Promoting and Advancing Communities of Color through Inclusive Lending Act

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 7 August 2020

   Introduced

   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.

   Source: IntroReferral

2. 7 August 2020

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 August 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 7 August 2020 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 August 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 7 August 2020

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 7 August 2020

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Waters, Maxine [D-CA-43] · D · Sponsor
• Rep. Clay, Wm. Lacy [D-MO-1] · D · Sponsor
• Rep. Green, Al [D-TX-9] · D · Sponsor
• Rep. Gonzalez, Vicente [D-TX-34] · D · Sponsor
• Rep. Lawson, Al, Jr. [D-FL-5] · D · Sponsor
• Rep. Pressley, Ayanna [D-MA-7] · D · Sponsor
• Rep. Tlaib, Rashida [D-MI-12] · D · Sponsor
• Rep. Adams, Alma S. [D-NC-12] · D · Sponsor
• Rep. Phillips, Dean [D-MN-3] · D · Sponsor
• Rep. Garcia, Sylvia R. [D-TX-29] · D · Sponsor
• Rep. Cleaver, Emanuel [D-MO-5] · D · Sponsor
• Rep. Beatty, Joyce [D-OH-3] · D · Sponsor
• Rep. García, Jesús G. "Chuy" [D-IL-4] · D · Sponsor
• David Scott · D · Sponsor
• Rep. Gottheimer, Josh [D-NJ-5] · D · Sponsor
• Rep. Meeks, Gregory W. [D-NY-5] · D · Sponsor
• Rep. Foster, Bill [D-IL-11] · D · Cosponsor
• Rep. Lynch, Stephen F. [D-MA-8] · D · Cosponsor
• Rep. Vargas, Juan [D-CA-52] · D · Cosponsor
• Rep. Dean, Madeleine [D-PA-4] · D · Cosponsor
• · hssm00 · Standing
• · hsba00 · Standing

Related records

• related to → Expanding Opportunity for Minority Depository Institutions Act
• related to → To amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.
• related to → 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 to → A bill to amend the CARES Act to establish a Community Capital Investment Program, and for other purposes.