OPERATION OF BRANCH FACILITIES BY MINORITIES AND WOMEN.

SEC. 402. OPERATION OF BRANCH FACILITIES BY MINORITIES AND WOMEN. (a) Acquisition of Branch Facilities from the RTC.— Section 21A of the Federal Home Loan Bank Act (12 U.S.C. 1441a) is amended by inserting after subsection (t) (as added by section 301 of this title) the following new subsection: “(u) Acquisition of Branch Facilities in Minority Neighborhoods.— “(1) In general.— In the case of any savings association for which the Corporation has been appointed conservator or receiver, the Corporation may make available any branch of such association which is located in any predominantly minority neighborhood to any minority depository institution or women’s depository institution on the following terms: “(A) The branch may be made available on a rent-free lease basis for not less than 5 years. “(B) Of all expenses incurred in maintaining the operation of the facilities in which such branch is located, the institution shall be liable only for the payment of applicable real property taxes, real property insurance, and utilities. “(C) The lease may provide an option to purchase the branch during the term of the lease. “(2) Definitions.— For purposes of this subsection— “(A) Minority depository institution.— The term ‘minority institution’ means a depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act)— “(i) more than 50 percent of the ownership or control of which is held by 1 or more minority individuals; and 105 STAT. 1775 “(ii) more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals. “(B) Women’s depository institution.— The term ‘women’s depository institution’ means a depository institution (EIS defined in section 3(c) of the Federal Deposit Insurance Act)— “(i) more than 50 percent of the ownership or control of which is held by 1 or more women; “(ii) more than 50 percent of the net profit or loss of which accrues to 1 or more women; and “(iii) a significant percentage of senior management positions of which are held by women. “(C) 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.”. (b) Community Reinvestment Credit for Depository Institutions Providing Assistance.— The Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.) is amended by adding at the end the following new section: “SEC. 808. 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 shall be treated as meeting the credit needs of the institution’s community for purposes of this title. “(b) Definitions.— For purposes of this section— “(1) Minority depository institution.— The term ‘minority institution’ means a depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act)— “(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 3(c) of the Federal Deposit Insurance Act)— “(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.”.