Title 12 — Banks and BankingRelease 119-73not60
§4709 Encouragement of Private Entities
Title 12 › Chapter 47— COMMUNITY DEVELOPMENT BANKING › Subchapter I— COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS › § 4709
Summary
The Fund can help create private corporations that the Federal Government does not own. Those corporations must support community development financial institutions alongside the Fund’s work, and be run only by people who do not work for federal, state, or local governments.
Full Legal Text
Title 12, §4709
Banks and Banking — Source: USLM XML via OLRC
The Fund may facilitate the organization of corporations in which the Federal Government has no ownership interest. The purpose of any such entity shall be to assist community development financial institutions in a manner that is complementary to the activities of the Fund under this subchapter. Any such entity shall be managed exclusively by persons not employed by the Federal Government or any agency or instrumentality thereof, or by any State or local government or any agency or instrumentality thereof.
Reference
Citations & Metadata
Citation
12 U.S.C. § 4709
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60