Bill

Bill > HR6745


US HR6745

Ensuring Diversity in Community Banking Act


summary

Introduced
02/15/2022
In Committee
02/15/2022
Crossed Over
Passed
Dead
01/03/2023

Introduced Session

117th Congress

Bill Summary

A BILL To establish or modify requirements relating to minority depository institutions, community development financial institutions, and impact banks, and for other purposes.

AI Summary

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.

Committee Categories

Business and Industry

Sponsors (6)

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 02/15/2022)

bill text


bill summary

Loading...

bill summary

Loading...
Loading...