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Boosting Local Banks and Lending for Minority and Underserved Communities.

This law aims to increase access to credit and financial services in minority and underserved communities by strengthening specialized local financial institutions. It reserves 40% of assistance funds for minority lending institutions and authorizes $4 billion for capital and technology upgrades for these entities. Citizens can expect better access to startup loans for young entrepreneurs and more modern services from their local community financial institutions.
Key points
40% of community development assistance funds will be reserved specifically for minority lending institutions.
Authorizes $4 billion for capital investment, including $250 million for technology grants to local banks and lending institutions.
Establishes a program to support young entrepreneurs, making it easier for them to secure startup capital.
Local financial institutions (MDI/CDFI) will gain easier access to liquidity through the Federal Reserve's discount window.
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Expired
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Additional Information
Print number: 118_HR_9767
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2024-09-23
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
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 118_HR_9767.

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 2024-09-23.

What are the main provisions?

Key points include:

  • 40% of community development assistance funds will be reserved specifically for minority lending institutions.
  • Authorizes $4 billion for capital investment, including $250 million for technology grants to local banks and lending institutions.
  • Establishes a program to support young entrepreneurs, making it easier for them to secure startup capital.
  • Local financial institutions (MDI/CDFI) will gain easier access to liquidity through the Federal Reserve's discount window.
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 2025-12-26.

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