Promoting and Advancing Communities of Color through Inclusive Lending Act
Latest action · Aug 7, 2020 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.
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.
- IntroducedAug 7, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Promoting and Advancing Communities of Color through Inclusive Lending Act
This bill revises requirements applicable to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) and addresses lending during the COVID-19 (i.e., coronavirus disease 2019) pandemic.
The bill establishes mandatory set-asides for (1) minority CDFIs under the CDFI Fund, and (2) CDFIs and MDIs under existing COVID-19 economic aid programs.
The bill also establishes an impact bank designation for certain small depository institutions that lend primarily to low-income borrowers and establishes programs for impact banks and MDIs regarding investments, technical assistance, and federal government deposits.
Finally, the Department of the Treasury must provide capital and interest-free loans to CDFIs, MDIs, impact banks, and credit unions that primarily serve low-income, underserved communities. The bill also reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million for FY2020 and to $50 million for fiscal years thereafter.
Cosponsors 19
Members who signed on, in the order they did. Signatures ran from Aug 7, 2020 to Oct 27, 2020, with 15 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TX | Al Green | Original | Aug 7, 2020 |
| D-FL | Al Lawson, Jr. | Original | Aug 7, 2020 |
| D-NC | Alma S. Adams | Original | Aug 7, 2020 |
| D-MA | Ayanna Pressley | Original | Aug 7, 2020 |
| D-GA | David Scott | Original | Aug 7, 2020 |
| D-MN | Dean Phillips | Original | Aug 7, 2020 |
| D-MO | Emanuel Cleaver | Original | Aug 7, 2020 |
| D-NY | Gregory W. Meeks | Original | Aug 7, 2020 |
| D-IL | Jesús G. "Chuy" García | Original | Aug 7, 2020 |
| D-NJ | Josh Gottheimer | Original | Aug 7, 2020 |
| D-OH | Joyce Beatty | Original | Aug 7, 2020 |
| D-MI | Rashida Tlaib | Original | Aug 7, 2020 |
| D-TX | Sylvia R. Garcia | Original | Aug 7, 2020 |
| D-TX | Vicente Gonzalez | Original | Aug 7, 2020 |
| D-MO | Wm. Lacy Clay | Original | Aug 7, 2020 |
Actions 2
Everything that happened, newest first.
- Aug 7, 2020Introduced in House
- Aug 7, 2020Referred 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.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3774 | A bill to amend the CARES Act to establish a Community Capital Investment Program, and for other purposes. | Related bill | May 20, 2020 |
| HR 5315 | Expanding Opportunity for Minority Depository Institutions Act | Related bill | Jan 14, 2020 |
| HR 6830 | To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to establish minimum issuance amounts under the CDFI Bond Guarantee Program, and for other purposes,. | Related bill | May 12, 2020 |
| HR 6868 | To amend the CARES Act to establish a Community Capital Investment Program, and for other purposes. | Related bill | May 14, 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
- Cardiovascular and respiratory health
- Community Development Financial Institutions Fund
- Community life and organization
- Congressional oversight
- Department of the Treasury
- Economic development
- Emergency medical services and trauma care
- Executive agency funding and structure
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Finance and Financial Sector
- Government information and archives
- Government lending and loan guarantees
- Housing and community development funding
- Infectious and parasitic diseases
- Minority and disadvantaged businesses
- National Credit Union Administration
- Poverty and welfare assistance
- Securities
- Small business
Text 1
Each version as it was printed, newest first.
- Aug 7, 2020Introduced 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.