Introduced in House Passed House Introduced in Senate Passed Senate To President Became Law
01/15/2020          

Small Business and Community Investments Expansion Act of 2020

Date Version PDF TXT
01/17/2020 Introduced in House Open
01/15/2020 Introduced in House Open

            


116th CONGRESS
2d Session
H. R. 5612


To amend the Federal Home Loan Bank Act to allow for advances to certain community development financial institutions and credit unions, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

January 15, 2020

Ms. Gabbard introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To amend the Federal Home Loan Bank Act to allow for advances to certain community development financial institutions and credit unions, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Small Business and Community Investments Expansion Act of 2020”.

SEC. 2. Expanding the purposes of advances and collateral available to certain community development financial institutions and credit unions.

(a) In general.—Section 10(a) of the Federal Home Loan Bank Act (12 U.S.C. 1430(a)) is amended—

(1) in paragraph (2)(B), by inserting “, eligible community development financial institution, or eligible insured credit union” after “community financial institution”; and

(2) in paragraph (3)(E), by inserting “, eligible community development financial institution, or eligible insured credit union” after “community financial institution”.

(b) Definitions.—Section 2 of the Federal Home Loan Bank Act (12 U.S.C. 1422) is amended by adding at the end the following:

“(13) ELIGIBLE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION.—The term ‘eligible community development financial institution’ means an entity that—

“(A) has been certified as a community development financial institution (as such term is defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994) by the Secretary of the Treasury; and

“(B) satisfies the average total assets threshold requirement for a community financial institution set forth in paragraph (10).

“(14) ELIGIBLE INSURED CREDIT UNION.—The term ‘eligible insured credit union’ means an insured credit union (as defined in section 101 of the Federal Credit Union Act) that satisfies the average total assets threshold requirement for a community financial institution set forth in paragraph (10).”.


Picture Name From Date Type
Tulsi Gabbard D-HI 01/15/2020 Sponsor
Date Branch Action
01/15/2020 President Referred to the House Committee on Financial Services.Action By: House of Representatives
01/15/2020 President Introduced in HouseAction By: House of Representatives
Summary
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Bill TEXT Points.
This Bill has been listed with the following Subjects from Texts:
Investments



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