Section 1 Short title
This Act may be cited as the “Small Business and Community Investments Expansion Act of 2020”.
Small Business and Community Investments Expansion Act of 2020
A BILL
To amend the Federal Home Loan Bank Act to allow for advances to certain community development financial institutions and credit unions, and for other purposes.
Sec. 2 Expanding the purposes of advances and collateral available to certain community development financial institutions and credit unions
in paragraph (2)(B), by inserting “, eligible community development financial institution, or eligible insured credit union” after “community financial institution”; and
in paragraph (3)(E), by inserting “, eligible community development financial institution, or eligible insured credit union” after “community financial institution”.
Definitions— Section 2 of the Federal Home Loan Bank Act (12 U.S.C. 1422) is amended by adding at the end the following:
“(13) Eligible community development financial institution—The term “eligible community development financial institution” means an entity that—
“(A) has been certified as a community development financial institution (as such term is defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994) by the Secretary of the Treasury; and
“(B) satisfies the average total assets threshold requirement for a community financial institution set forth in paragraph (10).
“(14) Eligible insured credit union—The term “eligible insured credit union” means an insured credit union (as defined in section 101 of the Federal Credit Union Act) that satisfies the average total assets threshold requirement for a community financial institution set forth in paragraph (10).”