H.R. 2543
Referred to CommitteeFinancial Services Racial Equity, Inclusion, and Economic Justice Act
Latest Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
6/21/2022 • Senate
Summary
Financial Services Racial Equity, Inclusion, and Economic Justice Act
This bill address access to financial services, diversity in various financial institutions and establishments, and other related issues.
Access to credit, mortgages, and banking services are expanded, including by
- prohibiting discrimination with respect to credit transactions on the basis of an applicant's sexual orientation, gender identity, or location based on zip code or census tract;
- establishing language translation requirements for residential mortgage applications; and
- providing funding set-asides for minority lending institutions.
The bill expands the support of, and access to, minority depository institutions and community development financial institutions and establishes an impact bank designation for small institutions that predominately lend to low-income borrowers.
Further, the Federal Reserve Board must carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit.
Additionally, the bill requires financial institutions to report information relating to diversity policies and lending practices.
Retail businesses must accept cash as a form of payment for sales in amounts less than $2,000 and are prohibited from charging cash-paying customers a higher price.
Finally, the bill commissions various reports and studies, including a report from the Government Accountability Office on public housing for the homeless.
Passed House • 6/15/2022
Topics & Subjects
CBO Cost Estimates (1)
Amendments (5)
This bill has 5 amendments proposed or adopted.
View all amendments on Congress.govCongressional Votes (2)
On Passage
June 15, 2022
On Motion to Recommit
June 15, 2022
Related Federal Spending
Sponsor & Cosponsors (6)
Party Breakdown
Sponsor
Cosponsors (5)
Bill Journey
Originated in the House
Introduced
April 14, 2021
Committee Review
April 20, 2021
Floor Debate
June 15, 2022
Passed Chamber
June 15, 2022
Other Chamber
President
Failed
June 15, 2022
Text Versions (4)
Committee Reports (1)
Related Bills (23)
H.Res. 1170
Providing for consideration of the bill (H.R. 2543) to amend the Federal Reserve Act to add additional demographic reporting requirements, to modify the goals of the Federal Reserve System, and for other purposes; providing for consideration of the bill (H.R. 2773) to amend the Pittman-Robertson Wildlife Restoration Act to make supplemental funds available for management of fish and wildlife species of greatest conservation need as determined by State fish and wildlife agencies, and for other purposes; providing for consideration of the bill (H.R. 7606) to establish the Office of the Special Investigator for Competition Matters within the Department of Agriculture; and for other purposes.
H.R. 166
Fair Lending for All Act
H.R. 1277
Improving Corporate Governance Through Diversity Act of 2021
H.R. 1443
LGBTQ Business Equal Credit Enforcement and Investment Act
H.R. 3009
Improving Language Access in Mortgage Servicing Act of 2021
H.R. 4590
Promoting New and Diverse Depository Institutions Act
H.R. 6745
Ensuring Diversity in Community Banking Act
H.R. 7003
Expanding Financial Access for Underserved Communities Act
H.R. 7733
CDFI Bond Guarantee Program Improvement Act of 2022
H.R. 7953
Expanding Opportunity for MDIs Act
S. 374
Improving Corporate Governance Through Diversity Act of 2021
S. 3441
CDFI Bond Guarantee Program Improvement Act of 2022
S. 4002
LGBTQ Business Equal Credit Enforcement and Investment Act
S. 4497
Payment Choice Act of 2022
H.R. 8485
Expanding Access to Credit through Consumer-Permissioned Data Act
S. 4879
Expanding Financial Access for Underserved Communities Act
H.R. 7978
Promoting and Advancing Communities of Color Through Inclusive Lending Act
H.R. 9643
Ensuring Diverse Leadership Act of 2022
H.R. 9607
To prohibit States, local governments, or State regulatory authorities from prohibiting a natural gas consumer from connecting or reconnecting to a gas utility for natural gas service, and for other purposes.
H.R. 9706
Ensuring Diverse Leadership Act of 2022
H.R. 4194
Federal Reserve Racial and Economic Equity Act
H.R. 7946
Federal Reserve Racial and Economic Equity Act
S. 1327
Federal Reserve Racial and Economic Equity Act