12 U.S.C. § 2907

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 2907 - Operation of branch facilities by minorities and women

(a) In general

In the case of any depository institution which donates, sells on favorable terms (as determined by the appropriate Federal financial supervisory agency), or makes available on a rent-free basis any branch of such institution which is located in any predominantly minority neighborhood to any minority depository institution or women's depository institution, the amount of the contribution or the amount of the loss incurred in connection with such activity may be a factor in determining whether the depository institution is meeting the credit needs of the institution's community for purposes of this chapter.

(b) Definitions

For purposes of this section-

(1) Minority depository institution

The term "minority institution" ¹ means a depository institution (as defined in section 1813(c) of this title)-

(A) more than 50 percent of the ownership or control of which is held by 1 or more minority individuals; and

(B) more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals.

(2) Women's depository institution

The term "women's depository institution" means a depository institution (as defined in section 1813(c) of this title)-

(A) more than 50 percent of the ownership or control of which is held by 1 or more women;

(B) more than 50 percent of the net profit or loss of which accrues to 1 or more women; and

(C) a significant percentage of senior management positions of which are held by women.

(3) Minority

The term "minority" has the meaning given to such term by section 1204(c)(3) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989.

¹ So in original. Probably should be "minority depository institution".

12 U.S.C. § 2907

Pub. L. 95-128, title VIII, §808, as added Pub. L. 102-233, title IV, §402(b), Dec. 12, 1991, 105 Stat. 1775; amended Pub. L. 102-550, title IX, §909(2), Oct. 28, 1992, 106 Stat. 3874.

EDITORIAL NOTES

REFERENCES IN TEXTSection 1204(c)(3) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, referred to in subsec. (b)(3), is section 1204(c)(3) of Pub. L. 101-73 which is set out as a note under section 1811 of this title.

AMENDMENTS1992-Subsec. (a). Pub. L. 102-550 substituted "may be a factor in determining whether the depository institution is" for "shall be treated as".

credit

The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.