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

Federal law — U.S. Code and appendices · legal_authorities

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

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Source location: Title 12, Chapter 47, § 4713; chapter-047-community-development-banking.md

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**(a) Function of Administrator** (1) **In general** — Of any funds appropriated pursuant to the authorization in [section 4718(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4718/a&num=0&edition=prelim), the funds made available for use in carrying out this section in accordance with [section 4718(a)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4718/a/4&num=0&edition=prelim) shall be administered by the Administrator of the Fund, in consultation with— (A) the Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)]) and the National Credit Union Administration; (B) the individuals named pursuant to clauses (ii) and (iv) of [section 4703(d)(2)(G) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4703/d/2/G&num=0&edition=prelim); 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) section 233 of the Bank Enterprise Act of 1991 [[12 U.S.C. 1834a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834a&num=0&edition=prelim)] 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) the Administrator shall, for purposes of carrying out this section and section 233 of the Bank Enterprise Act of 1991 [[12 U.S.C. 1834a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834a&num=0&edition=prelim)]— (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) have all powers and rights of an appropriate Federal banking agency under section 233(b)(2) of the Bank Enterprise Act of 1991 [[12 U.S.C. 1834a(b)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834a/b/2&num=0&edition=prelim)] 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** — Notwithstanding paragraphs (1) through (4) of this subsection, subsections (a)(1) and (e)(2) of section 233 of the Bank Enterprise Act of 1991 [[12 U.S.C. 1834a(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834a/a/1&num=0&edition=prelim), (e)(2)], and any other provision of the Federal Deposit Insurance Act [[12 U.S.C. 1811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1811&num=0&edition=prelim) 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** — In applying section 233 of the Bank Enterprise Act of 1991 [[12 U.S.C. 1834a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834a&num=0&edition=prelim)] 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** — For the purpose of this subchapter, section 233(a)(3) of the Bank Enterprise Act of 1991 ([12 U.S.C. 1834a(a)(3)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834a/a/3&num=0&edition=prelim)) 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** — Section 233(a)(5) of the Bank Enterprise Act of 1991 [[12 U.S.C. 1834a(a)(5)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834a/a/5&num=0&edition=prelim)] shall be applied for purposes of this section by— (A) substituting “institutions which are community development financial institutions” for “institutions which meet the community development organization requirements under section 234 [[12 U.S.C. 1834b](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834b&num=0&edition=prelim)]”; and (B) substituting “institutions which are not community development financial institutions” for “institutions which do not meet such requirements”. (4) **Designation of QDC** — Section 233(b)(2) of the Bank Enterprise Act of 1991 [[12 U.S.C. 1834a(b)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1834a/b/2&num=0&edition=prelim)] 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”.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1834a — Assessment credits for qualifying activities relating to distressed communities

**(a) Determination of credits for increases in community enterprise activities** (1) **In general** — The Community Enterprise Assessment Credit Board established under subsection (d) shall issue guidelines for insured depository institutions eligible under this subsection for any community enterprise assessment credit with respect to any semiannual period. Such guidelines shall— (A) designate the eligibility requirements for any institution meeting applicable capital standards to receive an assessment credit under [section 1817(b)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/b/7&num=0&edition=prelim); and (B) determine the community enterprise assessment credit available to any eligible institution under paragraph (3). (2) **Qualifying activities** — An insured depository institution may apply for for 11 So in original. any community enterprise assessment credit for any semiannual period for— (A) the amount, during such period, of new originations of qualified loans and other assistance provided for low- and moderate-income persons in distressed communities, or enterprises integrally involved with such neighborhoods, which the Board determines are qualified to be taken into account for purposes of this subsection; (B) the amount, during such period, of deposits accepted from persons domiciled in the distressed community, at any office of the institution (including any branch) located in any qualified distressed community, and new originations of any loans and other financial assistance made within that community, except that in no case shall the credit for deposits at any institution or branch exceed the credit for loans and other financial assistance by the bank or branch in the distressed community;

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12 U.S.C. § 1811 — Federal Deposit Insurance Corporation

**(a) Establishment of Corporation** There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted. **(b) Asset disposition division** (1) **Establishment** — The Corporation shall have a separate division of asset disposition. (2) **Management** — The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors. (3) **Responsibilities of division** — The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.

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12 U.S.C. § 1813 — Definitions

As used in this chapter— **(a) Definitions of bank and related terms** (1) **Bank** — The term “bank”— (A) means any national bank and State bank, and any Federal branch and insured branch; (B) includes any former savings association. (2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which— (A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and (B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia, including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989. (3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. **(b) Definition of savings associations and related terms** (1) **Savings association** — The term “savings association” means— (A) any Federal savings association; (B) any State savings association; and (C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association. (2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t

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12 U.S.C. § 1834b — Community development organizations

