§ 4713. — Incentives for depository institution participation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4713]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER I--COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
Sec. 4713. Incentives for depository institution participation
(a) Function of Administrator
(1) In general
Of any funds appropriated pursuant to the authorization in
section 4718(a) of this title, the funds made available for use in
carrying out this section in accordance with section 4718(a)(4) of
this title 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]) 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; 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) of this section and the consultation
requirement of paragraph (1)--
(A) section 233 of the Bank Enterprise Act of 1991 [12
U.S.C. 1834a] 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]--
(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)] 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), (e)(2)], and any other provision
of the Federal Deposit Insurance Act [12 U.S.C. 1811 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] 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)) 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)] 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]''; 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)] 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''.
(Pub. L. 103-325, title I, Sec. 114, Sept. 23, 1994, 108 Stat. 2179.)
References in Text
The Bank Enterprise Act of 1991, referred to in subsecs. (a)(2), (5)
and (b)(6), is subtitle C (Secs. 231-234) of title II of Pub. L. 102-
242, Dec. 19, 1991, 105 Stat. 2308-2315, which enacted sections 1834 to
1834b of this title, amended section 1817 of this title, and enacted
provisions set out as a note under section 1811 of this title. For
complete classification of this Act to the Code, see Short Title of 1991
Amendment note set out under section 1811 of this title and Tables.
The Federal Deposit Insurance Act, referred to in subsec. (a)(5), is
act Sept. 21, 1950, ch. 967, Sec. 2, 64 Stat. 873, as amended, which is
classified generally to chapter 16 (Sec. 1811 et seq.) of this title.
For complete classification of this Act to the Code, see Short Title
note set out under section 1811 of this title and Tables.
Codification
Section is comprised of section 114 of Pub. L. 103-325. Subsec. (c)
of section 114 of Pub. L. 103-325 amended section 1834a of this title.
Section Referred to in Other Sections
This section is referred to in section 4718 of this title.
