arrow_back Explore the Feed

Support for Minority and Community Banks: New Rules and Relief

This act aims to ease operations for minority and community banks, potentially leading to easier access to loans and financial services for individuals and businesses in these communities. It introduces regulatory relief and supports deposit programs to enhance their economic role.
Key points
Establishment of an Office of Black and Community Banks to supervise and support these institutions, offering them regulatory relief.
Facilitation of small-dollar lending and lower-value home mortgage loans, potentially helping lower-income individuals access financing.
Strengthening a program encouraging government agencies to use minority, women's, and low-income credit unions, with a requirement that at least 10% of their financial needs be met by these institutions.
Studies to be conducted on access to tax credits, lower-value mortgage loans, and the use of blockchain technology to increase investment by lower-income individuals.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_154
Sponsor: Rep. Rush, Bobby L. [D-IL-1]
Process start date: 2021-01-04
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

RESCUE Act for Black and Community Banks

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_154.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-01-04.

What are the main provisions?

Key points include:

  • Establishment of an Office of Black and Community Banks to supervise and support these institutions, offering them regulatory relief.
  • Facilitation of small-dollar lending and lower-value home mortgage loans, potentially helping lower-income individuals access financing.
  • Strengthening a program encouraging government agencies to use minority, women's, and low-income credit unions, with a requirement that at least 10% of their financial needs be met by these institutions.
  • Studies to be conducted on access to tax credits, lower-value mortgage loans, and the use of blockchain technology to increase investment by lower-income individuals.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Rush, Bobby L. [D-IL-1].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy