H.R. 6745

Referred to Committee

Ensuring Diversity in Community Banking Act

Introduced 2/15/2022•117th Congress•House

Latest 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.

2/15/2022 • House

Summary

Ensuring Diversity in Community Banking Act

This bill establishes and revises provisions related to minority depository institutions, community development financial institutions, and impact banks.

The bill (1) expands the definition of minority depository institutions to include women-owned banks, and (2) establishes impact banks as depository institutions with total assets less than $10 billion and where a certain total dollar value of loans are extended to low-income borrowers.

The bill establishes a program allowing minority depository institutions and impact banks to receive deposits from certain Department of the Treasury accounts through designated custodial entities. It also establishes the Minority Bank Deposit Program to prioritize the use of minority depository institutions to the maximum extent possible to serve the financial needs of federal departments and agencies.

Federal banking agencies must issue rules allowing new minority depository institutions and impact banks three years to meet capital requirements.

Introduced in House • 2/15/2022

Enter your district to see how this bill affects your community