I 111th CONGRESS 1st Session H. R. 2676 IN THE HOUSE OF REPRESENTATIVES June 3, 2009 Mr. Cardoza introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend chapter 3 of title 31, United States Code, to provide for an Assistant Secretary of the Treasury for Community Financial Institutions and an Office of Ombudsman for Community Financial Institutions, and for other purposes.

1.

Short title

This Act may be cited as the Administrative Support and Oversight for Community Financial Institutions Act of 2009.

2.

Assistant Secretary for Community Financial Institutions

(a)

Established

The 1st sentence of section 301(e) of title 31, United States Code, is amended— (1)by striking 10 and inserting 11; and (2)by inserting , 1 of whom shall be designated by the President as the Assistant Secretary for Community Financial Institutions before the period at the end. (b)

Additional duties

Subchapter I of chapter 3 of title 31, United States Code, is amended by inserting after section 301 the following new section:

301A.

Assistant Secretary for Community Financial Institutions

(a)

In general

In addition to other duties and powers prescribed the Secretary, the Assistant Secretary for Community Financial Institutions designated under section 301(e) shall— (1)advise the Secretary on the impact of policies and regulations of the Department on community financial institutions; and (2)provide guidance to the Secretary to ensure that the policies and regulations of the Department strengthen community financial institutions.

. (c)

Clerical amendment

The table of sections for subchapter I of chapter 3 of title 31, United States Code, is amended by inserting after the item relating to section 301 the following new item: 301A. Assistant Secretary for Community Financial Institutions. .

3.

Office of Ombudsman for Community Financial Institutions

Section 301A of title 31, United States Code (as added by section 2), is amended by adding at the end the following new subsections: (b)

Office of Ombudsman for Community Financial Institutions

(1)

Establishment

The Secretary of Treasury shall establish an Office of Ombudsman for Community Financial Institutions (hereafter in this subsection referred to as the Ombudsman Office), the head of which shall be the Assistant Secretary for Community Financial Institutions. (2)

Functions

The functions of the Assistant Secretary for Community Financial Institutions as the head of the Ombudsman Office shall be to provide assistance to and answer questions from community financial institutions regarding policies of the Secretary and their effects on community financial institutions. (3)

Additional functions relating to TARP and P–PIP

The Assistant Secretary for Community Financial Institutions as the head of the Ombudsman Office shall also provide assistance to community financial institutions regarding— (A)applications and the application process for Troubled Asset Relief Program funds; (B)sales of assets to or purchase of assets from the Public-Private Investment Program for Legacy Assets established by the Secretary of the Treasury, in conjunction with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation; (C)status of pending applications for Troubled Asset Relief Program funds or sales to or purchases from the Public-Private Investment Program for Legacy Assets; and (D)compliance with regulations associated with acceptance of Troubled Asset Relief Program funds or sales to or purchases from the Public-Private Investment Program for Legacy Assets. (E)

Toll-free telephone numbers

The Assistant Secretary shall establish and maintain toll-free telephone assistance phone numbers as follows: (i)A telephone number shall be made available for community financial institution general inquiries 8 hours a day and 7 days a week. (ii)A telephone number shall be made available for community financial institution inquiries about the Troubled Asset Relief Program 8 hours a day and 7 days a week. .