I 

118TH CONGRESS 

2D SESSION H. R. 9767 

To make reforms to provide support for minority depository institutions, 

community development financial institutions, and minority lending institutions to promote and advance communities of color through inclusive 

lending, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 23, 2024 

Ms. WATERS introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To make reforms to provide support for minority depository 

institutions, community development financial institutions, and minority lending institutions to promote and 

advance communities of color through inclusive lending, 

and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Promoting and Ad5 vancing Communities of Color Through Inclusive Lending 

6 Act’’. 


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1 SEC. 2. STRENGTHENING DIVERSE AND MISSION-DRIVEN 

2 COMMUNITY FINANCIAL INSTITUTIONS. 

3 (a) MINORITY LENDING INSTITUTION SET-ASIDE IN

4 PROVIDING ASSISTANCE.— 

5 (1) IN GENERAL.—Section 108 of the Riegle 

6 Community Development and Regulatory Improve7 ment Act of 1994 (12 U.S.C. 4707) is amended by 

8 adding at the end the following: 

9 ‘‘(i) MINORITY LENDING INSTITUTION SET-ASIDE IN

10 PROVIDING ASSISTANCE.—Notwithstanding any other 

11 provision of law, in providing any assistance to community 

12 development financial institutions, the Fund shall reserve 

13 40 percent of such assistance for minority lending institu14 tions.’’. 

15 (2) DEFINITIONS.—Section 103 of the Riegle 

16 Community Development and Regulatory Improve17 ment Act of 1994 (12 U.S.C. 4702) is amended by 

18 adding at the end the following: 

19 ‘‘(22) MINORITY LENDING INSTITUTION.—The 

20 term ‘minority lending institution’ has the meaning 

21 given that term under section 523(c) of division N 

22 of the Consolidated Appropriations Act, 2021.’’. 

23 (b) OFFICE OF MINORITY LENDING INSTITU24 TIONS.—Section 104 of the Riegle Community Develop25 ment and Regulatory Improvement Act of 1994 (12 


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1 U.S.C. 4703) is amended by adding at the end the fol2 lowing: 

3 ‘‘(l) CDFI OFFICE OF MINORITY LENDING INSTITU4 TIONS.—There is established within the Fund an Office 

5 of Minority Lending Institutions, which shall oversee as6 sistance provided by the Fund to minority lending institu7 tions.’’. 

8 (c) REPORTING ON MINORITY LENDING INSTITU9 TIONS.—Section 117 of the Riegle Community Develop10 ment and Regulatory Improvement Act of 1994 (12 

11 U.S.C. 4716) is amended by adding at the end the fol12 lowing: 

13 ‘‘(g) REPORTING ON MINORITY LENDING INSTITU14 TIONS.—Each report required under subsection (a) shall 

15 include a description of the extent to which assistance 

16 from the Fund are provided to minority lending institu17 tions.’’. 

18 (d) SUBMISSION OF DATA RELATING TO DIVERSITY

19 BY COMMUNITY DEVELOPMENT FINANCIAL INSTITU20 TIONS.—Section 104 of the Riegle Community Develop21 ment and Regulatory Improvement Act of 1994 (12 

22 U.S.C. 4703), as amended by subsection (b), is further 

23 amended by adding at the end the following: 

24 ‘‘(m) SUBMISSION OF DATA RELATING TO DIVER25 SITY.— 


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1 ‘‘(1) DEFINITIONS.—In this subsection— 

2 ‘‘(A) the term ‘executive officer’ has the 

3 meaning given the term in section 230.501(f) of 

4 title 17, Code of Federal Regulations, as in ef5 fect on the date of enactment of this subsection; 

6 and 

7 ‘‘(B) the term ‘veteran’ has the meaning 

8 given the term in section 101 of title 38, United 

9 States Code. 

10 ‘‘(2) SUBMISSION OF DISCLOSURE.—Each Fund 

11 applicant and recipient shall provide the following: 

12 ‘‘(A) Data, based on voluntary self-identi13 fication, on the racial, ethnic, and gender com14 position of— 

15 ‘‘(i) the board of directors of the insti16 tution; 

17 ‘‘(ii) nominees for the board of direc18 tors of the institution; and 

19 ‘‘(iii) the executive officers of the in20 stitution. 

