12-U.S.C.-2907
§2907 – Operation of Branch Facilities By Minorities and Women
Pathway
Title 12 > Chapter 30 > Section 2907
Details
- Reference: Section 2907
- Legend: §2907 – Operation of Branch Facilities By Minorities and Women
- USCode Year: 2013
Provision Content
(a) In general
In the case of any depository institution which donates, sells on favorable terms (as determined by the appropriate Federal financial supervisory agency), or makes available on a rent-free basis any branch of such institution which is located in any predominantly minority neighborhood to any minority depository institution or womens depository institution, the amount of the contribution or the amount of the loss incurred in connection with such activity may be a factor in determining whether the depository institution is meeting the credit needs of the institutions community for purposes of this chapter.
(b) Definitions
For purposes of this section—
(1) Minority depository institution
The term minority institution means a depository institution (as defined in section 1813(c) of this title)—
(A) more than 50 percent of the ownership or control of which is held by 1 or more minority individuals; and
(B) more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals.
(2) Womens depository institution
The term womens depository institution means a depository institution (as defined in section 1813(c) of this title)—
(A) more than 50 percent of the ownership or control of which is held by 1 or more women;
(B) more than 50 percent of the net profit or loss of which accrues to 1 or more women; and
(C) a significant percentage of senior management positions of which are held by women.
(3) Minority
The term minority has the meaning given to such term by section 1204(c)(3) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989.
(Pub. L. 95–128, title VIII, §808, as added Pub. L. 102–233, title IV, §402(b), Dec. 12, 1991, 105 Stat. 1775; amended Pub. L. 102–550, title IX, §909(2), Oct. 28, 1992, 106 Stat. 3874.)
References in Text
Section 1204(c)(3) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, referred to in subsec. (b)(3), is section 1204(c)(3) of Pub. L. 101–73, which is set out as a note under section 1811 of this title.
Amendments
1992—Subsec. (a). Pub. L. 102–550 substituted may be a factor in determining whether the depository institution is for shall be treated as.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-501 in the Legal Encyclopedia: Banking Law
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