12 U.S.C. § 4642 — Reporting of fraudulent loans

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 who is the subject of such report or any other persons identified in the report. (Pub. L. 102–550, title XIII, § 1379E, as added Pub. L. 110–289, div. A, title I, § 1115, July 30, 2008, 122 Stat. 2681.) CHAPTER 47—COMMUNITY DEVELOPMENT BANKING SUBCHAPTER I—COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS Sec. 4701. Findings and purposes. 4702. Definitions. 4703. Establishment of national Fund for commu- nity development banking. 4703a. Capital investments for neighborhoods dis- proportionately impacted by the COVID–19 pandemic. 4704. Applications for assistance. 4705. Community partnerships. 4706. Selection of institutions. 4707. Assistance provided by Fund. 4708. Training. 4709. Encouragement of private entities. 4710. Collection and compilation of information. 4711. Investment of receipts and proceeds. 4712. Capitalization assistance to enhance liquid- ity. 4713. Incentives for depository institution partici- pation. 4713a. Guarantees for bonds and notes issued for community or economic development pur- poses. 4714. Recordkeeping. 4715. Special provisions with respect to institu- tions that are supervised by Federal bank- ing agencies. Sec. 4716. Studies and reports; examination and audit. 4717. Enforcement. 4718. Authorization of appropriations. 4719. Grants to establish loan-loss reserve funds. SUBCHAPTER II—SMALL BUSINESS CAPITAL ENHANCEMENT 4741. Findings and purposes. 4742. Definitions. 4743. Approving States for participation. 4744. Participation agreements. 4745. Terms of participation agreements. 4746. Reports. 4747. Reimbursement by Fund. 4748. Reimbursement to Fund. 4749. Regulations. 4750. Authorization of appropriations. SUBCHAPTER I—COMMUNITY DEVELOP- MENT BANKING AND FINANCIAL INSTI- TUTIONS § 4701. Findings and purposes (a) Findings The Congress finds that— (1) many of the Nation’s urban, rural, and Native American communities face critical so- cial and economic problems arising in part from the lack of economic growth, people liv- ing 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 devel- opment, and other activities that promote the long-term economic and social viability of the community; and (3) community development financial insti- tutions have proven their ability to identify and respond to community needs for equity in- vestments, 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 fi- nancial institutions, including enhancing the li- quidity of community development financial in- stitutions. (Pub. L. 103–325, title I, § 102, Sept. 23, 1994, 108 Stat. 2163.) Editorial Notes REFERENCES IN TEXT This subchapter, referred to in subsec. (b), was in original ‘‘this subtitle’’, meaning subtitle A of title I of Pub. L. 103–325, Sept. 23, 1994, 108 Stat. 2163, which is classified principally to this subchapter. For complete classification of this subtitle to the Code, see Short Title note below and Tables. Statutory Notes and Related Subsidiaries SHORT TITLE Pub. L. 103–325, § 1(a), Sept. 23, 1994, 108 Stat. 2160, pro- vided that: ‘‘This Act [see Tables for classification]