110 HR 6642 IH: National Consumer Cooperative Bank Act U.S. House of Representatives 2008-07-29 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6642 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.

1.

Short title

This Act may be cited as the National Consumer Cooperative Bank Act Amendments of 2008.

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. .