Bill
Bill > HR6868
US HR6868
US HR6868To amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.
summary
Introduced
05/14/2020
05/14/2020
In Committee
05/14/2020
05/14/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the CARES Act to establish a Community Capital Investment Program, and for other purposes. This bill establishes the Community Capital Investment Program to provide capital investments and interest-free loans to community development financial institutions, minority depository institutions, and certain small credit unions and banks to support low-income borrowers.
AI Summary
This bill establishes the Community Capital Investment Program to provide capital investments and interest-free loans to community development financial institutions (CDFIs), minority depository institutions (MDIs), small credit unions (impact credit unions), and small banks (impact banks) in order to support low-income borrowers, especially in underserved communities. The program will use funds from the CARES Act and requires that at least $3 billion of the investments and loans be made to MDIs. The bill also stipulates that any preferred stock or other financial instruments issued to the Treasury in exchange for capital investments must carry a dividend or interest rate of no more than 1 percent.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to the House Committee on Financial Services. (on 05/14/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/6868/all-info |
| BillText | https://www.congress.gov/116/bills/hr6868/BILLS-116hr6868ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6868/BILLS-116hr6868ih.pdf.pdf |
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