21 ‘‘(B) The status of any member of the 

22 board of directors of the institution, any nomi23 nee for the board of directors of the institution, 

24 or any executive officer of the institution, based 

25 on voluntary self-identification, as a veteran. 


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1 ‘‘(C) Whether the board of directors of the 

2 institution, or any committee of that board of 

3 directors, has, as of the date on which the insti4 tution makes a disclosure under this paragraph, 

5 adopted any policy, plan, or strategy to promote 

6 racial, ethnic, and gender diversity among— 

7 ‘‘(i) the board of directors of the insti8 tution; 

9 ‘‘(ii) nominees for the board of direc10 tors of the institution; or 

11 ‘‘(iii) the executive officers of the in12 stitution. 

13 ‘‘(3) ANNUAL REPORT.—Not later than 18 

14 months after the date of enactment of this sub15 section, and annually thereafter, the Fund shall sub16 mit to the Committee on Banking, Housing, and 

17 Urban Affairs of the Senate and the Committee on 

18 Financial Services of the House of Representatives, 

19 and make publicly available on the website of the 

20 Fund, a report— 

21 ‘‘(A) on the data and trends of the diver22 sity information made available pursuant to 

23 paragraph (2); and 

24 ‘‘(B) containing all administrative or legis25 lative recommendations of the Fund to enhance 


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1 the implementation of this title or to promote 

2 diversity and inclusion within community devel3 opment financial institutions.’’. 

4 (e) OFFICE OF DIVERSE AND MISSION-DRIVEN COM5 MUNITY FINANCIAL INSTITUTIONS.— 

6 (1) ESTABLISHMENT.—There is established 

7 within the Department of the Treasury the Office of 

8 Diverse and Mission-Driven Community Financial 

9 Institutions. 

10 (2) LEADERSHIP.—The Office of Diverse and 

11 Mission-Driven Community Financial Institutions 

12 shall be led by a Deputy Assistant Secretary for Di13 verse and Mission-Driven Community Financial In14 stitutions, who shall be appointed by the Secretary 

15 of the Treasury, in consultation with the Depart16 ment of the Treasury’s Director of Office of Minor17 ity and Women Inclusion. 

18 (3) FUNCTIONS.—The Office of Diverse and 

19 Mission-Driven Community Financial Institutions, 

20 pursuant to the direction of the Secretary, shall have 

21 the authority— 

22 (A) to monitor and issue reports regard23 ing— 

24 (i) community development financial 

25 institutions, minority depository instituVerDate Sep 11 2014 04:14 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H9767.IH H9767

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1 tions, and minority lending institutions; 

2 and 

3 (ii) the role such institutions play in 

4 the financial system of the United States, 

5 including the impact they have on pro6 viding financial access to low- and mod7 erate-income communities, communities of 

8 color, and other underserved communities; 

9 (B) to serve as a resource and Federal liai10 son for current and prospective community de11 velopment financial institutions, minority depos12 itory institutions, and minority lending institu13 tions engaging with the Department of the 

14 Treasury, the Community Development Finan15 cial Institutions Fund (‘‘CDFI Fund’’), other 

16 Federal Government agencies, including by pro17 viding contact information, resources, technical 

18 assistance, and other support for entities wish19 ing— 

20 (i) to become certified as a community 

21 development financial institution, and 

22 maintain the certification; 

23 (ii) to obtain a banking charter, de24 posit insurance, or otherwise carry on 


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1 banking activities in a safe, sound, and re2 sponsible manner; 

3 (iii) to obtain financial support 

4 through private sector deposits, invest5 ments, partnerships, and other means; 

6 (iv) to expand their operations 

7 through internal growth and acquisitions; 

8 (v) to develop and upgrade their tech9 nology, cybersecurity resilience, compliance 

10 systems, data reporting systems, and their 

11 capacity to support their communities, in12 cluding through partnerships with third13 party companies; 

14 (vi) to obtain grants, awards, invest15 ments and other financial support made 

16 available through the CDFI Fund, the 

17 Board of Governors of the Federal Reserve 

18 System, the Central Liquidity Facility, the 

19 Federal Home Loan Banks, and other 

20 Federal programs; 

21 (vii) to participate as a financial inter22 mediary with respect to various Federal 

23 and State programs and agencies, includ24 ing the State Small Business Credit InitiaVerDate Sep 11 2014 04:14 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H9767.IH H9767

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1 tive and programs of the Small Business 

