118th Congress Finance and Financial Sector
H.R. 7420: Ensuring Diversity in Community Banking Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes programs 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.
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Federal banking agencies must issue rules allowing new minority depository institutions and impact banks to take three years to meet capital requirements.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Joyce Beatty D-OHOriginal
- Emanuel Cleaver D-MOOriginal
- Al Green D-TXOriginal
- David Scott D-GAOriginal
Who scored on this bill
No member has earned points from it yet.
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History
- Introduced in the House by Gregory Meeks.
Show the full action history (2 actions)
- Introduced in House
- 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.