BANK ENTERPRISE ACT OF 1BS1 AND RELATED PROVISIONS.

SEC. 931. BANK ENTERPRISE ACT OF 1BS1 AND RELATED PROVISIONS. (a) Assessment Rate for Lifeline Account Deposits.—Section 7(b)(10) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(10)) (as added by section 232(b)(2) of the Bank Enterprise Act of 1991) is amended by striking “at the assessment rate of Ya the maximum rate.” and inserting “at an assessment rate to be determined by the Corporation by regulation. Such assessment rate may not be less than Vi the maximum assessment rate.”. (b) Assessment Procedure.—Section 7(b)(2)(A)(iii)(I) of the Federal Deposit Insurance Act (12 U.S.C. 1917(b)(2)(A)(iii)(I)) (as added by section 232(b)(3)(C) of the Bank Enterprise Act of 1991) is amended to read as follows: “(I) the assessment rate determined by the Corporation pursuant to paragraph (10) with respect to such semiannual period; and”. (c) Qualifying Activities for Assessment Credits.— Section 233(a)(2) of the Bank Enterprise Act of 1991 (12 U.S.C. 1934a(a)(2)) is amended to read as follows: “(2) Qualifying activities.— An insured depository institution shall be eligible 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 financial assistance provided for low- and moderate-income persons in distressed communities, or enterprises integrally involved with such neighborhoods, which the Board determines are qualified to be taken into account for purposes of this subsection; and “(B) the amount, during such period, of deposits accepted from persons domiciled in the distressed community, at any office of the institution (including any branch) located in any qualified distressed community, and new originations of any loans and other financial assistance made within that community, except that in no case shall the credit for deposits at any institution or branch exceed the credit for loans and other financial assistance by the bank or branch in the distressed community.”. (d) Amount of Assessment Credit.—Section 233(a)(3) of the Bank Enterprise Act of 1991 (12 U.S.C. 1934a(a)(3)) is amended to read as follows; “(3) Amount of assessment credit.— The amount of any community enterprise assessment credit available under section 7(d)(4) of the Federal Deposit Insurance Act for any insured depository institution, or a qualified portion thereof, shall be the amount which is equal to 5 percent, in the case of an institution which does not meet the community development organization requirements under section 234, and 15 percent, in the case of an institution, or a qualified portion thereof, which meets such requirements (or any percentage designated under paragraph (5)) of— “(A) for the first full semiannual period in which community enterprise assessment credits are available, the sum of— “(i) the amounts of assets described in paragraph (2)(A); and “(ii) the amounts of deposits, loans, and other financial assistance described in paragraph (2)(B); and 106 STAT. 3889 “(B) for any subsequent semiannual period, the sum of— “(i) any increase during such period in the amount of assets described in paragraph (2)(A) that has been deemed eligible for credit by the Board; and “(ii) any increase during such period in the amounts of deposits, loans, and other financial assistance described in paragraph (2)(B) that has been deemed eligible for credit by the Board.”. (e) Eligibility Requirements for Qualified Distressed Communities.—Section 233(b)(4) of the Bank Enterprise Act of 1991 (12 U.S.C. 1934a(b)(4)) is amended to read as follows: “(4) Eligibility requirements.— For purposes of this sub-section, an area meets the requirements of this paragraph if the following criteria are met: “(A) At least 30 percent of the residents residing in the area have incomes which are less than the national poverty level. “(B) The unemployment rate for the area is IVs times greater than the national average (as determined by the Bureau of Labor Statistics’ most recent figures). “(C) Such additional eligibility requirements as the Board may, in its discretion, deem necessary to carry out the provisions of this subtitle.”.