Bill Sponsor
House Bill 6868
116th Congress(2019-2020)
To amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.
Introduced
Introduced
Introduced in House on May 14, 2020
Overview
Text
Introduced in House 
May 14, 2020
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Introduced in House(May 14, 2020)
May 14, 2020
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
H. R. 6868 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 6868


To amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

May 14, 2020

Mr. Green of Texas introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Community Capital Investment Program.

Section 4003 of the CARES Act (15 U.S.C. 9042) is amended by adding at the end the following:

“(i) Community Capital Investment Program.—

“(1) IN GENERAL.—The Secretary of the Treasury shall establish a Community Capital Investment Program (the ‘Program’) to support the efforts of community investment institutions to provide loans and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, by—

“(A) providing direct capital investments in community investment institutions; and

“(B) providing loans to community investment institutions—

“(i) that are interest-free loans;

“(ii) that have a loan term of 5 years; and

“(iii) with respect to which no loan payment is required until at least the end of the 6-month period beginning on the date the loan is made, or such longer term as the Secretary may determine appropriate.

“(2) APPLICATION DATE.—The Secretary shall begin accepting applications for capital investments and loans under the Program not later than the end of the 10-day period beginning on the date of enactment of this subsection.

“(3) DIVIDEND RATE.—Any preferred stock or other financial instrument issued to the Secretary in exchange for a capital investment under the Program shall carry a dividend or interest rate that does not exceed 1 percent.

“(4) RESTRICTIONS.—The restrictions described under subsection (c)(3)(A)(ii) shall apply to capital investments and loans made under this subsection.

“(5) AVAILABLE AMOUNTS.—In carrying out the Program, the Secretary shall use amounts made available under subsection (b), notwithstanding the limitations on the use of such funds under paragraphs (1) through (4) of such subsection (b).

“(6) MDI SET-ASIDE.—At least $3,000,000,000 of the direct capital investments and loans made by the Secretary under the Program shall be made to minority depository institutions.

“(7) TREATMENT OF CAPITAL INVESTMENTS.—In making any capital investment under the Program, the Secretary shall ensure that the terms of the investment are designed to ensure the investment receives Tier 1 capital treatment.

“(8) DEFINITIONS.—In this subsection:

“(A) COMMUNITY INVESTMENT INSTITUTION.—The term ‘community investment institution’ means—

“(i) a community development financial institution, as defined under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4702);

“(ii) an impact credit union;

“(iii) an impact bank; and

“(iv) a minority depository institution, as defined under section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note).

“(B) CREDIT UNION.—The term ‘credit union’ has the meaning given the terms State credit union and Federal credit union under section 101 of the Federal Credit Union Act (12 U.S.C. 1752).

“(C) IMPACT CREDIT UNION.—The term ‘impact credit union’ means a credit union that—

“(i) has total consolidated assets of less than $10,000,000,000; and

“(ii) extends at least 50 percent of the loans extended by the credit union to borrowers who are low-income borrowers, as determined by the Secretary.

“(D) IMPACT BANK.—The term ‘impact bank’ means a depository institution (as defined under section 3 of the Federal Deposit Insurance Act) that—

“(i) has total consolidated assets of less than $10,000,000,000; and

“(ii) extends at least 50 percent of the loans extended by the institution to borrowers who are low-income borrowers, as determined by the Secretary.”.