EXPANSION OF USE OF UNDERUTILIZED MINORITY THRIFT INSTITUTIONS.

SEC. 412. EXPANSION OF USE OF UNDERUTILIZED MINORITY THRIFT INSTITUTIONS. (a) Consultation on Expanded Use.— The Secretary of the Treasury shall consult with the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation on methods for increasing the use of underutilized minority thrift institutions as depositaries or financial agents of Federal agencies. (b) Designation of Minority Thrift Institutions Involved in Capital Recovery Program as Underutilized Thrift.— If the Federal Home Loan Bank Board approves any plan submitted under regulations prescribed under section 10 of the Home Owners’ Loan Act of 1933 (as added by section 404(a) of this title) or section 416 of 101 STAT. 621the National Housing Act (as added by section 404(c) of this title) by any minority institution (as defined in each such section), such minority institution shall be designated by the Board as an underutilized thrift institution for purposes of increasing the use of such association as a depositary or financial agent of other Federal agencies. (c) Report to Congress.— Before the end of the 6-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury, the Federal Home Loan Bank Board, and the Federal Savings and Loan Insurance Corporation shall each submit a report to the Congress on actions taken by such Secretary or agency pursuant to subsection (a) or (b). (d) Thrift Institution Defined.— For purposes of this section, the term “thrift institution” has the meaning given to such term in section 407(c)(1).