Bill > HR3741

This bill aims to codify the Minority Bank Deposit Program, which was established in 1969 to support minority-owned business enterprises. The key provisions of the bill are: 1. Establishing the Minority Bank Deposit Program, which will be administered by the Secretary of the Treasury through the Fiscal Service. This program will certify minority banks, women's banks, and low-income credit unions, and maintain a list of certified institutions to be distributed to federal agencies, state/local governments, and private companies. 2. Requiring federal departments and agencies to develop and implement standards and procedures to ensure, to the maximum extent possible, the use of minority banks, women's banks, and low-income credit unions to serve their financial needs. 3. Amending the Community Reinvestment Act to consider a financial institution's capital investment, loan participation, and other ventures undertaken in cooperation with minority banks, women's banks, community development financial institutions, and low-income credit unions as a factor in assessing the institution's record. 4. Requiring the Comptroller of the Currency to consider a federally chartered financial institution's capital investment, loan participation, and other ventures with the aforementioned entities when assessing the institution's record of meeting the financial needs of its entire community.

Business and Industry

https://www.congress.gov/bill/115th-congress/house-bill/3741/all-info