Ask AI
Bill116th CongressFiled Dec 5, 2019Finance and Financial Sector
H.R. 5322

Ensuring Diversity in Community Banking Act

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary passed house (Sep 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.)

What just happenedSep 22, 2020

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Meeks, Gregory W. [D-NY-5](D-NY)Sponsor
7 cosponsors7 D
Read on Congress.gov
7cosponsors3committees14actions4related bills19subjects
  1. Sep 22, 2020IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Sep 21, 2020FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Sep 21, 2020FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4597-4600)

  4. Sep 21, 2020Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

  5. Sep 21, 2020FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 5322.

  6. Sep 21, 2020FloorH30000

    Considered under suspension of the rules. (consideration: CR H4597-4602)

  7. Sep 21, 2020FloorH30300

    Mr. Sherman moved to suspend the rules and pass the bill, as amended.

  8. Dec 11, 2019Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0.

    Financial Services Committee
  9. Dec 11, 2019Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  10. Dec 10, 2019Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  11. Dec 5, 2019IntroReferralH11100

    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.

    Small Business Committee
  12. Dec 5, 2019IntroReferralH11100

    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.

    Financial Services Committee
  13. Dec 5, 2019IntroReferralIntro-H

    Introduced in House

  14. Dec 5, 2019IntroReferral1000

    Introduced in House

Passed HouseSep 21, 202053

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.)

Introduced in HouseDec 5, 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.

Ensuring Diversity in Community Banking Act — Informed