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Support for Community and Minority Depository Institutions

This act aims to enhance support for community banks, including those led by minorities and women, to facilitate access to financing for low-income individuals and small businesses. It introduces new rules for federal deposits and loan programs, potentially leading to greater availability of credit and financial services in local communities.
Key points
Women-owned banks will be officially recognized as minority institutions, granting them access to special support programs.
A new 'impact bank' designation is created for institutions lending at least 50% of their loans to low-income borrowers, potentially increasing their access to federal deposits and programs.
Advisory committees will be established to help preserve, grow, and create new minority banks.
The Treasury Department will prioritize placing federal deposits in minority and impact banks, which could boost their financial liquidity.
Application processes for community development financial institutions are streamlined, making it easier for them to get certified and access support programs.
A task force will be formed to explore ways to improve collaboration between government agencies and community banks to increase lending to small businesses.
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Expired
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Additional Information
Print number: 117_HR_6745
Sponsor: Rep. Meeks, Gregory W. [D-NY-5]
Process start date: 2022-02-15
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Ensuring Diversity in Community Banking Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6745.

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 2022-02-15.

What are the main provisions?

Key points include:

  • Women-owned banks will be officially recognized as minority institutions, granting them access to special support programs.
  • A new 'impact bank' designation is created for institutions lending at least 50% of their loans to low-income borrowers, potentially increasing their access to federal deposits and programs.
  • Advisory committees will be established to help preserve, grow, and create new minority banks.
  • The Treasury Department will prioritize placing federal deposits in minority and impact banks, which could boost their financial liquidity.
  • Application processes for community development financial institutions are streamlined, making it easier for them to get certified and access support programs.
  • A task force will be formed to explore ways to improve collaboration between government agencies and community banks to increase lending to small businesses.
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. Meeks, Gregory W. [D-NY-5].

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 2025-12-28.

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