Ensuring Diversity in Community Banking Act
Latest action · Sep 22, 2020 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 5, 2019
- Passed HouseSep 21, 2020
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.)
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from Dec 5, 2019 to Jun 18, 2020, with 6 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TX | Al Green | Original | Dec 5, 2019 |
| D-GA | David Scott | Original | Dec 5, 2019 |
| D-MO | Emanuel Cleaver | Original | Dec 5, 2019 |
| D-OH | Joyce Beatty | Original | Dec 5, 2019 |
| D-MI | Rashida Tlaib | Original | Dec 5, 2019 |
| D-MO | Wm. Lacy Clay | Original | Dec 5, 2019 |
| D-CA | Ro Khanna | Jun 18, 2020 |
Actions 12
Everything that happened, newest first.
- Sep 22, 2020Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sep 21, 2020Considered under suspension of the rules. (consideration: CR H4597-4602)
- Sep 21, 2020DEBATE - The House proceeded with forty minutes of debate on H.R. 5322.
- Sep 21, 2020Motion to reconsider laid on the table Agreed to without objection.
- Sep 21, 2020Mr. Sherman moved to suspend the rules and pass the bill, as amended.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 4818 | Heroes Small Business Lifeline Act | Related bill | Dec 10, 2020 |
| S 5065 | Economic Justice Act | Related bill | Dec 18, 2020 |
| HR 6321 | Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act | Related bill | Mar 23, 2020 |
| HR 6379 | Workforce Emergency Response Act of 2020 | Related bill | Mar 23, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- 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
- Finance and Financial Sector
- 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
Text 3
Each version as it was printed, newest first.
- Sep 22, 2020Referred in Senate
- Sep 21, 2020Engrossed in House
- Dec 5, 2019Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.