Bill > HR6745

This bill, the Ensuring Diversity in Community Banking Act, aims to support minority depository institutions, community development financial institutions, and impact banks. Key provisions include: - Expanding the definition of "minority depository institution" to include banks where more than 50% of the outstanding shares are held by women and the majority of the board of directors are women. - Establishing an "impact bank" designation for depository institutions with less than $10 billion in assets where at least 50% of their loans are to low-income borrowers. - Requiring federal banking agencies to create Minority Depositories Advisory Committees to advise on preserving and promoting minority-owned institutions. - Directing the Treasury Department to ensure federal deposits are held in minority depositories and impact banks. - Expanding the Minority Bank Deposit Program to increase federal agency use of minority depositories. - Requiring reports on diversity among bank examiners and best practices for increasing diversity. - Providing regulatory relief, like extended capital requirements, for de novo minority depositories and impact banks. - Establishing a custodial deposit program for minority depositories and impact banks to receive government deposits. The overall goal is to support the growth and stability of minority-owned and mission-driven community banks that serve low-income and underserved communities.

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https://www.congress.gov/bill/117th-congress/house-bill/6745/all-info