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HR 7993 116th Congress House Finance and Financial Sector Advisory bodies Bank accounts, deposits, capital Banking and financial institutions regulation Business investment and capital Cardiovascular and respiratory health Community Development Financial Institutions Fund Community life and organization Congressional oversight Department of the Treasury Economic development Emergency medical services and trauma care Executive agency funding and structure Federal Deposit Insurance Corporation (FDIC) Federal Reserve System Government information and archives Government lending and loan guarantees Housing and community development funding Infectious and parasitic diseases Minority and disadvantaged businesses

Promoting and Advancing Communities of Color through Inclusive Lending Act

Introduced: August 7, 2020 Introduced by: Waters, Maxine Democratic · California See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 7, 2020
Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Aug 7, 2020
Introduced in House
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 Plain-English summary Congressional Research Service

Promoting and Advancing Communities of Color through Inclusive Lending Act

This bill revises requirements applicable to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) and addresses lending during the COVID-19 (i.e., coronavirus disease 2019) pandemic.

The bill establishes mandatory set-asides for (1) minority CDFIs under the CDFI Fund, and (2) CDFIs and MDIs under existing COVID-19 economic aid programs.

The bill also establishes an impact bank designation for certain small depository institutions that lend primarily to low-income borrowers and establishes programs for impact banks and MDIs regarding investments, technical assistance, and federal government deposits.

Finally, the Department of the Treasury must provide capital and interest-free loans to CDFIs, MDIs, impact banks, and credit unions that primarily serve low-income, underserved communities. The bill also reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million for FY2020 and to $50 million for fiscal years thereafter.

What's happening now August 7, 2020

Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Related & companion bills 4
  • HR 5315 Related bill Expanding Opportunity for Minority Depository Institutions Act
  • HR 6868 Related bill To amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.
  • HR 6830 Related bill To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to establish minimum issuance amounts …
  • S 3774 Related bill A bill to amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 16
All 16 Democratic 15
D
Dean, Madeleine
Pennsylvania · Oct 27, 2020
 D
Foster, Bill
Illinois · Sep 4, 2020
 D
Lynch, Stephen F.
Massachusetts · Sep 4, 2020
 D
Vargas, Juan
California · Sep 4, 2020
 D
Adams, Alma S.
North Carolina · Aug 7, 2020
 D
Beatty, Joyce
Ohio · Aug 7, 2020
CLAY, WM.
· Aug 7, 2020
 D
Cleaver, Emanuel
Missouri · Aug 7, 2020
 D
Garcia, Sylvia R.
Texas · Aug 7, 2020
 D
García, Jesús G. "Chuy"
Illinois · Aug 7, 2020
 D
Gonzalez, Vicente
Texas · Aug 7, 2020
 D
Gottheimer, Josh
New Jersey · Aug 7, 2020
 D
Green, Al
Texas · Aug 7, 2020
 D
Meeks, Gregory W.
New York · Aug 7, 2020
 D
Pressley, Ayanna
Massachusetts · Aug 7, 2020
 D
Tlaib, Rashida
Michigan · Aug 7, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 7993: Promoting and Advancing Communities of Color through Inclusive Lending Act. 116th Congress. Open America. https://openamerica.io/bill/116-HR-7993/
MLA
"H.R. 7993: Promoting and Advancing Communities of Color through Inclusive Lending Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-HR-7993/.
Bluebook (legal)
H.R. 7993, 116th Cong. (2026), https://openamerica.io/bill/116-HR-7993/.
Markdown link
[H.R. 7993: Promoting and Advancing Communities of Color through Inclusive Lending Act](https://openamerica.io/bill/116-HR-7993/)
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