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12 U.S.C. § 4703 — Establishment of national Fund for community development banking
Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment**
(1) **In general** — There is established a corporation to be known as the Community Development Financial Institutions Fund that shall have the duties and responsibilities specified by this subchapter and subchapter II of this chapter. The Fund shall have succession until dissolved. The offices of the Fund shall be in Washington, D.C. The Fund shall not be affiliated with or be within any other agency or department of the Federal Government.
(2) **Wholly owned Government corporation** — The Fund shall be a wholly owned Government corporation in the executive branch and shall be treated in all respects as an agency of the United States, except as otherwise provided in this subchapter.
**(b) Management of Fund**
(1) **Appointment of Administrator** — The management of the Fund shall be vested in an Administrator, who shall be appointed by the President. The Administrator shall not engage in any other business or employment during service as the Administrator.
(2) **Chief financial officer** — The Administrator shall appoint a chief financial officer, who shall have the authority and functions of an agency Chief Financial Officer under [section 902 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section902&num=0&edition=prelim). In the event of a vacancy in the position of the Administrator or during the absence or disability of the Administrator, the chief financial officer shall perform the duties of the position of Administrator.
(3) **Other officers and employees** — The Administrator may appoint such other officers and employees of the Fund as the Administrator determines to be necessary or appropriate.
(4) **Expedited hiring** — During the 2-year period beginning on September 23, 1994, the Administrator
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Source file: Laws/federal/codes/united-states-code/title-12/section-4703-establishment-of-national-fund-for-community-development-banking--d98848761b.md
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Source location: Title 12, Chapter 47, § 4703; chapter-047-community-development-banking.md
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**(a) Establishment**
(1) **In general** — There is established a corporation to be known as the Community Development Financial Institutions Fund that shall have the duties and responsibilities specified by this subchapter and subchapter II of this chapter. The Fund shall have succession until dissolved. The offices of the Fund shall be in Washington, D.C. The Fund shall not be affiliated with or be within any other agency or department of the Federal Government.
(2) **Wholly owned Government corporation** — The Fund shall be a wholly owned Government corporation in the executive branch and shall be treated in all respects as an agency of the United States, except as otherwise provided in this subchapter.
**(b) Management of Fund**
(1) **Appointment of Administrator** — The management of the Fund shall be vested in an Administrator, who shall be appointed by the President. The Administrator shall not engage in any other business or employment during service as the Administrator.
(2) **Chief financial officer** — The Administrator shall appoint a chief financial officer, who shall have the authority and functions of an agency Chief Financial Officer under [section 902 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section902&num=0&edition=prelim). In the event of a vacancy in the position of the Administrator or during the absence or disability of the Administrator, the chief financial officer shall perform the duties of the position of Administrator.
(3) **Other officers and employees** — The Administrator may appoint such other officers and employees of the Fund as the Administrator determines to be necessary or appropriate.
(4) **Expedited hiring** — During the 2-year period beginning on September 23, 1994, the Administrator may—
(A) appoint and terminate the individuals referred to in paragraphs (2) and (3) without regard to the civil service laws and regulations; and
(B) fix the compensation of the individuals referred to in paragraph (3) without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5 relating to classification of positions and General Schedule pay rates, except that the rate of pay for such individuals may not exceed the rate payable for level V of the Executive Schedule under section 5316 of such title.
**(c) General powers** In carrying out the functions of the Fund, the Administrator—
(1) shall have all necessary and proper authority to carry out this subchapter and subchapter II of this chapter;
(2) shall have the power to adopt, alter, and use a corporate seal for the Fund, which shall be judicially noticed;
(3) may adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which business of the Fund may be conducted and such rules and regulations as may be necessary or appropriate to implement this subchapter and subchapter II of this chapter;
(4) may enter into, perform, and enforce such agreements, contracts, and transactions as may be deemed necessary or appropriate to the conduct of activities authorized under this subchapter and subchapter II of this chapter;
(5) may determine the character of and necessity for expenditures of the Fund and the manner in which they shall be incurred, allowed, and paid;
(6) may utilize or employ the services of personnel of any agency or instrumentality of the United States with the consent of the agency or instrumentality concerned on a reimbursable or nonreimbursable basis; and
(7) may execute all instruments necessary or appropriate in the exercise of any of the functions of the Fund under this subchapter and subchapter II of this chapter and may delegate to the officers of the Fund such of the powers and responsibilities of the Administrator as the Administrator deems necessary or appropriate for the administration of the Fund.
**(d) Advisory Board**
(1) **Establishment** — There is established an advisory board to the Fund to be known as the Community Development Advisory Board, which shall be operated in accordance with the provisions of chapter 10 of title 5, except that [section 1013 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section1013&num=0&edition=prelim) does not apply to the Board.
