(a) Regulations(1) In generalNot later than 180 days after the appointment and qualification of the Administrator, the Fund shall promulgate such regulations as may be necessary to carry out this subchapter.
(2) Regulations requiredThe regulations promulgated under paragraph (1) shall include regulations applicable to community development financial institutions that are not insured depository institutions to—(A) prevent conflicts of interest on the part of directors, officers, and employees of community development financial institutions as the Fund determines to be appropriate; and
(B) establish such standards with respect to loans by a community development financial institution to any director, officer, or employee of such institution as the Fund determines to be appropriate, including loan amount limitations.
(b) Administrative enforcementThe provisions of this subchapter, and regulations prescribed and agreements entered into under this subchapter, shall be enforced under section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818] by the appropriate Federal banking agency, in the case of an insured community development financial institution. A violation of this subchapter, or any regulation prescribed under or any agreement entered into under this subchapter, shall be treated as a violation of the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.].
Structure US Code
CHAPTER 47— COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER I— COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
§ 4703. Establishment of national Fund for community development banking
§ 4703a. Capital investments for neighborhoods disproportionately impacted by the COVID–19 pandemic
§ 4704. Applications for assistance
§ 4705. Community partnerships
§ 4706. Selection of institutions
§ 4707. Assistance provided by Fund
§ 4709. Encouragement of private entities
§ 4710. Collection and compilation of information
§ 4711. Investment of receipts and proceeds
§ 4712. Capitalization assistance to enhance liquidity
§ 4713. Incentives for depository institution participation
§ 4713a. Guarantees for bonds and notes issued for community or economic development purposes
§ 4716. Studies and reports; examination and audit