[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6642 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6642

 To amend the National Consumer Cooperative Bank Act to allow for the 
   treatment of the nonprofit corporation affiliate of the Bank as a 
    community development financial institution for purposes of the 
 Community Development Banking and Financial Institutions Act of 1994.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2008

   Mrs. Maloney of New York introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the National Consumer Cooperative Bank Act to allow for the 
   treatment of the nonprofit corporation affiliate of the Bank as a 
    community development financial institution for purposes of the 
 Community Development Banking and Financial Institutions Act of 1994.

    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 ``National Consumer Cooperative Bank 
Act Amendments of 2008''.

SEC. 2. TREATMENT OF NATIONAL COOPERATIVE BANK AFFILIATE AS COMMUNITY 
              DEVELOPMENT FINANCIAL INSTITUTION.

    Section 211 of the National Consumer Cooperative Bank Act (12 
U.S.C. 3051) is amended--
            (1) by redesignating subsection (e) as subsection (f); and
            (2) by inserting after subsection (d) the following:
    ``(e) Treatment as Community Development Financial Institution.--
Notwithstanding any other provision of law, the nonprofit corporation 
established under this section shall be deemed to be a community 
development financial institution for purposes of the Community 
Development Banking and Financial Institutions Act of 1994, unless, 
after the date of the enactment of the National Consumer Cooperative 
Bank Act Amendments of 2008, the Bank, or any affiliate of the Bank, 
participates in depository institution incentives under section 114 of 
the Community Development Banking and Financial Institutions Act of 
1994.''.
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