IIB 

117TH CONGRESS 

2D SESSION H. R. 2543 

IN THE SENATE OF THE UNITED STATES 

JUNE 21, 2022 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

To amend the Federal Reserve Act to add additional demographic reporting requirements, to modify the goals of 

the Federal Reserve System, 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, 


kjohnson on DSK79L0C42PROD with BILLS
2 

HR 2543 RFS

1 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

2 (a) SHORT TITLE.—This Act may be cited as the 

3 ‘‘Financial Services Racial Equity, Inclusion, and Eco4 nomic Justice Act’’. 

5 (b) TABLE OF CONTENTS.—The table of contents for 

6 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—EQUITY IN MONETARY POLICY 

Sec. 101. Duty to minimize and eliminate racial disparities. 

Sec. 102. Appearances before and reports to the Congress. 

TITLE II—DIVERSITY DATA COLLECTION AND REPORTING 

Subtitle A—Diversity and Inclusion Data Accountability and Transparency 

Sec. 211. Disclosures by regulated entities. 

Subtitle B—LGBTQ Business Equal Credit Enforcement and Investment 

Sec. 221. Small business loan data collection. 

TITLE III—ACCESS TO HOUSING AND LENDING 

Subtitle A—Improving Language Access in Mortgage Servicing 

Sec. 311. Findings. 

Sec. 312. Language access requirements and resources. 

Subtitle B—Fair Lending for All 

Sec. 321. Office of Fair Lending Testing. 

Sec. 322. Prohibition on credit discrimination. 

Sec. 323. Criminal penalties for violations of the Equal Credit Opportunity Act. 

Sec. 324. Review of loan applications. 

Sec. 325. Mortgage data collection. 

Subtitle C—Promoting and Advancing Communities of Color Through 

Inclusive Lending 

Sec. 331. Strengthening diverse and mission-driven community financial institutions. 

Sec. 332. Capital investments, grants, and technology support for MDIs and 

CDFIs. 

Sec. 333. Supporting Young Entrepreneurs Program. 

Sec. 334. Map of minority depository institutions and community development 

financial institutions. 

Sec. 335. Report on certified community development financial institutions. 

Sec. 336. Consultation and minimization of data requests. 

Sec. 337. Access to the discount window of the Federal Reserve System for 

MDIs and CDFIs. 


kjohnson on DSK79L0C42PROD with BILLS
3 

HR 2543 RFS

Sec. 338. Study on securitization by CDFIs. 

TITLE IV—DIVERSITY IN FINANCIAL INSTITUTIONS AND 

CORPORATIONS 

Subtitle A—Promoting New and Diverse Depository Institutions 

Sec. 411. Study and strategic plan. 

Subtitle B—Promoting Diversity and Inclusion in Banking 

Sec. 421. Diversity and inclusion ratings. 

Subtitle C—Improving Corporate Governance Through Diversity 

Sec. 431. Submission of data relating to diversity by issuers. 

Sec. 432. Diversity advisory group. 

Subtitle D—Ensuring Diversity in Community Banking 

Sec. 441. Short title. 

Sec. 442. Sense of Congress on funding the loan-loss reserve fund for small dollar loans. 

Sec. 443. Definitions. 

Sec. 444. Inclusion of women’s banks in the definition of minority depository 

institution. 

Sec. 445. Establishment of impact bank designation. 

Sec. 446. Minority Depositories Advisory Committees. 

Sec. 447. Federal deposits in minority depository institutions. 

Sec. 448. Minority Bank Deposit Program. 

Sec. 449. Diversity report and best practices. 

Sec. 450. Investments in minority depository institutions and impact banks. 

Sec. 451. Report on covered mentor-protege programs. 

Sec. 452. Custodial deposit program for covered minority depository institutions 

and impact banks. 

Sec. 453. Streamlined community development financial institution applications 

and reporting. 

Sec. 454. Task force on lending to small business concerns. 

Subtitle E—Expanding Opportunity for Minority Depository Institutions 

Sec. 461. Establishment of Financial Agent Mentor-Prote ́ge ́ Program. 

TITLE V—COMMUNITY DEVELOPMENT 

Subtitle A—CDFI Bond Guarantee Program Improvement 

Sec. 511. Sense of Congress. 

Sec. 512. Guarantees for bonds and notes issued for community or economic 

development purposes. 

Sec. 513. Report on the CDFI bond guarantee program. 

Subtitle B—Expanding Financial Access for Underserved Communities 

Sec. 521. Credit union service to underserved areas. 

Sec. 522. Member business lending in underserved areas. 

Sec. 523. Underserved area defined. 

Sec. 524. Reports by the National Credit Union Administration. 

Sec. 525. Rule of construction. 


kjohnson on DSK79L0C42PROD with BILLS
4 

HR 2543 RFS

TITLE VI—ENSURING DIVERSE LEADERSHIP OF THE FEDERAL 

RESERVE 

Sec. 601. Short title. 

Sec. 602. Congressional Findings. 

Sec. 603. Federal reserve bank presidents. 

Sec. 604. Technical adjustments. 

TITLE VII—STUDYING BARRIERS TO HOUSING 

Sec. 701. Short title. 

Sec. 702. GAO study and report on reducing homelessness through public housing and section 8 rental assistance. 

TITLE VIII—STATE OF HOUSING IN THE UNITED STATES 

Sec. 801. Interagency working group reports. 

Sec. 802. Testimony on the state of housing affordability and supply. 

TITLE XI—REPORT ON HOUSING FOR LGBTQ+ PERSONS 

Sec. 901. HUD report. 

TITLE X—‘‘EXPANDING ACCESS TO CREDIT THROUGH 

CONSUMER-PERMISSIONED DATA’’ 

Sec. 1001. Short title. 

Sec. 1002. Findings. 

Sec. 1003. Requirement to consider additional credit information when making 

mortgage loans. 

TITLE XI—PAYMENT CHOICE 

Sec. 1101. Short title. 

Sec. 1102. Sense of congress. 

Sec. 1103. Retail businesses prohibited from refusing cash payments. 

1 TITLE I—EQUITY IN MONETARY 

2 POLICY 

3 SEC. 101. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS4 PARITIES. 

5 The Federal Reserve Act (12 U.S.C. 221 et seq.) is 

6 amended by inserting after section 2B the following: 

7 ‘‘SEC. 2C. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS8 PARITIES. 

9 ‘‘The Board of Governors of the Federal Reserve Sys10 tem and the Federal Open Market Committee shall exerVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
5 

HR 2543 RFS

1 cise all duties and functions in a manner that fosters the 

2 elimination of disparities across racial and ethnic groups 

3 with respect to employment, income, wealth, and access 

4 to affordable credit, including actions in carrying out— 

5 ‘‘(1) monetary policy; 

6 ‘‘(2) regulation and supervision of banks, 

7 thrifts, bank holding companies, savings and loan 

8 holding companies, and nonbank financial companies 

9 and systemically important financial market utilities 

10 designated by the Financial Stability Oversight 

11 Council; 

12 ‘‘(3) operation of payment systems; 

13 ‘‘(4) implementation of the Community Rein14 vestment Act of 1977; 

15 ‘‘(5) enforcement of fair lending laws; and 

16 ‘‘(6) community development functions.’’. 

17 SEC. 102. APPEARANCES BEFORE AND REPORTS TO THE 

18 CONGRESS. 

19 (a) Section 2B of the Federal Reserve Act (12 U.S.C. 

20 225b) is amended— 

21 (1) in subsection (a)(1)— 

22 (A) in subparagraph (A), by striking 

23 ‘‘and’’ at the end; and 

24 (B) by striking subparagraph (B) and in25 serting the following: 


kjohnson on DSK79L0C42PROD with BILLS
6 

HR 2543 RFS

1 ‘‘(B) economic developments and prospects 

2 for the future described in the report required 

3 in subsection (b), including a discussion of dis4 parities in employment, income, and wealth 

5 across racial and ethnic groups as well as other 

6 specific segments of the population; and 

7 ‘‘(C) plans, activities, and actions of the 

8 Board and the Federal Open Market Committee 

9 to minimize and eliminate disparities across ra10 cial and ethnic groups with respect to employ11 ment, wages, wealth, and access to affordable 

12 credit pursuant to section 2C.’’; and 

13 (2) in subsection (b)— 

14 (A) by striking ‘‘The Board’’ and inserting 

15 the following: 

16 ‘‘(1) IN GENERAL.—The Board’’; and 

17 (B) by adding at the end the following: 

18 ‘‘(2) TREND INFORMATION.— 

19 ‘‘(A) IN GENERAL.—Each report required 

20 under paragraph (1) shall include recent trends 

21 in the unemployment rate, labor force participa22 tion rate, employment to population ratio, me23 dian household income, and change in real 

24 earnings. 


kjohnson on DSK79L0C42PROD with BILLS
7 

HR 2543 RFS

1 ‘‘(B) DEMOGRAPHIC INFORMATION.—The 

2 trends required to be reported under subpara3 graph (A) shall include— 

4 ‘‘(i) a comparison among different de5 mographic groups, including race, eth6 nicity, gender, individuals with dependent 

7 children under the age of 18 (to the extent 

8 possible), educational attainment, age, dis9 ability (as such term is defined in section 

10 3 of the Americans with Disabilities Act of 

11 1990), and shall also provide cross-sec12 tional data on the interaction between 

13 these groups and note any statistically sig14 nificant findings, to the extent available; 

15 and 

16 ‘‘(ii) data disaggregated by ethnic 

17 subgroup, to the extent available. 

18 ‘‘(C) ETHNIC SUBGROUP DEFINED.—The 

19 term ‘ethnic subgroup’ means a social group 

20 that— 

21 ‘‘(i) has a distinct social, racial, geo22 graphic, national origin, or cultural iden23 tity; and 

24 ‘‘(ii) is susceptible to being disadvan25 taged.’’. 


kjohnson on DSK79L0C42PROD with BILLS
8 

HR 2543 RFS

1 (b) The Board of Governors of the Federal Reserve 

2 System, in consultation with the Federal Deposit Insur3 ance Corporation, the Office of the Comptroller of the 

4 Currency, the National Credit Union Administration, and 

5 the Bureau of Consumer Financial Protection, shall issue 

6 a report to Congress containing the plans, activities, and 

7 actions of the Board of Governors of the Federal Reserve 

8 System to minimize and eliminate disparities across racial 

9 and ethnic groups with respect to access to financial prod10 ucts for the purpose of restoration, renovations, or repair 

11 following a federally-declared disaster. 

12 TITLE II—DIVERSITY DATA 

13 COLLECTION AND REPORTING 

14 Subtitle A—Diversity and Inclusion 

15 Data Accountability and Trans16 parency 

17 SEC. 211. DISCLOSURES BY REGULATED ENTITIES. 

18 Section 342(b) of the Dodd-Frank Wall Street Re19 form and Consumer Protection Act (12 U.S.C. 5452(b)) 

20 is amended by adding at the end the following: 

21 ‘‘(5) DISCLOSURES BY REGULATED ENTI22 TIES.—The Director of each Office shall require en23 tities with 100 employees or greater regulated by the 

24 applicable agency to provide such information as 


kjohnson on DSK79L0C42PROD with BILLS
9 

HR 2543 RFS

1 may be required to carry out the duties of the Direc2 tor.’’. 

3 Subtitle B—LGBTQ Business Equal 

4 Credit Enforcement and Invest5 ment 

6 SEC. 221. SMALL BUSINESS LOAN DATA COLLECTION. 

7 (a) IN GENERAL.—Section 704B of the Equal Credit 

8 Opportunity Act (15 U.S.C. 1691c–2) is amended— 

9 (1) by inserting ‘‘LGBTQ-owned,’’ after ‘‘mi10 nority-owned,’’ each place such term appears; 

11 (2) in subsection (e)(2)(G), by inserting ‘‘, sex12 ual orientation, gender identity’’ after ‘‘sex’’; and 

13 (3) in subsection (h), by adding at the end the 

14 following: 

15 ‘‘(7) LGBTQ-OWNED BUSINESS.—The term 

16 ‘LGBTQ-owned business’ means a business— 

17 ‘‘(A) more than 50 percent of the owner18 ship or control of which is held by 1 or more 

19 individuals self-identifying as lesbian, gay, bi20 sexual, transgender, or queer; and 

21 ‘‘(B) more than 50 percent of the net prof22 it or loss of which accrues to 1 or more individ23 uals self-identifying as lesbian, gay, bisexual, 

24 transgender, or queer.’’. 


kjohnson on DSK79L0C42PROD with BILLS
10 

HR 2543 RFS

1 (b) SENSE OF CONGRESS.—It is the sense of the 

2 Congress that the term ‘‘sex’’, as used within the Equal 

3 Credit Opportunity Act, includes an individual’s sexual 

4 orientation and gender identity, and that this section, in 

5 part, clarifies that the sex, sexual orientation, and gender 

6 identity of the principal owners of a business should be 

7 collected under section 704B of the Equal Credit Oppor8 tunity Act as three separate forms of information. 

