; or (ii) a minority depository institution. . (b) Effective date This section and the amendments made by this section shall take effect 90 days after the date of the enactment of this Act. 709. Strengthening minority lending institutions (a) Minority lending institution set-aside in providing assistance (1) In general Section 108 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4707 ) is amended by adding at the end the following: (i) Minority lending institution set-aside in providing assistance Notwithstanding any other provision of law, in providing any assistance, the Fund shall reserve 40 percent of such assistance for minority lending institutions. . (2) Definitions (A) In general Section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 ) is amended by adding at the end the following: (22) Minority lending institution definitions (A) Minority The term minority means any Black American, Hispanic American, Asian American, Native American, Native Alaskan, Native Hawaiian, or Pacific Islander. (B) Minority lending institution The term minority lending institution means a community development financial institution— (i) with respect to which a majority of the total number of loans and a majority of the value of investments of the community development financial institution are directed at minorities and other targeted populations; (ii) that is a minority depository institution, as defined under section 308 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