12 U.S.C. § 4713 | Incentives for depository institution participation

(a)

Function of Administrator

(1)

In general

section 4718(a) of this title section 4718(a)(4) of this titleOf any funds appropriated pursuant to the authorization in , the funds made available for use in carrying out this section in accordance with shall be administered by the Administrator of the Fund, in consultation with—

(A)

12 U.S.C. 1813 the Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act []) and the National Credit Union Administration;

(B)

section 4703(d)(2)(G) of this title the individuals named pursuant to clauses (ii) and (iv) of ; and

(C)

any other representatives of insured depository institutions or other persons as the Administrator may determine to be appropriate.

(2)

Applicability of Bank Enterprise Act of 1991

Subject to subsection (b) and the consultation requirement of paragraph (1)—

(A)

12 U.S.C. 1834a section 233 of the Bank Enterprise Act of 1991 [] shall be applicable to the Administrator, for purposes of this section, in the same manner and to the same extent that such section is applicable to the Community Enterprise Assessment Credit Board;

(B)

12 U.S.C. 1834a the Administrator shall, for purposes of carrying out this section and section 233 of the Bank Enterprise Act of 1991 []—

(i)

have all powers and rights of the Community Enterprise Assessment Credit Board under section 233 of the Bank Enterprise Act of 1991 to administer and enforce any provision of such section 233 which is applicable to the Administrator under this section; and

(ii)

shall be subject to the same duties and restrictions imposed on the Community Enterprise Assessment Credit Board; and

(C)

the Administrator shall—

(i)

12 U.S.C. 1834a(b)(2) have all powers and rights of an appropriate Federal banking agency under section 233(b)(2) of the Bank Enterprise Act of 1991 [] to approve or disapprove the designation of qualified distressed communities for purposes of this section and provide information and assistance with respect to any such designation; and

(ii)

shall be subject to the same duties imposed on the appropriate Federal banking agencies under such section 233(b)(2).

(3)

Awards

The Administrator shall determine the amount of assessment credits, and shall make awards of those credits.

(4)

Regulations and guidelines

The Administrator may prescribe such regulations and issue such guidelines as the Administrator determines to be appropriate to carry out this section.

(5)

Exceptions to applicability

12 U.S.C. 1834a(a)(1)12 U.S.C. 1811Notwithstanding paragraphs (1) through (4) of this subsection, subsections (a)(1) and (e)(2) of section 233 of the Bank Enterprise Act of 1991 [, (e)(2)], and any other provision of the Federal Deposit Insurance Act [ et seq.] relating to the Bank Enterprise Act of 1991, do not apply to the Administrator for purposes of this subchapter.

(b)

Provisions relating to administration of this section

(1)

New lifeline accounts

12 U.S.C. 1834aIn applying section 233 of the Bank Enterprise Act of 1991 [] for purposes of this section, the Administrator shall treat the provision of new lifeline accounts by an insured depository institution as an activity which is qualified to be taken into account under section 233(a)(2)(A) of such Act.

(2)

Determination of assessment credit

12 U.S.C. 1834a(a)(3)For the purpose of this subchapter, section 233(a)(3) of the Bank Enterprise Act of 1991 () shall be applied by substituting the following text:

“(3)

Amount of assessment credit

“The amount of an assessment credit which may be awarded to an insured depository institution to carry out the qualified activities of the institution or of the subsidiaries of the institution pursuant to this section for any semiannual period shall be equal to the sum of—

“(A)

with respect to qualifying activities described in paragraph (2)(A), the amount which is equal to—

“(i)

5 percent of the sum of the amounts determined under such subparagraph, in the case of an institution which is not a community development financial institution; or

“(ii)

15 percent of the sum of the amounts determined under such subparagraph, in the case of an institution which is a community development financial institution; and

“(B)

with respect to qualifying activities described in paragraph (2)(C), 15 percent of the amounts determined under such subparagraph.”

(3)

Adjustment of percentage

12 U.S.C. 1834a(a)(5)Section 233(a)(5) of the Bank Enterprise Act of 1991 [] shall be applied for purposes of this section by—

(A)

12 U.S.C. 1834b substituting “institutions which are community development financial institutions” for “institutions which meet the community development organization requirements under section 234 []”; and

(B)

substituting “institutions which are not community development financial institutions” for “institutions which do not meet such requirements”.

(4)

Designation of QDC

12 U.S.C. 1834a(b)(2)Section 233(b)(2) of the Bank Enterprise Act of 1991 [] shall be applied for purposes of this section without regard to subparagraph (A)(ii) of such section 233(b)(2).

(5)

Operation on annual basis

The Administrator may, in the Administrator’s discretion, apply section 233 of the Bank Enterprise Act of 1991 for purposes of this section by providing community enterprise assessment credits with respect to annual periods rather than semiannual periods.

(6)

Outreach

The Administrator shall ensure that information about the Bank Enterprise Act of 1991 under this section is widely disseminated to all interested parties.

(7)

Qualified activities

For the purpose of this subchapter, section 233(a)(2)(A) of the Bank Enterprise Act of 1991 shall be applied by inserting “of the increase” after “the amount”.

Pub. L. 103–325, title I, § 114Sept. 23, 1994108 Stat. 2179(, , .)

Editorial Notes

References in Text

Pub. L. 102–242Dec. 19, 1991105 Stat. 2308–2315 section 1817 of this title section 1811 of this title section 1811 of this titleThe Bank Enterprise Act of 1991, referred to in subsecs. (a)(2), (5) and (b)(6), is subtitle C (§§ 231–234) of title II of , , , which enacted sections 1834 to 1834b of this title, amended , and enacted provisions set out as a note under . For complete classification of this Act to the Code, see Short Title of 1991 Amendment note set out under and Tables.

act Sept. 21, 1950, ch. 967, § 2 64 Stat. 873 section 1811 of this titleThe Federal Deposit Insurance Act, referred to in subsec. (a)(5), is , , 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 and Tables.

Codification

section 114 of Pub. L. 103–325 section 114 of Pub. L. 103–325 section 1834a of this titleSection is comprised of . Subsec. (c) of amended .