Section 1 Short title
This Act may be cited as the “Minority Bank Advisory Committee Act of 2018 ”.
Minority Bank Advisory Committee Act of 2018
A BILL
To establish Minority Depository Institutions Advisory Committees, to provide advice related to preserving and encouraging minority depository institutions, and for other purposes.
Sec. 2 Minority Depository Institutions Advisory Committees
Establishment— The Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation shall each establish an advisory committee to be called the “Minority Depository Institutions Advisory Committee”.
Duties— Each Minority Depository Institutions Advisory Committee shall provide advice to the respective agency on meeting the goals established by section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) to preserve the present number of minority depository institutions, preserve the minority character of minority owned institutions in cases involving mergers or acquisitions, provide technical assistance, and encourage the creation of new minority depository institutions. The scope of the Minority Depository Institutions Advisory Committees’ work shall include an assessment of the current condition of minority depository institutions, what regulatory changes or other steps the respective agencies may be able to take to fulfill the mandate of such section 308, and other issues of concern to minority depository institutions.
Membership— Each Minority Depository Institutions Advisory Committee shall consist of no more than 10 members, who—
shall serve for one two-year term;
shall serve as a representative of a depository institution with respect to which the respective agency is the appropriate Federal banking agency; and
shall not receive pay by reason of their service on the advisory committee, but may receive travel or transportation expenses in accordance with section 5703 of title 3, United States Code.
No termination of advisory committees— The termination requirements under section 14 of the Federal Advisory Committee Act (5 U.S.C. app.) shall not apply to an advisory committee established pursuant to this section.
Definitions— For purposes of this section:
Minority depository institution— The term “minority depository institution” has the meaning given that term under section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
Other definitions— The terms “appropriate Federal banking agency” and “depository institution” have the meaning given those terms, respectively, under section 3 of the Federal Deposit Insurance Act.