entity that it has purchased or sold a fraudulent loan or financial instrument, or suspects a possible fraud relating to the purchase or sale of any loan or financial instrument. The Director shall require each regulated entity to establish and maintain procedures designed to discover any such transactions.
(b) Protection from liability for reports
Any regulated entity that, in good faith, makes a report pursuant to subsection (a), and any entity-affiliated party, that, in good faith, makes or requires another to make any such report, shall not be liable to any person under any provision of law or regulation, any constitution, law, or regulation of any State or political subdivision of any State, or under any contract or other legally enforceable agreement (including any arbitration agreement) for such report or for any failure to provide notice of such report to the person who is the subject of such report or any other persons identified in the report.
(Pub. L. 102–550, title XIII, § 1379E, as added Pub. L. 110–289, div. A, title I, § 1115, July 30, 2008, 122 Stat. 2681.)
12 U.S.C. § 4701 (BANKS AND BANKING)
§ 4701. Findings and purposes
(a) Findings
The Congress finds that—
(1) many of the Nation’s urban, rural, and Native American communities face critical social and economic problems arising in part from the lack of economic growth, people living in poverty, and the lack of employment and other opportunities;
(2) the restoration and maintenance of the economies of these communities will require coordinated development strategies, intensive supportive services, and increased access to equity investments and loans for development activities, including investment in businesses, housing, commercial real estate, human development, and other activities that promote the long-term economic and social viability of the community; and
(3) community development financial institutions have proven their ability to identify and respond to community needs for equity investments, loans, and development services.
(b) Purpose
The purpose of this subchapter is to create a Community Development Financial Institutions Fund to promote economic revitalization and community development through investment in and assistance to community development financial institutions, including enhancing the liquidity of community development financial institutions.
(Pub. L. 103–325, title I, § 102, Sept. 23, 1994, 108 Stat. 2163.)
heading: References in Text
text: This subchapter, referred to in subsec. (b), was in original “this subtitle”, meaning subtitle A of title I of Pub. L. 103–325, Sept. 23, 1994, 108 Stat. 2163, which is classified principally to this subchapter. For complete classification of this subtitle to the Code, see Short Title note below and Tables.
heading: Short Title
text: Pub. L. 103–325, § 1(a), Sept. 23, 1994, 108 Stat. 2160, provided that: “This Act [see Tables for classification] may be cited as the ‘Riegle Community Development and Regulatory Improvement Act of 1994’.”
Pub. L. 103–325, title I, § 101, Sept. 23, 1994, 108 Stat. 2163, provided that: “This subtitle [subtitle A (§§ 101–121) of title I of Pub. L. 103–325, enacting this subchapter and section 1772c–1 of this title, amending sections 1766 and 1834a of this title, section 5313 of Title 5, Government Organization and Employees, section 11 of Pub. L. 95–452 set out in the Appendix to Title 5, section 657 of Title 18, Crimes and Criminal Procedure, and section 9101 of Title 31, Money and Finance, and enacting provisions set out as a note under section 11 of Pub. L. 95–452 set out in the Appendix to Title 5] may be cited as the ‘Community Development Banking and Financial Institutions Act of 1994’.”
12 U.S.C. § 4704 (BANKS AND BANKING)
§ 4704. Applications for assistance
(a) Form and procedures
An application for assistance under this subchapter shall be submitted in such form and in accordance with such procedures as the Fund shall establish.