9 TITLE III—ACCESS TO HOUSING 

10 AND LENDING 

11 Subtitle A—Improving Language 

12 Access in Mortgage Servicing 

13 SEC. 311. FINDINGS. 

14 The Congress finds the following: 

15 (1) Housing is the largest portion of most 

16 household budgets in the United States and there17 fore a foundational component of financial access 

18 and opportunity. 

19 (2) Due in part to a legacy of discrimination in 

20 the United States, people of color are disproportion21 ately experiencing homelessness, are disproportion22 ately renting, and disproportionately paying 

23 unaffordable rents, which acts as a barrier to home24 ownership. 


kjohnson on DSK79L0C42PROD with BILLS
11 

HR 2543 RFS

1 (3) Access to fair and affordable housing, both 

2 rental and homeownership opportunities, is critical 

3 to upward economic mobility. This includes address4 ing language barriers in mortgage servicing to en5 sure borrowers have culturally sensitive, in-language 

6 access to critical lending information, can enter into 

7 fair and sustainable homeownership, and preserve 

8 their home equity. 

9 SEC. 312. LANGUAGE ACCESS REQUIREMENTS AND RE10 SOURCES. 

11 (a) IN GENERAL.—Chapter 2 of title I of the Truth 

12 in Lending Act (15 U.S.C. 1631 et seq.) is amended by 

13 inserting after section 129H the following: 

14 ‘‘§ 129I. Language access requirements. 

15 ‘‘(a) STANDARD LANGUAGE PREFERENCE FORM.— 

16 Not later than 90 days after the date of the enactment 

17 of this section, the Director of the Bureau of Consumer 

18 Financial Protection shall, after consulting with the Sec19 retary of Agriculture, the Director of the Federal Housing 

20 Finance Agency, the Secretary of Veterans Affairs, and 

21 the Commissioner of the Federal Housing Authority, issue 

22 a rule establishing a standard language preference form 

23 that includes a standard language preference question 

24 asked in each of the 8 languages most commonly spoken 

25 by individuals with limited English proficiency, as deterVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
12 

HR 2543 RFS

1 mined by the Director of the Bureau using information 

2 published by the Director of the Bureau of the Census. 

3 ‘‘(b) REQUIREMENTS FOR CREDITORS.— 

4 ‘‘(1) USE OF STANDARD LANGUAGE PREF5 ERENCE FORM BY CREDITORS.— 

6 ‘‘(A) INCLUSION IN APPLICATION.—Each 

7 creditor shall include, as part of the application 

8 package used in connection with a residential 

9 mortgage loan, the standard language pref10 erence form established by the Director of the 

11 Bureau under subsection (a). 

12 ‘‘(B) INCLUSION OF DISCLOSURE.—Each 

13 creditor may include with such standard lan14 guage preference form a disclosure stating 

15 that— 

16 ‘‘(i) documents and services may not 

17 be available in the preferred language indi18 cated by the consumer on the standard 

19 language preference form; and 

20 ‘‘(ii) the English version of any docu21 ment to which such form applies is the of22 ficial and operative document and the 

23 translated version is for informational pur24 poses only. 


kjohnson on DSK79L0C42PROD with BILLS
13 

HR 2543 RFS

1 ‘‘(C) DOCUMENTATION AND TRANSFER OF

2 PREFERRED LANGUAGE INFORMATION.—If a 

3 creditor receives information about a language 

4 preference of a consumer through the standard 

5 language preference form from another creditor 

6 or a servicer or a borrower, such creditor shall 

7 document this language preference in each file 

8 and electronic file of information associated 

9 with such consumer and shall transfer such in10 formation and the standard language preference 

11 form to any servicer of the loan. 

12 ‘‘(2) PROVISION OF TRANSLATED DOCU13 MENTS.—If a Federal agency or a State or local 

14 agency in the State or locality in which the residen15 tial property is located has produced a translation of 

16 a document used in association with the origination 

17 of a residential mortgage loan in the preferred lan18 guage of a consumer documented by a creditor pur19 suant to paragraph (1)(C), such creditor shall— 

20 ‘‘(A) provide such translated document in 

21 addition to any English version of such docu22 ment that is provided to such consumer who in23 dicated such preferred language; and 

24 ‘‘(B) include in the English and translated 

25 versions— 


kjohnson on DSK79L0C42PROD with BILLS
14 

HR 2543 RFS

1 ‘‘(i) a notice indicating that the 

2 English version of such document is the of3 ficial and operative document and the 

4 translated version is for informational pur5 poses only; 

6 ‘‘(ii) the website established under 

7 paragraph (6); and 

8 ‘‘(iii) a notice of any available oral in9 terpretation services described in para10 graph (3). 

11 ‘‘(3) ORAL INTERPRETATION SERVICES.— 

12 ‘‘(A) IN GENERAL.—If a creditor receives 

13 information about a language preference of a 

14 consumer through the standard language pref15 erence form from another creditor or a servicer 

16 or a borrower, such creditor shall provide oral 

17 interpretation to such consumer. 

18 ‘‘(B) CREDITOR-PROVIDED ORAL INTER19 PRETATION SERVICES.—If a creditor is required 

20 under subparagraph (A) to provide oral inter21 pretation to a consumer, such creditor— 

22 ‘‘(i) shall ensure qualified oral inter23 pretation services, as defined by the Direc24 tor of the Bureau, are made available in 

25 the preferred language of the borrower for 


kjohnson on DSK79L0C42PROD with BILLS
15 

HR 2543 RFS

1 all oral communications between the cred2 itor and the borrower; and 

3 ‘‘(ii) may provide such services 

4 through qualified staff of the creditor or a 

5 third party. 

6 ‘‘(C) AMERICAN SIGN LANGUAGE INTER7 PRETATION SERVICES.—If a creditor is required 

8 under subparagraph (A) to provide oral inter9 pretation services to a consumer, and if such 

10 consumer has indicated a preference for Amer11 ican Sign Language, such creditor shall ensure 

12 qualified American Sign Language interpreta13 tion services, as defined by the Director of the 

14 Bureau, are made available to the consumer for 

15 all oral communications between such creditor 

16 and the consumer, where such American Sign 

17 Language interpretation services may be pro18 vided by qualified staff of the creditor or a 

19 qualified third party. 

20 ‘‘(4) NOTICE OF AVAILABLE LANGUAGE SERV21 ICES.—If a creditor receives information about a 

22 language preference of a consumer through the 

23 standard language preference form from another 

24 creditor or a servicer or a borrower, such creditor 

25 shall not later than 30 business days after receiving 


kjohnson on DSK79L0C42PROD with BILLS
16 

HR 2543 RFS

1 such information and not less than 14 days before 

2 any closing, notify such consumer in writing, in the 

3 preferred language of the consumer, of any language 

4 services available, including the services described in 

5 paragraphs (2) and (3). 

6 ‘‘(5) TRANSFER OF LANGUAGE PREFERENCE

7 INFORMATION.—If a creditor transfers the servicing 

8 associated with a residential mortgage loan, such 

9 creditor shall notify the transferee servicer at the 

10 time of transfer of any known language preference 

11 of the consumer associated with such residential 

12 mortgage loan. 

13 ‘‘(6) INFORMATION ON WEBSITE.—Each cred14 itor shall publish on the website of the creditor— 

15 ‘‘(A) links to and explanatory information 

16 about the websites maintained by the Secretary 

17 of Housing and Urban Development and the 

18 Director of the Bureau of Consumer Financial 

19 Protection that identify housing counselors ap20 proved by the Department of Housing and 

21 Urban Development; and 

22 ‘‘(B) a link to and explanatory information 

23 about the language resources website estab24 lished by the Director of the Bureau of Con25 sumer Financial Protection, the Secretary of 


kjohnson on DSK79L0C42PROD with BILLS
17 

HR 2543 RFS

1 Housing and Urban Development, the Director 

2 of the Federal Housing Finance Agency, the 

3 Secretary of Agriculture, and the Secretary of 

4 Veterans Affairs under section 312(f) of the Fi5 nancial Services Racial Equity, Inclusion, and 

6 Economic Justice Act. 

7 ‘‘(c) TRANSLATION OF MORTGAGE DOCUMENTS.— 

8 With respect to each document published by the Federal 

9 Housing Finance Agency, the Bureau of Consumer Finan10 cial Protection, the Department of Housing and Urban 

11 Development, the Department of Veterans Affairs, and 

12 the Department of Agriculture and used in association 

13 with a residential mortgage loan, including origination and 

14 servicing documents, the Director of the Bureau of Con15 sumer Financial Protection and the Director of the Fed16 eral Housing Finance Agency shall jointly— 

17 ‘‘(1) not later than 180 days after the date of 

18 the enactment of this section, publish versions of 

19 such documents translated into each of the 8 lan20 guages most commonly spoken by individuals with 

21 limited English proficiency, as determined by the Di22 rector of the Bureau of Consumer Financial Protec23 tion using information published by the Director of 

24 the Bureau of the Census; and 


kjohnson on DSK79L0C42PROD with BILLS
18 

HR 2543 RFS

1 ‘‘(2) not later than 3 years after the date of the 

2 enactment of this section, publish versions of such 

3 documents translated into at least 4 additional lan4 guages spoken by individuals with limited English 

5 proficiency that are regionally prevalent in the 

6 United States, as determined by the Director of the 

7 Bureau of Consumer Financial Protection using in8 formation published by the Director of the Bureau 

9 of the Census. 

10 ‘‘(d) RULEMAKING.—The Director of the Bureau of 

11 Consumer Financial Protection shall, not later than 1 year 

12 after the date of the enactment of this section, issue regu13 lations to implement this section that shall take effect not 

14 later than 18 months after the date of the enactment of 

15 this section.’’. 

16 (b) REQUIREMENTS FOR SERVICERS.—Section 6 of 

17 the Real Estate Settlement Procedures Act of 1974 is 

18 amended by adding at the end the following: 

19 ‘‘(n) LANGUAGE ACCESS REQUIREMENTS.— 

20 ‘‘(1) IN GENERAL.— 

21 ‘‘(A) INCLUSION IN NOTICES.—Each 

22 servicer shall include the standard language 

23 preference form established by the Director of 

24 the Bureau under subsection (a) with— 


kjohnson on DSK79L0C42PROD with BILLS
19 

HR 2543 RFS

1 ‘‘(i) any notice required under section 

2 1024.39(b) of title 12, Code of Federal 

3 Regulations; 

4 ‘‘(ii) any notice required under section 

5 5(c); 

6 ‘‘(iii) any notice required under sec7 tion 1024.41(b)(2) of title 12, Code of 

8 Federal Regulations; 

9 ‘‘(iv) any notice required under sec10 tion 1024.41(c)(2)(iii) of title 12, Code of 

11 Federal Regulations; and 

12 ‘‘(v) any other additional notice as the 

13 Director of the Bureau of Consumer Fi14 nancial Protection determines necessary. 

15 ‘‘(B) INCLUSION OF DISCLOSURES.—A 

16 servicer may include with the standard lan17 guage preference form a disclosure stating that 

18 documents and services may not be available in 

19 the preferred language of the borrower indi20 cated by the consumer on the standard lan21 guage preference form. 

22 ‘‘(C) DOCUMENTATION AND TRANSFER OF

23 PREFERRED LANGUAGE INFORMATION.—If a 

24 servicer receives information about a language 

25 preference of a borrower through the standard 


kjohnson on DSK79L0C42PROD with BILLS
20 

HR 2543 RFS

1 language preference form from another servicer 

2 or creditor or from the borrower, such servicer 

3 shall document this language preference in each 

4 file or electronic file of information associated 

5 with such borrower. 

6 ‘‘(2) REQUIRED LANGUAGE SERVICES FOR

7 SERVICERS.— 

8 ‘‘(A) PROVISION OF TRANSLATED DOCU9 MENTS.—If a Federal agency, or a State or 

10 local agency in the State or locality in which 

11 the property securing the federally related 

12 mortgage loan is to be located has produced a 

13 translation of a document used in association 

14 with the servicing of a federally related mort15 gage loan in the preferred language of a bor16 rower as documented by the servicer pursuant 

17 to paragraph (1)(C), the servicer shall— 

18 ‘‘(i) provide such translated document 

19 in addition to any English version of such 

20 document that is provided to such bor21 rower; and 

22 ‘‘(ii) include a notice on the English 

23 and translated versions, in the preferred 

24 language of the borrower, indicating that 

25 the English version is the official and operVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
21 

HR 2543 RFS

1 ative document and the translated version 

2 is for informational purposes only. 

