To authorize appropriations for the Community Development Financial Institutions Fund providing financial assistance and technical assistance for the benefit of certain minority communities, and for other purposes.

Bill: 116-hr-7121
Sponsor: full_name: Rep. Adams, Alma S. [D-NC-12]
Introduced: 2020-06-08
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Community Development Financial Institutions Fund

Indian social and development programs
Latest action: action_date: 2020-06-08
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-06-08
action_desc: Introduced in House
text: <p>This bill authorizes additional funding for financial assistance and technical assistance under the Community Development Financial Institutions Fund, with a specified amount set aside for minority lending institutions.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7121 IN THE HOUSE OF REPRESENTATIVES June 8, 2020 Ms. Adams introduced the following bill; which was referred to the Committee on Financial Services A BILL To authorize appropriations for the Community Development Financial Institutions Fund providing financial assistance and technical assistance for the benefit of certain minority communities, and for other purposes.

1. Community Development Financial Institutions Fund (a) In General There is authorized to be appropriated to the Community Development Financial Institutions Fund, out of amounts in the general fund not otherwise appropriated, $5,000,000,000 for fiscal year 2020, for providing financial assistance and technical assistance under subparagraphs (A) and (B) of section 108(a)(1) of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4707(a)(1) ), except that subsections (d) and (e) of such section 108 shall not apply to the provision of such assistance, for the Bank Enterprise Award program, and for financial assistance, technical assistance, training, and outreach programs designed to benefit Native American, Native Hawaiian, and Alaska Native communities and provided primarily through qualified community development lender organizations with experience and expertise in community development banking and lending in Indian country, Native American organizations, Tribes and Tribal organizations, and other suitable providers. Of the amount appropriated pursuant to this heading, not less than $2,000,000,000 shall be for providing financial assistance, technical assistance, awards, training, and outreach programs described above to recipients that are minority lending institutions. (b) Definitions For purposes of this section: (1) Minority lending institution The term minority lending institution means any depository institution, loan fund, or other financial institution that— (A) if a privately owned institution, 51 percent is owned by one or more socially and economically disadvantaged individuals; (B) if publicly owned, 51 percent of the stock is owned by one or more socially and economically disadvantaged individuals; and (C) in the case of a mutual institution, where the majority of the Board of Directors, account holders, and the community which it services is predominantly minority. (2) Minority The term minority means any black American, Native American, Hispanic American, or Asian American.