2 Administration; and 

3 (viii) to participate in Financial Agent 

4 Mentor-Prote ́ge ́ Program of the Depart5 ment of the Treasury and other Federal 

6 programs designed to support private sec7 tor partnerships; 

8 (C) to provide resources to the public wish9 ing to learn more about minority depository in10 stitutions, community development financial in11 stitutions, and minority lending institutions, in12 cluding helping the Secretary implement the re13 quirements under section 5, publishing reports 

14 issued by the Office on the website of the De15 partment of the Treasury and providing 

16 hyperlinks to other relevant reports and mate17 rials from other Federal agencies; 

18 (D) to provide policy recommendations to 

19 the Secretary, the CDFI Fund, other relevant 

20 Federal agencies, and Congress on ways to fur21 ther strengthen Federal support for community 

22 development financial institutions, minority de23 pository institutions, and minority lending insti24 tutions; 


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1 (E) to assist the Secretary in carrying out 

2 the Secretary’s responsibilities under section 

3 308 of the Financial Institutions Reform, Re4 covery, and Enforcement Act of 1989 (12 

5 U.S.C. 1463 note) to preserve and promote mi6 nority depository institutions in consultation 

7 with the Chairman of the Board of Governors 

8 of the Federal Reserve System, the Comptroller 

9 of the Currency, the Chairman of the National 

10 Credit Union Administration, and the Chair11 person of the Board of Directors of the Federal 

12 Deposit Insurance Corporation; and 

13 (F) to carry out other duties of the Sec14 retary of the Treasury required by this Act and 

15 the amendments made by this Act, and to per16 form such other related duties and authorities 

17 as may be assigned by the Secretary. 

18 (f) STRENGTHENING FEDERAL EFFORTS AND

19 INTERAGENCY COORDINATION TO PROMOTE DIVERSE

20 AND MISSION-DRIVEN COMMUNITY FINANCIAL INSTITU21 TIONS.— 

22 (1) SENIOR OFFICIALS DESIGNATED.—The 

23 Chairman of the Board of Governors of the Federal 

24 Reserve System, the Comptroller of the Currency, 

25 the Chairman of the National Credit Union AdminVerDate Sep 11 2014 04:14 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H9767.IH H9767

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1 istration, the Chairperson of the Board of Directors 

2 of the Federal Deposit Insurance Corporation, and 

3 the Director of the Bureau of Consumer Financial 

4 Protection shall each, in consultation with their re5 spective Director of Office of Minority and Women 

6 Inclusion, designate a senior official to be their re7 spective agency’s officer responsible for promoting 

8 minority depository institutions, community develop9 ment financial institutions, and minority lending in10 stitutions, including to fulfill obligations under sec11 tion 308 of the Financial Institutions Reform, Re12 covery, and Enforcement Act of 1989 (12 U.S.C. 

13 1463 note) to preserve and promote minority deposi14 tory institutions. 

15 (2) INTERAGENCY WORKING GROUP.—The Dep16 uty Assistant Secretary for Diverse and Mission17 Driven Community Financial Institutions shall regu18 larly convene meetings, no less than once a quarter, 

19 of an interagency working group to be known as the 

20 ‘‘Interagency Working Group to Promote Diverse 

21 and Mission-Driven Community Financial Institu22 tions’’, which shall consist of the senior officials des23 ignated by their respective agencies under paragraph 

24 (1), along with the Director of the Community De25 velopment Financial Institutions Fund and such 


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1 other government officials as the Deputy Assistant 

2 Secretary may choose to invite, to examine and dis3 cuss the state of minority depository institutions, 

4 community development financial institutions, and 

5 minority lending institutions, and actions the rel6 evant agencies can take to preserve, promote, and 

7 strengthen these institutions. 

8 (3) ANNUAL REPORT TO CONGRESS.—Not later 

9 than 1 year after the date of the enactment of this 

10 subsection, and annually thereafter, the Secretary of 

11 the Treasury, the Chairman of the Board of Gov12 ernors of the Federal Reserve System, the Comp13 troller of the Currency, the Chairman of the Na14 tional Credit Union Administration, the Chairperson 

15 of the Board of Directors of the Federal Deposit In16 surance Corporation, and the Director of the Bureau 

17 of Consumer Financial Protection shall submit a 

18 joint report to the Committee on Financial Services 

19 of the House of Representatives and the Committee 

20 on Banking, Housing, and Urban Affairs of the Sen21 ate regarding the work that has been done the prior 

22 year to preserve, promote, and strengthen commu23 nity development financial institutions, minority de24 pository institutions, and minority lending institu25 tions, along with any policy recommendations on acVerDate Sep 11 2014 04:14 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H9767.IH H9767

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1 tions various government agencies and Congress 

2 should take to preserve, promote, and strengthen 

3 community development financial institutions, mi4 nority depository institutions, and minority lending 

5 institutions. 