**(a) Community development organizations described** For purposes of this subtitle, any insured depository institution, or a qualified portion thereof, shall be treated as meeting the community development organization requirements of this section if— (1) the institution— (A) is a community development bank, or controls any community development bank, which meets the requirements of subsection (b); (B) controls any community development corporation, or maintains any community development unit within the institution, which meets the requirements of subsection (c); (C) invests in accounts in any community development credit union designated as a low-income credit union, subject to restrictions established for such credit unions by the National Credit Union Administration Board; or (D) invests in a community development organization jointly controlled by two or more institutions; (2) except in the case of an institution which is a community development bank, the amount of the capital invested, in the form of debt or equity, by the institution in the community development organization referred to in paragraph (1) (or, in the case of any community development unit, the amount which the institution irrevocably makes available to such unit for the purposes described in paragraph (3)) is not less than the greater of— (A) ½ of 1 percent of the capital, as defined by generally accepted accounting principles, of the institution; or (B) the sum of the amounts invested in such community development organization; and (3) the community development organization provides loans for residential mortgages, home improvement, and community development and other financial services, other than financing for the purchase of automobiles or extension of credit under any open

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12 U.S.C. § 1817 — Assessments

**(a) Reports of condition; access to reports** (1) Each insured State nonmember bank and each foreign bank having an insured branch which is not a Federal branch shall make to the Corporation reports of condition which shall be in such form and shall contain such information as the Board of Directors may require. Such reports shall be made to the Corporation on the dates selected as provided in paragraph (3) of this subsection and the deposit liabilities shall be reported therein in accordance with and pursuant to paragraphs (4) and (5) of this subsection. The Board of Directors may call for additional reports of condition on dates to be fixed by it and may call for such other reports as the Board may from time to time require. Any such bank which (A) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error, fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, or (B) inadvertently transmits or publishes any report which is minimally late, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or misleading information is not corrected. Such bank shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late. Any such bank which fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, in a manner not described in the 2nd preceding sentence shall be subject to a penalty of not more than $20,000 for each d

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12 U.S.C. § 4718 — Authorization of appropriations

**(a) Fund authorization** (1) **In general** — To carry out this subchapter, there are authorized to be appropriated to the Fund, to remain available until expended— (A) $60,000,000 for fiscal year 1995; (B) $104,000,000 for fiscal year 1996; (C) $107,000,000 for fiscal year 1997; and (D) $111,000,000 for fiscal year 1998; or such greater sums as may be necessary to carry out this subchapter. (2) **Administrative expenses** (A) *In general* — Of amounts authorized to be appropriated to the Fund pursuant to this section, not more than $5,550,000 may be used by the Fund in each fiscal year to pay the administrative costs and expenses of the Fund. Costs associated with the training program established under [section 4708 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4708&num=0&edition=prelim) and the technical assistance program established under [section 4707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4707&num=0&edition=prelim) shall not be considered to be administrative expenses for purposes of this paragraph. (B) *Calculations* — The amounts referred to in paragraphs (3) and (4) shall be calculated after subtracting the amount referred to in subparagraph (A) of this paragraph from the total amount appropriated to the Fund in accordance with paragraph (1) in any fiscal year. (3) **Capitalization assistance** — Not more than 5 percent of the amounts authorized to be appropriated under paragraph (1) may be used as provided in [section 4712 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4712&num=0&edition=prelim). (4) **Availability for funding [section 4713 of this title](https://uscode.house.gov/view.xhtml?req=g

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12 U.S.C. § 1811 — Federal Deposit Insurance Corporation

Page 957 TITLE 12—BANKS AND BANKING § 1811 Sec. 1831v. Authority of State insurance regulator and Securities and Exchange Commission. 1831w. Safety and soundness firewalls applicable to financial subsidiaries of banks. 1831x. Insurance customer protections. 1831y. CRA sunshine requirements. 1831z. Bi-annual FDIC survey and report on encour- aging use of depository institutions by the unbanked. 1831aa. Enforcement of agreements. 1831bb. Capital requirements for certain acquisition, development, or construction loans. 1831cc. Data standards. 1831dd. Open data publication. 1832. Withdrawals by negotiable or transferable in- struments for transfers to third parties. 1833. Repealed. 1833a. Civil penalties. 1833b. Comparability in compensation schedules. 1833c. Comptroller General audit and access to records. 1833d. Repealed. 1833e. Equal opportunity. 1834. Reduced assessment rate for deposits attrib- utable to lifeline accounts. 1834a. Assessment credits for qualifying activities relating to distressed communities. 1834b. Community development organizations. 1835. Insured depository institution capital re- quirements for transfers of small business obligations. 1835a. Prohibition against deposit production of- fices. § 1811. Federal Deposit Insurance Corporation (a) Establishment of Corporation There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the ‘‘Corporation’’) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted. (b) Asset disposition division (1) Establishment The Corporation shall have a separate divi- s

