§4717 — Title 12 Banks and Banking | U.S. Code

Summary

The Fund must make rules within 180 days after the Administrator is appointed and qualified. The rules must cover community development financial institutions that are not insured depository institutions. They must stop conflicts of interest by directors, officers, and employees and set standards and limits for loans to those insiders. For insured community development financial institutions, these rules, the subchapter, and any agreements are enforced under section 8 of the Federal Deposit Insurance Act by the appropriate federal banking agency. Breaking them is treated as a violation of that Act.

Title 12, §4717

Banks and Banking — Source: USLM XML via OLRC

(a)(1)Not later than 180 days after the appointment and qualification of the Administrator, the Fund shall promulgate such regulations as may be necessary to carry out this subchapter.

(2)The regulations promulgated under paragraph (1) shall include regulations applicable to community development financial institutions that are not insured depository institutions to—

(A)prevent conflicts of interest on the part of directors, officers, and employees of community development financial institutions as the Fund determines to be appropriate; and

(B)establish such standards with respect to loans by a community development financial institution to any director, officer, or employee of such institution as the Fund determines to be appropriate, including loan amount limitations.

(b)The provisions of this subchapter, and regulations prescribed and agreements entered into under this subchapter, shall be enforced under section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818] by the appropriate Federal banking agency, in the case of an insured community development financial institution. A violation of this subchapter, or any regulation prescribed under or any agreement entered into under this subchapter, shall be treated as a violation of the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.].

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Federal Deposit Insurance Act, referred to in subsec. (b), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 1811 of this title and Tables. Codification Section is comprised of section 119 of Pub. L. 103–325. Subsec. (c) of section 119 of Pub. L. 103–325 amended section 657 of Title 18, Crimes and Criminal Procedure.

§4717 Enforcement