12 U.S.C. § 4714 — Recordkeeping

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 Reinvestment Act of 1977 (12 U.S.C. 2901 [et seq.]). (j) Administration (1) Regulations Not later than 1 year after September 27, 2010, the Secretary shall promulgate regula- tions to carry out this section. (2) Implementation Not later than 2 years after September 27, 2010, the Secretary shall implement this sec- tion. (k) Termination This section is repealed, and the authority provided under this section shall terminate, on September 30, 2014.1 (Pub. L. 103–325, title I, § 114A, as added Pub. L. 111–240, title I, § 1134, Sept. 27, 2010, 124 Stat. 2515.) TERMINATION OF SECTION For delay of termination of section by Pub. L. 118–47, see Termination Date note below. Editorial Notes REFERENCES IN TEXT The Community Reinvestment Act of 1977, referred to in subsec. (i), is title VIII of Pub. L. 95–128, Oct. 12, 1977, 91 Stat. 1147, which is classified generally to chapter 30 (§ 2901 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2901 of this title and Tables. Statutory Notes and Related Subsidiaries TERMINATION DATE Pub. L. 118–47, div. B, title I, Mar. 23, 2024, 138 Stat. 525, provided in part: ‘‘That such section 114A [this sec- tion] shall remain in effect until December 31, 2025’’. Additional provisions delaying the termination of this section were contained in the following prior ap- propriation acts: Pub. L. 117–328, div. E, title I, Dec. 29, 2022, 136 Stat. 4655. Pub. L. 117–103, div. E, title I, Mar. 15, 2022, 136 Stat. 244. Pub. L. 116–260, div. E, title I, Dec. 27, 2020, 134 Stat. 1385. Pub. L. 116–93, div. C, title I, Dec. 20, 2019, 133 Stat. 2439. Pub. L. 116–6, div. D, title I, Feb. 15, 2019, 133 Stat. 143. Pub. L. 115–141, div. E, title I, Mar. 23, 2018, 132 Stat. 540. Pub. L. 115–31, div. E, title I, May 5, 2017, 131 Stat. 331. Pub. L. 114–113, div. E, title I, Dec. 18, 2015, 129 Stat. 2427. Pub. L. 113–235, div. E, title I, Dec. 16, 2014, 128 Stat. 2336. § 4714. Recordkeeping (a) In general A community development financial institu- tion 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 compli- ance with the requirements of this subchapter. (b) User profile information The Fund shall require each community devel- opment financial institution or other organiza- tion receiving assistance from the Fund to com- pile such data, as is determined to be appro- priate by the Fund, on the gender, race, eth- nicity, national origin, or other pertinent infor- mation concerning individuals that utilize the services of the assisted institution to ensure that targeted populations and low-income resi- dents 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 de- velopment financial institution or other organi- zation that receives assistance from the Fund. (d) Review Not less than annually, the Fund shall review the progress of each assisted community devel- opment financial institution in carrying out its strategic plan, meeting its performance goals, Page 1745 TITLE 12—BANKS AND BANKING § 4715 and satisfying the terms and conditions of its assistance agreement. (e) Reporting (1) Annual reports The Fund shall require each community de- velopment financial institution receiving as- sistance 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. (Pub. L. 103–325, title I, § 115, Sept. 23, 1994, 108 Stat. 2184.) § 4715. Special provisions with respect to institu- tions that are supervised by Federal banking agencies (a) Consultation with appropriate agencies The Fund shall consult with and consider the views of the appropriate Federal banking agency prior to providing assistance under this sub- chapter to— (1) an insured community development fi- nancial institution; (2) any community development financial in- stitution that is examined by or subject to the reporting requirements of an appropriate Fed- eral banking agency; or (3) any community development financial in- stitution that has as its community partner an institution that is examined by or subject to the reporting requirements of an appro- priate Federal banking agency. (b) Requests for information, reports, or records (1) In general Except as provided in paragraph (4), not- withstanding any other provisions of this sub- chapter, prior to directly requesting informa- tion from or imposing reporting or record- keeping requirements on an insured commu- nity development financial institution or other institution that is examined by or sub- ject to the reporting requirements of an appro- priate Federal banking agency, the Fund shall consult with the appropriate Federal banking agency to determine if the information re- quested is available from or may be obtained by such agency in the form, format, or detail required by the Fund. (2) Timing of response from appropriate Fed- eral banking agency If the information, reports, or records re- quested by the Fund pursuant to paragraph (1) are not provided by the appropriate Federal banking agency in less than 15 calendar days after the date on which the material is re- quested, the Fund may request the informa- tion from or impose the recordkeeping or re- porting requirements directly on such institu- tions with notice to the appropriate Federal banking agency. (3) Elimination of duplicative information and reporting requirements The Fund shall use any information pro- vided the appropriate Federal banking agency under this section to the extent practicable to eliminate duplicative requests for information and reports from, and recordkeeping by an in- sured community development financial insti- tution or other institution that is examined by or subject to the reporting requirements of an appropriate Federal banking agency. (4) Exception Notwithstanding paragraphs (1) and (2), the Fund may require an insured community de- velopment financial institution or other insti- tution that is examined by or subject to the reporting requirements of an appropriate Fed- eral banking agency to provide information with respect to the institution’s implementa- tion of its strategic plan or compliance with the terms of its assistance agreement under this subchapter, after providing notice to the appropriate Federal banking agency. (c) Exclusion for examination reports Nothing in this section shall be construed to permit the Fund to require an insured commu- nity development financial institution or other institution that is examined by or subject to the reporting requirements of an appropriate Fed- eral banking agency, to obtain, maintain, or fur- nish an examination report of any appropriate Federal banking agency or records contained in or related to such a report. (d) Sharing of information The Fund and the appropriate Federal banking agency shall promptly notify each other of ma- terial concerns about an insured community de- velopment financial institution or other institu- tion that is examined by or subject to the re- porting requirements of an appropriate Federal banking agency, and share appropriate informa- tion relating to such concerns. (e) Disclosure prohibited Neither the Fund nor the appropriate Federal banking agency shall disclose confidential infor- mation obtained pursuant to this section from any party without the written consent of that party. (f) Privilege maintained The Fund, the appropriate Federal banking agency, and any other party providing informa- tion under this section shall not be deemed to have waived any privilege applicable to any in- formation or data, or any portion thereof, by providing such information or data to the other party or by permitting such data or informa- tion, or any copies or portions thereof, to be used by the other party. (g) Exceptions Nothing in this section shall authorize the Fund or the appropriate Federal banking agency to withhold information from the Congress or prevent it from complying with a request for in-