§ 4714. — Recordkeeping.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4714]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER I--COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
Sec. 4714. Recordkeeping
(a) In general
A community development financial institution 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 compliance
with the requirements of this subchapter.
(b) User profile information
The Fund shall require each community development financial
institution or other organization receiving assistance from the Fund to
compile such data, as is determined to be appropriate by the Fund, on
the gender, race, ethnicity, national origin, or other pertinent
information concerning individuals that utilize the services of the
assisted institution to ensure that targeted populations and low-income
residents 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
development financial institution or other organization that receives
assistance from the Fund.
(d) Review
Not less than annually, the Fund shall review the progress of each
assisted community development financial institution in carrying out its
strategic plan, meeting its performance goals, and satisfying the terms
and conditions of its assistance agreement.
(e) Reporting
(1) Annual reports
The Fund shall require each community development financial
institution receiving assistance 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, Sec. 115, Sept. 23, 1994, 108 Stat. 2184.)
Section Referred to in Other Sections
This section is referred to in section 4707 of this title; title 15
section 6908.
