Bill Sponsor
House Bill 7993
116th Congress(2019-2020)
Promoting and Advancing Communities of Color through Inclusive Lending Act
Introduced
Introduced
Introduced in House on Aug 7, 2020
Overview
Text
Introduced
Aug 7, 2020
Latest Action
Aug 7, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
7993
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
California
Democrat
California
Democrat
Florida
Democrat
Illinois
Democrat
Massachusetts
Democrat
Massachusetts
Democrat
Minnesota
Democrat
New Jersey
Democrat
North Carolina
Democrat
Pennsylvania
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
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.

Text (1)
August 7, 2020
Actions (2)
08/07/2020
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.
08/07/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:45:28 PM