3 ‘‘(B) ORAL INTERPRETATION SERVICES.— 

4 ‘‘(i) IN GENERAL.—If a servicer re5 ceives information about a language pref6 erence of a borrower through the standard 

7 language preference form from another 

8 creditor or a servicer or from the borrower, 

9 such servicer shall provide oral interpreta10 tion to such borrower. 

11 ‘‘(ii) ORAL INTERPRETATION SERV12 ICES.—If a servicer is required under sub13 paragraph (A) to provide oral interpreta14 tion services to a borrower, such servicer— 

15 ‘‘(I) shall ensure qualified oral 

16 interpretation services, as defined by 

17 the Director of the Bureau, are made 

18 available in the preferred language of 

19 the borrower for all oral communica20 tions between the servicer and the 

21 borrower; and 

22 ‘‘(II) may provide such services 

23 through qualified staff of the borrower 

24 or a qualified third party. 


kjohnson on DSK79L0C42PROD with BILLS
22 

HR 2543 RFS

1 ‘‘(3) NOTICE OF AVAILABLE LANGUAGE SERV2 ICES.—If a servicer receives information about a 

3 language preference of a borrower through the 

4 standard language preference form from another 

5 creditor or a servicer or from the borrower, such 

6 servicer shall, not later than 30 business days after 

7 receiving such information and not less than 30 days 

8 before any foreclosure sale of the property secured 

9 by the federally related mortgage loan of the bor10 rower, notify such borrower in writing, in the pre11 ferred language of the borrower, of any language 

12 services available, including the services required 

13 under paragraph (2). 

14 ‘‘(4) TRANSFER OF LANGUAGE PREFERENCE

15 INFORMATION.—If a servicer transfers the servicing 

16 associated with a federally related mortgage loan, 

17 such servicer shall notify the transferee servicer at 

18 the time of the transfer of servicing of any known 

19 language preference of the borrower associated with 

20 such federally related mortgage loan. 

21 ‘‘(5) STANDARD LANGUAGE PREFERENCE FORM

22 DEFINED.—The term ‘standard language preference 

23 form’ means the standard language preference form 

24 established by the Director of the Bureau under sec25 tion 129I of the Truth in Lending Act. 


kjohnson on DSK79L0C42PROD with BILLS
23 

HR 2543 RFS

1 ‘‘(6) INFORMATION ON WEBSITE.—Each 

2 servicer shall publish on its website, in a clear and 

3 conspicuous manner— 

4 ‘‘(A) links to and information about the 

5 websites maintained by the Secretary of Hous6 ing and Urban Development and the Director 

7 of the Bureau of Consumer Financial Protec8 tion that identify housing counselors approved 

9 by the Department of Housing and Urban De10 velopment; and 

11 ‘‘(B) a link to and information about the 

12 language resources website established by the 

13 Director of the Bureau of Consumer Financial 

14 Protection, the Secretary of Housing and 

15 Urban Development, the Director of the Fed16 eral Housing Finance Agency, the Secretary of 

17 Agriculture, and the Secretary of Veterans Af18 fairs under section 312(f) of the Financial 

19 Services Racial Equity, Inclusion, and Eco20 nomic Justice Act. 

21 ‘‘(7) TRANSLATION OF MORTGAGE DOCU22 MENTS.—With respect to each document published 

23 by the Federal Housing Finance Agency and the 

24 Bureau of Consumer Financial Protection, and used 

25 in association with a federally related mortgage loan, 


kjohnson on DSK79L0C42PROD with BILLS
24 

HR 2543 RFS

1 including origination and servicing documents, the 

2 Director of the Bureau of Consumer Financial Pro3 tection and the Director of the Federal Housing Fi4 nance Agency shall, jointly— 

5 ‘‘(A) not later than 180 days after the date 

6 of the enactment of this section, publish 

7 versions of such documents translated into each 

8 of the 8 languages most commonly spoken by 

9 individuals with limited English proficiency, as 

10 determined by the Director of the Bureau of 

11 Consumer Financial Protection using informa12 tion published by the Director of the Bureau of 

13 the Census; and 

14 ‘‘(B) not later than 3 years after the date 

15 of the enactment of this section, publish 

16 versions of such documents translated into at 

17 least 4 additional languages spoken by individ18 uals with limited English proficiency that are 

19 regionally prevalent in the United States, as de20 termined by the Director of the Bureau of Con21 sumer Financial Protection using information 

22 published by the Director of the Bureau of the 

23 Census. 

24 ‘‘(8) RULEMAKING.—The Director of the Bu25 reau of Consumer Financial Protection shall issue 


kjohnson on DSK79L0C42PROD with BILLS
25 

HR 2543 RFS

1 regulations to implement this subsection. A final 

2 rule shall be issued by the Director not later than 

3 12 months after the date of enactment of this sub4 section, and the effective date shall be not later than 

5 18 months after the date of enactment of this sub6 section.’’. 

7 (c) CLERICAL AMENDMENT.—The table of sections 

8 in chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 

9 et seq) is amended by inserting after the item relating to 

10 section 129H the following: 

‘‘129I. Preferred language requirements.’’. 

11 (d) REPORT.—Not later than 1 year after the date 

12 of the enactment of this section, and each year thereafter, 

13 the Director of the Bureau of Consumer Financial Protec14 tion, the Secretary of Housing and Urban Development, 

15 the Director of the Federal Housing Finance Agency, the 

16 Secretary of Agriculture, and the Secretary of Veterans 

17 Affairs shall submit a report to the Congress that con18 tains— 

19 (1) regulatory recommendations to enhance 

20 mortgage origination and servicing processes for per21 sons with a preferred language that is not English; 

22 (2) a description of any legislative changes 

23 needed to provide authority necessary to implement 

24 the regulatory recommendations; and 


kjohnson on DSK79L0C42PROD with BILLS
26 

HR 2543 RFS

1 (3) a description of any progress on the imple2 mentation of any legislative or regulatory rec3 ommendation made in a previous report. 

4 (e) COMMUNITY FINANCIAL INSTITUTIONS RE5 PORT.—Not later than 2 years after the date of the enact6 ment of this Act, the Comptroller General of the United 

7 States shall study and report to Congress on the effects 

8 of the implementation of this section and the amendments 

9 made by this section on insured depository institutions 

10 with less than $10,000,000,000 in total assets, and the 

11 communities they serve, along with any regulatory or leg12 islative recommendations to advance the purposes of this 

13 section. 

14 (f) LANGUAGE RESOURCE WEBSITE.— 

15 (1) IN GENERAL.—The Director of the Bureau 

16 of Consumer Financial Protection, the Secretary of 

17 Housing and Urban Development, the Director of 

18 the Federal Housing Finance Agency, the Secretary 

19 of Agriculture, and the Secretary of Veterans Affairs 

20 shall jointly not later than 1 year after the date of 

21 the enactment of this section establish and maintain 

22 a website that provides language resources for credi23 tors, servicers, and consumers. 

24 (2) WEBSITE REQUIREMENTS.—The website de25 veloped pursuant to paragraph (1) shall include— 


kjohnson on DSK79L0C42PROD with BILLS
27 

HR 2543 RFS

1 (A) the translations of documents pub2 lished pursuant to section 129I(c) of the Truth 

3 in Lending Act and section 6(n)(7) of the Real 

4 Estate Settlement Procedures Act of 1974; 

5 (B) a glossary of terms relating to residen6 tial mortgage loans and federally related mort7 gage loans, provided in each commonly spoken 

8 language; 

9 (C) guidance for creditors and servicers 

10 working with persons who have a preferred lan11 guage that is not English; and 

12 (D) examples of notices that may be used 

13 by creditors and servicers to inform persons of 

14 available language services, provided in accord15 ance with section 6(n)(2) of the Real Estate 

16 Settlement Procedures Act of 1974 and section 

17 129I of the Truth in Lending Act. 

18 (g) ADVISORY GROUP.— 

19 (1) IN GENERAL.—The Director of the Bureau 

20 of Consumer Financial Protection shall establish an 

21 advisory group consisting of stakeholders, including 

22 industry groups, consumer groups, civil rights 

23 groups, and groups that have experience improving 

24 language access in housing finance transactions, to 

25 provide advice to the Director about— 


kjohnson on DSK79L0C42PROD with BILLS
28 

HR 2543 RFS

1 (A) issues that arise relating to mortgage 

2 origination and servicing processes for persons 

3 with a preferred language that is not English; 

4 (B) the development of the standard lan5 guage preference form by the Director under 

6 section 129I(a) of the Truth in Lending Act; 

7 and 

8 (C) updates to the language resource 

9 website established by the Director, the Sec10 retary of Housing and Urban Development, the 

11 Director of the Federal Housing Finance Agen12 cy, the Secretary of Agriculture, and the Sec13 retary of Veterans Affairs under subsection (f). 

14 (2) REQUIRED CONSULTING.—The Director of 

15 the Bureau of Consumer Financial Protection shall 

16 consult with the advisory group established pursuant 

17 to paragraph (1) with respect to any issues that 

18 arise relating to mortgage origination and servicing 

19 processes for persons with a preferred language that 

20 is not English. 

21 (h) HOUSING COUNSELING AGENCY LANGUAGE RE22 SOURCES.— 

23 (1) ENHANCED SEARCH CAPABILITIES.—Not 

24 later than 1 year after the date of the enactment of 

25 this section— 


kjohnson on DSK79L0C42PROD with BILLS
29 

HR 2543 RFS

1 (A) the Secretary shall update the website 

2 maintained by the Secretary that identifies 

3 housing counselors approved by the Department 

4 of Housing and Urban Development, to allow 

5 for searching for housing counseling agencies 

6 based on provided language services; and 

7 (B) the Director shall update the website 

8 maintained by the Director that identifies hous9 ing counselors approved by the Secretary to 

10 allow for searching for housing counseling agen11 cies based on provided language services. 

12 (2) AUTHORIZATION OF APPROPRIATIONS.— 

13 There is authorized to be appropriated to the Sec14 retary of Housing and Urban Development, such 

15 sums as are necessary to support language training 

16 for housing counselors, housing counseling agencies, 

17 and staff that are approved by the Secretary. 

18 (i) DEFINITIONS.—In this section: 

19 (1) CREDITOR.—The term ‘‘creditor’’ has the 

20 meaning given the term in section 103 of the Truth 

21 in Lending Act and shall include any assignee of a 

22 creditor. 

23 (2) DIRECTOR.—The term ‘‘Director’’ means 

24 the Director of the Bureau of Consumer Financial 

25 Protection. 


kjohnson on DSK79L0C42PROD with BILLS
30 

HR 2543 RFS

1 (3) SECRETARY.—The term ‘‘Secretary’’ means 

2 the Secretary of Housing and Urban Development. 

3 (4) SERVICER.—The term ‘‘servicer’’ has the 

4 meaning given the term in section 6(i) of the Real 

5 Estate Settlement Procedures Act of 1974. 

6 (5) RESIDENTIAL MORTGAGE LOAN.—The term 

7 ‘‘residential mortgage loan’’ has the meaning given 

8 the term in section 103 of the Truth in Lending 

9 Act. 

10 (6) FEDERALLY RELATED MORTGAGE LOAN.— 

11 The term ‘‘federally related mortgage loan’’ has the 

12 meaning given the term in section 3 of the Real Es13 tate Settlement Procedures Act of 1974. 

14 Subtitle B—Fair Lending for All 

15 SEC. 321. OFFICE OF FAIR LENDING TESTING. 

16 (a) ESTABLISHMENT.—There is established within 

17 the Bureau of Consumer Financial Protection an Office 

18 of Fair Lending Testing (hereinafter referred to as the 

19 ‘‘Office’’). 

20 (b) DIRECTOR.—The head of the Office shall be a 

21 Director, who shall— 

22 (1) be appointed to a 5-year term by, and re23 port to, the Director of the Bureau of Consumer Fi24 nancial Protection; 


kjohnson on DSK79L0C42PROD with BILLS
31 

HR 2543 RFS

1 (2) appoint and fix the compensation of such 

2 employees as are necessary to carry out the duties 

3 of the Office under this section; and 

4 (3) provide an estimated annual budget to the 

5 Director of the Bureau of Consumer Financial Pro6 tection. 

7 (c) CIVIL SERVICE POSITION.—The position of the 

8 Director shall be a career position within the civil service. 

9 (d) TESTING.— 

10 (1) IN GENERAL.—The Office, in consultation 

11 with the Attorney General and the Secretary of 

12 Housing and Urban Development, shall conduct 

13 testing of compliance with the Equal Credit Oppor14 tunity Act by creditors, through the use of individ15 uals who, without any bona fide intent to receive a 

16 loan, pose as prospective borrowers for the purpose 

17 of gathering information. 

