12 U.S.C. § 2907 : US Code - Section 2907: Operation of branch facilities by minorities and women

Search 12 U.S.C. § 2907 : US Code - Section 2907: 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
may be a factor in determining whether the depository institution
is meeting the credit needs of the institution's community for
purposes of this chapter.
(b) Definitions
For purposes of this section -
(1) Minority depository institution
The term "minority institution" (!1) means a depository
institution (as defined in section 1813(c) of this title) -
(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 1813(c) of this title) -
(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.