6 SEC. 3. CAPITAL INVESTMENTS, GRANTS, AND TECH7 NOLOGY SUPPORT FOR MDIS AND CDFIS. 

8 (a) AUTHORIZATION OF APPROPRIATION.—There is 

9 authorized to be appropriated to the Emergency Capital 

10 Investment Fund $4,000,000,000. 

11 (b) CONFORMING AMENDMENTS TO ALLOW FOR AD12 DITIONAL PURCHASES OF CAPITAL.—Section 104A of the 

13 Riegle Community Development and Regulatory Improve14 ment Act of 1994 (12 U.S.C. 4703a) is amended— 

15 (1) in subsection (c), by striking paragraph (2); 

16 and 

17 (2) in subsection (e), by striking paragraph (2). 

18 (c) USE OF FUNDS FOR CDFI FINANCIAL AND

19 TECHNICAL ASSISTANCE.—Section 104A of the Riegle 

20 Community Development and Regulatory Improvement 

21 Act of 1994 (12 U.S.C. 4703a) is amended by adding at 

22 the end the following: 

23 ‘‘(p) USE OF FUNDS FOR CDFI FINANCIAL AND

24 TECHNICAL ASSISTANCE.—The Secretary may transfer 

25 amounts in the Emergency Capital Investment Fund to 


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1 the Fund for the purpose of providing financial and tech2 nical assistance grants to community development finan3 cial institutions certified by the Secretary.’’. 

4 (d) TECHNOLOGY GRANTS FOR MDIS AND CDFIS.— 

5 Section 104A of the Riegle Community Development and 

6 Regulatory Improvement Act of 1994 (12 U.S.C. 4703a), 

7 as amended by subsection (c), is further amended by add8 ing at the end the following: 

9 ‘‘(q) TECHNOLOGY GRANTS FOR MDIS AND

10 CDFIS.— 

11 ‘‘(1) STUDY AND REPORT ON CERTAIN TECH12 NOLOGY CHALLENGES.— 

13 ‘‘(A) STUDY.—The Secretary shall carry 

14 out a study on the technology challenges im15 pacting minority depository institutions and 

16 community development financial institutions 

17 with respect to— 

18 ‘‘(i) internal technology capabilities 

19 and capacity of the institutions to process 

20 loan applications and otherwise serve cur21 rent and potential customers through the 

22 internet, mobile phone applications, and 

23 other tools; 

24 ‘‘(ii) technology capabilities and ca25 pacity of the institutions, provided in partVerDate Sep 11 2014 04:14 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\H9767.IH H9767

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1 nership with third-party companies, to 

2 process loan applications and otherwise 

3 serve current and potential customers 

4 through the internet, mobile phone applica5 tions, and other tools; 

6 ‘‘(iii) cybersecurity; and 

7 ‘‘(iv) challenges and solutions related 

8 to algorithmic bias in the deployment of 

9 technology. 

10 ‘‘(B) REPORT.—Not later than 1 year 

11 after the date of the enactment of this sub12 section, the Secretary shall submit a report to 

13 the Committee on Financial Services of the 

14 House of Representatives and the Committee 

15 on Banking, Housing, and Urban Affairs of the 

16 Senate that includes the results of the study re17 quired under subparagraph (A). 

18 ‘‘(2) TECHNOLOGY GRANT PROGRAM.— 

19 ‘‘(A) PROGRAM AUTHORIZED.—The Sec20 retary shall carry out a technology grant pro21 gram to make grants to minority depository in22 stitutions and community development financial 

23 institutions to address technology challenges 

24 impacting such institutions. 


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1 ‘‘(B) APPLICATION.—To be eligible to be 

2 awarded a grant under this paragraph, a mi3 nority depository institution or community de4 velopment financial institution shall submit an 

5 application to the Secretary at such time, in 

6 such manner, and containing such information 

7 as the Secretary may require. 

