Community Development Financial Institution Law and Legal Definition
According to 12 USCS § 4702 (5), [Title 12. Banks And Banking; Chapter 47. Community Development Banking ; Community Development Banking And Financial Institutions] the term community development financial institution means:
“(A) In general. he term "community development financial institution" means a person (other than an individual) that--
(i) has a primary mission of promoting community development;
(ii) serves an investment area or targeted population;
(iii) provides development services in conjunction with equity investments or loans, directly or through a subsidiary or affiliate;
(iv) maintains, through representation on its governing board or otherwise, accountability to residents of its investment area or targeted population; and
(v) is not an agency or instrumentality of the United States, or of any State or political subdivision of a State.
(B) Conditions for qualification of holding companies.
(i) Consolidated treatment. A depository institution holding company may qualify as a community development financial institution only if the holding company and the subsidiaries and affiliates of the holding company collectively satisfy the requirements of subparagraph (A).
(ii) Exclusion of subsidiary or affiliate for failure to meet consolidated treatment rule. No subsidiary or affiliate of a depository institution holding company may qualify as a community development financial institution if the holding company and the subsidiaries and affiliates of the holding company do not collectively meet the requirements of subparagraph (A).
(C) Conditions for subsidiaries. No subsidiary of an insured depository institution may qualify as a community development financial institution if the insured depository institution and its subsidiaries do not collectively meet the requirements of subparagraph (A).”
Legal Definition list
- Community Development Finance
- Community Development Corporations
- Community Debt
- Community Day Program [Education]
- Community Custody Program (CCP)
- Community Development Financial Institution
- Community Development Financial Institutions Fund
- Community Facility
- Community Financial Institution [Banks & Banking]
- Community Housing Development Organization [HUD]
- Community Income
Related Legal Terms
- 1862 Institution
- 1890 Institution
- 1994 Institution
- 21st Century Nanotechnology Research and Development Act of 2003
- Academic Institution
- Academy of Financial Divorce Practitioners
- Accredited Educational Institution
- Acquisition, Development and Construction (ADC) Loan
- Administration on Developmental Disabilities
- Adult Care Institution