(b) Minimum requirements
Except as provided in sections 4705 and 4712 of this title, the Fund shall require an application—
(1) to establish that the applicant is, or will be, a community development financial institution;
(2) to include a comprehensive strategic plan for the organization that contains—
(A) a business plan of not less than 5 years in duration that demonstrates that the applicant will be properly managed and will have the capacity to operate as a community development financial institution that will not be dependent upon assistance from the Fund for continued viability;
(B) an analysis of the needs of the investment area or targeted population and a strategy for how the applicant will attempt to meet those needs;
(C) a plan to coordinate use of assistance from the Fund with existing Federal, State, local, and tribal government assistance programs, and private sector financial services;
(D) an explanation of how the proposed activities of the applicant are consistent with existing economic, community, and housing development plans adopted by or applicable to an investment area or targeted population; and
(E) a description of how the applicant will coordinate with community organizations and financial institutions which will provide equity investments, loans, secondary markets, or other services to investment areas or targeted populations;
(3) to include a detailed description of the applicant’s plans and likely sources of funds to match the amount of assistance requested from the Fund;
(4) in the case of an applicant that has previously received assistance under this subchapter, to demonstrate that the applicant—
(A) has substantially met its performance goals and otherwise carried out its responsibilities under this subchapter and the assistance agreement; and
(B) will expand its operations into a new investment area or serve a new targeted population, offer more products or services, or increase the volume of its business;
(5) in the case of an applicant with a prior history of serving investment areas or targeted populations, to demonstrate that the applicant—
(A) has a record of success in serving investment areas or targeted populations; and
(B) will expand its operations into a new investment area or to serve a new targeted population, offer more products or services, or increase the volume of its current business; and
(6) to include such other information as the Fund deems appropriate.
(c) Preapplication outreach program
The Fund shall provide an outreach program to identify and provide information to potential applicants and may provide technical assistance to potential applicants, but shall not assist in the preparation of any application.
(Pub. L. 103–325, title I, § 105, Sept. 23, 1994, 108 Stat. 2170.)
12 U.S.C. § 4705 (BANKS AND BANKING)
§ 4705. Community partnerships
(a) Application
An application for assistance may be filed jointly by a community development financial institution and a community partner to carry out a community partnership.
(b) Application requirements
The Fund shall require a community partnership application—
(1) to meet the minimum requirements established for community development financial institutions under section 4704(b) of this title, except that the criteria specified in paragraphs (1) and (2)(A) of section 4704(b) of this title shall not apply to the community partner;
(2) to describe how each coapplicant will participate in carrying out the community partnership and how the partnership will enhance activities serving the investment area or targeted population; and
(3) to demonstrate that the community partnership activities are consistent with the strategic plan submitted by the community development financial institution coapplicant.
(c) Selection criteria
The Fund shall consider a community partnership application based on—
(1) the community development financial institution coapplicant—
(A) meeting the minimum selection criteria described in section 4704 of this title; and
(B) satisfying the selection criteria of section 4706 of this title;
(2) the extent to which the community partner coapplicant will participate in carrying out the partnership;
(3) the extent to which the community partnership will enhance the likelihood of success of the community development financial institution coapplicant’s strategic plan; and
(4) the extent to which service to the investment area or targeted population will be better performed by a partnership as opposed to the individual community development financial institution coapplicant.
(d) Limitation on distribution of assistance
Assistance provided upon approval of an application under this section shall be distributed only to the community development financial institution coapplicant, and shall not be used to fund any activities carried out directly by the community partner or an affiliate or subsidiary thereof.
(e) Other requirements and limitations
All other requirements and limitations imposed by this subchapter on a community development financial institution assisted under this subchapter shall apply (in the manner that the Fund determines to be appropriate) to assistance provided to carry out community partnerships. The Fund may establish additional guidelines and restrictions on the use of Federal funds to carry out community partnerships.
(Pub. L. 103–325, title I, § 106, Sept. 23, 1994, 108 Stat. 2171.)
12 U.S.C. § 4706 (BANKS AND BANKING)
§ 4706. Selection of institutions
(a) Selection criteria
Except as provided in section 4712 of this title, the Fund shall, in its sole discretion, select community development financial institution applicants meeting the requirements of section 4704 of this title for assistance based on—
(1) the likelihood of success of the applicant in meeting the goals of its comprehensive strategic plan;
(2) the experience and background of the management team;
(3) the extent of need for equity investments, loans, and development services within the investment areas or targeted populations;
(4) the extent of economic distress within the investment areas or the extent of need within the targeted populations, as those factors are measured by objective criteria;
(5) the extent to which the applicant will concentrate its activities on serving its investment areas or targeted populations;
(6) the amount of firm commitments to meet or exceed the matching requirements and the likely success of the plan for raising the balance of the match;
(7) the extent to which the matching funds are derived from private sources;
(8) the extent to which the proposed activities will expand economic opportunities within the investment areas or the targeted populations;
(9) whether the applicant is, or will become, an insured community development financial institution;
(10) the extent of support from the investment areas or targeted populations;
(11) the extent to which the applicant is, or will be, community-owned or community-governed;
(12) the extent to which the applicant will increase its resources through coordination with other institutions or participation in a secondary market;
(13) in the case of an applicant with a prior history of serving investment areas or targeted populations, the extent of success in serving them; and
(14) other factors deemed to be appropriate by the Fund.
