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

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

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

Committees of jurisdiction 2