(2) **Membership** — The Board shall consist of 15 members, including—
(A) the Secretary of Agriculture or his or her designee;
(B) the Secretary of Commerce or his or her designee;
(C) the Secretary of Housing and Urban Development or his or her designee;
(D) the Secretary of the Interior or his or her designee;
(E) the Secretary of the Treasury or his or her designee;
(F) the Administrator of the Small Business Administration or his or her designee; and
(G) 9 private citizens, appointed by the President, who shall be selected, to the maximum extent practicable, to provide for national geographic representation and racial, ethnic, and gender diversity, including—
(i) 2 individuals who are officers of existing community development financial institutions;
(ii) 2 individuals who are officers of insured depository institutions;
(iii) 2 individuals who are officers of national consumer or public interest organizations;
(iv) 2 individuals who have expertise in community development; and
(v) 1 individual who has personal experience and specialized expertise in the unique lending and community development issues confronted by Indian tribes on Indian reservations.
(3) **Chairperson** — The members of the Board specified in paragraph (2)(G) shall select, by majority vote, a chairperson of the Board, who shall serve for a term of 2 years.
(4) **Board function** — It shall be the function of the Board to advise the Administrator on the policies of the Fund regarding activities under this subchapter. The Board shall not advise the Administrator on the granting or denial of any particular application.
(5) **Terms of private members**
(A) *In general* — Each member of the Board appointed under paragraph (2)(G) shall serve for a term of 4 years.
(B) *Vacancies* — Any member appointed to fill a vacancy occurring prior to the expiration of the term for which the previous member was appointed shall be appointed for the remainder of such term. Members may continue to serve following the expiration of their terms until a successor is appointed.
(6) **Meetings** — The Board shall meet at least annually and at such other times as requested by the Administrator or the chairperson. A majority of the members of the Board shall constitute a quorum.
(7) **Reimbursement for expenses** — The members of the Board may receive reimbursement for travel, per diem, and other necessary expenses incurred in the performance of their duties, in accordance with chapter 10 of title 5.
(8) **Costs and expenses** — The Fund shall provide to the Board all necessary staff and facilities.
**(e) Omitted**
**(f) Government Corporation Control Act exemption** [Section 9107(b) of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section9107/b&num=0&edition=prelim), shall not apply to deposits of the Fund made pursuant to [section 4707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4707&num=0&edition=prelim).
**(g) Limitation of Fund and Federal liability** The liability of the Fund and the United States Government arising out of any investment in a community development financial institution in accordance with this subchapter shall be limited to the amount of the investment. The Fund shall be exempt from any assessments and other liabilities that may be imposed on controlling or principal shareholders by any Federal law or the law of any State, Territory, or the District of Columbia. Nothing in this subsection shall affect the application of any Federal tax law.
**(h) Prohibition on issuance of securities** The Fund may not issue stock, bonds, debentures, notes, or other securities.
**(i) Omitted**
**(j) Assisted institutions not United States instrumentalities** A community development financial institution or other organization that receives assistance pursuant to this subchapter shall not be deemed to be an agency, department, or instrumentality of the United States.
**(k) Transition period**
(1) **In general** — During the transition period, the Secretary of the Treasury may—
(A) assist in the establishment of the administrative functions of the Fund listed in paragraph (2); and
(B) hire not more than 6 individuals to serve as employees of the Fund during the transition period.
(2) **Continued service** — Individuals hired in accordance with paragraph (1)(B) may continue to serve as employees of the Fund after the transition period.
(3) **Administrative functions** — The administrative functions referred to in paragraph (1)(A) shall be limited to—
(A) establishing accounting, information, and recordkeeping systems for the Fund; and
(B) procuring office space, equipment, and supplies.
(4) **Expedited hiring** — During the transition period, the Secretary of the Treasury may—
(A) appoint and terminate the individuals referred to in paragraph (1)(B) without regard to the civil service laws and regulations; and
(B) fix the compensation of the individuals referred to in paragraph (1)(B) without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5 relating to classification of positions and General Schedule pay rates, except that the rate of pay for such individuals may not exceed the rate payable for level V of the Executive Schedule under section 5316 of such title.
(5) **Certain employees** — During the transition period, employees of the Department of the Treasury may only comprise less than one-half of the total number of individuals hired in accordance with paragraph (1)(B).
(6) **Transition expenses** — Amounts previously appropriated to the Department of the Treasury may be used to pay obligations and expenses of the Fund incurred under this section, and such amounts may be reimbursed by the Fund to the Department of the Treasury from amounts appropriated to the Fund for fiscal year 1995.
