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Support for Minority Banks and Community Development Institutions

This act aims to increase support for minority depository institutions, community development financial institutions, and introduce a new category of 'impact banks'. This could provide citizens in low-income and minority communities with easier access to loans and financial services, helping them avoid debt traps and fostering local economic development. The changes also seek to improve diversity within the banking sector and streamline application processes for community-supporting institutions.
Key points
Women-owned banks will be included in the definition of minority depository institutions, potentially increasing their access to support programs.
Establishment of 'impact bank' designation for institutions where at least 50% of loans go to low-income borrowers, directing support to underserved communities.
Creation of Minority Depositories Advisory Committees to better advise federal agencies on preserving and growing these institutions.
Increased federal deposits in minority depository institutions and impact banks to strengthen their financial stability and lending capacity.
Streamlined application and reporting processes for community development financial institutions, making it easier for them to get certified and access support programs.
Formation of a task force on lending to small businesses to improve collaboration between federal agencies and community-focused institutions, potentially increasing small business access to financing.
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Expired
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Additional Information
Print number: 118_HR_7420
Sponsor: Rep. Meeks, Gregory W. [D-NY-5]
Process start date: 2024-02-20
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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 118_HR_7420.

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 2024-02-20.

What are the main provisions?

Key points include:

  • Women-owned banks will be included in the definition of minority depository institutions, potentially increasing their access to support programs.
  • Establishment of 'impact bank' designation for institutions where at least 50% of loans go to low-income borrowers, directing support to underserved communities.
  • Creation of Minority Depositories Advisory Committees to better advise federal agencies on preserving and growing these institutions.
  • Increased federal deposits in minority depository institutions and impact banks to strengthen their financial stability and lending capacity.
  • Streamlined application and reporting processes for community development financial institutions, making it easier for them to get certified and access support programs.
  • Formation of a task force on lending to small businesses to improve collaboration between federal agencies and community-focused institutions, potentially increasing small business access to financing.
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 2025-12-25.

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Economy Public Investments