Small Business and Community Investments Expansion Act of 2017

Bill: 115-hr-704
Sponsor: full_name: Rep. Ellison, Keith [D-MN-5]
Introduced: 2017-01-27
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: 2017-01-27
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-01-27
action_desc: Introduced in House
text: <p><b>Small Business and Community Investments Expansion Act of 2017</b></p> <p>This bill amends the Federal Home Loan Bank Act to authorize a Federal Home Loan Bank to make a long-term secured advance for the purpose of providing funds to a community development financial institution. Additionally, the bill expands eligible collateral, in the case of a community development financial institution, to include secured loans or securities representing a whole interest in secured loans.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 704 IN THE HOUSE OF REPRESENTATIVES January 27, 2017 Mr. Ellison (for himself, Mr. Stivers , Mrs. Carolyn B. Maloney of New York , Mr. Pittenger , Mr. Delaney , Mr. Paulsen , and Ms. Sinema ) 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 Small Business and Community Investments Expansion Act of 2017 . 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 .