12 U.S.C. § 2908 — Small bank regulatory relief

Page 1477 TITLE 12—BANKS AND BANKING § 2908 1 So in original. Probably should be ‘‘minority depository insti- tution’’. (e) Definitions For purposes of this section the following defi- nitions shall apply: (1) Domestic branch The term ‘‘domestic branch’’ means any branch office or other facility of a regulated financial institution that accepts deposits, lo- cated in any State. (2) Metropolitan area The term ‘‘metropolitan area’’ means any primary metropolitan statistical area, metro- politan statistical area, or consolidated met- ropolitan statistical area, as defined by the Director of the Office of Management and Budget, with a population of 250,000 or more, and any other area designated as such by the appropriate Federal financial supervisory agency. (3) State The term ‘‘State’’ has the same meaning as in section 1813 of this title. (Pub. L. 95–128, title VIII, § 807, as added Pub. L. 101–73, title XII, § 1212(b), Aug. 9, 1989, 103 Stat. 527; amended Pub. L. 102–242, title II, § 222, Dec. 19, 1991, 105 Stat. 2306; Pub. L. 103–328, title I, § 110, Sept. 29, 1994, 108 Stat. 2364.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in subsecs. (b)(1)(A)(i) and (c)(3), was in the original ‘‘this Act’’ and was translated as reading ‘‘this title’’, meaning title VIII of Pub. L. 95–128, known as the Community Reinvestment Act of 1977, to reflect the probable intent of Congress. AMENDMENTS 1994—Subsec. (b)(1). Pub. L. 103–328, § 110(b), redesig- nated existing provisions as subpar. (A) and former sub- pars. (A) to (C) as cls. (i) to (iii), respectively, of sub- par. (A), inserted subpar. (A) heading, and added sub- par. (B). Subsecs. (d), (e). Pub. L. 103–328, § 110(a), added sub- secs. (d) and (e). 1991—Subsec. (a)(1). Pub. L. 102–242, § 222(b)(1), sub- stituted ‘‘financial supervisory’’ for ‘‘depository insti- tutions regulatory’’. Subsec. (b)(1)(A). Pub. L. 102–242, § 222(b)(2), sub- stituted ‘‘financial supervisory’’ for ‘‘depository insti- tutions regulatory’’ in two places. Subsec. (b)(1)(B). Pub. L. 102–242, § 222(a), inserted ‘‘and data’’ after ‘‘facts’’. Subsec. (c). Pub. L. 102–242, § 222(b)(3), substituted ‘‘fi- nancial supervisory’’ for ‘‘depository institutions regu- latory’’ wherever appearing. § 2907. Operation of branch facilities by minori- ties and women (a) In general In the case of any depository institution which donates, sells on favorable terms (as determined by the appropriate Federal financial supervisory agency), or makes available on a rent-free basis any branch of such institution which is located in any predominantly minority neighborhood to any minority depository institution or women’s depository institution, the amount of the con- tribution or the amount of the loss incurred in connection with such activity may be a factor in determining whether the depository institution is meeting the credit needs of the institution’s community for purposes of this chapter. (b) Definitions For purposes of this section— (1) Minority depository institution The term ‘‘minority institution’’ 1 means a depository institution (as defined in section 1813(c) of this title)— (A) more than 50 percent of the ownership or control of which is held by 1 or more mi- nority individuals; and (B) more than 50 percent of the net profit or loss of which accrues to 1 or more minor- ity individuals. (2) Women’s depository institution The term ‘‘women’s depository institution’’ means a depository institution (as defined in section 1813(c) of this title)— (A) more than 50 percent of the ownership or control of which is held by 1 or more women; (B) more than 50 percent of the net profit or loss of which accrues to 1 or more women; and (C) a significant percentage of senior man- agement positions of which are held by women. (3) Minority The term ‘‘minority’’ has the meaning given to such term by section 1204(c)(3) of the Finan- cial Institutions Reform, Recovery and En- forcement Act of 1989. (Pub. L. 95–128, title VIII, § 808, as added Pub. L. 102–233, title IV, § 402(b), Dec. 12, 1991, 105 Stat. 1775; amended Pub. L. 102–550, title IX, § 909(2), Oct. 28, 1992, 106 Stat. 3874.) Editorial Notes REFERENCES IN TEXT Section 1204(c)(3) of the Financial Institutions Re- form, Recovery and Enforcement Act of 1989, referred to in subsec. (b)(3), is section 1204(c)(3) of Pub. L. 101–73, which is set out as a note under section 1811 of this title. AMENDMENTS 1992—Subsec. (a). Pub. L. 102–550 substituted ‘‘may be a factor in determining whether the depository institu- tion is’’ for ‘‘shall be treated as’’. § 2908. Small bank regulatory relief (a) In general Except as provided in subsections (b) and (c), any regulated financial institution with aggre- gate assets of not more than $250,000,000 shall be subject to routine examination under this chap- ter— (1) not more than once every 60 months for an institution that has achieved a rating of ‘‘outstanding record of meeting community credit needs’’ at its most recent examination under section 2903 of this title; (2) not more than once every 48 months for an institution that has received a rating of Page 1478 TITLE 12—BANKS AND BANKING § 3001 ‘‘satisfactory record of meeting community credit needs’’ at its most recent examination under section 2903 of this title; and (3) as deemed necessary by the appropriate Federal financial supervisory agency, for an institution that has received a rating of less than ‘‘satisfactory record