H.R.5322 - Ensuring Diversity in Community Banking Act116th Congress (2019-2020) |
|Sponsor:||Rep. Meeks, Gregory W. [D-NY-5] (Introduced 12/05/2019)|
|Committees:||House - Financial Services; Small Business | Senate - Banking, Housing, and Urban Affairs|
|Committee Meetings:||06/03/20 12:00PM 12/10/19 10:00AM|
|Latest Action:||Senate - 09/22/2020 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.5322 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (12/05/2019)
Ensuring Diversity in Community Banking Act of 2019
This bill establishes 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 at least 50% 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 ensure the use of minority banks and minority credit unions 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 three years to meet capital requirements.