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1813 — Definitions

Page 966 TITLE 12—BANKS AND BANKING § 1813 (B) any other right or remedy against the Corporation, against the United States under applicable law, or against any person other than a person described in paragraph (1) participating in such transactions. This subsection shall not be construed to limit or alter in any way the immunities that are available under applicable law for Federal offi- cials and employees not described in this sub- section. (Sept. 21, 1950, ch. 967, § 2[2], 64 Stat. 873; Pub. L. 86–230, § 19, Sept. 8, 1959, 73 Stat. 460; Pub. L. 98–181, title I [title VII, § 702(a)], Nov. 30, 1983, 97 Stat. 1267; Pub. L. 101–73, title II, § 203(a), Aug. 9, 1989, 103 Stat. 188; Pub. L. 102–18, title I, § 103(b), Mar. 23, 1991, 105 Stat. 60; Pub. L. 104–208, div. A, title II, § 2243, Sept. 30, 1996, 110 Stat. 3009–419; Pub. L. 111–203, title III, § 336(a), July 21, 2010, 124 Stat. 1540.) Editorial Notes REFERENCES IN TEXT The Securities Act of 1933, referred to in subsec. (f)(1), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For com- plete classification of this Act to the Code, see section 77a of Title 15 and Tables. PRIOR PROVISIONS Section is derived from subsec. (b) of former section 264 of this title. See Codification note set out under section 1811 of this title. AMENDMENTS 2010—Subsec. (a)(1)(B). Pub. L. 111–203, § 336(a)(1), sub- stituted ‘‘Director of the Consumer Financial Protec- tion Bureau’’ for ‘‘Director of the Office of Thrift Su- pervision’’. Subsec. (d)(2). Pub. L. 111–203, § 336(a)(2), amended par. (2) generally. Prior to amendment, text read as follows: ‘‘In the event of a vacancy in the office of the Co

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1834a — Assessment credits for qualifying activi-

Page 1207 TITLE 12—BANKS AND BANKING § 1834a 1 So in original. 2006—Subsec. (a)(1). Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(16). See 1996 Amendment note below. Subsec. (a)(2). Pub. L. 109–173, § 3(a)(9)(A), struck out ‘‘the Board and’’ before ‘‘the Corporation’’ in introduc- tory provisions. Subsec. (a)(2)(J). Pub. L. 109–173, § 3(a)(9)(B), sub- stituted ‘‘the Corporation’’ for ‘‘the Board’’. Subsec. (a)(3)(A). Pub. L. 109–173, § 3(a)(9)(C), added subpar. (A) and struck out heading and text of former subpar. (A). Text read as follows: ‘‘The term ‘Board’ means the Board of Governors of the Federal Reserve System.’’ Subsec. (a)(3)(C). Pub. L. 109–173, § 3(a)(9)(D), sub- stituted ‘‘Corporation’’ for ‘‘Board’’. 1996—Subsec. (a)(1). Pub. L. 104–208, § 2704(d)(16), which directed substitution of ‘‘section 1817(b)(2)(G) of this title’’ for ‘‘section 1817(b)(2)(H) of this title’’, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below. 1992—Subsec. (a)(1). Pub. L. 102–558, § 303(b)(4), sub- stituted ‘‘section 1817(b)(2)(H)’’ for ‘‘section 1817(b)(10)’’. Pub. L. 102–550, § 1605(a)(3), which made an identical amendment, was repealed, effective Oct. 28, 1992, by Pub. L. 102–558, § 305, set out as a Repeal of Duplicative Provisions note under section 1815 of this title. Subsec. (b). Pub. L. 102–558, § 303(b)(1), made technical correction to directory language of subsec. (b)(1). See Codification note above. Pub. L. 102–550, § 1604(b)(1), which made a similar amendment, was repealed, effec- tive Oct. 28, 1992, by Pub. L. 102–558, § 305, set out as a Repeal of Duplicative Provisions note under section 1815 of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4713 — Incentives for depository institution par-

Page 1740 TITLE 12—BANKS AND BANKING § 4713 (b) Selection The selection of organizations to receive as- sistance under this section shall be at the dis- cretion of the Fund and in accordance with cri- teria established by the Fund. In establishing such criteria, the Fund shall take into account the criteria contained in sections 4704(b) and 4706 of this title, as appropriate. (c) Amount of assistance The Fund may provide a total of not more than $5,000,000 of assistance to an organization or its subsidiaries or affiliates under this section during any 3-year period. Assistance may be pro- vided in a lump sum or over a period of time, as determined by the Fund. (d) Audit and report requirements Organizations that receive assistance from the Fund in accordance with this section shall— (1) submit to the Fund, not less than once in every 18-month period, financial statements audited by an independent certified public ac- countant, as part of the report required by paragraph (2); (2) submit an annual report on its activities; and (3) keep such records as may be necessary to disclose the manner in which any assistance under this section is used. (e) Limitations on liability (1) Liability of Fund The liability of the Fund and the United States Government arising out of the provi- sion of assistance to any organization in ac- cordance with this section shall be limited to the amount of such assistance. The Fund shall be exempt from any assessments and any other liabilities that may be imposed on con- trolling or principal shareholders by any Fed- eral law or the law of any State, or territory. Nothing in this paragraph shall affect the ap- plication of Federal tax law. (2) Liability of Government This section does not oblige the Federal Governmen

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