H.R. 7993 · 116th Congress
Promoting and Advancing Communities of Color through Inclusive Lending Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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WatersSponsor19 cosponsors · 19 D
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Adams
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Beatty
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Clay
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Cleaver
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Gonzalez
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Gottheimer
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García
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Garcia
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Lawson
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Meeks
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Phillips
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Pressley
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Scott
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Tlaib
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Foster
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Lynch
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Vargas
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Dean15 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Promoting and Advancing Communities of Color through Inclusive Lending Act
What it does: CRS summary · Introduced in House · Aug 7, 2020
Promoting and Advancing Communities of Color through Inclusive Lending Act
This bill revises requirements applicable to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) and addresses lending during the COVID-19 (i.e., coronavirus disease 2019) pandemic.
The bill establishes mandatory set-asides for (1) minority CDFIs under the CDFI Fund, and (2) CDFIs and MDIs under existing COVID-19 economic aid programs.
The bill also establishes an impact bank designation for certain small depository institutions that lend primarily to low-income borrowers and establishes programs for impact banks and MDIs regarding investments, technical assistance, and federal government deposits.
Finally, the Department of the Treasury must provide capital and interest-free loans to CDFIs, MDIs, impact banks, and credit unions that primarily serve low-income, underserved communities. The bill also reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million for FY2020 and to $50 million for fiscal years thereafter.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Promoting and Advancing Communities of Color through Inclusive Lending Act
Latest action (Aug 7, 2020): 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.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Aug 7, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.