18 (2) REFERRAL OF VIOLATIONS.—If, in carrying 

19 out the testing described under paragraph (1), the 

20 Office believes a person has violated the Equal Cred21 it Opportunity Act, the Office shall refer such viola22 tion in writing to the Attorney General for appro23 priate action. 

24 (e) REPORT TO CONGRESS.—Section 707 of the 

25 Equal Credit Opportunity Act (15 U.S.C. 1691f) is 


kjohnson on DSK79L0C42PROD with BILLS
32 

HR 2543 RFS

1 amended by adding at the end the following: ‘‘In addition, 

2 each report of the Bureau shall include an analysis of the 

3 testing carried out pursuant to section 321 of the Finan4 cial Services Racial Equity, Inclusion, and Economic Jus5 tice Act, and each report of the Bureau and the Attorney 

6 General shall include a summary of criminal enforcement 

7 actions taken under section 706A.’’. 

8 SEC. 322. PROHIBITION ON CREDIT DISCRIMINATION. 

9 (a) IN GENERAL.—Subsection (a) of section 701 of 

10 the Equal Credit Opportunity Act (15 U.S.C. 1691) is 

11 amended to read as follows: 

12 ‘‘(a) It shall be unlawful to discriminate against any 

13 person, with respect to any aspect of a credit trans14 action— 

15 ‘‘(1) on the basis of race, color, religion, na16 tional origin, sex (including sexual orientation and 

17 gender identity), marital status, age (provided the 

18 applicant has the capacity to contract), or disability 

19 (as such term is defined in section 3 of the Ameri20 cans with Disabilities Act of 1990); 

21 ‘‘(2) on the basis of the person’s zip code, or 

22 census tract; 

23 ‘‘(3) because all or part of the person’s income 

24 derives from any public assistance program; or 


kjohnson on DSK79L0C42PROD with BILLS
33 

HR 2543 RFS

1 ‘‘(4) because the person has in good faith exer2 cised any right under the Consumer Credit Protec3 tion Act.’’. 

4 (b) REMOVAL OF CERTAIN REFERENCES TO CREDI5 TORS AND APPLICANTS AND DEFINITION ADDED.—The 

6 Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.) 

7 is amended— 

8 (1) in section 701(b)— 

9 (A) by striking ‘‘applicant’’ each place 

10 such term appears and inserting ‘‘person’’; and 

11 (B) in paragraph (2), by striking ‘‘appli12 cant’s’’ each place such term appears and in13 serting ‘‘person’s’’; 

14 (2) in section 702— 

15 (A) by redesignating subsection (g) as sub16 section (h); and 

17 (B) by inserting after subsection (f) the 

18 following: 

19 ‘‘(g) The term ‘aggrieved person’ includes any person 

20 who— 

21 ‘‘(1) claims to have been injured by a discrimi22 natory credit practice; or 

23 ‘‘(2) believes that such person will be injured by 

24 a discriminatory credit practice.’’; 

25 (3) in section 704A— 


kjohnson on DSK79L0C42PROD with BILLS
34 

HR 2543 RFS

1 (A) in subsection (b)(1), by striking ‘‘ap2 plicant’’ each place such term appears and in3 serting ‘‘aggrieved person’’; and 

4 (B) in subsection (c), by striking ‘‘appli5 cant’’ and inserting ‘‘aggrieved person’’; 

6 (4) in section 705— 

7 (A) by striking ‘‘the applicant’’ each place 

8 such term appears and inserting ‘‘persons’’; and 

9 (B) in subsection (a)— 

10 (i) by striking ‘‘a creditor to take’’ 

11 and inserting ‘‘taking’’; and 

12 (ii) by striking ‘‘applicant’’ and insert13 ing ‘‘person’’; and 

14 (5) in section 706— 

15 (A) by striking ‘‘creditor’’ each place such 

16 term appears and inserting ‘‘person’’; 

17 (B) by striking ‘‘creditor’s’’ each place 

18 such term appears and inserting ‘‘person’s’’; 

19 (C) by striking ‘‘creditors’’ each place such 

20 term appears and inserting ‘‘persons’’; and 

21 (D) in subsection (f), by striking ‘‘appli22 cant’’ and inserting ‘‘aggrieved person’’. 

23 (c) ECOA DEFINITIONS.—Section 702 of the Equal 

24 Credit Opportunity Act (15 U.S.C. 1691a), as amended 


kjohnson on DSK79L0C42PROD with BILLS
35 

HR 2543 RFS

1 by subsection (b), is further amended by adding at the 

2 end the following: 

3 ‘‘(h) The term ‘gender identity’ means the gender4 related identity, appearance, mannerisms, or other gender5 related characteristics of an individual, regardless of the 

6 individual’s designated sex at birth. 

7 ‘‘(i) The term ‘sex’ includes— 

8 ‘‘(1) a sex stereotype; 

9 ‘‘(2) pregnancy, childbirth, or a related medical 

10 condition; 

11 ‘‘(3) sexual orientation or gender identity; and 

12 ‘‘(4) sex characteristics, including intersex 

13 traits. 

14 ‘‘(j) The term ‘sexual orientation’ means homosex15 uality, heterosexuality, or bisexuality. 

16 ‘‘(k) The term ‘race’, ‘color’, ‘religion’, ‘national ori17 gin’, ‘sex’ (including ‘sexual orientation’ and ‘gender iden18 tity’), ‘marital status’, or ‘age’, used with respect to an 

19 individual, includes— 

20 ‘‘(1) the race, color, religion, national origin, 

21 sex (including sexual orientation and gender iden22 tity), marital status, or age, respectively, of another 

23 person with whom the individual is associated or has 

24 been associated; and 


kjohnson on DSK79L0C42PROD with BILLS
36 

HR 2543 RFS

1 ‘‘(2) a perception or belief, even if inaccurate, 

2 concerning the race, color, religion, national origin, 

3 sex (including sexual orientation and gender iden4 tity), marital status, or age, respectively, of the indi5 vidual.’’. 

6 (d) RULES OF CONSTRUCTION.—Section 701 of the 

7 Equal Credit Opportunity Act (15 U.S.C. 1691) is amend8 ed by adding at the end the following: 

9 ‘‘(f) RULES OF CONSTRUCTION.— 

10 ‘‘(1) CLAIMS AND REMEDIES NOT PRE11 CLUDED.—Nothing in this title shall be construed to 

12 limit the claims or remedies available to any indi13 vidual for an unlawful practice on the basis of race, 

14 color, religion, sex (including sexual orientation and 

15 gender identity), or national origin, including claims 

16 brought pursuant to section 1979 or 1980 of the Re17 vised Statutes (42 U.S.C. 1983, 1985) or any other 

18 law, including a Federal law, regulation, or policy. 

19 ‘‘(2) NO NEGATIVE INFERENCE.—Nothing in 

20 this title shall be construed to support any inference 

21 that any Federal law prohibiting a practice on the 

22 basis of sex does not prohibit discrimination on the 

23 basis of pregnancy, childbirth, or a related medical 

24 condition, sexual orientation, gender identity, or a 

25 sex stereotype.’’. 


kjohnson on DSK79L0C42PROD with BILLS
37 

HR 2543 RFS

1 SEC. 323. CRIMINAL PENALTIES FOR VIOLATIONS OF THE 

2 EQUAL CREDIT OPPORTUNITY ACT. 

3 (a) IN GENERAL.—The Equal Credit Opportunity 

4 Act (15 U.S.C. 1691 et seq.) is amended by inserting after 

5 section 706 the following: 

6 ‘‘§ 706A. Criminal penalties 

7 ‘‘(a) INDIVIDUAL VIOLATIONS.—Any person who 

8 knowingly and willfully violates this title shall be fined not 

9 more than $50,000, or imprisoned not more than 1 year, 

10 or both. 

11 ‘‘(b) PATTERN OR PRACTICE.— 

12 ‘‘(1) IN GENERAL.—Any person who engages in 

13 a pattern or practice of knowingly and willfully vio14 lating this title shall be fined not more than 

15 $100,000 for each violation of this title, or impris16 oned not more than twenty years, or both. 

17 ‘‘(2) PERSONAL LIABILITY OF EXECUTIVE OFFI18 CERS AND DIRECTORS OF THE BOARD.—Any execu19 tive officer or director of the board of an entity who 

20 knowingly and willfully causes the entity to engage 

21 in a pattern or practice of knowingly and willfully 

22 violating this title (or who directs another agent, 

23 senior officer, or director of the entity to commit 

24 such a violation or engage in such acts that result 

25 in the director or officer being personally unjustly 

26 enriched) shall be— 


kjohnson on DSK79L0C42PROD with BILLS
38 

HR 2543 RFS

1 ‘‘(A) fined in an amount not to exceed 100 

2 percent of the compensation (including stock 

3 options awarded as compensation) received by 

4 such officer or director from the entity— 

5 ‘‘(i) during the time period in which 

6 the violations occurred; or 

7 ‘‘(ii) in the one to three year time pe8 riod preceding the date on which the viola9 tions were discovered; and 

10 ‘‘(B) imprisoned for not more than 5 

11 years.’’. 

12 (b) CLERICAL AMENDMENT.—The table of contents 

13 for the Equal Credit Opportunity Act (15 U.S.C. 1691 

14 et seq.) is amended by inserting after the item relating 

15 to section 706 the following: 

‘‘706A. Criminal penalties.’’. 

16 SEC. 324. REVIEW OF LOAN APPLICATIONS. 

17 (a) IN GENERAL.—Subtitle C of the Consumer Fi18 nancial Protection Act of 2010 (12 U.S.C. 5531 et seq.) 

19 is amended by adding at the end the following: 

20 ‘‘SEC. 1038. REVIEW OF LOAN APPLICATIONS. 

21 ‘‘(a) IN GENERAL.—The Bureau shall carry out re22 views of loan applications and the process of taking loan 

23 applications being used by covered persons to ensure such 

24 applications and processes do not violate the Equal Credit 


kjohnson on DSK79L0C42PROD with BILLS
39 

HR 2543 RFS

1 Opportunity Act or any other Federal consumer financial 

2 law. 

3 ‘‘(b) PROHIBITION AND ENFORCEMENT.—If the Bu4 reau determines under subsection (a) that any loan appli5 cation or process of taking a loan application violates the 

6 Equal Credit Opportunity Act or any other Federal con7 sumer financial law, the Bureau shall— 

8 ‘‘(1) prohibit the covered person from using 

9 such application or process; and 

10 ‘‘(2) take such enforcement or other actions 

11 with respect to the covered person as the Bureau de12 termines appropriate.’’. 

13 (b) CLERICAL AMENDMENT.—The table of contents 

14 in section 1 of the Dodd-Frank Wall Street Reform and 

15 Consumer Protection Act is amended by inserting after 

16 the item relating to section 1037 the following: 

‘‘Sec. 1038. Review of loan applications.’’. 

17 SEC. 325. MORTGAGE DATA COLLECTION. 

18 (a) IN GENERAL.—Section 304(b)(4) of the Home 

19 Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(b)(4)) 

20 is amended by striking ‘‘census tract, income level, racial 

21 characteristics, age, and gender’’ and inserting ‘‘the appli22 cant or borrower’s zip code, census tract, income level, 

23 race, color, religion, national origin, sex, marital status, 

24 sexual orientation, gender identity, disability status, vet25 eran status, and age’’. 


kjohnson on DSK79L0C42PROD with BILLS
40 

HR 2543 RFS

1 (b) PROTECTION OF PRIVACY INTERESTS.—Section 

2 304(h)(3)(A) of the Home Mortgage Disclosure Act of 

3 1975 (12 U.S.C. 2803(h)(3)(A)) is amended— 

4 (1) in clause (i), by striking ‘‘and’’ at the end; 

5 (2) by redesignating clause (ii) as clause (iii); 

6 and 

7 (3) by inserting after clause (i) the following: 

8 ‘‘(ii) zip code, census tract, and any 

9 other category of data described in sub10 section (b)(4), as the Bureau determines to 

11 be necessary to satisfy the purpose de12 scribed in paragraph (1)(E), and in a man13 ner consistent with that purpose; and’’. 

14 Subtitle C—Promoting and Advanc15 ing Communities of Color 

16 Through Inclusive Lending 

17 SEC. 331. STRENGTHENING DIVERSE AND MISSION-DRIVEN 

18 COMMUNITY FINANCIAL INSTITUTIONS. 

19 (a) MINORITY LENDING INSTITUTION SET-ASIDE IN

20 PROVIDING ASSISTANCE.— 

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

22 Community Development and Regulatory Improve23 ment Act of 1994 (12 U.S.C. 4707) is amended by 

24 adding at the end the following: 


kjohnson on DSK79L0C42PROD with BILLS
41 

HR 2543 RFS

1 ‘‘(i) SUPPORTING MINORITY INSTITUTIONS.—Not2 withstanding any other provision of law, in providing any 

3 assistance to community development financial institu4 tions, the Fund shall reserve 40 percent of such assistance 

5 for minority lending institutions.’’. 

