Ensuring Diversity in Community Banking Act

This bill establishes programs 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 a certain total dollar value 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 prioritize the use of minority depository institutions 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 to take three years to meet capital requirements.