§4701 — Title 12 Banks and Banking | U.S. Code

Summary

Creates a Community Development Financial Institutions Fund to help revive and strengthen poor and struggling urban, rural, and Native American communities. Congress found these areas often have poverty, little economic growth, and few jobs, and fixing them needs coordinated plans, strong support services, and better access to equity, loans, and investments for businesses, housing, and human development. Community development financial institutions (CDFIs) have shown they can meet these needs, so the Fund will invest in and support CDFIs, including giving them more cash to use.

Title 12, §4701

Banks and Banking — Source: USLM XML via OLRC

(a)The Congress finds that—

(1)many of the Nation’s urban, rural, and Native American communities face critical social and economic problems arising in part from the lack of economic growth, people living in poverty, and the lack of employment and other opportunities;

(2)the restoration and maintenance of the economies of these communities will require coordinated development strategies, intensive supportive services, and increased access to equity investments and loans for development activities, including investment in businesses, housing, commercial real estate, human development, and other activities that promote the long-term economic and social viability of the community; and

(3)community development financial institutions have proven their ability to identify and respond to community needs for equity investments, loans, and development services.

(b)The purpose of this subchapter is to create a Community Development Financial Institutions Fund to promote economic revitalization and community development through investment in and assistance to community development financial institutions, including enhancing the liquidity of community development financial institutions.

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References in Text

This subchapter, referred to in subsec. (b), was in original “this subtitle”, meaning subtitle A of title I of Pub. L. 103–325, Sept. 23, 1994, 108 Stat. 2163, which is classified principally to this subchapter. For complete classification of this subtitle to the Code, see

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note below and Tables.

Statutory Notes and Related Subsidiaries

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Pub. L. 103–325, § 1(a), Sept. 23, 1994, 108 Stat. 2160, provided that: “This Act [see Tables for classification] may be cited as the ‘Riegle Community Development and Regulatory Improvement Act of 1994’.” Pub. L. 103–325, title I, § 101, Sept. 23, 1994, 108 Stat. 2163, provided that: “This subtitle [subtitle A (§§ 101–121) of title I of Pub. L. 103–325, enacting this subchapter and section 1772c–1 of this title, amending section 1766 and 1834a of this title, section 5313 of Title 5, Government Organization and Employees, section 11 of Pub. L. 95–452 set out in the Appendix to Title 5, section 657 of Title 18, Crimes and Criminal Procedure, and section 9101 of Title 31, Money and Finance, and enacting provisions set out as a note under section 11 of Pub. L. 95–452 set out in the Appendix to Title 5] may be cited as the ‘Community Development Banking and Financial Institutions Act of 1994’.”

§4701 Findings and purposes

Summary

Title 12, §4701

Notes & Related Subsidiaries

Editorial Notes

References in Text

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Statutory Notes and Related Subsidiaries

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