12 USC 4702 - Definitions

U.S Code last checked for updates: Nov 22, 2024

§ 4702.

Definitions

For purposes of this subchapter, the following definitions shall apply:

(1)

Administrator

(2)

Appropriate Federal banking agency

(3)

Affiliate

(4)

Board

(5)

Community development financial institution

(A)

In general

The term “community development financial institution” means a person (other than an individual) that—

(i)

has a primary mission of promoting community development;

(ii)

serves an investment area or targeted population;

(iii)

provides development services in conjunction with equity investments or loans, directly or through a subsidiary or affiliate;

(iv)

maintains, through representation on its governing board or otherwise, accountability to residents of its investment area or targeted population; and

(v)

is not an agency or instrumentality of the United States, or of any State or political subdivision of a State.

(B)

Conditions for qualification of holding companies

(i)

Consolidated treatment

(ii)

Exclusion of subsidiary or affiliate for failure to meet consolidated treatment rule

(C)

Conditions for subsidiaries

(6)

Community partner

(7)

Community partnership

(8)

Depository institution holding company

(9)

Development services

The term “development services” means activities that promote community development and are integral to lending or investment activities, including—

(A)

business planning;

(B)

financial and credit counseling; and

(C)

marketing and management assistance.

(10)

Fund

(11)

Indian reservation

(12)

Indian tribe

(13)

Insured community development financial institution

(14)

Insured credit union

(15)

Insured depository institution

(16)

Investment area

The term “investment area” means a geographic area (or areas) including an Indian reservation that—

(A)

(i)

meets objective criteria of economic distress developed by the Fund, which may include the percentage of low-income families or the extent of poverty, the rate of unemployment or underemployment, rural population outmigration, lag in population growth, and extent of blight and disinvestment; and

(ii)

has significant unmet needs for loans or equity investments; or

(B)

encompasses or is located in an empowerment zone or enterprise community designated under section 1391 of title 26.

(17)

Low-income

The term “low-income” means having an income, adjusted for family size, of not more than—

(A)

for metropolitan areas, 80 percent of the area median income; and

(B)

for nonmetropolitan areas, the greater of—

(i)

80 percent of the area median income; or

(ii)

80 percent of the statewide nonmetropolitan area median income.

(18)

State

(19)

Subsidiary

(20)

Targeted population

The term “targeted population” means individuals, or an identifiable group of individuals, including an Indian tribe, who—

(A)

are low-income persons; or

(B)

otherwise lack adequate access to loans or equity investments.

(21)

Training program

(Pub. L. 103–325, title I, § 103, Sept. 23, 1994, 108 Stat. 2163.)

cite as: 12 USC 4702