(b) Geographic diversity
In selecting applicants for assistance, the Fund shall seek to fund a geographically diverse group of applicants, which shall include applicants from metropolitan, nonmetropolitan, and rural areas.
(Pub. L. 103–325, title I, § 107, Sept. 23, 1994, 108 Stat. 2172.)
12 U.S.C. § 4708 (BANKS AND BANKING)
§ 4708. Training
(a) In general
The Fund may operate a training program to increase the capacity and expertise of community development financial institutions and other members of the financial services industry to undertake community development finance activities.
(b) Program activities
The training program shall provide educational programs to assist community development financial institutions and other members of the financial services industry in developing lending and investment products, underwriting and servicing loans, managing equity investments, and providing development services targeted to areas of economic distress, low-income persons, and persons who lack adequate access to loans and equity investments.
(c) Participation
The training program shall be made available to community development financial institutions and other members of the financial services industry that serve or seek to serve areas of economic distress, low-income persons, and persons who lack adequate access to loans and equity investments.
(d) Contracting
The Fund may offer the training program described in this section directly or through a contract with other organizations. The Fund may contract to provide the training program through organizations that possess special expertise in community development, without regard to whether the organizations receive or are eligible to receive assistance under this subchapter.
(e) Coordination
The Fund shall coordinate with other appropriate Federal departments or agencies that operate similar training programs in order to prevent duplicative efforts.
(f) Regulatory fee for providing training services
(1) General rule
The Fund may, at the discretion of the Administrator and in accordance with this subsection, assess and collect regulatory fees solely to cover the costs of the Fund in providing training services under a training program operated in accordance with this section.
(2) Persons subject to fee
Fees may be assessed under paragraph (1) only on persons who participate in the training program.
(3) Limitation on manner of collection
Fees may be assessed and collected under this subsection only in such manner as may reasonably be expected to result in the collection of an aggregate amount of fees during any fiscal year which does not exceed the aggregate costs of the Fund for such year in providing training services under a training program operated in accordance with this section 1
(4) Limitation on amount of fee
The amount of any fee assessed under this subsection on any person may not exceed the amount which is reasonably based on the proportion of the training services provided under a training program operated in accordance with this section which relate to such person.
(Pub. L. 103–325, title I, § 109, Sept. 23, 1994, 108 Stat. 2176.)
12 U.S.C. § 4709 (BANKS AND BANKING)
§ 4709. Encouragement of private entities
The Fund may facilitate the organization of corporations in which the Federal Government has no ownership interest. The purpose of any such entity shall be to assist community development financial institutions in a manner that is complementary to the activities of the Fund under this subchapter. Any such entity shall be managed exclusively by persons not employed by the Federal Government or any agency or instrumentality thereof, or by any State or local government or any agency or instrumentality thereof.
(Pub. L. 103–325, title I, § 110, Sept. 23, 1994, 108 Stat. 2177.)
12 U.S.C. § 4710 (BANKS AND BANKING)
§ 4710. Collection and compilation of information
The Fund shall—
(1) collect and compile information pertinent to community development financial institutions that will assist in creating, developing, expanding, and preserving such institutions; and
(2) make such information available to promote the purposes of this subchapter.
(Pub. L. 103–325, title I, § 111, Sept. 23, 1994, 108 Stat. 2177.)