8 ‘‘(C) USE OF FUNDS.—A minority deposi9 tory institution or community development fi10 nancial institution that is awarded a grant 

11 under this paragraph may use the grant funds 

12 to— 

13 ‘‘(i) enhance or adopt technologies 

14 that— 

15 ‘‘(I) shorten loan approval proc16 esses; 

17 ‘‘(II) improve customer experi18 ence; 

19 ‘‘(III) provide additional services 

20 to customers; 

21 ‘‘(IV) facilitate compliance with 

22 applicable laws, regulations, and pro23 gram requirements, including testing 

24 to ensure that the use of technology 

25 does not result in discrimination, and 


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1 helping to satisfy data reporting re2 quirements; and 

3 ‘‘(V) help ensure privacy of cus4 tomer records and cybersecurity resil5 ience; or 

6 ‘‘(ii) carry out such other activities as 

7 the Secretary determines appropriate. 

8 ‘‘(3) FUNDING.—The Secretary may use 

9 amounts in the Emergency Capital Investment Fund 

10 to make grants under paragraph (2), but not to ex11 ceed $250,000,000 in the aggregate.’’. 

12 (e) PILOT PROGRAM FOR ESTABLISHING DE NOVO

13 CDFIS AND MDIS.—Section 104A of the Riegle Commu14 nity Development and Regulatory Improvement Act of 

15 1994 (12 U.S.C. 4703a), as amended by subsections (c) 

16 and (d), is further amended by adding at the end the fol17 lowing: 

18 ‘‘(r) PILOT PROGRAM FOR ESTABLISHING DE NOVO

19 CDFIS AND MDIS.— 

20 ‘‘(1) IN GENERAL.—The Secretary of the 

21 Treasury, in consultation with the Fund and the ap22 propriate Federal banking agencies, shall establish a 

23 pilot program to provide competitive grants to a per24 son for the purpose of providing capital for such perVerDate Sep 11 2014 04:14 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\H9767.IH H9767

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1 son to establish a minority depository institution or 

2 a community development financial institution. 

3 ‘‘(2) APPLICATION.—A person desiring a grant 

4 under this subsection shall submit to the Secretary 

5 an application in such form and containing such in6 formation as the Secretary determines appropriate. 

7 ‘‘(3) DISBURSEMENT.—Before disbursing grant 

8 amounts to a person selected to receive a grant 

9 under this subsection, the Secretary shall ensure 

10 that such person has received approval from the ap11 propriate Federal banking agency (or such other 

12 Federal or State agency from whom approval is re13 quired) to establish a minority depository institution 

14 or a community development financial institution, as 

15 applicable. 

16 ‘‘(4) FUNDING.—The Secretary may use 

17 amounts in the Emergency Capital Investment Fund 

18 to make grants under paragraph (2), but not to ex19 ceed $100,000,000 in the aggregate.’’. 

20 (f) GUIDANCE FOR SUBCHAPTER S AND MUTUAL

21 BANKS.—Not later than 30 days after the date of enact22 ment of this Act, the Board of Governors of the Federal 

23 Reserve System and the Secretary shall issue guidance re24 garding how Emergency Capital Investment Program in25 vestments (whether made before or after the date of enactVerDate Sep 11 2014 04:14 Oct 04, 2024 Jkt 059200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\H9767.IH H9767

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1 ment of this Act) are considered for purposes of various 

2 prudential requirements, including debt to equity, leverage 

3 ratio, and double leverage ratio requirements with respect 

4 to subchapter S and mutual bank recipients of such invest5 ments. 

6 SEC. 4. SUPPORTING YOUNG ENTREPRENEURS PROGRAM. 

7 Section 108 of the Riegle Community Development 

8 and Regulatory Improvement Act of 1994 (12 U.S.C. 

9 4707), as amended by section 2(a)(1), is further amended 

10 by adding at the end the following: 

11 ‘‘(j) SUPPORTING YOUNG ENTREPRENEURS PRO12 GRAM.— 

13 ‘‘(1) IN GENERAL.—The Fund shall establish a 

14 Supporting Young Entrepreneurs Program under 

15 which the Fund may provide financial awards to the 

16 community development financial institutions that 

17 the Fund determines have the best programs to help 

18 young entrepreneurs get the start up capital needed 

19 to start a small business. 

20 ‘‘(2) NO MATCHING REQUIREMENT.—The 

21 matching requirement under subsection (e) shall not 

22 apply to awards made under this subsection. 

23 ‘‘(3) FUNDING.—In carrying out this sub24 section, the Fund may use— 


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1 ‘‘(A) amounts in the Emergency Capital 

2 Investment Fund, but not to exceed 

3 $100,000,000 in the aggregate; and 

4 ‘‘(B) such other funds as may be appro5 priated by Congress to the Fund to carry out 

6 the Supporting Young Entrepreneurs Pro7 gram.’’. 

8 SEC. 5. MAP OF MINORITY DEPOSITORY INSTITUTIONS AND 

9 COMMUNITY DEVELOPMENT FINANCIAL IN10 STITUTIONS. 

11 (a) IN GENERAL.—The Secretary of the Treasury, in 

12 consultation with the CDFI Fund and the Federal bank13 ing agencies, shall establish an interactive, searchable map 

14 showing the geographic locations of the headquarters and 

15 branch locations of minority depository institutions and 

16 community development financial institutions that have 

17 been certified by the Secretary. Such map shall also pro18 vide a link to the website of each such minority depository 

19 institution and community development financial institu20 tion. 

21 (b) DEFINITIONS.—In this section: 

22 (1) CDFI FUND.—The term ‘‘CDFI Fund’’ 

23 means the Community Development Financial Insti24 tutions Fund established under section 104(a) of the 


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1 Riegle Community Development and Regulatory Im2 provement Act of 1994. 

3 (2) COMMUNITY DEVELOPMENT FINANCIAL IN4 STITUTION.—The term ‘‘community development fi5 nancial institution’’ has the meaning given in section 

6 103 of the Riegle Community Development and Reg7 ulatory Improvement Act of 1994. 

8 (3) FEDERAL BANKING AGENCY.—The term 

9 ‘‘Federal banking agency’’— 

10 (A) has the meaning given in section 3 of 

11 the Federal Deposit Insurance Act; and 

12 (B) means the National Credit Union Ad13 ministration. 

14 (4) MINORITY DEPOSITORY INSTITUTION.—The 

15 term ‘‘minority depository institution’’ has the 

16 meaning given in section 308(b) of the Financial In17 stitutions Reform, Recovery, and Enforcement Act 

18 of 1989. 

19 SEC. 6. REPORT ON CERTIFIED COMMUNITY DEVELOP20 MENT FINANCIAL INSTITUTIONS. 

21 Section 117(a) of the Riegle Community Develop22 ment and Regulatory Improvement Act of 1994 (12 

23 U.S.C. 4716(a)) is amended— 

24 (1) by striking ‘‘The Fund’’ and inserting the 

25 following: 


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1 ‘‘(1) IN GENERAL.—The Fund’’; 

2 (2) by striking ‘‘and the Congress’’ and insert3 ing ‘‘, the Congress, and the public’’; and 

4 (3) by adding at the end the following: 

5 ‘‘(2) REPORT ON CERTIFIED COMMUNITY DE6 VELOPMENT FINANCIAL INSTITUTIONS.—The annual 

7 report required under paragraph (1) shall include a 

8 report on community development financial institu9 tions (‘CDFIs’) that have been certified by the Sec10 retary of the Treasury, including a summary with 

11 aggregate data and analysis, to the fullest extent 

12 practicable, regarding— 

13 ‘‘(A) a list of the types of organizations 

14 that are certified as CDFIs, and the number of 

15 each type of organization; 

16 ‘‘(B) the geographic location and capacity 

17 of different types of certified CDFIs; 

18 ‘‘(C) the primary lines of business for dif19 ferent types of certified CDFIs, as well as any 

20 secondary lines of business; 

21 ‘‘(D) human resources and staffing infor22 mation for different types of certified CDFIs, 

23 including— 

24 ‘‘(E) the types of development services pro25 vided by different types of certified CDFIs; 


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1 ‘‘(F) the target markets of different types 

2 of certified CDFIs and the amount of products 

3 and services offered by CDFIs to those target 

4 markets, including— 

5 ‘‘(i) the number and amount of loans 

6 and loan guarantees made in those target 

7 markets; 

8 ‘‘(ii) the number and amount of other 

9 investments made in those target markets; 

10 and 

11 ‘‘(iii) the number and amount of de12 velopment services offered in those target 

13 markets; and 

14 ‘‘(G) such other information as the Direc15 tor of the Fund may determine necessary to 

16 promote transparency of the impact of different 

17 types of CDFIs, while carrying out this report 

18 in a manner that seeks to minimize data report19 ing requirements from certified CDFIs when 

20 feasible, including utilizing information gath21 ered from other regulators under section 

22 104(l).’’. 


