Donald Riegle: “I will do this quickly, and I want everybody to be on notice as to these modifications. First, the managers' amendment…”

“I will do this quickly, and I want everybody to be on notice as to these modifications. First, the managers' amendment makes a few changes to the community development bank provisions of title I. Under the managers' amendment, a State agency may apply for assistance as a community development financial institution if there is no existing community development financial institution in the State, and no entity within the State that has the capacity to become a community development financial institution. As a general rule, the bill requires institutions receiving assistance to match those funds with private capital. The managers' amendment allows institutions to use other forms of Federal assistance to meet the matching requirements in limited circumstances. The managers' amendment also requires an institution receiving assistance to keep data on the individuals utilizing the services of the assisted institution. This will ensure that low-income residents of the investment areas are adequately served. The amendment requires the new fund to consult with native American tribal governments when evaluating a CDFI serving an Indian reservation, requires a CDFI serving a reservation to coordinate community development efforts with tribal governments, and mandates a study of barriers to lending on Indian reservations.”