Community Development Financial Institutions Fund Amendments Act of 1998

Community Development Financial Institutions Fund Amendments Act of 1998 - Modifies the Community Development Banking and Financial Institutions Act of 1994 to expand its purposes to include promotion of economic revitalization and community development through incentives to insured depository institutions that increase lending and other assistance and investment in both economically distressed communities and community development financial institutions.

(Sec. 2) Places the Community Development Financial Institutions Fund in the Department of the Treasury, and all Fund functions under the supervision of the Secretary of the Treasury.

(Sec. 3) Authorizes the Fund to offer community development finance activity training programs through grants or cooperative agreements with other organizations (as well as directly or through contracts).

Authorizes an insured depository institution to apply for any community enterprise assessment credit for any semiannual period for the amount of new originations of qualified loans and other assistance provided to community development financial institutions in distressed communities. Allows application for credit for the amount of the increase (currently, the amount) of deposits accepted from persons domiciled in the distressed community. Allows credits for assistance other than financial.

Revises the formula for determining the amount of an assessment credit for all such activities with respect to new lifeline accounts.

Expands the scope of assistance that the Community Enterprise Assessment Credit Board may take into account for purposes of community enterprise assessment credits. Permits the Board to: (1) establish guidelines for analyzing other than technical assistance by an institution to residents of a qualified distressed community; and (2) employ alternative criteria for defining distressed communities.

(Sec. 4) Amends the Act to extend the authorization of appropriations for the Act and for small business capital enhancement.

(Sec. 5) Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to redefine a financial institution to include a community development financial institution.

Repeals the prior appropriations prerequisite to State participation in the Small Business Capital Enhancement Program.

Revises reimbursement guidelines to declare that participating States shall be reimbursed according to criteria established by the Fund, which may include: (1) whether a participating State is creating a new program, or is expanding in scope or scale an existing State program; (2) the need for Fund reimbursement; and (3) the availability of Fund resources.