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

7 Community Development and Regulatory Improve8 ment Act of 1994 (12 U.S.C. 4702) is amended by 

9 adding at the end the following: 

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

11 term ‘minority lending institution’ has the meaning 

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

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

14 (b) OFFICE OF MINORITY LENDING INSTITU15 TIONS.—Section 104 of the Riegle Community Develop16 ment and Regulatory Improvement Act of 1994 (12 

17 U.S.C. 4703) is amended by adding at the end the fol18 lowing: 

19 ‘‘(l) CDFI OFFICE OF MINORITY LENDING INSTITU20 TIONS.—There is established within the Fund an Office 

21 of Minority Lending Institutions, which shall oversee as22 sistance provided by the Fund to minority lending institu23 tions.’’. 

24 (c) REPORTING ON MINORITY LENDING INSTITU25 TIONS.—Section 117 of the Riegle Community DevelopVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00041 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
42 

HR 2543 RFS

1 ment and Regulatory Improvement Act of 1994 (12 

2 U.S.C. 4716) is amended by adding at the end the fol3 lowing: 

4 ‘‘(g) REPORTING ON MINORITY LENDING INSTITU5 TIONS.—Each report required under subsection (a) shall 

6 include a description of the extent to which assistance 

7 from the Fund are provided to minority lending institu8 tions.’’. 

9 (d) SUBMISSION OF DEMOGRAPHIC DATA RELATING

10 TO DIVERSITY BY COMMUNITY DEVELOPMENT FINAN11 CIAL INSTITUTIONS.—Section 104 of the Riegle Commu12 nity Development and Regulatory Improvement Act of 

13 1994 (12 U.S.C. 4703), as amended by subsection (b), 

14 is further amended by adding at the end the following: 

15 ‘‘(m) SUBMISSION OF DEMOGRAPHIC DATA RELAT16 ING TO DIVERSITY.— 

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

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

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

20 title 17, Code of Federal Regulations, as in ef21 fect on the date of enactment of this subsection; 

22 ‘‘(B) the term ‘gender identity’ means the 

23 gender-related identity, appearance, manner24 isms, or other gender-related characteristics of 


kjohnson on DSK79L0C42PROD with BILLS
43 

HR 2543 RFS

1 an individual, regardless of the individual’s des2 ignated sex at birth; 

3 ‘‘(C) the term ‘sexual orientation’ means 

4 homosexuality, heterosexuality, or bisexuality; 

5 and 

6 ‘‘(D) the term ‘veteran’ has the meaning 

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

8 States Code. 

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

10 applicant and recipient shall provide data regarding 

11 such factors as may be determined by the Fund, 

12 which may include the following: 

13 ‘‘(A) Demographic data, based on vol14 untary self-identification, on the racial, ethnic, 

15 gender identity, and sexual orientation composi16 tion of— 

17 ‘‘(i) the board of directors of the insti18 tution; and 

19 ‘‘(ii) the executive officers of the insti20 tution. 

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. 


kjohnson on DSK79L0C42PROD with BILLS
44 

HR 2543 RFS

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) REPORT TO CONGRESS.—Not later than 

14 24 months after the date of enactment of this sub15 section, and every other year thereafter, the Fund 

16 shall submit to the Committee on Banking, Housing, 

17 and Urban Affairs of the Senate and the Committee 

18 on Financial Services of the House of Representa19 tives, and make publicly available on the website of 

20 the Fund, a report— 

21 ‘‘(A) on the demographic data and trends 

22 of the diversity information made available pur23 suant to paragraph (2), including breakdowns 

24 by each State (including the District of ColumVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00044 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
45 

HR 2543 RFS

1 bia and each territory of the United States) and 

2 Tribal government entity; and 

3 ‘‘(B) containing any administrative or leg4 islative recommendations of the Fund to en5 hance the implementation of this title or to pro6 mote diversity and inclusion within community 

7 development financial institutions.’’. 

8 (e) OFFICE OF DIVERSE AND MISSION-DRIVEN COM9 MUNITY FINANCIAL INSTITUTIONS.— 

10 (1) ESTABLISHMENT.—There is established 

11 within the Department of the Treasury the Office of 

12 Diverse and Mission-Driven Community Financial 

13 Institutions. 

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

15 Mission-Driven Community Financial Institutions 

16 shall be led by a Deputy Assistant Secretary for Di17 verse and Mission-Driven Community Financial In18 stitutions, who shall be appointed by the Secretary 

19 of the Treasury, in consultation with the Depart20 ment of the Treasury’s Director of Office of Minor21 ity and Women Inclusion. 

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

23 Mission-Driven Community Financial Institutions, 

24 pursuant to the direction of the Secretary, shall seek 

25 to provide support for diverse and mission-driven 


kjohnson on DSK79L0C42PROD with BILLS
46 

HR 2543 RFS

1 community financial institutions and have the au2 thority— 

3 (A) to monitor and issue reports regard4 ing— 

5 (i) community development financial 

6 institutions, minority depository institu7 tions, and minority lending institutions; 

8 and 

9 (ii) the role such institutions play in 

10 the financial system of the United States, 

11 including the impact they have on pro12 viding financial access to low- and mod13 erate-income communities, communities of 

14 color, and other underserved communities; 

15 (B) to serve as a resource and Federal liai16 son for current and prospective community de17 velopment financial institutions, minority depos18 itory institutions, and minority lending institu19 tions seeking to engage with the Department of 

20 the Treasury, the Community Development Fi21 nancial Institutions Fund (‘‘CDFI Fund’’), 

22 other Federal government agencies, including 

23 by providing contact information for other of24 fices of the Department of the Treasury or 

25 other Federal Government agencies, resources, 


kjohnson on DSK79L0C42PROD with BILLS
47 

HR 2543 RFS

1 technical assistance, or other support for enti2 ties wishing— 

3 (i) to become certified as a community 

4 development financial institution, and 

5 maintain the certification; 

6 (ii) to obtain a banking charter, de7 posit insurance, or otherwise carry on 

8 banking activities in a safe, sound, and re9 sponsible manner; 

10 (iii) to obtain financial support 

11 through private sector deposits, invest12 ments, partnerships, and other means; 

13 (iv) to expand their operations 

14 through internal growth and acquisitions; 

15 (v) to develop and upgrade their tech16 nology, cybersecurity resilience, compliance 

17 systems, data reporting systems, and their 

18 capacity to support their communities, in19 cluding through partnerships with third20 party companies; 

21 (vi) to obtain grants, awards, invest22 ments and other financial support made 

23 available through the CDFI Fund, the 

24 Board of Governors of the Federal Reserve 

25 System, the Central Liquidity Facility, the 


kjohnson on DSK79L0C42PROD with BILLS
48 

HR 2543 RFS

1 Federal Home Loan Banks, and other 

2 Federal programs; 

3 (vii) to participate as a financial inter4 mediary with respect to various Federal 

5 and State programs and agencies, includ6 ing the State Small Business Credit Initia7 tive and programs of the Small Business 

8 Administration; and 

9 (viii) to participate in Financial Agent 

10 Mentor-Prote ́ge ́ Program of the Depart11 ment of the Treasury and other Federal 

12 programs designed to support private sec13 tor partnerships; 

14 (C) to provide resources to the public wish15 ing to learn more about minority depository in16 stitutions, community development financial in17 stitutions, and minority lending institutions, in18 cluding helping the Secretary implement the re19 quirements under section 334, publishing re20 ports issued by the Office on the website of the 

21 Department of the Treasury and providing 

22 hyperlinks to other relevant reports and mate23 rials from other Federal agencies; 

24 (D) to provide policy recommendations to 

25 other relevant Federal agencies and Congress 


kjohnson on DSK79L0C42PROD with BILLS
49 

HR 2543 RFS

1 on ways to further strengthen Federal support 

2 for community development financial institu3 tions, minority depository institutions, and mi4 nority lending institutions; 

5 (E) to assist the Secretary in carrying out 

6 the Secretary’s responsibilities under section 

7 308 of the Financial Institutions Reform, Re8 covery, and Enforcement Act of 1989 (12 

9 U.S.C. 1463 note) to preserve and promote mi10 nority depository institutions in consultation 

11 with the Chairman of the Board of Governors 

12 of the Federal Reserve System, the Comptroller 

13 of the Currency, the Chairman of the National 

14 Credit Union Administration, and the Chair15 person of the Board of Directors of the Federal 

16 Deposit Insurance Corporation; 

17 (F) to carry out other duties of the Sec18 retary of the Treasury required by this Act and 

19 the amendments made by this Act, and to per20 form such other duties and authorities as may 

21 be assigned by the Secretary. 

22 (f) STRENGTHENING FEDERAL EFFORTS AND

23 INTERAGENCY COORDINATION TO PROMOTE DIVERSE

24 AND MISSION-DRIVEN COMMUNITY FINANCIAL INSTITU25 TIONS.— 


kjohnson on DSK79L0C42PROD with BILLS
50 

HR 2543 RFS

1 (1) SENIOR OFFICIALS DESIGNATED.—The 

2 Chairman of the Board of Governors of the Federal 

3 Reserve System, the Comptroller of the Currency, 

4 the Chairman of the National Credit Union Admin5 istration, the Chairperson of the Board of Directors 

6 of the Federal Deposit Insurance Corporation, and 

7 the Director of the Bureau of Consumer Financial 

8 Protection shall each, in consultation with their re9 spective Director of Office of Minority and Women 

10 Inclusion, designate a senior official to be their re11 spective agency’s officer responsible for promoting 

12 minority depository institutions, community develop13 ment financial institutions, and minority lending in14 stitutions, including to fulfill obligations under sec15 tion 308 of the Financial Institutions Reform, Re16 covery, and Enforcement Act of 1989 (12 U.S.C. 

17 1463 note) to preserve and promote minority deposi18 tory institutions. 

19 (2) INTERAGENCY WORKING GROUP.—The De20 partment of the Treasury shall regularly convene 

21 meetings, no less than once a quarter, of an inter22 agency working group to be known as the ‘‘Inter23 agency Working Group to Promote Diverse and Mis24 sion-Driven Community Financial Institutions’’, 

25 which shall consist of the senior officials designated 


kjohnson on DSK79L0C42PROD with BILLS
51 

HR 2543 RFS

1 by their respective agencies under paragraph (1), 

2 along with the Deputy Assistant Secretary for Di3 verse and Mission-Driven Community Financial In4 stitutions, the Director of the Community Develop5 ment Financial Institutions Fund, and such other 

6 government officials as the Secretary of the Treas7 ury may choose to invite, to examine and discuss the 

8 state of minority depository institutions, community 

9 development financial institutions, and minority 

10 lending institutions, and actions the relevant agen11 cies can take to preserve, promote, and strengthen 

12 these institutions. 

13 (3) PROMOTING FAIR HOUSING AND COLLEC14 TIVE OWNERSHIP OPPORTUNITIES.— 

15 (A) INITIAL REPORT.—Not later than 18 

16 months after the date of the enactment of this 

17 subsection, the Secretary of Treasury, jointly 

18 with the Secretary of Housing and Urban De19 velopment, shall issue a report to the covered 

20 agencies and the Congress examining different 

21 ways financial institutions, including community 

22 development financial institutions, can affirma23 tively further fair housing and be encouraged 

24 and incentivized to carry out activities that ex25 pand long-term wealth-building opportunities 


kjohnson on DSK79L0C42PROD with BILLS
52 

HR 2543 RFS

1 within low-income and minority communities 

2 that support collective ownership opportunities, 

3 including through investments in worker co4 operatives, consumer cooperatives, community 

5 land trusts, not-for-profit-led shared equity 

6 homeownership, and limited-equity cooperatives, 

7 and to provide recommendations to the covered 

8 agencies and the Congress in the furtherance of 

9 these objectives. 

10 (B) PROGRESS UPDATES.—Beginning not 

11 later than three years after the date of the en12 actment of this subsection, and every five years 

13 thereafter, the Secretary of the Treasury and 

14 the Secretary of Housing and Urban Develop15 ment shall, after receiving the necessary up16 dates from the covered agencies, issue a report 

17 examining the progress made on implementing 

18 relevant recommendations, and providing any 

19 additional recommendations to the covered 

20 agencies and the Congress in furtherance of the 

21 objectives under subparagraph (A). 