of meeting commu- nity credit needs’’ at its most recent examina- tion under section 2903 of this title. (b) No exception from CRA examinations in con- nection with applications for deposit facili- ties A regulated financial institution described in subsection (a) shall remain subject to examina- tion under this chapter in connection with an application for a deposit facility. (c) Discretion A regulated financial institution described in subsection (a) may be subject to more frequent or less frequent examinations for reasonable cause under such circumstances as may be de- termined by the appropriate Federal financial supervisory agency. (Pub. L. 95–128, title VIII, § 809, as added Pub. L. 106–102, title VII, § 712, Nov. 12, 1999, 113 Stat. 1469.) CHAPTER 31—NATIONAL CONSUMER COOPERATIVE BANK Sec. 3001. Congressional statement of findings and pur- pose. SUBCHAPTER I—ESTABLISHMENT AND OPERATION 3011. Creation and charter; principal office; venue; purposes. 3012. General corporate powers. 3013. Board of Directors. 3014. Capitalization. 3015. Eligibility of cooperatives. 3016. Annual meetings; notice, agenda, etc. 3017. Bonds, debentures, notes and other evidences of indebtedness. 3017a. Class A notes as paid-in capital of the Bank. 3018. Loans. 3019. Taxation by State, county, etc., taxing au- thority; Federal tax status. 3020. Quarters and space for principal and other of- fices. 3021. Annual report to Congress; contents. 3022. Authorization of additional appropriations; restrictions on use. 3023. Appeal procedures applicable upon denial or restriction of application for assistance. 3024. Conflict of interest rules; adoption and publi- cation; requirements. 3025. Examination and audit. 3026. Acceleration of the Final Government Equity Redemption Date. SUBCHAPTER II—OFFICE OF SELF-HELP DEVELOPMENT AND TECHNICAL ASSISTANCE 3041. Establishment; appointment, etc., of Direc- tor. 3042. Authorization of appropriations for advances; deposits into separate Account in Bank; availability of amounts. 3043. Advances. 3044. Services and information for organization, fi- nancing, and management of cooperatives; availability; agreements for development and dissemination; funding. 3045. Investigations and surveys respecting new services, etc., by cooperative not-for-profit organizations. Sec. 3046. Financial analysis and market surveys at re- quest of eligible cooperative. 3047. Programs for training directors and staff of eligible cooperatives, and public education; development and availability; scope and im- plementation. 3048. Cooperation with Federal agencies offering programs for consumer cooperatives in dis- seminating information. 3049. Authorization of appropriations for adminis- tration; availability of amounts. 3050. Fees for providing technical assistance serv- ices; waiver; accounting and availability. 3051. Nonprofit corporation. § 3001. Congressional statement of findings and purpose The economic and financial structure of this country in combination with the Nation’s nat- ural resources and the productivity of the Amer- ican people has produced one of the highest av- erage standards of living in the world. However, the Nation has been experiencing inflation and unemployment together with an increasing gap between producers’ prices and consumers’ pur- chasing power. This has resulted in a growing number of our citizens, especially the elderly, the poor, and the inner city resident, being un- able to share in the fruits of our Nation’s highly efficient economic system. The Congress finds that user-owned cooperatives are a proven meth- od for broadening ownership and control of the economic organizations, increasing the number of market participants, narrowing price spreads, raising the quality of goods and services avail- able to their membership, and building bridges between producers and consumers, and their members and patrons. The Congress also finds that consumer and other types of self-help co- operatives have been hampered in their forma- tion and growth by lack of access to adequate cooperative credit facilities and lack of tech- nical assistance. Therefore, the Congress finds a need for the establishment of a National Con- sumer Cooperative Bank which will make avail- able necessary financial and technical assist- ance to cooperative self-help endeavors as a means of strengthening the Nation’s economy. (Pub. L. 95–351, § 2, Aug. 20, 1978, 92 Stat. 499.) Statutory Notes and Related Subsidiaries SHORT TITLE OF 1989 AMENDMENT Pub. L. 101–206, § 1, Dec. 7, 1989, 103 Stat. 1832, provided that: ‘‘This Act [amending section 3014 of this title] may be cited as the ‘National Consumer Cooperative Bank Amendments of 1989’.’’ SHORT TITLE OF 1981 AMENDMENT Pub. L. 97–35, title III, § 390, Aug. 13, 1981, 95 Stat. 433, provided that: ‘‘This subtitle [subtitle C (§§ 390–396) of title III of Pub. L. 97–35, enacting sections 3017a, 3026, and 3051 of this title; amending sections 3011 to 3015, 3017, 3018, 3019, 3024, 3025, 3042, and 3043 of this title, sec- tion 5315 of Title 5, Government Organization and Em- ployees, and sections 856, 867, and 868 of former Title 31, Money and Finance; and enacting provisions set out as notes under sections 3011 to 3015, 3017, 3017a, 3019, 3025, and 3026 of this title] may be cited as the ‘National Consumer Cooperative Bank Act Amendments of 1981’.’’ SHORT TITLE Pub. L. 95–351, § 1, Aug. 20, 1978, 92 Stat. 499, provided: ‘‘That this Act [enacting this chapter and amending