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12 U.S.C. § 2907 - U.S. Code - Unannotated Title 12. Banks and Banking § 2907. Operation of branch facilities by minorities and women

Current as of January 01, 2024 | Updated by Findlaw Staff

(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 women's 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 institution's community for purposes of this chapter.

(b)Definitions

For purposes of this section--

(1)Minority depository institution

The term “minority institution”  1 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)Women's depository institution

The term “women's 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.

1 So in original. Probably should be “minority depository institution”.
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Cite this article: FindLaw.com - 12 U.S.C. § 2907 - U.S. Code - Unannotated Title 12. Banks and Banking § 2907. Operation of branch facilities by minorities and women - last updated January 01, 2024 | https://codes.findlaw.com/us/title-12-banks-and-banking/12-usc-sect-2907/

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