S.Amdt. 2545

1. Adds TITLE __--COMMUNITY INVESTMENT AND JOB CREATION at the end of the bill

   Adds a title

   In S. 2237 · Placed on Calendar Senate

   (ii) multiplying the limitation under subparagraph (B)(ii) of such paragraph (as so in effect) by a fraction the numerator of which is the number of days in the taxable year after December 31, 2011, and the denominator of which is the number of days in the taxable year.

   Inserted: TITLE __--COMMUNITY INVESTMENT AND JOB CREATION

   Inserted: SEC. _01 SHORT TITLE.

   Inserted: This title may be cited as the "Community Investment and Job Creation Act of 2012".

   Inserted: SEC. _02. SHORT FORM REPORTS OF CONDITION FOR CERTAIN COMMUNITY BANKS.

   Inserted: (a) In General.--Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 1817(a)) is amended by adding at the end the following:

   Inserted: "(12) Short form reports of condition for community banks.--

   Inserted: "(A) In general.--With respect to reports of condition required under paragraph (3) for each calendar quarter, an insured depository institution described in subparagraphs (A), (B), (C), and (D) of section 10(d)(4) may submit a short form of any such report of condition in 2 nonsequential quarters of any calendar year.

   Inserted: "(B) Asset adjustments.--For purposes of this paragraph--

   Inserted: "(i) section 10(d)(4)(A) shall be applied by substituting '$10,000,000,000' for '$500,000,000'; and

   Inserted: "(ii) section 10(d)(4)(C) shall be applied by substituting '$1,000,000,000' for '$100,000,000'.

   Inserted: "(C) Short form defined.--In this paragraph, the term 'short form' means a report of condition required under paragraph (3) that is in a format established by the appropriate Federal banking agency, after notice and opportunity for comment, that--

   Inserted: "(i) is significantly and materially less burdensome for the insured depository institution to prepare than the format of the report of condition otherwise required under paragraph (3); and

   Show 41 more inserted paragraphsShow less

   Inserted: "(ii) provides sufficient material information for the appropriate Federal banking agency to assure the maintenance of the safe and sound condition of the depository institution and safe and sound practices.".

   Inserted: (b) Regulations.--Any regulation required to carry out section 7(a)(12) of the Federal Deposit Insurance Act, as added by subsection (a) of this section, shall be published in final form not later than 6 months after the date of enactment of this Act.

   Inserted: SEC. _03. EXCEPTION TO ANNUAL PRIVACY NOTICE REQUIREMENT UNDER THE GRAMM-LEACH-BLILEY ACT.

   Inserted: Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) is amended by adding at the end the following:

   Inserted: "(f) Exception to Annual Notice Requirement.--A financial institution shall not be required to provide an annual disclosure under this section until such time as the financial institution--

   Inserted: "(1) fails to provide nonpublic personal information in accordance with the provisions of subsection (b)(2) or (e) of section 502 or regulations prescribed under section 504(b);

   Inserted: "(2) shares information with affiliates described in section 603(d)(2)(A) of the Fair Credit Reporting Act; or

   Inserted: "(3) changes its policies and practices with regard to disclosing nonpublic personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers in accordance with this section.

   Inserted: "(g) Exception to Notice Requirement.--A financial institution shall not be required to provide any disclosure under this section if--

   Inserted: "(1) the financial institution is licensed by a State and is subject to existing regulation of consumer confidentiality that prohibits disclosure of nonpublic personal information without knowing and expressed consent of the consumer in the form of laws, rules, or regulation of professional conduct or ethics promulgated either by the court of highest appellate authority or by the principal legislative body or regulatory agency or body of any State, the District of Columbia, or any territory of the United States; or

   Inserted: "(2) the financial institution is licensed by a State and becomes subject to future regulation of consumer confidentiality that prohibits disclosure of nonpublic personal information without knowing and expressed consent of the consumer in the form of laws, rules, or regulation of professional conduct or ethics promulgated either by the court of highest appellate authority or by the principal legislative body or regulatory agency or body of any State, the District of Columbia, or any territory of the United States.".

