[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1068 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1068

 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.


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                   IN THE SENATE OF THE UNITED STATES

                              May 19, 2009

   Mr. Brown introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

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                                 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 2009''.

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 2009, the Bank, or any affiliate (as defined in 
section 103(3) of the Community Development Banking and Financial 
Institutions Act of 1994) 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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