§ 4713. Incentives for depository institution participation
(a)
Function of Administrator
(1)
In general
Of any funds appropriated pursuant to the authorization in section
4718
(a) of this title, the funds made available for use in carrying out this section in accordance with section
4718
(a)(4) of this title shall be administered by the Administrator of the Fund, in consultation with—
(A)
the Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]) and the National Credit Union Administration;
(2)
Applicability of Bank Enterprise Act of 1991
Subject to subsection (b) of this section and the consultation requirement of paragraph (1)—
(A)
section 233 of the Bank Enterprise Act of 1991 [12 U.S.C. 1834a] shall be applicable to the Administrator, for purposes of this section, in the same manner and to the same extent that such section is applicable to the Community Enterprise Assessment Credit Board;
(B)
the Administrator shall, for purposes of carrying out this section and section 233 of the Bank Enterprise Act of 1991 [12 U.S.C. 1834a]—
(C)
the Administrator shall—
(i)
have all powers and rights of an appropriate Federal banking agency under section 233(b)(2) of the Bank Enterprise Act of 1991 [12 U.S.C. 1834a
(b)(2)] to approve or disapprove the designation of qualified distressed communities for purposes of this section and provide information and assistance with respect to any such designation; and
(3)
Awards
The Administrator shall determine the amount of assessment credits, and shall make awards of those credits.
(4)
Regulations and guidelines
The Administrator may prescribe such regulations and issue such guidelines as the Administrator determines to be appropriate to carry out this section.
(5)
Exceptions to applicability
Notwithstanding paragraphs (1) through (4) of this subsection, subsections (a)(1) and (e)(2) of section
233 of the Bank Enterprise Act of 1991 [12 U.S.C. 1834a
(a)(1), (e)(2)], and any other provision of the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.] relating to the Bank Enterprise Act of 1991, do not apply to the Administrator for purposes of this subchapter.
(b)
Provisions relating to administration of this section
(1)
New lifeline accounts
In applying section 233 of the Bank Enterprise Act of 1991 [12 U.S.C. 1834a] for purposes of this section, the Administrator shall treat the provision of new lifeline accounts by an insured depository institution as an activity which is qualified to be taken into account under section 233(a)(2)(A) of such Act.
(3)
dq](3) Amount of assessment credit
“The amount of an assessment credit which may be awarded to an insured depository institution to carry out the qualified activities of the institution or of the subsidiaries of the institution pursuant to this section for any semiannual period shall be equal to the sum of—
“(A) with respect to qualifying activities described in paragraph (2)(A), the amount which is equal to—
“(i) 5 percent of the sum of the amounts determined under such subparagraph, in the case of an institution which is not a community development financial institution; or
“(ii) 15 percent of the sum of the amounts determined under such subparagraph, in the case of an institution which is a community development financial institution; and
“(B) with respect to qualifying activities described in paragraph (2)(C), 15 percent of the amounts determined under such subparagraph.”
(3)
Adjustment of percentage
Section 233(a)(5) of the Bank Enterprise Act of 1991 [12 U.S.C. 1834a
(a)(5)] shall be applied for purposes of this section by—
(5)
Operation on annual basis
The Administrator may, in the Administrator’s discretion, apply section 233 of the Bank Enterprise Act of 1991 for purposes of this section by providing community enterprise assessment credits with respect to annual periods rather than semiannual periods.