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12 U.S.C. § 4714 — Recordkeeping
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** A community development financial institution receiving assistance from the Fund shall keep such records, for such periods as may be prescribed by the Fund and necessary to disclose the manner in which any assistance under this subchapter is used and to demonstrate compliance with the requirements of this subchapter.
**(b) User profile information** The Fund shall require each community development financial institution or other organization receiving assistance from the Fund to compile such data, as is determined to be appropriate by the Fund, on the gender, race, ethnicity, national origin, or other pertinent information concerning individuals that utilize the services of the assisted institution to ensure that targeted populations and low-income residents of investment areas are adequately served.
**(c) Access to records** The Fund shall have access on demand, for the purpose of determining compliance with this subchapter, to any records of a community development financial institution or other organization that receives assistance from the Fund.
**(d) Review** Not less than annually, the Fund shall review the progress of each assisted community development financial institution in carrying out its strategic plan, meeting its performance goals, and satisfying the terms and conditions of its assistance agreement.
**(e) Reporting**
(1) **Annual reports** — The Fund shall require each community development financial institution receiving assistance under this subchapter to submit an annual report to the Fund on its activities, its financial condition, and its success in meeting performance goals, in satisfying the terms and conditions of its assistance agreement, and in complying with other requirements of this subchapter, in such form and manner
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Stable record: federal_law:legal_authorities:record_usc_26bcd5f1bd2905dea40356d7
Source file: Laws/federal/codes/united-states-code/title-12/section-4714-recordkeeping--343e56bf12.md
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Source location: Title 12, Chapter 47, § 4714; chapter-047-community-development-banking.md
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**(a) In general** A community development financial institution receiving assistance from the Fund shall keep such records, for such periods as may be prescribed by the Fund and necessary to disclose the manner in which any assistance under this subchapter is used and to demonstrate compliance with the requirements of this subchapter.
**(b) User profile information** The Fund shall require each community development financial institution or other organization receiving assistance from the Fund to compile such data, as is determined to be appropriate by the Fund, on the gender, race, ethnicity, national origin, or other pertinent information concerning individuals that utilize the services of the assisted institution to ensure that targeted populations and low-income residents of investment areas are adequately served.
**(c) Access to records** The Fund shall have access on demand, for the purpose of determining compliance with this subchapter, to any records of a community development financial institution or other organization that receives assistance from the Fund.
**(d) Review** Not less than annually, the Fund shall review the progress of each assisted community development financial institution in carrying out its strategic plan, meeting its performance goals, and satisfying the terms and conditions of its assistance agreement.
**(e) Reporting**
(1) **Annual reports** — The Fund shall require each community development financial institution receiving assistance under this subchapter to submit an annual report to the Fund on its activities, its financial condition, and its success in meeting performance goals, in satisfying the terms and conditions of its assistance agreement, and in complying with other requirements of this subchapter, in such form and manner as the Fund shall specify.
(2) **Availability of reports** — The Fund, after deleting or redacting any material as appropriate to protect privacy or proprietary interests, shall make such reports submitted under paragraph (1) available for public inspection.
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Federal law — U.S. Code and appendices · legal_authorities
The requirements of [section 4714 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4714&num=0&edition=prelim) shall apply to a qualified organization receiving assistance from the Administration under this chapter as if it were a community development financial institution receiving assistance from the Fund under subtitle A.
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Federal law — U.S. Code and appendices · legal_authorities
Page 1744
TITLE 12—BANKS AND BANKING
§ 4714
1 See Termination of Section note below.
(F) loan administration and servicing;
(G) systematic and timely reporting of
loan performance compiled from all bond
servicers’ reports;
(H) proper distribution of funds to inves-
tors; and
(I) all other duties and related services
that are customarily expected of a master
servicer.
(g) Fees
(1) In general
A qualified issuer that receives a guarantee
issued under this section on a bond or note
shall pay a fee to the Secretary, in an amount
equal to 10 basis points of the amount of the
unpaid principal of the bond or note guaran-
teed.
(2) Payment
A qualified issuer shall pay the fee required
under this subsection on an annual basis.
(3) Use of fees
Fees collected by the Secretary under this
subsection shall be used to reimburse the De-
partment of the Treasury for any administra-
tive costs incurred by the Department in im-
plementing the Program established under
this section.
(h) Authorization of appropriations
(1) In general
There are authorized to be appropriated to
the Secretary, such sums as are necessary to
carry out this section.
(2) Use of fees
To the extent that the amount of funds ap-
propriated for a fiscal year under paragraph (1)
are not sufficient to carry out this section, the
Secretary may use the fees collected under
subsection (g) for the cost of providing guaran-
tees of bonds and notes under this section.
(i) Investment in guaranteed bonds ineligible for
Community Reinvestment Act purposes
Notwithstanding any other provision of law,
any investment by a financial institution in
bonds or notes guaranteed under the Program
shall not be taken into account in assessing the
record of such institution for purposes of the
Community R
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4714
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