HR 2676 IHCommentsClose CommentsPermalink

To amend chapter 3 of title 31, United States Code, to provide for an Assistant Secretary of the Treasury for Community Financial Institutions and an Office of Ombudsman for Community Financial Institutions, and for other purposes.CommentsClose CommentsPermalink

June 3, 2009CommentsClose CommentsPermalink

Mr. CARDOZA introduced the following bill; which was referred to the Committee on Financial ServicesCommentsClose CommentsPermalink

To amend chapter 3 of title 31, United States Code, to provide for an Assistant Secretary of the Treasury for Community Financial Institutions and an Office of Ombudsman for Community Financial Institutions, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Administrative Support and Oversight for Community Financial Institutions Act of 2009’.CommentsClose CommentsPermalink

SEC. 2. ASSISTANT SECRETARY FOR COMMUNITY FINANCIAL INSTITUTIONS.

(a) Established- The 1st sentence of section 301(e) of title 31, United States Code, is amended--CommentsClose CommentsPermalink





(1) by striking ‘10’ and inserting ‘11’; andCommentsClose CommentsPermalink





(2) by inserting ‘, 1 of whom shall be designated by the President as the Assistant Secretary for Community Financial Institutions’ before the period at the end.CommentsClose CommentsPermalink





(b) Additional Duties- Subchapter I of chapter 3 of title 31, United States Code, is amended by inserting after section 301 the following new section:CommentsClose CommentsPermalink

‘Sec. 301A. Assistant Secretary for Community Financial Institutions

‘(a) In General- In addition to other duties and powers prescribed the Secretary, the Assistant Secretary for Community Financial Institutions designated under section 301(e) shall--CommentsClose CommentsPermalink





‘(1) advise the Secretary on the impact of policies and regulations of the Department on community financial institutions; andCommentsClose CommentsPermalink





‘(2) provide guidance to the Secretary to ensure that the policies and regulations of the Department strengthen community financial institutions.’.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subchapter I of chapter 3 of title 31, United States Code, is amended by inserting after the item relating to section 301 the following new item:CommentsClose CommentsPermalink





‘301A. Assistant Secretary for Community Financial Institutions.’.CommentsClose CommentsPermalink

SEC. 3. OFFICE OF OMBUDSMAN FOR COMMUNITY FINANCIAL INSTITUTIONS.

Section 301A of title 31, United States Code (as added by section 2), is amended by adding at the end the following new subsections:CommentsClose CommentsPermalink





‘(b) Office of Ombudsman for Community Financial Institutions-CommentsClose CommentsPermalink





‘(1) ESTABLISHMENT- The Secretary of Treasury shall establish an Office of Ombudsman for Community Financial Institutions (hereafter in this subsection referred to as the ‘Ombudsman Office’), the head of which shall be the Assistant Secretary for Community Financial Institutions.CommentsClose CommentsPermalink





‘(2) FUNCTIONS- The functions of the Assistant Secretary for Community Financial Institutions as the head of the Ombudsman Office shall be to provide assistance to and answer questions from community financial institutions regarding policies of the Secretary and their effects on community financial institutions.CommentsClose CommentsPermalink





‘(3) ADDITIONAL FUNCTIONS RELATING TO TARP AND P-PIP- The Assistant Secretary for Community Financial Institutions as the head of the Ombudsman Office shall also provide assistance to community financial institutions regarding--CommentsClose CommentsPermalink





‘(A) applications and the application process for Troubled Asset Relief Program funds;CommentsClose CommentsPermalink





‘(B) sales of assets to or purchase of assets from the Public-Private Investment Program for Legacy Assets established by the Secretary of the Treasury, in conjunction with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation;CommentsClose CommentsPermalink





‘(C) status of pending applications for Troubled Asset Relief Program funds or sales to or purchases from the Public-Private Investment Program for Legacy Assets; andCommentsClose CommentsPermalink





‘(D) compliance with regulations associated with acceptance of Troubled Asset Relief Program funds or sales to or purchases from the Public-Private Investment Program for Legacy Assets.CommentsClose CommentsPermalink





‘(E) TOLL-FREE TELEPHONE NUMBERS- The Assistant Secretary shall establish and maintain toll-free telephone assistance phone numbers as follows:CommentsClose CommentsPermalink





‘(i) A telephone number shall be made available for community financial institution general inquiries 8 hours a day and 7 days a week.CommentsClose CommentsPermalink





‘(ii) A telephone number shall be made available for community financial institution inquiries about the Troubled Asset Relief Program 8 hours a day and 7 days a week.’.CommentsClose CommentsPermalink