H.R. 1674

National Consumer Cooperative Bank Act Amendments of 2009

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IIB

111th CONGRESS

1st Session

H. R. 1674

IN THE SENATE OF THE UNITED STATES

June 17, 2009

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To amend the National Consumer Cooperative Bank Act to allow for the treatment of the nonprofit corporation affiliate of the Bank as a community development financial institution for purposes of the Community Development Banking and Financial Institutions Act of 1994.

1.

Short title

This Act may be cited as the National Consumer Cooperative Bank Act Amendments of 2009.

2.

Treatment of national cooperative bank affiliate as community development financial institution

Section 211 of the National Consumer Cooperative Bank Act (12 U.S.C. 3051) is amended—

(1)

by redesignating subsection (e) as subsection (f); and

(2)

by inserting after subsection (d) the following:

(e)

Treatment as community development financial institution

Notwithstanding any other provision of law, the nonprofit corporation established under this section shall be deemed to be a community development financial institution for purposes of the Community Development Banking and Financial Institutions Act of 1994, unless, after the date of the enactment of the National Consumer Cooperative Bank Act Amendments of 2009, the Bank, or any affiliate (as defined in section 103(3) of the Community Development Banking and Financial Institutions Act of 1994) of the Bank, participates in depository institution incentives under section 114 of the Community Development Banking and Financial Institutions Act of 1994.

.

Passed the House of Representatives June 16, 2009.

Lorraine C. Miller,

Clerk.