22 (C) COVERED AGENCIES.—For purposes of 

23 this subsection, the term ‘‘covered agencies’’ 

24 means the Community Development Financial 

25 Institutions Fund, the Department of Housing 


kjohnson on DSK79L0C42PROD with BILLS
53 

HR 2543 RFS

1 and Urban Development. the Board of Gov2 ernors of the Federal Reserve System, the Fed3 eral Deposit Insurance Corporation, the Office 

4 of the Comptroller of the Currency, the Na5 tional Credit Union Administration, and the 

6 Federal Housing Finance Agency. 

7 (4) ANNUAL REPORT TO CONGRESS.—Not later 

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

9 subsection, and annually thereafter, the Secretary of 

10 the Treasury, the Chairman of the Board of Gov11 ernors of the Federal Reserve System, the Comp12 troller of the Currency, the Chairman of the Na13 tional Credit Union Administration, the Chairperson 

14 of the Board of Directors of the Federal Deposit In15 surance Corporation, and the Director of the Bureau 

16 of Consumer Financial Protection shall submit a 

17 joint report to the Committee on Financial Services 

18 of the House of Representatives and the Committee 

19 on Banking, Housing, and Urban Affairs of the Sen20 ate regarding the work that has been done the prior 

21 year to preserve, promote, and strengthen commu22 nity development financial institutions, minority de23 pository institutions, and minority lending institu24 tions, along with any policy recommendations on ac25 tions various government agencies and Congress 


kjohnson on DSK79L0C42PROD with BILLS
54 

HR 2543 RFS

1 should take to preserve, promote, and strengthen 

2 community development financial institutions, mi3 nority depository institutions, and minority lending 

4 institutions. 

5 SEC. 332. CAPITAL INVESTMENTS, GRANTS, AND TECH6 NOLOGY SUPPORT FOR MDIS AND CDFIS. 

7 (a) AUTHORIZATION OF APPROPRIATION.—There is 

8 authorized to be appropriated to the Emergency Capital 

9 Investment Fund $4,000,000,000. Such funds may be 

10 used for administrative expenses of the Department of the 

11 Treasury. 

12 (b) CONFORMING AMENDMENTS TO ALLOW FOR AD13 DITIONAL PURCHASES OF CAPITAL.—Section 104A of the 

14 Riegle Community Development and Regulatory Improve15 ment Act of 1994 (12 U.S.C. 4703a) is amended— 

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

17 and 

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

19 (c) USE OF FUNDS FOR CDFI FINANCIAL AND

20 TECHNICAL ASSISTANCE.—Section 104A of the Riegle 

21 Community Development and Regulatory Improvement 

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

23 the end the following: 

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

25 TECHNICAL ASSISTANCE.—The Secretary shall transfer 


kjohnson on DSK79L0C42PROD with BILLS
55 

HR 2543 RFS

1 no less than $1,000,000,000 in the Emergency Capital In2 vestment Fund to the Fund for the purpose of providing 

3 financial and technical assistance grants to community de4 velopment financial institutions certified by the Secretary. 

5 The Fund shall provide such grants using a formula that 

6 takes into account criteria such as certification status, fi7 nancial and compliance performance, portfolio and balance 

8 sheet strength, diversity of CDFI business model types, 

9 and program capacity.’’. 

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

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

13 (A) STUDY.—The Secretary of the Treas14 ury shall carry out a study on the technology 

15 challenges impacting minority depository insti16 tutions and community development financial 

17 institutions with respect to— 

18 (i) internal technology capabilities and 

19 capacity of the institutions to process loan 

20 applications and otherwise serve current 

21 and potential customers through the inter22 net, mobile phone applications, and other 

23 tools; 

24 (ii) technology capabilities and capac25 ity of the institutions, provided in partnerVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00055 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
56 

HR 2543 RFS

1 ship with third party companies, to process 

2 loan applications and otherwise serve cur3 rent and potential customers through the 

4 internet, mobile phone applications, and 

5 other tools; 

6 (iii) cybersecurity; and 

7 (iv) challenges and solutions related to 

8 algorithmic bias in the deployment of tech9 nology. 

10 (B) REPORT.—Not later than 18 months 

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. 


kjohnson on DSK79L0C42PROD with BILLS
57 

HR 2543 RFS

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 experience; 

18 (III) provide additional services 

19 to customers; 

20 (IV) facilitate compliance with 

21 applicable laws, regulations, and pro22 gram requirements, including testing 

23 to ensure that the use of technology 

24 does not result in discrimination, and 


kjohnson on DSK79L0C42PROD with BILLS
58 

HR 2543 RFS

1 helping to satisfy data reporting re2 quirements; 

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

6 (VI) reduce the unbanked and 

7 underbanked population; or 

8 (ii) carry out such other activities as 

9 the Secretary determines appropriate. 

10 (3) FUNDING.—The Secretary may use 

11 amounts in the Emergency Capital Investment Fund 

12 to implement and make grants under paragraph (2), 

13 but not to exceed $250,000,000 in the aggregate. 

14 (4) DEFINITIONS.—In this subsection, the 

15 terms ‘‘community development financial institu16 tion’’ and ‘‘minority depository institution’’ have the 

17 meaning given those terms, respectively, under sec18 tion 103 of the Riegle Community Development and 

19 Regulatory Improvement Act of 1994 (12 U.S.C. 

20 4702). 

21 (e) PILOT PROGRAM FOR ESTABLISHING DE NOVO

22 CDFIS AND MDIS.— 

23 (1) IN GENERAL.—The Secretary of the Treas24 ury, in consultation with the Fund and the appro25 priate Federal banking agencies, shall establish a 


kjohnson on DSK79L0C42PROD with BILLS
59 

HR 2543 RFS

1 pilot program to provide competitive grants to a per2 son for the purpose of providing capital for such per3 son to establish a minority depository institution or 

4 a community development financial institution. 

5 (2) APPLICATION.—A person desiring a grant 

6 under this subsection shall submit to the Secretary 

7 an application in such form and containing such in8 formation as the Secretary determines appropriate. 

9 (3) DISBURSEMENT.—Before disbursing grant 

10 amounts to a person selected to receive a grant 

11 under this subsection, the Secretary shall ensure 

12 that such person has received approval from the ap13 propriate Federal banking agency (or such other 

14 Federal or State agency from whom approval is re15 quired) to establish a minority depository institution 

16 or a community development financial institution, as 

17 applicable. 

18 (4) FUNDING.—The Secretary may use 

19 amounts in the Emergency Capital Investment Fund 

20 to implement and make grants under paragraph (2), 

21 but not to exceed $100,000,000 in the aggregate. 

22 (5) DEFINITIONS.—In this subsection, the 

23 terms ‘‘appropriate Federal banking agency’’, ‘‘com24 munity development financial institution’’, ‘‘Fund’’, 

25 and ‘‘minority depository institution’’ have the 


kjohnson on DSK79L0C42PROD with BILLS
60 

HR 2543 RFS

1 meaning given those terms, respectively, under sec2 tion 103 of the Riegle Community Development and 

3 Regulatory Improvement Act of 1994 (12 U.S.C. 

4 4702). 

5 (f) GUIDANCE FOR SUBCHAPTER S AND MUTUAL

6 BANKS.—Not later than 30 days after the date of enact7 ment of this Act, the Board of Governors of the Federal 

8 Reserve System and the Secretary shall issue guidance re9 garding how Emergency Capital Investment Program in10 vestments (whether made before or after the date of enact11 ment of this Act) are considered for purposes of various 

12 prudential requirements, including debt to equity, leverage 

13 ratio, and double leverage ratio requirements with respect 

14 to subchapter S and mutual bank recipients of such invest15 ments. 

16 (g) COLLECTION OF DATA.—Section 111 of the Rie17 gle Community Development and Regulatory Improve18 ment Act of 1994 (12 U.S.C. 4710) is amended— 

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

20 following: 

21 ‘‘(a) IN GENERAL.—The Fund’’; and 

22 (2) by adding at the end the following: 

23 ‘‘(b) COLLECTION OF CERTAIN DATA BY CDFIS.— 

24 Notwithstanding the Equal Credit Opportunity Act (15 

25 U.S.C. 1691 et seq.)— 


kjohnson on DSK79L0C42PROD with BILLS
61 

HR 2543 RFS

1 ‘‘(1) a community development financial institu2 tion may collect data described in section 701(a)(1) 

3 of that Act (15 U.S.C. 1691(a)(1)) from borrowers 

4 and applicants for credit for the sole purpose and 

5 exclusive use to ensure that targeted populations 

6 and low-income residents of investment areas are 

7 adequately served and to report the level of service 

8 provided to such populations and areas to the Fund; 

9 and 

10 ‘‘(2) a community development financial institu11 tion that collects the data described in paragraph 

12 (1) shall not be subject to adverse action related to 

13 that collection by the Bureau of Consumer Financial 

14 Protection or any other Federal agency.’’. 

15 SEC. 333. SUPPORTING YOUNG ENTREPRENEURS PRO16 GRAM. 

17 Section 108 of the Riegle Community Development 

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

19 4707), as amended by section 331(a)(1), is further amend20 ed by adding at the end the following: 

21 ‘‘(j) SUPPORTING YOUNG ENTREPRENEURS PRO22 GRAM.— 

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

24 Supporting Young Entrepreneurs Program under 

25 which the Fund may provide financial awards to the 


kjohnson on DSK79L0C42PROD with BILLS
62 

HR 2543 RFS

1 community development financial institutions that 

2 the Fund determines have the best programs to help 

3 young entrepreneurs get the start up capital needed 

4 to start a small business, with a focus on supporting 

5 young women entrepreneurs, entrepreneurs who are 

6 Black, Hispanic, Asian or Pacific Islander, and Na7 tive American or Native Alaskan and other histori8 cally underrepresented groups or first time business 

9 owners. 

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

11 matching requirement under subsection (e) shall not 

12 apply to awards made under this subsection. 

13 ‘‘(3) FUNDING.—In carrying out this sub14 section, the Fund may use— 

15 ‘‘(A) amounts in the Emergency Capital 

16 Investment Fund, but not to exceed 

17 $100,000,000 in the aggregate; and 

18 ‘‘(B) such other funds as may be appro19 priated by Congress to the Fund to carry out 

20 the Supporting Young Entrepreneurs Pro21 gram.’’. 


kjohnson on DSK79L0C42PROD with BILLS
63 

HR 2543 RFS

1 SEC. 334. MAP OF MINORITY DEPOSITORY INSTITUTIONS 

2 AND COMMUNITY DEVELOPMENT FINANCIAL 

3 INSTITUTIONS. 

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

5 consultation with the CDFI Fund and the Federal bank6 ing agencies, shall establish an interactive, searchable map 

7 showing the geographic locations of the headquarters and 

8 branch locations of minority depository institutions, which 

9 shall be provided by the Federal banking agencies, and 

10 community development financial institutions that have 

11 been certified by the Secretary, including breakdowns by 

12 each State (including the District of Columbia and each 

13 territory of the United States), Tribal government entity, 

14 and congressional district. Such map shall also provide a 

15 link to the website of each such minority depository insti16 tution and community development financial institution. 

17 (b) DEFINITIONS.—In this section: 

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

19 means the Community Development Financial Insti20 tutions Fund established under section 104(a) of the 

21 Riegle Community Development and Regulatory Im22 provement Act of 1994. 

23 (2) COMMUNITY DEVELOPMENT FINANCIAL IN24 STITUTION.—The term ‘‘community development fi25 nancial institution’’ has the meaning given in section 


kjohnson on DSK79L0C42PROD with BILLS
64 

HR 2543 RFS

1 103 of the Riegle Community Development and Reg2 ulatory Improvement Act of 1994. 

3 (3) FEDERAL BANKING AGENCY.—The term 

4 ‘‘Federal banking agency’’— 

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

6 the Federal Deposit Insurance Act; and 

7 (B) means the National Credit Union Ad8 ministration. 

9 (4) MINORITY DEPOSITORY INSTITUTION.—The 

10 term ‘‘minority depository institution’’ has the 

11 meaning given in section 308(b) of the Financial In12 stitutions Reform, Recovery, and Enforcement Act 

13 of 1989. 

