{"identifier":"/us/usc/t12/s4713","title":12,"num":"\u00a7\u202f4713.","heading":"Incentives for depository institution participation","text":"\u00a7\u202f4713.\nIncentives for depository institution participation\n(a)\nFunction of Administrator\n(1)\nIn general\nOf any funds appropriated pursuant to the authorization in\n(A) the Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act [\n12 U.S.C. 1813\n(B) the individuals named pursuant to clauses (ii) and (iv) of\nsection 4703(d)(2)(G) of this title\n(C) any other representatives of insured depository institutions or other persons as the Administrator may determine to be appropriate.\n(2)\nApplicability of Bank Enterprise Act of 1991\nSubject to subsection (b) and the consultation requirement of paragraph (1)\u2014\n(A) section 233 of the Bank Enterprise Act of 1991 [\n12 U.S.C. 1834a\n(B) the Administrator shall, for purposes of carrying out this section and section 233 of the Bank Enterprise Act of 1991 [\n(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\n(ii) shall be subject to the same duties and restrictions imposed on the Community Enterprise Assessment Credit Board; and\n(C) the Administrator shall\u2014\n(i) have all powers and rights of an appropriate Federal banking agency under section 233(b)(2) of the Bank Enterprise Act of 1991 [\n12 U.S.C. 1834a(b)(2)\n(ii) shall be subject to the same duties imposed on the appropriate Federal banking agencies under such section 233(b)(2).\n(3)\nAwards\nThe Administrator shall determine the amount of assessment credits, and shall make awards of those credits.\n(4)\nRegulations and guidelines\nThe Administrator may prescribe such regulations and issue such guidelines as the Administrator determines to be appropriate to carry out this section.\n(5)\nExceptions to applicability\nNotwithstanding paragraphs (1) through (4) of this subsection, subsections (a)(1) and (e)(2) of section 233 of the Bank Enterprise Act of 1991 [\n12 U.S.C. 1834a(a)(1)\n12 U.S.C. 1811\n(b)\nProvisions relating to administration of this section\n(1)\nNew lifeline accounts\nIn applying section 233 of the Bank Enterprise Act of 1991 [\n12 U.S.C. 1834a\n(2)\nDetermination of assessment credit\nFor the purpose of this subchapter, section 233(a)(3) of the Bank Enterprise Act of 1991 (\n12 U.S.C. 1834a(a)(3)\n\u201c(3)\nAmount of assessment credit\n\u201cThe 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\u2014\n\u201c(A) with respect to qualifying activities described in paragraph (2)(A), the amount which is equal to\u2014\n\u201c(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\n\u201c(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\n\u201c(B) with respect to qualifying activities described in paragraph (2)(C), 15 percent of the amounts determined under such subparagraph.\u201d\n(3)\nAdjustment of percentage\nSection 233(a)(5) of the Bank Enterprise Act of 1991 [\n(A) substituting \u201cinstitutions which are community development financial institutions\u201d for \u201cinstitutions which meet the community development organization requirements under section 234 [\n12 U.S.C. 1834b\n(B) substituting \u201cinstitutions which are not community development financial institutions\u201d for \u201cinstitutions which do not meet such requirements\u201d.\n(4)\nDesignation of QDC\nSection 233(b)(2) of the Bank Enterprise Act of 1991 [\n12 U.S.C. 1834a(b)(2)\n(5)\nOperation on annual basis\nThe Administrator may, in the Administrator\u2019s 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.\n(6)\nOutreach\nThe Administrator shall ensure that information about the Bank Enterprise Act of 1991 under this section is widely disseminated to all interested parties.\n(7)\nQualified activities\nFor the purpose of this subchapter, section 233(a)(2)(A) of the Bank Enterprise Act of 1991 shall be applied by inserting \u201cof the increase\u201d after \u201cthe amount\u201d.","url":"https://projectusc.org/usc/t12/s4713.html","content":[{"t":"sec","id":"/us/usc/t12/s4713","children":[{"t":"num","text":"\u00a7\u202f4713."},{"t":"heading","text":"Incentives for depository institution participation"},{"t":"subsec","id":"/us/usc/t12/s4713/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Function of Administrator"},{"t":"para","id":"/us/usc/t12/s4713/a/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"Of any funds appropriated pursuant to the authorization in ","children":[{"t":"ref","text":"section 4718(a) of this title","href":"/us/usc/t12/s4718/a","tail":", the funds made available for use in carrying out this section in accordance with "},{"t":"ref","text":"section 4718(a)(4) of this title","href":"/us/usc/t12/s4718/a/4","tail":" shall be administered by the Administrator of the Fund, in consultation with\u2014"}]},{"t":"subpara","id":"/us/usc/t12/s4713/a/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act [","children":[{"t":"ref","text":"12 U.S.C. 1813","href":"/us/usc/t12/s1813","tail":"]) and the National Credit Union Administration;"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4713/a/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the individuals named pursuant to clauses (ii) and (iv) of ","children":[{"t":"ref","text":"section 4703(d)(2)(G) of this title","href":"/us/usc/t12/s4703/d/2/G","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4713/a/1/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" any other representatives of insured depository institutions or other persons as the Administrator may determine to be appropriate.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/a/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Applicability of Bank Enterprise Act of 1991"},{"t":"chapeau","text":"Subject to subsection (b) and the consultation requirement of paragraph (1)\u2014"},{"t":"subpara","id":"/us/usc/t12/s4713/a/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" section 233 of the Bank Enterprise Act of 1991 [","children":[{"t":"ref","text":"12 U.S.C. 1834a","href":"/us/usc/t12/s1834a","tail":"] 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;"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4713/a/2/B","children":[{"t":"num","text":"(B)"},{"t":"chapeau","text":" the Administrator shall, for purposes of carrying out this section and section 233 of the Bank Enterprise Act of 1991 [","children":[{"t":"ref","text":"12 U.S.C. 1834a","href":"/us/usc/t12/s1834a","tail":"]\u2014"}]},{"t":"clause","id":"/us/usc/t12/s4713/a/2/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" 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","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s4713/a/2/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" shall