§4702 Definitions

Summary

Defines the main words used in this part of the law. Administrator — the person named to run the Fund. Appropriate Federal banking agency — the federal bank regulator named in other banking law, and it also covers the National Credit Union Administration Board for insured credit unions. Affiliate — means the same kind of related company as defined in other banking law. Board — the Community Development Advisory Board. Community development financial institution — a non‑individual organization whose main goal is community development, that serves a distressed area or targeted group, offers development services with its loans or investments, is accountable to local residents, and is not a federal or state agency. Community partner — an organization (like a bank, credit union, nonprofit, government agency, holding company, or certain investment companies) that provides loans, investments, or development services. Community partnership — an agreement between a CDFI and a community partner to serve an area or group. Depository institution holding company — the bank holding company as defined in banking law. Development services — help tied to lending or investing, such as business planning, financial and credit counseling, and marketing or management help. Fund — the Community Development Financial Institutions Fund. Indian reservation — the legal meaning from federal Indian law, including certain Alaska Native lands and former Oklahoma reservations. Indian tribe — a tribe or Alaska Native group eligible for federal Indian programs. Insured community development financial institution — a CDFI that is also an insured bank or insured credit union. Insured credit union and insured depository institution — mean the federally insured credit union and bank definitions in banking law. Investment area — a place (including a reservation) that meets the Fund’s economic distress tests (for example poverty, unemployment, population loss, blight) and has big unmet needs for loans or investments, or that includes an empowerment zone or enterprise community. Low‑income — income at or below 80 percent of area median income (with a special rule for nonmetro areas). State — means the same as in banking law. Subsidiary — the usual banking-law meaning, except a CDFI corporation is not a subsidiary of a bank or holding company unless that bank controls 25 percent or more of a class of voting shares or otherwise controls director elections. Targeted population — low‑income people or identifiable groups who lack good access to loans or investments. Training program — the Fund’s training program.