14 SEC. 335. REPORT ON CERTIFIED COMMUNITY DEVELOP15 MENT FINANCIAL INSTITUTIONS. 

16 Section 117(a) of the Riegle Community Develop17 ment and Regulatory Improvement Act of 1994 (12 

18 U.S.C. 4716(a)) is amended— 

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

20 following: 

21 ‘‘(1) IN GENERAL.—The Fund’’; 

22 (2) by striking ‘‘and the Congress’’ and insert23 ing ‘‘, the Congress, and the public’’; and 

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


kjohnson on DSK79L0C42PROD with BILLS
65 

HR 2543 RFS

1 ‘‘(2) REPORT ON CERTIFIED COMMUNITY DE2 VELOPMENT FINANCIAL INSTITUTIONS.—The annual 

3 report required under paragraph (1) shall include a 

4 report on community development financial institu5 tions (‘CDFIs’) that have been certified by the Sec6 retary of the Treasury, including a summary with 

7 aggregate data and analysis, to the fullest extent 

8 practicable, regarding— 

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

10 that are certified as CDFIs, and the number of 

11 each type of organization; 

12 ‘‘(B) the geographic location and capacity 

13 of different types of certified CDFIs, including 

14 overall impact breakdowns by each State (in15 cluding the District of Columbia and each terri16 tory of the United States) and Tribal govern17 ment entity; 

18 ‘‘(C) the lines of business for different 

19 types of certified CDFIs; 

20 ‘‘(D) human resources and staffing infor21 mation for different types of certified CDFIs, 

22 including— 

23 ‘‘(E) the types of development services pro24 vided by different types of certified CDFIs; 


kjohnson on DSK79L0C42PROD with BILLS
66 

HR 2543 RFS

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).’’. 


kjohnson on DSK79L0C42PROD with BILLS
67 

HR 2543 RFS

1 SEC. 336. 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)’; 

14 ‘‘(B) seek to gather any information nec15 essary related to Fund certification and award 

16 decisions on certified CDFIs and applicants 

17 from the applicable Federal regulator, and such 

18 regulators shall use reasonable efforts to pro19 vide such information to the Fund, to minimize 

20 duplicative data collection requests made by the 

21 Fund of certified CDFIs and applicants and to 

22 expedite certification, award, or other relevant 

23 processes administered by the Fund. 

24 ‘‘(2) APPLICABLE FEDERAL REGULATOR DE25 FINED.—In this subsection, the term ‘applicable 

26 Federal regulator’ means— 


kjohnson on DSK79L0C42PROD with BILLS
68 

HR 2543 RFS

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

2 an applicant that is regulated by both an appro3 priate Federal banking agency and the Bureau 

4 of Consumer Financial Protection, the Bureau 

5 of Consumer Financial Protection; 

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

7 an applicant that is not regulated by the Bu8 reau of Consumer Financial Protection, the ap9 propriate Federal banking agency for such ap10 plicant; or 

11 ‘‘(C) the Bureau of Consumer Financial 

12 Protection, with respect to a certified CDFI or 

13 an applicant— 

14 ‘‘(i) that is not regulated by an appro15 priate Federal banking agency; and 

16 ‘‘(ii) that offers or provides consumer 

17 financial products or services (as defined in 

18 section 1002 of the Consumer Financial 

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

20 5481).’’. 

21 SEC. 337. ACCESS TO THE DISCOUNT WINDOW OF THE FED22 ERAL RESERVE SYSTEM FOR MDIS AND 

23 CDFIS. 

24 Within 1 year after the date of enactment of this Act, 

25 the Board of Governors of the Federal Reserve System 


kjohnson on DSK79L0C42PROD with BILLS
69 

HR 2543 RFS

1 shall establish a process under which minority depository 

2 institutions and community development financial institu3 tions may have access to the discount window, at the sea4 sonal credit interest rate most recently published on the 

5 Federal Reserve Statistical Release on selected interest 

6 rates (daily or weekly). 

7 SEC. 338. STUDY ON SECURITIZATION BY CDFIS. 

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

9 consultation with the Community Development Financial 

10 Institutions Fund and such other Federal agencies as the 

11 Secretary determines appropriate, shall carry out a study 

12 on— 

13 (1) the use of securitization by CDFIs; 

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

15 a source of liquidity by CDFIs; and 

16 (3) any authorities available to the Government 

17 to support the use of securitization by CDFIs to the 

18 extent it helps serve underserved communities. 

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

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

21 Secretary shall issue a report to the Committee on Finan22 cial Services of the House of Representatives and the 

23 Committee on Banking, Housing, and Urban Affairs of 

24 the Senate containing— 


kjohnson on DSK79L0C42PROD with BILLS
70 

HR 2543 RFS

1 (1) all findings and determinations made in car2 rying out the study required under subsection (a); 

3 and 

4 (2) any legislative or administrative rec5 ommendations of the Secretary that would promote 

6 the responsible use of securitization to help CDFIs 

7 in reaching more underserved communities. 

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

9 meaning given the term ‘‘community development finan10 cial institution’’ under section 103 of the Riegle Commu11 nity Development and Regulatory Improvement Act of 

12 1994. 

13 TITLE IV—DIVERSITY IN FINAN14 CIAL INSTITUTIONS AND COR15 PORATIONS 

16 Subtitle A—Promoting New and 

17 Diverse Depository Institutions 

18 SEC. 411. STUDY AND STRATEGIC PLAN. 

19 (a) IN GENERAL.—The Federal banking regulators 

20 shall jointly— 

21 (1) conduct a study about the challenges faced 

22 by proposed depository institutions, including pro23 posed minority depository institutions, seeking de 

24 novo depository institution charters; and 


kjohnson on DSK79L0C42PROD with BILLS
71 

HR 2543 RFS

1 (2) submit to the Committee on Financial Serv2 ices of the House of Representatives and the Com3 mittee on Banking, Housing, and Urban Affairs of 

4 the Senate and publish publically, not later than 18 

5 months after the date of the enactment of this sec6 tion— 

7 (A) an analysis based on the study con8 ducted pursuant to paragraph (1); 

9 (B) any findings from the study conducted 

10 pursuant to paragraph (1); and 

11 (C) any legislative recommendations that 

12 the Federal banking regulators developed based 

13 on the study conducted pursuant to paragraph 

14 (1). 

15 (b) STRATEGIC PLAN.— 

16 (1) IN GENERAL.—Not later than 18 months 

17 after the date of the enactment of this section, the 

18 Federal banking regulators shall jointly submit to 

19 the Committee on Financial Services of the House of 

20 Representatives and the Committee on Banking, 

21 Housing, and Urban Affairs of the Senate and pub22 lish publically a strategic plan based on the study 

23 conducted pursuant to subsection (a) and designed 

24 to help proposed depository institutions (including 

25 proposed minority depository institutions) successVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00071 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
72 

HR 2543 RFS

1 fully apply for de novo depository institution char2 ters in a manner that promotes increased availability 

3 of banking and financial services, safety and sound4 ness, consumer protection, community reinvestment, 

5 financial stability, and a level playing field. 

6 (2) CONTENTS OF STRATEGIC PLAN.—The stra7 tegic plan described in paragraph (1) shall— 

8 (A) promote the chartering of de novo de9 pository institutions, including— 

10 (i) proposed minority depository insti11 tutions; and 

12 (ii) proposed depository institutions 

13 that could be certified as community devel14 opment financial institutions; and 

15 (B) describe actions the Federal banking 

16 regulators may take that would increase the 

17 number of depository institutions located in ge18 ographic areas where consumers lack access to 

19 a branch of a depository institution. 

20 (c) PUBLIC INVOLVEMENT.—When conducting the 

21 study and developing the strategic plan required by this 

22 section, the Federal banking regulators shall invite com23 ments and other feedback from the public to inform the 

24 study and strategic plan. 

25 (d) DEFINITIONS.—In this section: 


kjohnson on DSK79L0C42PROD with BILLS
73 

HR 2543 RFS

1 (1) DEPOSITORY INSTITUTION.—The term ‘‘de2 pository institution’’ has the meaning given in sec3 tion 3 of the Federal Deposit Insurance Act, and in4 cludes a ‘‘Federal credit union’’ and a ‘‘State credit 

5 union’’ as such terms are defined, respectively, 

6 under section 101 of the Federal Credit Union Act. 

7 (2) COMMUNITY DEVELOPMENT FINANCIAL IN8 STITUTION.—The term ‘‘community development fi9 nancial institution’’ has the meaning given in section 

10 103 of the Riegle Community Development and Reg11 ulatory Improvement Act of 1994. 

12 (3) FEDERAL BANKING REGULATORS.—The 

13 term ‘‘Federal banking regulators’’ means the Board 

14 of Governors of the Federal Reserve System, the 

15 Comptroller of the Currency, the Federal Deposit 

16 Insurance Corporation, the National Credit Union 

17 Administration, and the Director of the Bureau of 

18 Consumer Financial Protection. 

19 (4) MINORITY DEPOSITORY INSTITUTION.—The 

20 term ‘‘minority depository institution’’ has the 

21 meaning given in section 308(b) of the Financial In22 stitutions Reform, Recovery, and Enforcement Act 

23 of 1989. 


kjohnson on DSK79L0C42PROD with BILLS
74 

HR 2543 RFS

1 Subtitle B—Promoting Diversity 

2 and Inclusion in Banking 

3 SEC. 421. DIVERSITY AND INCLUSION RATINGS. 

4 (a) IN GENERAL.—The Dodd-Frank Wall Street Re5 form and Consumer Protection Act (12 U.S.C. 5301 et 

6 seq.) is amended by inserting after section 342 the fol7 lowing: 

8 ‘‘SEC. 342A. DIVERSITY AND INCLUSION RATINGS. 

9 ‘‘(a) IN GENERAL.—The Board of Governors, the 

10 Comptroller of the Currency, the Corporation, and the Na11 tional Credit Union Administration Board, in assigning a 

12 rating to a depository institution under the Uniform Fi13 nancial Institutions Rating System (or an equivalent rat14 ing by any such agency under a comparable rating system) 

15 shall include a diversity and inclusion component that ex16 amines— 

17 ‘‘(1) whether the depository institution has ef18 fective policies in place to encourage diversity and 

19 inclusion in the hiring practices of the institution; 

20 ‘‘(2) whether the depository institution provides 

21 training to the employees of the institution, that is 

22 appropriate to the size and resources of the institu23 tion, on diversity and inclusion; 

24 ‘‘(3) whether the depository institution has poli25 cies in place that ensure that employees are able to 


kjohnson on DSK79L0C42PROD with BILLS
75 

HR 2543 RFS

1 report workplace discrimination without fear of 

2 wrongful retaliation, threats, or coercion; and 

3 ‘‘(4)(A) with respect to a depository institution 

4 with total consolidated assets of $1,000,000,000 or 

5 less, whether such depository institution has des6 ignated an individual to serve as a Diversity and In7 clusion Officer who reports to the Chief Executive 

8 Officer of the institution on all diversity and inclu9 sion matters; or 

10 ‘‘(B) with respect to a depository institution 

11 with total consolidated assets of more than 

12 $1,000,000,000, whether such depository institu13 tion— 

14 ‘‘(i) has designated an individual to serve 

15 as a Diversity and Inclusion Officer; and 

16 ‘‘(ii) has established a committee for diver17 sity and inclusion that holds meetings quarterly 

18 and that includes in its membership the Diver19 sity and Inclusion Officer designated under 

20 clause (i) and the Chief Executive Officer of the 

21 institution. 

22 ‘‘(b) APPLICATION TO MINORITY DEPOSITORY INSTI23 TUTIONS.—In carrying out subsection (a) with respect to 

24 minority depository institutions, the Board of Governors, 


kjohnson on DSK79L0C42PROD with BILLS
76 

HR 2543 RFS

1 the Comptroller of the Currency, the Corporation, and the 

2 National Credit Union Administration Board shall— 

3 ‘‘(1) assign such institutions the most favorable 

4 rating with respect to the diversity and inclusion 

5 component described under subsection (a); and 

6 ‘‘(2) exempt such institutions from any exam7 ination procedures related to the diversity and inclu8 sion component described under subsection (a). 

9 ‘‘(c) DEFINITIONS.—In this section: 

10 ‘‘(1) DEPOSITORY INSTITUTION.—The term ‘de11 pository institution’ means a depository institution 

12 or a credit union. 

13 ‘‘(2) MINORITY DEPOSITORY INSTITUTION.— 

14 The term ‘minority depository institution’ means an 

15 entity that is— 

16 ‘‘(A) a minority depository institution, as 

17 defined in section 308 of the Financial Institu18 tions Reform, Recovery, and Enforcement Act 

19 of 1989 (12 U.S.C. 1463 note); 

20 ‘‘(B) considered to be a minority deposi21 tory institution by— 

22 ‘‘(i) the appropriate Federal banking 

23 agency; or 


kjohnson on DSK79L0C42PROD with BILLS
77 

HR 2543 RFS

1 ‘‘(ii) the National Credit Union Ad2 ministration, in the case of an insured 

3 credit union. 

4 ‘‘(C) the term ‘sexual orientation’ means 

5 homosexuality, heterosexuality, or bisexuality; 

6 or 

7 ‘‘(D) the term ‘gender identity’ means the 

8 gender-related identity, appearance, manner9 isms, or other gender-related characteristics of 

10 an individual, regardless of the individual’s des11 ignated sex at birth;’’. 

12 (b) CLERICAL AMENDMENT.—The table of contents 

13 for the Dodd-Frank Wall Street Reform and Consumer 

14 Protection Act is amended by inserting after the item re15 lating to section 342 the following: 

‘‘Sec. 342A. Diversity and inclusion ratings.’’. 

