§ 2907. — Operation of branch facilities by minorities and women.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2907]
TITLE 12--BANKS AND BANKING
CHAPTER 30--COMMUNITY REINVESTMENT
Sec. 2907. Operation of branch facilities by minorities 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 contribution 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)--
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\1\ So in original. Probably should be ``minority depository
institution''.
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(A) more than 50 percent of the ownership or control of
which is held by 1 or more minority individuals; and
(B) more than 50 percent of the net profit or loss of which
accrues to 1 or more minority 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 management 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 Financial Institutions Reform, Recovery
and Enforcement Act of 1989.
(Pub. L. 95-128, title VIII, Sec. 808, as added Pub. L. 102-233, title
IV, Sec. 402(b), Dec. 12, 1991, 105 Stat. 1775; amended Pub. L. 102-550,
title IX, Sec. 909(2), Oct. 28, 1992, 106 Stat. 3874.)
References in Text
Section 1204(c)(3) of the Financial Institutions Reform, 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 institution is'' for ``shall be
treated as''.
