EMERGENCY SUPPORT FOR CDFIS AND COMMUNITIES RESPONDING TO THE COVID-19 PANDEMIC.

SEC. 523. EMERGENCY SUPPORT FOR CDFIS AND COMMUNITIES RESPONDING TO THE COVID-19 PANDEMIC. (a) Direct Appropriation.—There is appropriated, out of amounts in the Treasury not otherwise appropriated, for the fiscal year 2021, $3,000,000,000 under the heading “department of treasury—community development financial institutions fund program account, emergency support” to carry out this section, of which— (1) up to $1,250,000,000, shall remain available until September 30, 2021, to support, prepare for, and respond to the economic impact of the coronavirus, provided that the Fund shall— (A) provide grants funded under this paragraph using a formula that takes into account criteria such as certification status, financial and compliance performance, portfolio and balance sheet strength, a diversity of CDFI business model types, and program capacity, of which not less than $25,000,000 may be for grants to benefit Native American, Native Hawaiian, and Alaska Native communities; and (B) make funds available under this paragraph not later than 60 days after the date of enactment of this Act; and (2) up to $1,750,000,000, shall remain available until expended, to provide grants to CDFIs to respond to the economic impact of the COVID-19 pandemic— (A) to expand lending, grant making, or investment activity in low- or moderate-income minority communities and to minorities that have significant unmet capital or financial services needs; (B) using criteria such as certification status, financial and compliance performance, portfolio and balance sheet strength, a diversity of CDFI business model types, status as a minority lending institution, and program capacity, as well as experience making loans and investments to those areas and populations identified in this paragraph; and (C) of which up to $1,200,000,000, shall be for providing financial assistance, technical assistance, awards, training and outreach programs to recipients that are minority lending institutions. (b) Administrative Expenses.—Funds appropriated pursuant to subsection (a) may be used for administrative expenses, including administration of Fund programs and the New Markets Tax Credit Program under section 45D of the Internal Revenue Code of 1986. (c) Definitions.—In this section: (1) CDFI.—The term “CDFI” means a community development financial institution, as defined in section 103 of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702). (2) Fund.—The term “Fund” means the Community Development Financial Institutions Fund established under section 104(a) of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4703(a)). (3) Minority.—The term “minority” means any Black American, Hispanic American, Asian American, Native American, Native Alaskan, Native Hawaiian, or Pacific Islander. (4) Minority lending institution.—The term “minority lending institution” means a CDFI— (A) with respect to which a majority of both the number dollar volume of arm’s-length, on-balance sheet financial products of the CDFI are directed at minorities or majority minority census tracts or equivalents; and (B) that— (i) is a minority depository institution, as defined in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note), or otherwise considered to be a minority depository institution by the appropriate Federal banking agency, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813), or by the National Credit Union Administration, as applicable; or (ii) meets standards for accountability to minority populations as determined by the Administrator. (d) Collection of Data.—With respect to a CDFI that receives funds under this section, notwithstanding the Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.)— (1) the CDFI may collect data described in section 701(a)(1) of that Act (15 U.S.C. 1691(a)(1)) from borrowers and applicants for credit for the sole purpose and exclusive use to ensure that targeted populations and low-income residents of investment areas are adequately served; and (2) the CDFI that collects the data described in paragraph (1) shall not be subject to adverse action related to that collection by the Bureau of Consumer Financial Protection or any other Federal agency.