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; 6 are original cosponsors, there from 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 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Dec 5, 2019Markup Dec 11, 2019 |
| House | Small Business Committee | Referred Dec 5, 2019 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Sep 22, 2020 |
Actions 11
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, 2020Mr. Sherman moved to suspend the rules and pass the bill, as amended.
- 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, 2020Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4597-4600)
- Sep 21, 2020Motion to reconsider laid on the table Agreed to without objection.
- Dec 11, 2019Committee Consideration and Mark-up Session Held.
- Dec 11, 2019Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0.
- Dec 10, 2019Committee Consideration and Mark-up Session Held.
- Dec 5, 2019Introduced in House
- Dec 5, 2019Referred 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.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H4597–H4602Text printed H4597–H4600Notices H4639Estimated budget effects of H.R. 5322, Ensuring Diversity in Community Banking ActTables H4639Estimated pay-as-you-go effects of H.R. 5322, Ensuring Diversity in Community Banking Act | Brad Sherman D-CA, Gregory W. Meeks D-NY, John A. Yarmuth D-KY, William R. Timmons IV R-SC | Sep 21, 2020 |
| House | Debate and remarks H192 | Maxine Waters D-CA | Jan 13, 2020 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Congressional Budget Office cost estimate
- Sep 21, 2020Statutory Pay-As-You-Go Effects of H.R. 5322, The Ensuring Diversity in Community Banking Act of 2019As Posted on the Website of the Clerk of the House on September 20, 2020 https://docs.house.gov/billsthisweek/20200921/BILLS-116hr5322-SUSv2.pdf
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 165, no. 194, December 5, 2019, page H9295.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R46434 | HEROES Act, Division K—COVID-19 Housing, Economic Relief, and Oversight Act | Report | Jun 29, 2020 |
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 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To establish or modify requirements relating to minority depository institutions, community development financial institutions, and impact banks, and for other purposes.
- Short Title(s) as Introduced
- Ensuring Diversity in Community Banking Act of 2019
- Short Title(s) as Passed House
- Ensuring Diversity in Community Banking Act
- Short Titles from RFS (Referred to Senate) bill text
- Ensuring Diversity in Community Banking Act
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
