Small Business and Community Investments Expansion Act of 2020

Bill: 116-hr-5612
Sponsor: full_name: Rep. Gabbard, Tulsi [D-HI-2]
Introduced: 2020-01-15
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: 2020-01-15
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-01-15
action_desc: Introduced in House
text: <p><b>Small Business and Community Investments Expansion Act of 2020</b></p> <p>This bill allows a Federal Home Loan Bank to make long-term advances to certain community development financial institutions and insured credit unions for activities related to small businesses, small farms, small agri-businesses, and community development. Currently, only certain community development financial institutions may qualify for these advances. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 5612 IN THE HOUSE OF REPRESENTATIVES January 15, 2020 Ms. Gabbard introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Home Loan Bank Act to allow for advances to certain community development financial institutions and credit unions, and for other purposes.

1. Short title This Act may be cited as the Small Business and Community Investments Expansion Act of 2020 . 2. Expanding the purposes of advances and collateral available to certain community development financial institutions and credit unions (a) In general 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 , eligible community development financial institution, or eligible insured credit union after community financial institution ; and (2) in paragraph (3)(E), by inserting , eligible community development financial institution, or eligible insured credit union after community financial institution . (b) Definitions Section 2 of the Federal Home Loan Bank Act ( 12 U.S.C. 1422 ) is amended by adding at the end the following: (13) Eligible community development financial institution The term eligible community development financial institution means an entity that— (A) has been certified as a community development financial institution (as such term is defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994) by the Secretary of the Treasury; and (B) satisfies the average total assets threshold requirement for a community financial institution set forth in paragraph (10). (14) Eligible insured credit union The term eligible insured credit union means an insured credit union (as defined in section 101 of the Federal Credit Union Act) that satisfies the average total assets threshold requirement for a community financial institution set forth in paragraph (10). .