Us Code § 2907 - Operation of branch facilities by minorities and women
Full text of Us Code United States Code § 2907 — Operation of branch facilities by minorities and women, with citation guidance and answers to common questions.
§ 2907. Operation of branch facilities by minorities and women
(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.
(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.)
Editorial Notes
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".
1 So in original. Probably should be "minority depository institution".
About This Section
12 U.S.C. § 2907 is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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