Small Business and Community Investments Expansion Act of 2015

Bill: 114-hr-1355
Sponsor: full_name: Rep. Ellison, Keith [D-MN-5]
Introduced: 2015-03-13
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Credit and credit markets

Housing and community development funding
Latest action: action_date: 2015-03-13
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2015-03-13
action_desc: Introduced in House
text: <p><b>Small Business and Community Investments Expansion Act of 2015</b></p> <p> Amends the Federal Home Loan Bank Act to authorize Federal Home Loan Banks to make long-term secured advances to their members to provide funds to community development financial institutions.</p> <p>Requires a Bank, at the time of origination or renewal of a loan or advance, to obtain and maintain a security interest in collateral eligible pursuant to any secured loan for any community development financial institution. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1355 IN THE HOUSE OF REPRESENTATIVES March 13, 2015 Mr. Ellison (for himself, Mr. Stivers , Mr. Paulsen , Mrs. Carolyn B. Maloney of New York , Mr. Delaney , and Mr. Cartwright ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Home Loan Bank Act to expand the purposes of advances and collateral available to community development financial institutions.

1. Short title This Act may be cited as the The Small Business and Community Investments Expansion Act of 2015 . 2. Expanding the purposes of advances and collateral available to community development financial institutions Section 10(a) of the Federal Home Loan Bank Act ( 12 U.S.C. 1430(a) ) is amended— (1) in paragraph (2)(B), by inserting or community development financial institution (as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 )) after community financial institution ; and (2) in paragraph (3)(E), by inserting or community development financial institution (as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 )) after community financial institution .