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1 SEC. 7. CONSULTATION AND MINIMIZATION OF DATA RE2 QUESTS. 

3 Section 104 of the Riegle Community Development 

4 and Regulatory Improvement Act of 1994 (12 U.S.C. 

5 4703) is amended by adding at the end the following: 

6 ‘‘(l) CONSULTATION AND MINIMIZATION OF DATA

7 REQUESTS.— 

8 ‘‘(1) IN GENERAL.—In carrying out its duties, 

9 the Fund shall— 

10 ‘‘(A) periodically, and no less frequent 

11 than once a year, consult with the applicable 

12 Federal regulator of certified CDFIs and appli13 cants to be a certified CDFI (‘applicants)’; and 

14 ‘‘(B) seek to gather any relevant informa15 tion on certified CDFIs and applicants from the 

16 applicable Federal regulator to minimize dupli17 cative data collection requests made by the 

18 Fund of certified CDFIs and applicants and to 

19 expedite certification, re-certification, or other 

20 relevant processes administered by the Fund. 

21 ‘‘(2) APPLICABLE FEDERAL REGULATOR DE22 FINED.—In this subsection, the term ‘applicable 

23 Federal regulator’ means— 

24 ‘‘(A) with respect to a certified CDFI or 

25 an applicant that is regulated by both an appro26 priate Federal banking agency and the Bureau 


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1 of Consumer Financial Protection, the Bureau 

2 of Consumer Financial Protection; 

3 ‘‘(B) with respect to a certified CDFI or 

4 an applicant that is not regulated by the Bu5 reau of Consumer Financial Protection, the ap6 propriate Federal banking agency for such ap7 plicant; or 

8 ‘‘(C) the Bureau of Consumer Financial 

9 Protection, with respect to a certified CDFI or 

10 an applicant— 

11 ‘‘(i) that is not regulated by an appro12 priate Federal banking agency; and 

13 ‘‘(ii) that offers or provides consumer 

14 financial products or services (as defined in 

15 section 1002 of the Consumer Financial 

16 Protection Act of 2010 (12 U.S.C. 

17 5481).’’. 

18 SEC. 8. ACCESS TO THE DISCOUNT WINDOW OF THE FED19 ERAL RESERVE SYSTEM FOR MDIS AND 

20 CDFIS. 

21 The Board of Governors of the Federal Reserve Sys22 tem shall establish a process under which minority deposi23 tory institutions and community development financial in24 stitutions may have access to the discount window, at the 

25 seasonal credit interest rate most recently published on 


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•HR 9767 IH

1 the Federal Reserve Statistical Release on selected inter2 est rates (daily or weekly). 

3 SEC. 9. STUDY ON SECURITIZATION BY CDFIS. 

4 (a) IN GENERAL.—The Secretary of the Treasury, in 

5 consultation with the Community Development Financial 

6 Institutions Fund and such other Federal agencies as the 

7 Secretary determines appropriate, shall carry out a study 

8 on— 

9 (1) the use of securitization by CDFIs; 

10 (2) any barriers to the use of securitization as 

11 a source of liquidity by CDFIs; and 

12 (3) any authorities available to the Government 

13 to support the use of securitization by CDFIs to the 

14 extent it helps serve underserved communities. 

15 (b) REPORT.—Not later than the end of the 1-year 

16 period beginning on the date of enactment of this Act, the 

17 Secretary shall issue a report to the Committee on Finan18 cial Services of the House of Representatives and the 

19 Committee on Banking, Housing, and Urban Affairs of 

20 the Senate containing— 

21 (1) all findings and determinations made in car22 rying out the study required under subsection (a); 

23 and 

24 (2) any legislative or administrative rec25 ommendations of the Secretary that would promote 


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•HR 9767 IH

1 the responsible use of securitization to help CDFIs 

2 in reaching more underserved communities. 

3 (c) CDFI DEFINED.—The term ‘‘CDFI’’ has the 

4 meaning given the term ‘‘community development finan5 cial institution’’ under section 103 of the Riegle Commu6 nity Development and Regulatory Improvement Act of 

7 1994. 

Æ 


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