All Information (Except Text) for H.R.5322 - Ensuring Diversity in Community Banking Act116th Congress (2019-2020)
Bill
Hide Overview| 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) |
Tracker:
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Introduced
- Passed House
Subject — Policy Area:
- Finance and Financial Sector
- View subjects
There are 3 versions of this bill. View text
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Titles (3)
Short Titles
Short Titles - House of Representatives
Short Titles as Passed House
Ensuring Diversity in Community Banking Act
Short Title(s) as Introduced
Ensuring Diversity in Community Banking Act of 2019
Actions Overview (2)
| Date | Actions Overview |
|---|---|
| 09/21/2020 | Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. |
| 12/05/2019 | Introduced in House |
All Actions (12)
| Date | Chamber | All Actions |
|---|---|---|
| 09/22/2020 | Senate | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| 09/21/2020-4:15pm | House | Motion to reconsider laid on the table Agreed to without objection. |
| 09/21/2020-4:15pm | House | On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4597-4600) |
| 09/21/2020-4:01pm | House | DEBATE - The House proceeded with forty minutes of debate on H.R. 5322. |
| 09/21/2020-4:01pm | House | Considered under suspension of the rules. (consideration: CR H4597-4602) |
| 09/21/2020-4:01pm | House | Mr. Sherman moved to suspend the rules and pass the bill, as amended. |
| 12/11/2019 | House | Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0. Action By: Committee on Financial Services |
| 12/11/2019 | House | Committee Consideration and Mark-up Session Held. Action By: Committee on Financial Services |
| 12/10/2019 | House | Committee Consideration and Mark-up Session Held. Action By: Committee on Financial Services |
| 12/05/2019 | House | 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. |
| 12/05/2019 | House | 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. |
| 12/05/2019 | House | Introduced in House |
Cosponsors (7)
| Cosponsor | Date Cosponsored |
|---|---|
| Rep. Green, Al [D-TX-9]* | 12/05/2019 |
| Rep. Tlaib, Rashida [D-MI-13]* | 12/05/2019 |
| Rep. Cleaver, Emanuel [D-MO-5]* | 12/05/2019 |
| Rep. Scott, David [D-GA-13]* | 12/05/2019 |
| Rep. Clay, Wm. Lacy [D-MO-1]* | 12/05/2019 |
| Rep. Beatty, Joyce [D-OH-3]* | 12/05/2019 |
| Rep. Khanna, Ro [D-CA-17] | 06/18/2020 |
Committees (3)
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
| Committee / Subcommittee | Date | Activity | Related Documents |
|---|---|---|---|
| House Financial Services | 12/05/2019 | Referred to | |
| 12/11/2019 | Markup by | ||
| House Small Business | 12/05/2019 | Referred to | |
| Senate Banking, Housing, and Urban Affairs | 09/22/2020 | Referred to |
Subjects (20)
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Advisory bodies
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Business investment and capital
- Business records
- Congressional oversight
- Credit and credit markets
- Economic development
- Financial literacy
- Financial services and investments
- Government information and archives
- Government lending and loan guarantees
- Housing and community development funding
- Interest, dividends, interest rates
- Minority and disadvantaged businesses
- Minority employment
- Small business
- Women in business
- Women's employment
Latest Summary (2)
Shown Here:
Passed House (09/21/2020)
Ensuring Diversity in Community Banking Act
This bill establishes and revises provisions related to minority depository institutions, community development financial institutions, and impact banks.
(Sec. 4) The bill expands the definition of minority depository institutions to include women-owned banks. It also 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.
(Sec. 6) The bill creates Minority Depository Institutions Advisory Committees at the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. The committees must provide advice to their respective entities regarding preservation of the number and character of minority-owned institutions and the creation of new institutions.
(Sec. 8) The bill establishes the Minority Bank Deposit Program to prioritize the use of minority depository institutions to hold the deposits of federal departments and agencies.
(Sec. 10) The bill sets forth the threshold of controlling shares with respect to minority depository institutions and impact banks. It also allows new minority depository institutions and impact banks to take three years to meet initial capital requirements.
(Sec. 12) The bill establishes a program allowing minority depository institutions and impact banks to apply to receive deposits from certain Treasury accounts.
(Sec. 13) The Federal Deposit Insurance Corporation must evaluate certain applications for deposit insurance for eligibility as a community development financial institution.
(Sec. 14) The Small Business Administration must establish a task force on lending to small business concerns by improving relationships with community development financial institutions, minority depository institutions, and impact banks.
(Sec. 15) The bill also decreases, beginning September 30, 2030, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)