Subtitle C-Bank Enterprise Act 1 SEC. 231. [12 U.S.C. 1811 nt.] SHORT TITLE. This subtitle may be cited as the "Bank Enterprise Act of 1991". SEC. 232. [12 U.S.C. 1834] REDUCED ASSESSMENT RATE FOR DEPOSITS ATTRIBUTABLE TO LIFELINE ACCOUNTS. (a) QUALIFICATION OF LIFELINE ACCOUNTS BY FEDERAL RESERVE BOARD.— (1) IN GENERAL.-The Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation shall establish minimum requirements for accounts providing basic transaction services for consumers at insured depository institutions in order for such accounts to qualify as lifeline accounts for purposes of this section and section 7(b)(2)(H) of the Federal Deposit Insurance Act. (2) FACTORS TO BE CONSIDERED.—In determining the minimum requirements under paragraph (1) for lifeline accounts at insured depository institutions, the Board and the Corporation shall consider the following factors: (A) Whether the account is available to provide basic transaction services for individuals who maintain a balance of less than $1,000 or such other amount which the Board may determine to be appropriate. (B) Whether any service charges or fees to which the account is subject, if any, for routine transactions do not exceed a minimal amount. (C) Whether any minimum balance or minimum opening requirement to which the account is subject, if any, is not more than a minimal amount. (D) Whether checks, negotiable orders of withdrawal, or similar instruments for making payments or other transfers to third parties may be drawn on the account. (E) Whether the depositor is permitted to make more than a minimal number of withdrawals from the account each month by any means described in subparagraph (D) or any other means. (F) Whether a monthly statement itemizing all transactions for the monthly reporting period is made available to the depositor with respect to such account or a passbook is provided in which all transactions with respect to such account are recorded. 1This Act was enacted as subtitle C of title II of the Federal Deposit Insurance Corporation Improvement Act of 1991. (G) Whether depositors are permitted access to tellers at the institution for conducting transactions with respect to such account. (H) Whether other account relationships with the institution are required in order to open any such account. (I) Whether individuals are required to meet any prerequisite which discriminates against low-income individuals in order to open such account. (J) Such other factors as the Board may determine to ! be appropriate. (3) DEFINITIONS.-For purposes of this subsection (A) BOARD.-The term "Board" means the Board of Governors of the Federal Reserve System. (B) INSURED DEPOSITORY INSTITUTION.-The term “insured depository institution" has the meaning given to such term in section 3(c)(2) of the Federal Deposit Insurance Act. (C) LIFELINE ACCOUNT.-The term "lifeline account" means any transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act) which meets the minimum requirements established by the Board under this subsection. [Subsection (b) amended other provisions of law.] (c) AVAILABILITY OF FUNDS.-The provisions of this section shall not take effect until appropriations are specifically provided in advance. There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this section. SEC. 233. [12 U.S.C. 1834a] ASSESSMENT CREDITS FOR QUALIFYING (1) IN GENERAL.-The Community Enterprise Assessment Credit Board established under subsection (d) shall issue guidelines for insured depository institutions eligible under this subsection for any community enterprise assessment credit with respect to any semiannual period. Such guidelines shall (A) designate the eligibility requirements for any institution meeting applicable capital standards to receive an assessment credit under section 7(b)(7) of the Federal Deposit Insurance Act; and (B) determine the community enterprise assessment credit available to any eligible institution under paragraph (3). (2) QUALIFYING ACTIVITIES.—An insured depository institution may apply for 1 for any community enterprise assessment credit for any semiannual period for (A) the amount, during such period, of new originations of qualified loans and other assistance provided for low- and moderate-income persons in distressed communities, or enterprises integrally involved with such neigh 1 Probably should strike "for". See section 114(cX1XA) of P.L. 103–325. |