be subject to the same duties and restrictions imposed on the Community Enterprise Assessment Credit Board; and","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4713/a/2/C","children":[{"t":"num","text":"(C)"},{"t":"chapeau","text":" the Administrator shall\u2014"},{"t":"clause","id":"/us/usc/t12/s4713/a/2/C/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" have all powers and rights of an appropriate Federal banking agency under section 233(b)(2) of the Bank Enterprise Act of 1991 [","children":[{"t":"ref","text":"12 U.S.C. 1834a(b)(2)","href":"/us/usc/t12/s1834a/b/2","tail":"] 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"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s4713/a/2/C/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" shall be subject to the same duties imposed on the appropriate Federal banking agencies under such section 233(b)(2).","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/a/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Awards"},{"t":"content","children":[{"t":"p","text":"The Administrator shall determine the amount of assessment credits, and shall make awards of those credits.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/a/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Regulations and guidelines"},{"t":"content","children":[{"t":"p","text":"The Administrator may prescribe such regulations and issue such guidelines as the Administrator determines to be appropriate to carry out this section.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/a/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Exceptions to applicability"},{"t":"content","children":[{"t":"p","text":"Notwithstanding paragraphs (1) through (4) of this subsection, subsections (a)(1) and (e)(2) of section 233 of the Bank Enterprise Act of 1991 [","children":[{"t":"ref","text":"12 U.S.C. 1834a(a)(1)","href":"/us/usc/t12/s1834a/a/1","tail":", (e)(2)], and any other provision of the Federal Deposit Insurance Act ["},{"t":"ref","text":"12 U.S.C. 1811","href":"/us/usc/t12/s1811","tail":" et seq.] relating to the Bank Enterprise Act of 1991, do not apply to the Administrator for purposes of this subchapter."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s4713/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Provisions relating to administration of this section"},{"t":"para","id":"/us/usc/t12/s4713/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"New lifeline accounts"},{"t":"content","children":[{"t":"p","text":"In applying section 233 of the Bank Enterprise Act of 1991 [","children":[{"t":"ref","text":"12 U.S.C. 1834a","href":"/us/usc/t12/s1834a","tail":"] 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."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Determination of assessment credit"},{"t":"content","children":[{"t":"p","text":"For the purpose of this subchapter, section 233(a)(3) of the Bank Enterprise Act of 1991 (","children":[{"t":"ref","text":"12 U.S.C. 1834a(a)(3)","href":"/us/usc/t12/s1834a/a/3","tail":") shall be applied by substituting the following text:"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/b/3","children":[{"t":"num","text":"\u201c(3)"},{"t":"heading","text":"Amount of assessment credit"},{"t":"chapeau","text":"\u201cThe 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\u2014"},{"t":"subpara","id":"/us/usc/t12/s4713/b/3/A","children":[{"t":"num","text":"\u201c(A)"},{"t":"chapeau","text":" with respect to qualifying activities described in paragraph (2)(A), the amount which is equal to\u2014"},{"t":"clause","id":"/us/usc/t12/s4713/b/3/A/i","children":[{"t":"num","text":"\u201c(i)"},{"t":"content","text":" 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","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s4713/b/3/A/ii","children":[{"t":"num","text":"\u201c(ii)"},{"t":"content","text":" 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","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4713/b/3/B","children":[{"t":"num","text":"\u201c(B)"},{"t":"content","text":" with respect to qualifying activities described in paragraph (2)(C), 15 percent of the amounts determined under such subparagraph.\u201d","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/b/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Adjustment of percentage"},{"t":"chapeau","text":"Section 233(a)(5) of the Bank Enterprise Act of 1991 [","children":[{"t":"ref","text":"12 U.S.C. 1834a(a)(5)","href":"/us/usc/t12/s1834a/a/5","tail":"] shall be applied for purposes of this section by\u2014"}]},{"t":"subpara","id":"/us/usc/t12/s4713/b/3/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" substituting \u201cinstitutions which are community development financial institutions\u201d for \u201cinstitutions which meet the community development organization requirements under section 234 [","children":[{"t":"ref","text":"12 U.S.C. 1834b","href":"/us/usc/t12/s1834b","tail":"]\u201d; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4713/b/3/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" substituting \u201cinstitutions which are not community development financial institutions\u201d for \u201cinstitutions which do not meet such requirements\u201d.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/b/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Designation of QDC"},{"t":"content","children":[{"t":"p","text":"Section 233(b)(2) of the Bank Enterprise Act of 1991 [","children":[{"t":"ref","text":"12 U.S.C. 1834a(b)(2)","href":"/us/usc/t12/s1834a/b/2","tail":"] shall be applied for purposes of this section without regard to subparagraph (A)(ii) of such section 233(b)(2)."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/b/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Operation on annual basis"},{"t":"content","children":[{"t":"p","text":"The Administrator may, in the Administrator\u2019s 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/b/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Outreach"},{"t":"content","children":[{"t":"p","text":"The Administrator shall ensure that information about the Bank Enterprise Act of 1991 under this section is widely disseminated to all interested parties.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4713/b/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Qualified activities"},{"t":"content","children":[{"t":"p","text":"For the purpose of this subchapter, section 233(a)(2)(A) of the Bank Enterprise Act of 1991 shall be applied by inserting \u201cof the increase\u201d after \u201cthe amount\u201d.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}