12 U.S.C. § 4711 (BANKS AND BANKING)
§ 4711. Investment of receipts and proceeds
(a) Establishment of account
Any dividends on equity investments and proceeds from the disposition of investments, deposits, or credit union shares that are received by the Fund as a result of assistance provided pursuant to section 4707 or 4712 of this title, and any fees received pursuant to section 4708(f) of this title shall be deposited and accredited to an account of the Fund in the United States Treasury (hereafter in this section referred to as “the account”) established to carry out the purpose of this subchapter.
(b) Investments
Upon request of the Administrator, the Secretary of the Treasury shall invest amounts deposited in the account in public debt securities with maturities suitable to the needs of the Fund, as determined by the Administrator, and bearing interest at rates determined by the Secretary of the Treasury, comparable to current market yields on outstanding marketable obligations of the United States of similar maturities.
(c) Availability
Amounts deposited into the account and interest earned on such amounts pursuant to this section shall be available to the Fund until expended.
(Pub. L. 103–325, title I, § 112, Sept. 23, 1994, 108 Stat. 2177.)
12 U.S.C. § 4714 (BANKS AND BANKING)
§ 4714. Recordkeeping
(a) In general
A community development financial institution receiving assistance from the Fund shall keep such records, for such periods as may be prescribed by the Fund and necessary to disclose the manner in which any assistance under this subchapter is used and to demonstrate compliance with the requirements of this subchapter.
(b) User profile information
The Fund shall require each community development financial institution or other organization receiving assistance from the Fund to compile such data, as is determined to be appropriate by the Fund, on the gender, race, ethnicity, national origin, or other pertinent information concerning individuals that utilize the services of the assisted institution to ensure that targeted populations and low-income residents of investment areas are adequately served.
(c) Access to records
The Fund shall have access on demand, for the purpose of determining compliance with this subchapter, to any records of a community development financial institution or other organization that receives assistance from the Fund.
(d) Review
Not less than annually, the Fund shall review the progress of each assisted community development financial institution in carrying out its strategic plan, meeting its performance goals, and satisfying the terms and conditions of its assistance agreement.
(e) Reporting
(1) Annual reports
The Fund shall require each community development financial institution receiving assistance under this subchapter to submit an annual report to the Fund on its activities, its financial condition, and its success in meeting performance goals, in satisfying the terms and conditions of its assistance agreement, and in complying with other requirements of this subchapter, in such form and manner as the Fund shall specify.
(2) Availability of reports
The Fund, after deleting or redacting any material as appropriate to protect privacy or proprietary interests, shall make such reports submitted under paragraph (1) available for public inspection.
(Pub. L. 103–325, title I, § 115, Sept. 23, 1994, 108 Stat. 2184.)
12 U.S.C. § 4717 (BANKS AND BANKING)
§ 4717. Enforcement
(a) Regulations
(1) In general
Not later than 180 days after the appointment and qualification of the Administrator, the Fund shall promulgate such regulations as may be necessary to carry out this subchapter.
(2) Regulations required
The regulations promulgated under paragraph (1) shall include regulations applicable to community development financial institutions that are not insured depository institutions to—
(A) prevent conflicts of interest on the part of directors, officers, and employees of community development financial institutions as the Fund determines to be appropriate; and
(B) establish such standards with respect to loans by a community development financial institution to any director, officer, or employee of such institution as the Fund determines to be appropriate, including loan amount limitations.
(b) Administrative enforcement
The provisions of this subchapter, and regulations prescribed and agreements entered into under this subchapter, shall be enforced under section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818] by the appropriate Federal banking agency, in the case of an insured community development financial institution. A violation of this subchapter, or any regulation prescribed under or any agreement entered into under this subchapter, shall be treated as a violation of the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.].
(Pub. L. 103–325, title I, § 119, Sept. 23, 1994, 108 Stat. 2188.)
heading: References in Text
text: The Federal Deposit Insurance Act, referred to in subsec. (b), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, as amended, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables.
heading: Codification
text: Section is comprised of section 119 of Pub. L. 103–325. Subsec. (c) of section 119 of Pub. L. 103–325 amended section 657 of Title 18, Crimes and Criminal Procedure.