   Inserted: SEC. _04. AGRICULTURE LOAN GUARANTEES.

   Inserted: (a) Fees.--Section 310B(g)(5) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1932(g)(5)) is amended by inserting before the period the following: ", except that for a loan in an amount of less than $5,000,000, the Secretary may assess a 1-time fee of 1 percent or less of the guaranteed principal portion of the loan".

   Inserted: (b) Guarantee Amounts.--Section 364 of the Consolidated Farm and Rural Development Act (7 U.S.C. 2006f) is amended--

   Inserted: (1) in subsection (a)--

   Inserted: (A) in paragraph (3)--

   Inserted: (i) by striking "may" and inserting "shall"; and

   Inserted: (ii) by striking "standards that are not less stringent than"; and

   Inserted: (B) in paragraph (4), by inserting before the period the following: ", except that the Secretary may guarantee not more than 90 percent of a loan made by a certified lender if such loan is in an amount of less than $5,000,000"; and

   Inserted: (2) in subsection (b)--

   Inserted: (A) in paragraph (1)--

   Inserted: (i) in subparagraph (B), by striking "and" at the end;

   Inserted: (ii) in subparagraph (C), by striking the period at the end and inserting "; and"; and

   Inserted: (iii) by adding at the end the following:

   Inserted: "(D) in the absence of a demand for or experience with guaranteed loans made under a rural development program, proven experience in making small business loans."; and

   Inserted: (B) in paragraph (5)(A), by inserting before the semicolon the following: ", except that the Secretary may guarantee not more than 90 percent of a loan made by a certified lender if such loan is in an amount of less than $5,000,000".

   Inserted: SEC. _05. QUALIFYING INVESTMENTS IN SMALL BANK ISSUERS.

   Inserted: (a) Generally.--The principles of Internal Revenue Service Notice 2010-2 shall apply to any qualifying investment by any person in a small bank issuer in the same manner as if such investment had been made by the Department of the Treasury pursuant to any of the Programs (as defined in Notice 2010-2).

   Inserted: (b) Definitions.--For purposes of this section--

   Inserted: (1) the term "qualifying investment" means any investment in the equity of a small bank issuer that otherwise would have constituted an ownership change under section 382(g) of the Internal Revenue Code of 1986 (relating to limitations on net operating loss carry forward and certain built-in losses following an ownership change); and

   Inserted: (2) the term "small bank issuer" means any insured depository institution, as defined in section 3(c)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)(2)), which--

   Inserted: (A) was required under a prompt corrective action order issued pursuant to section 38 of the Federal Deposit Insurance Act (12 U.S.C. 1831o), or a formal or informal enforcement order, to raise capital as a result of an examination that took place during calendar years 2008 through 2012 by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, or the Federal Deposit Insurance Corporation; and

   Inserted: (B) at the time of the order referred to in subparagraph (A), had total consolidated assets of $10,000,000,000 or less.

   Inserted: SEC. _06. CAPITAL FORMATION FOR COMMUNITY BANKS.

   Inserted: Section 413(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 77b note) is amended--

   Inserted: (1) by striking "(a) In General.--The" and inserting the following:

   Inserted: "(a) Adjustments.--

   Inserted: "(1) In general.--The"; and

   Inserted: (2) by adding at the end the following:

   Inserted: "(2) Exception for community bank purchases.--The Commission shall adjust its net worth standard for an accredited investor, as set forth in the rules of the Commission under the Securities Act of 1933, by allowing for the inclusion of the value of the primary residence of the natural person, but only if the natural person is purchasing securities from a community bank.

   Inserted: "(3) Definition.--As used in paragraph (2), the term 'community bank' means a depository institution having assets of less than $10,000,000,000.".

   Original wording

   At the end, add the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed