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Support for Financial Institutions Serving Minority and Underserved Communities

This act aims to strengthen financial institutions that serve minority communities and underserved areas. Citizens in these communities may gain easier access to loans, support for young entrepreneurs, and better banking services through new programs and funds. Increased transparency and availability of information about these institutions will help citizens find appropriate financial support.
Key points
40% of financial assistance for community development institutions will be reserved for minority lending institutions, increasing capital access for these communities.
A new office will be established within the Treasury Department to monitor and support financial institutions serving minority communities, offering resources and technical assistance.
A technology grant program of up to $250 million will be launched to help financial institutions modernize services, improve cybersecurity, and shorten loan processes.
An interactive online map will be created to show the locations of minority depository institutions and community development financial institutions, making it easier for citizens to find them.
A program to support young entrepreneurs will be established, offering financial awards to institutions with the best programs to help young people get startup capital for small businesses.
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Expired
Citizen Poll
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Additional Information
Print number: 117_HR_7978
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2022-06-08
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Promoting and Advancing Communities of Color Through Inclusive Lending Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7978.

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 2022-06-08.

What are the main provisions?

Key points include:

  • 40% of financial assistance for community development institutions will be reserved for minority lending institutions, increasing capital access for these communities.
  • A new office will be established within the Treasury Department to monitor and support financial institutions serving minority communities, offering resources and technical assistance.
  • A technology grant program of up to $250 million will be launched to help financial institutions modernize services, improve cybersecurity, and shorten loan processes.
  • An interactive online map will be created to show the locations of minority depository institutions and community development financial institutions, making it easier for citizens to find them.
  • A program to support young entrepreneurs will be established, offering financial awards to institutions with the best programs to help young people get startup capital for 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. Waters, Maxine [D-CA-43].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

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