§4715 Special Provisions with Respect to Institutions That Are Supervised by Federal Banking Agencies

Summary

Requires the Fund to work with the federal banking agency that supervises a community development financial institution (CDFI) before helping that CDFI or asking it for information. Before asking a supervised CDFI for records, the Fund must check with the agency to see if the agency already has the information. If the agency does not provide the requested material within 15 calendar days, the Fund can ask the CDFI directly, but must tell the agency. The Fund should avoid asking for the same information twice. The Fund can still require reports about a CDFI’s strategic plan or its compliance with an assistance agreement after telling the agency. The Fund may not force a CDFI to give an agency’s examination report or related records. The Fund and the agency must quickly tell each other about important concerns and share relevant information. Neither can give out confidential information they got here without written consent. Sharing information does not waive any legal privileges. They cannot use this authority to hide information from Congress or other federal agencies that have a lawful request. Before the Fund imposes certain sanctions, it must notify the agency; the agency then has 30 calendar days to object, explain harm to safety and soundness or to enforcement, and suggest an alternative with an explanation. Both must cooperate to protect the CDFI’s safety and soundness.