§4713 Incentives for depository institution participation

Summary

The Fund’s Administrator will manage the money made available under section 4718(a) to run this program. The Administrator must talk with the Federal banking agencies, the National Credit Union Administration, two specific officials named in section 4703(d)(2)(G), and any other appropriate bank or credit union representatives. The Administrator gets the same powers and duties as the Community Enterprise Assessment Credit Board under section 233 of the Bank Enterprise Act of 1991 to run and enforce the program, and also can act like a Federal banking agency when approving or denying which areas are “qualified distressed communities.” The Administrator will decide how much assessment credit to give, will award those credits, and can write rules and guidance. However, subsections (a)(1) and (e)(2) of section 233 and some other related parts of the Federal Deposit Insurance Act do not apply to the Administrator for this subchapter. When applying section 233 to this program, new lifeline accounts count as a qualifying activity. For certain qualifying activities, the assessment credit equals 5% of the relevant amounts for institutions that are not community development financial institutions and 15% for institutions that are community development financial institutions. For other qualifying activities, the credit is 15%. The Administrator may use annual instead of semiannual award periods and must widely share information about the program.