United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 16. FEDERAL DEPOSIT INSURANCE CORPORATION |
§ 1834a. Assessment credits for qualifying activities relating to distressed communities
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(a) Determination of credits for increases in community enterprise activities (1) In general The Community Enterprise Assessment Credit Board established under subsection (d) of this section shall issue guidelines for insured depository institutions eligible under this subsection for any community enterprise assessment credit with respect to any semiannual period. Such guidelines shall— (A) designate the eligibility requirements for any institution meeting applicable capital standards to receive an assessment credit under section 1817(b)(7) of this title; and (B) determine the community enterprise assessment credit available to any eligible institution under paragraph (3). (2) Qualifying activities An insured depository institution may apply for for by subsection (d) of this section. (3) Insured depository institution The term “insured depository institution” has the meaning given to such term in section 1813(c)(2) of this title.
(4) Community development financial institution The term “community development financial institution” has the same meaning as in section 4702(5) of this title.
(5) Affiliate The term “affiliate” has the same meaning as in section 1841 of this title.
References In Text
The Neighborhood Reinvestment Corporation Act, referred to in subsec. (a)(4)(C), is title VI of Pub. L. 95–557,
The Housing and Community Development Act of 1974, referred to in subsec. (a)(4)(D), is Pub. L. 93–383,
The Cranston-Gonzalez National Affordable Housing Act, referred to in subsec. (a)(4)(E), (F), is Pub. L. 101–625,
The United States Housing Act of 1937, referred to in subsec. (a)(4)(F), is act Sept. 1, 1937, ch. 896, as revised generally by Pub. L. 93–383, title II, § 201(a),
This subtitle, referred to in subsec. (b)(4)(C), is subtitle C (§§ 231–234) of title II of Pub. L. 102–242,
Codification
Section was enacted as part of the Bank Enterprise Act of 1991, and also as part of the Foreign Bank Supervision Enhancement Act of 1991 and as part of the Federal Deposit Insurance Corporation Improvement Act of 1991, and not as part of the Federal Deposit Insurance Act which comprises this chapter.
Section is comprised of section 233 of Pub. L. 102–242. Subsec. (c) of section 233 of Pub. L. 102–242 amended section 1817 of this title.
Amendments
1994—Subsec. (a)(2). Pub. L. 103–325, § 114(c)(1)(A), substituted “may apply for” for “shall be eligible” in introductory provisions.
Subsec. (a)(2)(A). Pub. L. 103–325, § 114(c)(1)(B), substituted “assistance” for “financial assistance”.
Subsec. (a)(2)(C). Pub. L. 103–325, § 114(c)(1)(C) to (E), added subpar. (C).
Subsec. (a)(4). Pub. L. 103–325, § 114(c)(2)(A), struck out “financial” before “assistance” in introductory provisions.
Subsec. (a)(4)(L) to (O). Pub. L. 103–325, § 114(c)(2)(B), added subpars. (L) to (O).
Subsec. (a)(5). Pub. L. 103–325, § 114(c)(3), substituted “paragraph (3)(A)” for “paragraph (3)”.
Subsec. (a)(6). Pub. L. 103–325, § 114(c)(4), substituted “Loans, financial assistance, and equity investments made by any insured depository institution” for “Investments by any insured depository institution in loans and securities”.
Subsec. (a)(7). Pub. L. 103–325, § 114(c)(5), added par. (7).
Subsec. (g). Pub. L. 103–325, § 114(c)(6), added subsec. (g) and redesignated former subsec. (g) as (j).
Subsecs. (h), (i). Pub. L. 103–325, § 114(c)(7), added subsecs. (h) and (i).
Subsec. (j). Pub. L. 103–325, § 114(c)(6)(A), redesignated subsec. (g) as (j).
Subsec. (j)(4), (5). Pub. L. 103–325, § 114(a)(8), added pars. (4) and (5).
1992—Subsec. (a)(1)(A). Pub. L. 102–558, § 303(b)(9)(A), substituted “section 1817(b)(7)” for “section 1817(d)(4)”. Pub. L. 102–550, § 1605(a)(7)(A), which contained an identical amendment, was repealed, effective
Subsec. (a)(2). Pub. L. 102–550, § 931(c), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “An insured depository institution shall be eligible for any community enterprise assessment credit for any semiannual period for—
“(A) any increase during such period in the amount of new originations of qualified loans and other financial assistance provided for low- and moderate-income persons in distressed communities, or enterprises integrally involved with such neighborhoods, which the Board determines are qualified to be taken into account for purposes of this subsection; and
“(B) any increase during such period in the amount of deposits accepted from persons domiciled in the distressed community, at any office of the institution (including any branch) located in any qualified distressed community, and any increase during such period in the amount of new originations of loans and other financial assistance made within that community, except that in no case shall the credit for increased deposits at any institution or branch exceed the credit for increased loan and other financial assistance by the bank or branch in the distressed community.”
Subsec. (a)(3). Pub. L. 102–558, § 303(b)(9)(B), substituted “section 1817(b)(7)” for “section 1817(d)(4)”. Pub. L. 102–550, § 1605(a)(7)(B), which contained an identical amendment, was repealed, effective
Pub. L. 102–558, § 303(b)(2), which directed technical amendment to reference to section 1834b of this title to correct reference to corresponding section of original act, could not be executed because of prior general amendment by Pub. L. 102–550, § 931(d). See below. Pub. L. 102–550, § 1604(b)(2), which contained an identical amendment, was repealed, effective
Pub. L. 102–550, § 931(d), amended par. (3) generally. Prior to amendment, par. (3) read as follows: “The amount of any community enterprise assessment credit available under section 1817(d)(4) of this title for any insured depository institution, or a qualified portion thereof, for any semiannual period shall be the amount which is equal to 5 percent, in the case of an institution which does not meet the community development organization requirements under section 1834b of this title, and 15 percent, in the case of an institution, or a qualified portion thereof, which meets such requirements (or any percentage designated under paragraph (5)) of the sum of—
“(A) the amounts of assets described in paragraph (2)(A); and
“(B) the amounts of deposits, loans, and other extensions of credit described in paragraph (2)(B).”
Subsec. (a)(5). Pub. L. 102–558, § 303(b)(2), made technical amendment to reference to section 1834b of this title to correct reference to corresponding section of original act. Pub. L. 102–550, § 1604(b)(2), which made identical amendment, was repealed, effective
Subsec. (b)(4). Pub. L. 102–550, § 931(e), amended par. (4) generally. Prior to amendment, par. (4) read as follows: “For purposes of this subsection, an area meets the requirements of this paragraph if at least 2 of the following criteria are met:
“(A) Income.—At least 70 percent of the families and unrelated individuals residing in the area have incomes of less than 80 percent of the median income of the area.
“(B) Poverty.—At least 20 percent of the residents residing in the area have incomes which are less than the national poverty level (as determined pursuant to criteria established by the Director of the Office of Management and Budget).
“(C) Unemployment.—The unemployment rate for the area is one and one-half times greater than the national average (as determined by the Bureau of Labor Statistic’s most recent figures).”
Subsec. (e)(2). Pub. L. 102–558, § 303(b)(9)(C), substituted “of the semiannual assessment to which such credit is applicable” for “made for purposes of the notification required under section 1817(d)(1)(B) of this title”. Pub. L. 102–550, § 1605(a)(7)(C), which contained an identical amendment, was repealed, effective
Effective Date Of Amendment
Amendment by section 303(b)(2) of Pub. L. 102–558 deemed to have become effective
Pub. L. 102–558, title III, § 303(b)(9),
Pub. L. 102–550, title XVI, § 1605(a)(7),