H.R. 5322 · 116th Congress
Ensuring Diversity in Community Banking Act
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 116th Congress ended.
D
MeeksSponsor7 cosponsors · 7 D
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Dec 5, 2019
- House Passed Sep 21, 2020
This bill establishes and revises provisions related to minority depository institutions, community development financial institutions, and impact banks.
What it does: CRS summary · Passed House · Sep 21, 2020
Ensuring Diversity in Community Banking Act
This bill establishes and revises provisions related to minority depository institutions, community development financial institutions, and impact banks.
(Sec. 4) The bill expands the definition of minority depository institutions to include women-owned banks. It also 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.
(Sec. 6) The bill creates Minority Depository Institutions Advisory Committees at the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. The committees must provide advice to their respective entities regarding preservation of the number and character of minority-owned institutions and the creation of new institutions.
(Sec. 8) The bill establishes the Minority Bank Deposit Program to prioritize the use of minority depository institutions to hold the deposits of federal departments and agencies.
(Sec. 10) The bill sets forth the threshold of controlling shares with respect to minority depository institutions and impact banks. It also allows new minority depository institutions and impact banks to take three years to meet initial capital requirements.
(Sec. 12) The bill establishes a program allowing minority depository institutions and impact banks to apply to receive deposits from certain Treasury accounts.
(Sec. 13) The Federal Deposit Insurance Corporation must evaluate certain applications for deposit insurance for eligibility as a community development financial institution.
(Sec. 14) The Small Business Administration must establish a task force on lending to small business concerns by improving relationships with community development financial institutions, minority depository institutions, and impact banks.
(Sec. 15) The bill also decreases, beginning September 30, 2030, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Ensuring Diversity in Community Banking Act
Also known as: Ensuring Diversity in Community Banking Act of 2019
Latest action (Sep 22, 2020): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Dec 5, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Dec 5, 2019
- House Passed Sep 21, 2020
No recorded floor vote found.