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12 U.S.C. § 4701 — Findings and purposes
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-4701-findings-and-purposes--49d1644ab0.md
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Source location: Title 12, Chapter 47, § 4701; chapter-047-community-development-banking.md
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**(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.
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Federal law — U.S. Code and appendices · legal_authorities
Whoever, being an officer, agent or employee of or connected in any capacity with the Federal Deposit Insurance Corporation, National Credit Union Administration, any Federal home loan bank, the Federal Housing Finance Agency, Farm Credit Administration, Department of Housing and Urban Development, Federal Crop Insurance Corporation, the Secretary of Agriculture acting through the Farmers Home Administration or successor agency, the Rural Development Administration or successor agency, or the Farm Credit System Insurance Corporation, a Farm Credit Bank, a bank for cooperatives or any lending, mortgage, insurance, credit or savings and loan corporation or association authorized or acting under the laws of the United States or any institution, other than an insured bank (as defined in section 656), the accounts of which are insured by the Federal Deposit Insurance Corporation, or by the National Credit Union Administration Board or any small business investment company, or any community development financial institution receiving financial assistance under the Riegle Community Development and Regulatory Improvement Act of 1994, and whoever, being a receiver of any such institution, or agent or employee of the receiver, embezzles, abstracts, purloins or willfully misapplies any moneys, funds, credits, securities or other things of value belonging to such institution, or pledged or otherwise intrusted to its care, shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both; but if the amount or value embezzled, abstracted, purloined or misapplied does not exceed $1,000, he shall be fined under this title or imprisoned not more than one year, or both.
Source: Supplied U.S. Code snapshot — release unconfirmed · 18 U.S.C. § 657
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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
**(a) Criteria for eligibility**
(1) **In general** — Any building and loan association, savings and loan association, cooperative bank, homestead association, insurance company, savings bank, community development financial institution, or any insured depository institution (as defined in [section 1422 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1422&num=0&edition=prelim)), shall be eligible to become a member of a Federal Home Loan Bank if such institution—
(A) is duly organized under the laws of any State or of the United States;
(B) is subject to inspection and regulation under the banking laws, or under similar laws, of the State or of the United States or, in the case of a community development financial institution, is certified as a community development financial institution under the Community Development Banking and Financial Institutions Act of 1994 [[12 U.S.C. 4701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4701&num=0&edition=prelim) et seq.].; 11 So in original. and
(C) makes such home mortgage loans as, in the judgment of the Director, are long-term loans (except that in the case of a savings bank, this subparagraph applies only if, in the judgment of the Director, its time deposits, as defined in [section 461 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461&num=0&edition=prelim), warrant its making such loans).
(2) **Qualified thrift lender** — An insured depository institution that is not a member on January 1, 1989, may become a member of a Federal Home Loan Bank only if—
(A) the insured depository institution (other than a community financial institution) has at least 10 percent of its total assets in residential
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1424
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4703
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter.
**(b) Bureau.—** The term “Bureau” means the Bureau of Consumer Financial Protection.
**(c)** The term “Board” refers to the Board of Governors of the Federal Reserve System.
**(d)** The term “organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association.
**(e)** The term “person” means a natural person or an organization.
**(f)** The term “credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.
**(g)** The term “creditor” refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term “creditor” shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1602
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 6908
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Administrator shall biennially submit a report of operations under this chapter to the President for submission to the Congress.
**(b) Effects of flood insurance program** The Administrator shall include, as part of the biennial report submitted under subsection (a), a chapter reporting on the effects on the flood insurance program observed through implementation of requirements under the Riegle Community Development and Regulatory Improvement Act of 1994.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 4030
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Federal law — U.S. Code and appendices · legal_authorities
Page 1725
TITLE 12—BANKS AND BANKING
§ 4701
or may, under the direction and control of the Attor-
ney General, bring such an action. Such courts shall
have jurisdiction and power to order and require com-
pliance therewith.’’ See Codification note above.
Subsec. (d). Pub. L. 110–289, § 1158(a)(4), inserted ‘‘en-
terprise-affiliated party’’ before ‘‘may allow’’. See
Codification note above.
Pub. L. 110–289, § 1156(b)(4), which directed substi-
tution of ‘‘regulated entity’’ for ‘‘enterprise’’, was exe-
cuted by making the substitution in two places to re-
flect the probable intent of Congress.
Subsec. (e). Pub. L. 110–289, § 1158(a)(5), added subsec.
(e). See Codification note above.
§ 4642. Reporting of fraudulent loans
(a) Requirement to report
The Director shall require a regulated entity
to submit to the Director a timely report upon
discovery by the regulated entity that it has
purchased or sold a fraudulent loan or financial
instrument, or suspects a possible fraud relating
to the purchase or sale of any loan or financial
instrument. The Director shall require each reg-
ulated entity to establish and maintain proce-
dures designed to discover any such trans-
actions.
(b) Protection from liability for reports
Any regulated entity that, in good faith,
makes a report pursuant to subsection (a), and
any entity-affiliated party, that, in good faith,
makes or requires another to make any such re-
port, shall not be liable to any person under any
provision of law or regulation, any constitution,
law, or regulation of any State or political sub-
division of any State, or under any contract or
other legally enforceable agreement (including
any arbitration agreement) for such report or
for any failure to provide notice of such report
to the person w
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4701
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