[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5511 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5511

   To require the Federal Deposit Insurance Corporation to implement 
    regulations easing certain restrictions on non-profit community 
    development financial institution banks, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 16, 2016

Mr. Delaney (for himself and Mr. Carney) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To require the Federal Deposit Insurance Corporation to implement 
    regulations easing certain restrictions on non-profit community 
    development financial institution banks, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; PURPOSE.

    (a) Short Title.--This Act may be cited as the ``Equal Access to 
Banking Act''.
    (b) Purpose.--This purposes of this Act are the following:
            (1) To expand banking services to unbanked and underbanked 
        individuals by requiring the Federal Deposit Insurance 
        Corporation to re-assess regulations to allow non-profit 
        community development financial institution banks to obtain 
        deposit insurance, while still adequately protecting the 
        Deposit Insurance Fund.
            (2) To facilitate an insured depository institution 
        structure that benefits from philanthropic donations, 
        investment incentives from the Community Reinvestment Act of 
        1977, and Community Development Financial Institution Fund 
        grants.

SEC. 2. REGULATIONS TO EASE CERTAIN RESTRICTIONS ON NON-PROFIT 
              COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION BANKS.

    (a) Regulations Related to Deposit Insurance.--
            (1) In general.--The Federal Deposit Insurance Corporation 
        shall issue regulations--
                    (A) easing the restrictive impact of regulations 
                issued pursuant to section 6 of the Federal Deposit 
                Insurance Act (12 U.S.C. 1816) (relating to the factors 
                to be considered for deposit insurance) on non-profit 
                community development financial institution banks; and
                    (B) easing restrictions on the operation of non-
                profit community development financial institution 
                banks insured by the Federal Deposit Insurance 
                Corporation.
            (2) Other financial institutions.--The Federal Deposit 
        Insurance Corporation shall ensure that regulations issued 
        under paragraph (1)--
                    (A) will not provide an opportunity for individuals 
                or for-profit financial institutions to avoid taxation 
                or other requirements related to deposit insurance; and
                    (B) allow charitable contributions and grants to 
                non-profit community development financial institution 
                banks.
            (3) Failure to maintain certification.--The Federal Deposit 
        Insurance Corporation shall terminate the deposit insurance of 
        a non-profit community development financial institution bank 
        if the bank loses the bank's certification as a community 
        development financial institution.
    (b) Definitions.--For purposes of this Act:
            (1) Community development financial institution.--The term 
        ``community development financial institution'' has the meaning 
        given that term under section 103 of the Community Development 
        Banking and Financial Institutions Act of 1994 (12 U.S.C. 
        4702).
            (2) Depository institution.--The term ``depository 
        institution'' has the meaning given such term in section 3 of 
        the Federal Deposit Insurance Act (12 U.S.C. 1813).
            (3) Income definitions.--The terms ``low-income'' and 
        ``moderate-income'' have the meaning given those terms, 
        respectively, under section 25.12 of title 12, Code of Federal 
        Regulations.
            (4) Non-profit community development financial institution 
        bank.--The term ``non-profit community development financial 
        institution bank'' means a non-profit depository institution 
        that--
                    (A) is certified as a community development 
                financial institution by the Community Development 
                Financial Institutions Fund; and
                    (B) serves low-income and moderate-income 
                customers.
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