PRESERVING MINORITY OWNERSHIP OF MINORITY FINANCIAL INSTITUTIONS.

SEC. 308. PRESERVING MINORITY OWNERSHIP OF MINORITY FINANCIAL INSTITUTIONS. (a) Consultation on Methods.—The Secretary of the Treasury shall consult with the Director of the Office of Thrift Supervision and the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation on methods for best achieving the following goals: (1) Preserving the present number of minority depository institutions. (2) Preserving their minority character in cases involving mergers or acquisition of a minority depository institution by using general preference guidelines in the following order: (A) Same type of minority depository institution in the same city. (B) Same type of minority depository institution in the same State. (C) Same type of minority depository institution nationwide. (D) Any type of minority depository institution in the same city. (E) Any type of minority depository institution in the same State. (F) Any type of minority depository institution nationwide. (G) Any other bidders. (3) Providing technical assistance to prevent insolvency of institutions not now insolvent. (4) Promoting and encouraging creation of new minority depository institutions. (5) Providing for training, technical assistance, and educational programs. (b) Definitions.—For purposes of this section— 103 STAT. 354 (1) Minority financial institution.—The term “minority depository institution” means any depository institution that— (A) if a privately owned institution, 51 percent is owned by one or more socially and economically disadvantaged individuals; (B) if publicly owned, 51 percent of the stock is owned by one or more socially and economically disadvantaged individuals; and (C) in the case of a mutual institution where the majority of the Board of Directors, account holders, and the community which it services is predominantly minority. (2) Minority.—The term “minority” means any black American, Native American, Hispanic American, or Asian American.