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12 U.S.C. § 4719 — Grants to establish loan-loss reserve funds
Federal law — U.S. Code and appendices · legal_authorities
**(a) Purposes** The purposes of this section are—
(1) to make financial assistance available from the Fund in order to help community development financial institutions defray the costs of operating small dollar loan programs, by providing the amounts necessary for such institutions to establish their own loan loss reserve funds to mitigate some of the losses on such small dollar loan programs; and
(2) to encourage community development financial institutions to establish and maintain small dollar loan programs that would help give consumers access to mainstream financial institutions and combat high cost small dollar lending.
**(b) Grants**
(1) **Loan-loss reserve fund grants** — The Fund shall make grants to community development financial institutions or to any partnership between such community development financial institutions and any other federally insured depository institution with a primary mission to serve targeted investment areas, as such areas are defined under [section 4702(16) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4702/16&num=0&edition=prelim), to enable such institutions or any partnership of such institutions to establish a loan-loss reserve fund in order to defray the costs of a small dollar loan program established or maintained by such institution.
(2) **Matching requirement** — A community development financial institution or any partnership of institutions established pursuant to paragraph (1) shall provide non-Federal matching funds in an amount equal to 50 percent of the amount of any grant received under this section.
(3) **Use of funds** — Any grant amounts received by a community development financial institution or any partnership between or among such institutions under paragraph
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Source file: Laws/federal/codes/united-states-code/title-12/section-4719-grants-to-establish-loan-loss-reserve-funds--451613c895.md
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Source location: Title 12, Chapter 47, § 4719; chapter-047-community-development-banking.md
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**(a) Purposes** The purposes of this section are—
(1) to make financial assistance available from the Fund in order to help community development financial institutions defray the costs of operating small dollar loan programs, by providing the amounts necessary for such institutions to establish their own loan loss reserve funds to mitigate some of the losses on such small dollar loan programs; and
(2) to encourage community development financial institutions to establish and maintain small dollar loan programs that would help give consumers access to mainstream financial institutions and combat high cost small dollar lending.
**(b) Grants**
(1) **Loan-loss reserve fund grants** — The Fund shall make grants to community development financial institutions or to any partnership between such community development financial institutions and any other federally insured depository institution with a primary mission to serve targeted investment areas, as such areas are defined under [section 4702(16) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4702/16&num=0&edition=prelim), to enable such institutions or any partnership of such institutions to establish a loan-loss reserve fund in order to defray the costs of a small dollar loan program established or maintained by such institution.
(2) **Matching requirement** — A community development financial institution or any partnership of institutions established pursuant to paragraph (1) shall provide non-Federal matching funds in an amount equal to 50 percent of the amount of any grant received under this section.
(3) **Use of funds** — Any grant amounts received by a community development financial institution or any partnership between or among such institutions under paragraph (1)—
(A) may not be used by such institution to provide direct loans to consumers;
(B) may be used by such institution to help recapture a portion or all of a defaulted loan made under the small dollar loan program of such institution; and
(C) may be used to designate and utilize a fiscal agent for services normally provided by such an agent.
(4) **Technical assistance grants** — The Fund shall make technical assistance grants to community development financial institutions or any partnership between or among such institutions to support and maintain a small dollar loan program. Any grant amounts received under this paragraph may be used for technology, staff support, and other costs associated with establishing a small dollar loan program.
**(c) Definitions** For purposes of this section—
(1) the term “consumer reporting agency that compiles and maintains files on consumers on a nationwide basis” has the same meaning given such term in [section 1681a(p) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681a/p&num=0&edition=prelim); and
(2) the term “small dollar loan program” means a loan program wherein a community development financial institution or any partnership between or among such institutions offers loans to consumers that—
(A) are made in amounts not exceeding $2,500;
(B) must be repaid in installments;
(C) have no pre-payment penalty;
(D) the institution has to report payments regarding the loan to at least 1 of the consumer reporting agencies that compiles and maintains files on consumers on a nationwide basis; and
(E) meet any other affordability requirements as may be established by the Administrator.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
As used in this Act, the following definitions shall apply, except as the context otherwise requires or as otherwise specifically provided in this Act:
(1) **Affiliate** — The term “affiliate” 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).
(2) **Appropriate Federal banking agency** — On and after the transfer date, the term “appropriate Federal banking agency” has the same meaning as in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim), as amended by title III.11 See References in Text note below.
(3) **Board of Governors** — The term “Board of Governors” means the Board of Governors of the Federal Reserve System.
(4) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection established under title X.1
(5) **Commission** — The term “Commission” means the Securities and Exchange Commission, except in the context of the Commodity Futures Trading Commission.
(6) **Commodity futures terms** — The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) [[7 U.S.C. 1a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)].
(7) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation.
(8) **Council** — The ter
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5321
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Federal law — U.S. Code and appendices · legal_authorities
Page 1747
TITLE 12—BANKS AND BANKING
§ 4719
1 See References in Text note below.
§ 4717. Enforcement
(a) Regulations
(1) In general
Not later than 180 days after the appoint-
ment and qualification of the Administrator,
the Fund shall promulgate such regulations as
may be necessary to carry out this subchapter.
(2) Regulations required
The regulations promulgated under para-
graph (1) shall include regulations applicable
to community development financial institu-
tions that are not insured depository institu-
tions to—
(A) prevent conflicts of interest on the
part of directors, officers, and employees of
community development financial institu-
tions as the Fund determines to be appro-
priate; and
(B) establish such standards with respect
to loans by a community development finan-
cial institution to any director, officer, or
employee of such institution as the Fund de-
termines to be appropriate, including loan
amount limitations.
(b) Administrative enforcement
The provisions of this subchapter, and regula-
tions prescribed and agreements entered into
under this subchapter, shall be enforced under
section 8 of the Federal Deposit Insurance Act
[12 U.S.C. 1818] by the appropriate Federal bank-
ing agency, in the case of an insured community
development financial institution. A violation of
this subchapter, or any regulation prescribed
under or any agreement entered into under this
subchapter, shall be treated as a violation of the
Federal Deposit Insurance Act [12 U.S.C. 1811 et
seq.].
(Pub. L. 103–325, title I, § 119, Sept. 23, 1994, 108
Stat. 2188.)
Editorial Notes
REFERENCES IN TEXT
The Federal Deposit Insurance Act, referred to in
subsec. (b), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873,
which is classified generally to chapter
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4719
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