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Title 12, Banks and BankingRelease 119-110

§4714 Recordkeeping

Title 12 › CHAPTER 47 — COMMUNITY DEVELOPMENT BANKING › SUBCHAPTER I — COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS › § 4714

Last updated Sep 22, 2026|Official source

Summary

Community development financial institutions that get help from the Fund must keep the records the Fund requires so it can see how the help is used and confirm the rules are followed. The Fund will also require them to collect user information such as gender, race, ethnicity, national origin, and other relevant details to make sure targeted groups and low-income people in the area are served. The Fund can review those records at any time to check compliance. At least once a year the Fund will review each assisted institution’s plan, goals, and agreement terms. Each institution must file an annual report on its activities, finances, and progress. The Fund will post those reports for public view after removing private or business-sensitive information.

Full Legal Text

Title 12, §4714

Banks and Banking, Source: USLM XML via OLRC

(a)In general
A community development financial institution receiving assistance from the Fund shall keep such records, for such periods as may be prescribed by the Fund and necessary to disclose the manner in which any assistance under this subchapter is used and to demonstrate compliance with the requirements of this subchapter.
(b)User profile information
The Fund shall require each community development financial institution or other organization receiving assistance from the Fund to compile such data, as is determined to be appropriate by the Fund, on the gender, race, ethnicity, national origin, or other pertinent information concerning individuals that utilize the services of the assisted institution to ensure that targeted populations and low-income residents of investment areas are adequately served.
(c)Access to records
The Fund shall have access on demand, for the purpose of determining compliance with this subchapter, to any records of a community development financial institution or other organization that receives assistance from the Fund.
(d)Review
Not less than annually, the Fund shall review the progress of each assisted community development financial institution in carrying out its strategic plan, meeting its performance goals, and satisfying the terms and conditions of its assistance agreement.
(e)Reporting
(1)Annual reports
The Fund shall require each community development financial institution receiving assistance under this subchapter to submit an annual report to the Fund on its activities, its financial condition, and its success in meeting performance goals, in satisfying the terms and conditions of its assistance agreement, and in complying with other requirements of this subchapter, in such form and manner as the Fund shall specify.
(2)Availability of reports
The Fund, after deleting or redacting any material as appropriate to protect privacy or proprietary interests, shall make such reports submitted under paragraph (1) available for public inspection.

Reference

Citations & Metadata

Citation

12 U.S.C. § 4714

Title 12, Banks and Banking

Last Updated

Sep 22, 2026

Release point: 119-110