(7) **“Transition period” defined** — For purposes of this subsection, the term “transition period” means the period beginning on September 23, 1994, and ending on the date on which the Administrator is appointed.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In General.—**
(1) **Advisory committees in existence on january 5, 1973.—** — Each advisory committee that is in existence on January 5, 1973, shall terminate not later than the expiration of the 2-year period following that date unless—
(A) in the case of an advisory committee established by the President or an officer of the Federal Government, such advisory committee is renewed by the President or that officer by appropriate action prior to the expiration of such 2-year period; or
(B) in the case of an advisory committee established by an Act of Congress, its duration is otherwise provided for by law.
(2) **Advisory committees established after january 5, 1973.—** — Each advisory committee established after January 5, 1973, shall terminate not later than the expiration of the 2-year period beginning on the date of its establishment unless—
(A) in the case of an advisory committee established by the President or an officer of the Federal Government 11 So in original. Probably should be followed by a comma. such advisory committee is renewed by the President or such officer by appropriate action prior to the end of such period; or
(B) in the case of an advisory committee established by an Act of Congress, its duration is otherwise provided for by law.
**(b) Charters.—**
(1) **Upon renewal.—** — Upon the renewal of an advisory committee, the advisory committee shall file a charter in accordance with [section 1008(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section1008/c&num=0&edition=prelim).
(2) **Upon expiration of successive 2-year periods.—** — An advisory committee established by an Act of Congress shall file a charter in accordance with [section 1008(c) of this title](https://uscode.house.gov/view.x
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 1013
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings** The Congress finds that—
(1) many of the Nation’s urban, rural, and Native American communities face critical social and economic problems arising in part from the lack of economic growth, people living in poverty, and the lack of employment and other opportunities;
(2) the restoration and maintenance of the economies of these communities will require coordinated development strategies, intensive supportive services, and increased access to equity investments and loans for development activities, including investment in businesses, housing, commercial real estate, human development, and other activities that promote the long-term economic and social viability of the community; and
(3) community development financial institutions have proven their ability to identify and respond to community needs for equity investments, loans, and development services.
**(b) Purpose** The purpose of this subchapter is to create a Community Development Financial Institutions Fund to promote economic revitalization and community development through investment in and assistance to community development financial institutions, including enhancing the liquidity of community development financial institutions.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4701
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Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding any other provision of this chapter, any report, notification, or consultation addressing directly or indirectly the use of appropriated funds and stipulated by this chapter to be submitted to, or held with, the Congress or any Congressional committee shall also be submitted to, or held with, the Committees on Appropriations of the Senate and the House of Representatives under the same conditions and with the same restrictions as stipulated by this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 6 U.S.C. § 113
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** An agency Chief Financial Officer shall—
(1) report directly to the head of the agency regarding financial management matters;
(2) oversee all financial management activities relating to the programs and operations of the agency;
(3) develop and maintain an integrated agency accounting and financial management system, including financial reporting and internal controls, which—
(A) complies with applicable accounting principles, standards, and requirements, and internal control standards;
(B) complies with such policies and requirements as may be prescribed by the Director of the Office of Management and Budget;
(C) complies with any other requirements applicable to such systems; and
(D) provides for—
(i) complete, reliable, consistent, and timely information which is prepared on a uniform basis and which is responsive to the financial information needs of agency management;
(ii) the development and reporting of cost information;
(iii) the integration of accounting and budgeting information; and
(iv) the systematic measurement of performance;
(4) make recommendations to the head of the agency regarding the selection of the Deputy Chief Financial Officer of the agency;
(5) direct, manage, and provide policy guidance and oversight of agency financial management personnel, activities, and operations, including—
(A) the preparation and annual revision of an agency plan to—
(i) implement the 5-year financial management plan prepared by the Director of the Office of Management and Budget under [section 3512(a)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3512/a/3&num=0&edition=prelim); and
(ii) comply with the requirements established under sections 3515 and subsections (
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 902
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Forms of assistance**
(1) **In general** — The Fund may provide—
(A) financial assistance through equity investments, deposits, credit union shares, loans, and grants; and
(B) technical assistance—
(i) directly;
(ii) through grants; or
(iii) by contracting with organizations that possess expertise in community development finance, without regard to whether the organizations receive or are eligible to receive assistance under this subchapter.
(2) **Equity investments**
(A) *Limitation on equity investments* — The Fund shall not own more than 50 percent of the equity of a community development financial institution and may not control the operations of such institution. The Fund may hold only transferable, nonvoting equity investments in the institution. Such equity investments may provide for convertibility to voting stock upon transfer by the Fund.
(B) *Fund deemed not to control* — Notwithstanding any other provision of law, the Fund shall not be deemed to control a community development financial institution by reason of any assistance provided under this subchapter for the purpose of any other applicable law to the extent that the Fund complies with subparagraph (A). Nothing in this subparagraph shall affect the application of any Federal tax law.
(3) **Deposits** — Deposits made pursuant to this section in an insured community development financial institution shall not be subject to any requirement for collateral or security.
