Bill
Bill > HR7993
summary
Introduced
08/07/2020
08/07/2020
In Committee
08/07/2020
08/07/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To support the efforts of Community Development Financial Institutions (CDFIs), minority CDFIs, and minority depository institutions to serve consumers, small businesses, and minority-owned businesses, especially in low-income and underserved communities, and for other purposes. This bill revises requirements applicable to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) and addresses lending during the COVID-19 (i.e., coronavirus disease 2019) pandemic. The bill establishes mandatory set-asides for (1) minority CDFIs under the CDFI Fund, and (2) CDFIs and MDIs under existing COVID-19 economic aid programs. The bill also establishes an impact bank designation for certain small depository institutions that lend primarily to low-income borrowers and establishes programs for impact banks and MDIs regarding investments, technical assistance, and federal government deposits. Finally, the Department of the Treasury must provide capital and interest-free loans to CDFIs, MDIs, impact banks, and credit unions that primarily serve low-income, underserved communities. The bill also reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million for FY2020, and to $50 million for fiscal years thereafter.
AI Summary
This bill supports the efforts of Community Development Financial Institutions (CDFIs), minority CDFIs, and minority depository institutions to serve consumers, small businesses, and minority-owned businesses, especially in low-income and underserved communities. It establishes mandatory set-asides for minority CDFIs under the CDFI Fund and for CDFIs and minority depository institutions under existing COVID-19 economic aid programs. The bill also establishes an "impact bank" designation for certain small depository institutions that lend primarily to low-income borrowers and creates programs for impact banks and minority depository institutions regarding investments, technical assistance, and federal government deposits. Additionally, the Department of the Treasury must provide capital and interest-free loans to CDFIs, minority depository institutions, impact banks, and credit unions that primarily serve low-income, underserved communities. The bill also reduces the CDFI Bond Guarantee Program minimum issuance amount to provide more flexibility.
Committee Categories
Business and Industry
Sponsors (20)
Maxine Waters (D)*,
Alma Adams (D),
Joyce Beatty (D),
Lacy Clay (D),
Emanuel Cleaver (D),
Madeleine Dean (D),
Bill Foster (D),
Sylvia Garcia (D),
Chuy García (D),
Vicente Gonzalez (D),
Josh Gottheimer (D),
Al Green (D),
Al Lawson (D),
Stephen Lynch (D),
Gregory Meeks (D),
Dean Phillips (D),
Ayanna Pressley (D),
David Scott (D),
Rashida Tlaib (D),
Juan Vargas (D),
Last Action
Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 08/07/2020)
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/7993/all-info |
| BillText | https://www.congress.gov/116/bills/hr7993/BILLS-116hr7993ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr7993/BILLS-116hr7993ih.pdf.pdf |
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