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HR 7420 118th Congress House Finance and Financial Sector

Ensuring Diversity in Community Banking Act

Introduced: February 20, 2024 Introduced by: Meeks, Gregory W. Democratic · New York See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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
Feb 20, 2024
Introduced in House
Feb 20, 2024
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.
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 Plain-English summary Congressional Research Service

Ensuring Diversity in Community Banking Act

This bill establishes programs and revises provisions related to minority depository institutions, community development financial institutions, and impact banks.

The bill (1) expands the definition of minority depository institutions to include women-owned banks, and (2) establishes impact banks as depository institutions with total assets less than $10 billion and where a certain total dollar value of loans are extended to low-income borrowers.

The bill establishes a program allowing minority depository institutions and impact banks to receive deposits from certain Department of the Treasury accounts through designated custodial entities. It also establishes the Minority Bank Deposit Program to prioritize the use of minority depository institutions to the maximum extent possible to serve the financial needs of federal departments and agencies.

Federal banking agencies must issue rules allowing new minority depository institutions and impact banks to take three years to meet capital requirements.

What's happening now February 20, 2024

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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 3
D
Beatty, Joyce
Ohio · Feb 20, 2024
 D
Cleaver, Emanuel
Missouri · Feb 20, 2024
 D
Green, Al
Texas · Feb 20, 2024
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 7420: Ensuring Diversity in Community Banking Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-7420/
MLA
"H.R. 7420: Ensuring Diversity in Community Banking Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-7420/.
Bluebook (legal)
H.R. 7420, 118th Cong. (2026), https://openamerica.io/bill/118-HR-7420/.
Markdown link
[H.R. 7420: Ensuring Diversity in Community Banking Act](https://openamerica.io/bill/118-HR-7420/)
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