(4) **Limitations on obligations** — Direct loan obligations may be incurred by the Fund only to the extent that appropriations of budget authority to cover their cost, as defined in [section 661a(5) of title 2](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661a/5&num=0&edition=
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4707
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Federal law — U.S. Code and appendices · legal_authorities
In this chapter—
(1) “Government corporation” means a mixed-ownership Government corporation and a wholly owned Government corporation.
(2) “mixed-ownership Government corporation” means—
(A) the Central Bank for Cooperatives.
(B) the Federal Deposit Insurance Corporation.
(C) the Federal Home Loan Banks.
(D) the Federal Intermediate Credit Banks.
(E) the Federal Land Banks.
(F) the National Credit Union Administration Central Liquidity Facility.
(G) the Regional Banks for Cooperatives.
(H) the Financing Corporation.
(I) the Resolution Trust Corporation.
(J) the Resolution Funding Corporation.
(3) “wholly owned Government corporation” means—
(A) the Commodity Credit Corporation.
(B) the Community Development Financial Institutions Fund.
(C) the Export-Import Bank of the United States.
(D) the Federal Crop Insurance Corporation.
(E) Federal Prison Industries, Incorporated.
(F) the Corporation for National and Community Service.
(G) the Government National Mortgage Association.
(H) the United States International Development Finance Corporation.
(I) the Pennsylvania Avenue Development Corporation.
(J) the Pension Benefit Guaranty Corporation.
(K) the Great Lakes St. Lawrence Seaway Development Corporation.
(L) the Secretary of Housing and Urban Development when carrying out duties and powers related to the Federal Housing Administration Fund.
(M) the Tennessee Valley Authority.
(N) the Panama Canal Commission.
(O) the Millennium Challenge Corporation.
(P) the International Clean Energy Foundation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 9101
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Federal law — U.S. Code and appendices · legal_authorities
Level II of the Executive Schedule applies to the following positions, for which the annual rate of basic pay shall be the rate determined with respect to such level under chapter 11 of title 2, as adjusted by [section 5318 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5318&num=0&edition=prelim):
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5313
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subchapter—
(1) the term “Fund” means the Community Development Financial Institutions Fund established under [section 4703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4703&num=0&edition=prelim);
(2) the term “appropriate Federal banking agency”—
(A) has the same meaning as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim); and
(B) includes the National Credit Union Administration Board in the case of any credit union the deposits of which are insured in accordance with the Federal Credit Union Act [[12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.];
(3) the term “early loan” means a loan enrolled at a time when the aggregate covered amount of loans previously enrolled under the Program by a particular participating financial institution is less than $5,000,000;
(4) the term “enrolled loan” means a loan made by a participating financial institution that is enrolled by a participating State in accordance with this subchapter;
(5) the term “financial institution” means any federally chartered or State-chartered commercial bank, savings association, savings bank, or credit union;
(6) the term “participating financial institution” means any financial institution that has entered into a participation agreement with a participating State in accordance with [section 4744 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4744&num=0&edition=prelim);
(7) the term “participating State” means any State that has been approved for participation in the Program in accordance with [section 4743 of this titl
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4742
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Federal law — U.S. Code and appendices · legal_authorities
Page 1727
TITLE 12—BANKS AND BANKING
§ 4703
group or community, including any Alaska
Native village or regional or village corpora-
tion, as defined in or established pursuant to
the Alaska Native Claims Settlement Act [43
U.S.C. 1601 et seq.], which is recognized as eli-
gible for the special programs and services
provided by the United States to Indians be-
cause of their status as Indians.
(13) Insured community development financial
institution
The term ‘‘insured community development
financial institution’’ means any community
development financial institution that is an
insured depository institution or an insured
credit union.
(14) Insured credit union
The term ‘‘insured credit union’’ has the
same meaning as in section 1752(7) of this
title.
(15) Insured depository institution
The term ‘‘insured depository institution’’
has the same meaning as in section 1813 of this
title.
(16) Investment area
The term ‘‘investment area’’ means a geo-
graphic area (or areas) including an Indian
reservation that—
(A)(i) meets objective criteria of economic
distress developed by the Fund, which may
include the percentage of low-income fami-
lies or the extent of poverty, the rate of un-
employment
or
underemployment,
rural
population outmigration, lag in population
growth, and extent of blight and disinvest-
ment; and
(ii) has significant unmet needs for loans
or equity investments; or
(B) encompasses or is located in an em-
powerment zone or enterprise community
designated under section 1391 of title 26.
(17) Low-income
The term ‘‘low-income’’ means having an in-
come, adjusted for family size, of not more
than—
(A) for metropolitan areas, 80 percent of
the area median income; and
(B) for nonmetropolitan areas, the greater
of—
(i) 80 percen
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4703
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.