16 Subtitle C—Improving Corporate 

17 Governance Through Diversity 

18 SEC. 431. SUBMISSION OF DATA RELATING TO DIVERSITY 

19 BY ISSUERS. 

20 Section 13 of the Securities Exchange Act of 1934 

21 (15 U.S.C. 78m) is amended by adding at the end the 

22 following: 

23 ‘‘(s) SUBMISSION OF DATA RELATING TO DIVER24 SITY.— 

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


kjohnson on DSK79L0C42PROD with BILLS
78 

HR 2543 RFS

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

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

3 title 17, Code of Federal Regulations, as in ef4 fect on the date of enactment of this subsection; 

5 and 

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

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

8 States Code. 

9 ‘‘(2) SUBMISSION OF DISCLOSURE.—Each 

10 issuer required to file an annual report under sub11 section (a) shall disclose in any proxy statement and 

12 any information statement relating to the election of 

13 directors filed with the Commission the following: 

14 ‘‘(A) Data, based on voluntary self-identi15 fication, on the racial, ethnic, gender identity, 

16 and sexual orientation composition of— 

17 ‘‘(i) the board of directors of the 

18 issuer; 

19 ‘‘(ii) nominees for the board of direc20 tors of the issuer; and 

21 ‘‘(iii) the executive officers of the 

22 issuer. 

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

24 board of directors of the issuer, any nominee 

25 for the board of directors of the issuer, or any 


kjohnson on DSK79L0C42PROD with BILLS
79 

HR 2543 RFS

1 executive officer of the issuer, based on vol2 untary self-identification, as a veteran. 

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

4 issuer, or any committee of that board of direc5 tors, has, as of the date on which the issuer 

6 makes a disclosure under this paragraph, 

7 adopted any policy, plan, or strategy to promote 

8 racial, ethnic, and gender diversity among— 

9 ‘‘(i) the board of directors of the 

10 issuer; 

11 ‘‘(ii) nominees for the board of direc12 tors of the issuer; or 

13 ‘‘(iii) the executive officers of the 

14 issuer. 

15 ‘‘(D) The disability status, based on vol16 untary self-identification, of any member of the 

17 board of directors of the issuer, any nominee 

18 for the board of directors of the issuer, or any 

19 executive officer of the issuer. 

20 ‘‘(3) ALTERNATIVE SUBMISSION.—In any 1- 

21 year period in which an issuer required to file an an22 nual report under subsection (a) does not file with 

23 the Commission a proxy statement or an information 

24 statement relating to the election of directors, the 

25 issuer shall disclose the information required under 


kjohnson on DSK79L0C42PROD with BILLS
80 

HR 2543 RFS

1 paragraph (2) in the first annual report of issuer 

2 that the issuer submits to the Commission after the 

3 end of that 1-year period. 

4 ‘‘(4) ANNUAL REPORT.—Not later than 18 

5 months after the date of enactment of this sub6 section, and annually thereafter, the Commission 

7 shall submit to the Committee on Financial Services 

8 of the House of Representatives and the Committee 

9 on Banking, Housing, and Urban Affairs of the Sen10 ate, and publish on the website of the Commission, 

11 a report that analyzes the information disclosed 

12 under paragraphs (2) and (3) and identifies any 

13 trends with respect to such information, including 

14 breakdowns by each State (including the District of 

15 Columbia and each territory of the United States), 

16 Tribal government entity, and congressional district. 

17 ‘‘(5) BEST PRACTICES.— 

18 ‘‘(A) IN GENERAL.—The Director of the 

19 Office of Minority and Women Inclusion of the 

20 Commission shall, not later than 3 years after 

21 the date of enactment of this subsection, and 

22 every 3 years thereafter, publish best practices 

23 for compliance with this subsection. 

24 ‘‘(B) COMMENTS.—The Director of the Of25 fice of Minority and Women Inclusion of the 


kjohnson on DSK79L0C42PROD with BILLS
81 

HR 2543 RFS

1 Commission may, pursuant to subchapter II of 

2 chapter 5 of title 5, United States Code, solicit 

3 public comments related to the best practices 

4 published under subparagraph (A).’’. 

5 SEC. 432. DIVERSITY ADVISORY GROUP. 

6 (a) DEFINITIONS.—For the purposes of this section: 

7 (1) ADVISORY GROUP.—The term ‘‘Advisory 

8 Group’’ means the Diversity Advisory Group estab9 lished under subsection (b). 

10 (2) COMMISSION.—The term ‘‘Commission’’ 

11 means the Securities and Exchange Commission. 

12 (3) ISSUER.—The term ‘‘issuer’’ has the mean13 ing given the term in section 3(a) of the Securities 

14 Exchange Act of 1934 (15 U.S.C. 78c(a)). 

15 (b) ESTABLISHMENT.—The Commission shall estab16 lish a Diversity Advisory Group, which shall be composed 

17 of representatives from— 

18 (1) the Federal Government and State and local 

19 governments; 

20 (2) academia; and 

21 (3) the private sector. 

22 (c) STUDY AND RECOMMENDATIONS.—The Advisory 

23 Group shall— 

24 (1) carry out a study that identifies strategies 

25 that can be used to increase gender, racial, and ethVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00081 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
82 

HR 2543 RFS

1 nic diversity, and diversity with respect to individ2 uals self-identifying as lesbian, gay, bisexual, 

3 transgender, or queer, among members of boards of 

4 directors of issuers; and 

5 (2) not later than 270 days after the date on 

6 which the Advisory Group is established, submit to 

7 the Commission, the Committee on Financial Serv8 ices of the House of Representatives, and the Com9 mittee on Banking, Housing, and Urban Affairs of 

10 the Senate a report that— 

11 (A) describes any findings from the study 

12 conducted under paragraph (1); and 

13 (B) makes recommendations regarding 

14 strategies that issuers could use to increase 

15 gender, racial, and ethnic diversity, and diver16 sity with respect to individuals self-identifying 

17 as lesbian, gay, bisexual, transgender, or queer, 

18 among board members. 

19 (d) ANNUAL REPORT.—Not later than 1 year after 

20 the date on which the Advisory Group submits the report 

21 required under subsection (c)(2), and annually thereafter, 

22 the Commission shall submit to the Committee on Finan23 cial Services of the House of Representatives and the 

24 Committee on Banking, Housing, and Urban Affairs of 

25 the Senate a report that describes the status of gender, 


kjohnson on DSK79L0C42PROD with BILLS
83 

HR 2543 RFS

1 racial, and ethnic diversity, and the status of diversity 

2 with respect to individuals self-identifying as lesbian, gay, 

3 bisexual, transgender, or queer, among members of the 

4 boards of directors of issuers, including breakdowns by 

5 each State (including the District of Columbia and each 

6 territory of the United States), Tribal government entity, 

7 and congressional district. 

8 (e) PUBLIC AVAILABILITY OF REPORTS.—The Com9 mission shall make all reports of the Advisory Group avail10 able to issuers and the public, including on the website 

11 of the Commission. 

12 (f) INAPPLICABILITY OF FEDERAL ADVISORY COM13 MITTEE ACT.—The Federal Advisory Committee Act (5 

14 U.S.C. App.) shall not apply with respect to the Advisory 

15 Group or the activities of the Advisory Group. 

16 Subtitle D—Ensuring Diversity in 

17 Community Banking 

18 SEC. 441. SHORT TITLE. 

19 This subtitle may be cited as the ‘‘Ensuring Diversity 

20 in Community Banking Act’’. 

21 SEC. 442. SENSE OF CONGRESS ON FUNDING THE LOAN22 LOSS RESERVE FUND FOR SMALL DOLLAR 

23 LOANS. 

24 The sense of Congress is the following: 


kjohnson on DSK79L0C42PROD with BILLS
84 

HR 2543 RFS

1 (1) The Community Development Financial In2 stitutions Fund (the ‘‘CDFI Fund’’) is an agency of 

3 the Department of the Treasury, and was estab4 lished by the Riegle Community Development and 

5 Regulatory Improvement Act of 1994. The mission 

6 of the CDFI Fund is ‘‘to expand economic oppor7 tunity for underserved people and communities by 

8 supporting the growth and capacity of a national 

9 network of community development lenders, inves10 tors, and financial service providers’’. A community 

11 development financial institution (a ‘‘CDFI’’) is a 

12 specialized financial institution serving low-income 

13 communities and a Community Development Entity 

14 (a ‘‘CDE’’) is a domestic corporation or partnership 

15 that is an intermediary vehicle for the provision of 

16 loans, investments, or financial counseling in low-in17 come communities. The CDFI Fund certifies CDFIs 

18 and CDEs. Becoming a certified CDFI or CDE al19 lows organizations to participate in various CDFI 

20 Fund programs as follows: 

21 (A) The Bank Enterprise Award Program, 

22 which provides FDIC-insured depository institu23 tions awards for a demonstrated increase in 

24 lending and investments in distressed commu25 nities and CDFIs. 


kjohnson on DSK79L0C42PROD with BILLS
85 

HR 2543 RFS

1 (B) The CDFI Program, which provides 

2 Financial and Technical Assistance awards to 

3 CDFIs to reinvest in the CDFI, and to build 

4 the capacity of the CDFI, including financing 

5 product development and loan loss reserves. 

6 (C) The Native American CDFI Assistance 

7 Program, which provides CDFIs and spon8 soring entities Financial and Technical Assist9 ance awards to increase lending and grow the 

10 number of CDFIs owned by Native Americans 

11 to help build capacity of such CDFIs. 

12 (D) The New Market Tax Credit Program, 

13 which provides tax credits for making equity in14 vestments in CDEs that stimulate capital in15 vestments in low-income communities. 

16 (E) The Capital Magnet Fund, which pro17 vides awards to CDFIs and nonprofit affordable 

18 housing organizations to finance affordable 

19 housing solutions and related economic develop20 ment activities. 

21 (F) The Bond Guarantee Program, a 

22 source of long-term, patient capital for CDFIs 

23 to expand lending and investment capacity for 

24 community and economic development purposes. 


kjohnson on DSK79L0C42PROD with BILLS
86 

HR 2543 RFS

1 (2) The Department of the Treasury is author2 ized to create multi-year grant programs designed to 

3 encourage low-to-moderate income individuals to es4 tablish accounts at federally insured banks, and to 

5 improve low-to-moderate income individuals’ access 

6 to such accounts on reasonable terms. 

7 (3) Under this authority, grants to participants 

8 in CDFI Fund programs may be used for loan-loss 

9 reserves and to establish small-dollar loan programs 

10 by subsidizing related losses. These grants also allow 

11 for the providing recipients with the financial coun12 seling and education necessary to conduct trans13 actions and manage their accounts. These loans pro14 vide low-cost alternatives to payday loans and other 

15 nontraditional forms of financing that often impose 

16 excessive interest rates and fees on borrowers, and 

17 lead millions of Americans to fall into debt traps. 

18 Small-dollar loans can only be made pursuant to 

19 terms, conditions, and practices that are reasonable 

20 for the individual consumer obtaining the loan. 

21 (4) Program participation is restricted to eligi22 ble institutions, which are limited to organizations 

23 listed in section 501(c)(3) of the Internal Revenue 

24 Code and exempt from tax under 501(a) of such 

25 Code, federally insured depository institutions, comVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00086 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
87 

HR 2543 RFS

1 munity development financial institutions and State, 

2 local, or Tribal government entities. 

3 (5) According to the CDFI Fund, some pro4 grams attract as much as $10 in private capital for 

5 every $1 invested by the CDFI Fund. The Adminis6 tration and the Congress should prioritize appropria7 tion of funds for the loan loss reserve fund and tech8 nical assistance programs administered by the Com9 munity Development Financial Institution Fund. 

10 SEC. 443. DEFINITIONS. 

11 In this subtitle: 

12 (1) COMMUNITY DEVELOPMENT FINANCIAL IN13 STITUTION.—The term ‘‘community development fi14 nancial institution’’ has the meaning given under 

15 section 103 of the Riegle Community Development 

16 and Regulatory Improvement Act of 1994 (12 

17 U.S.C. 4702). 

18 (2) MINORITY DEPOSITORY INSTITUTION.—The 

19 term ‘‘minority depository institution’’ has the 

20 meaning given under section 308 of the Financial 

21 Institutions Reform, Recovery, and Enforcement Act 

22 of 1989 (12 U.S.C. 1463 note), as amended by this 

23 Act. 


kjohnson on DSK79L0C42PROD with BILLS
88 

HR 2543 RFS

1 SEC. 444. INCLUSION OF WOMEN’S BANKS IN THE DEFINI2 TION OF MINORITY DEPOSITORY INSTITU3 TION. 

4 Section 308(b)(1) of the Financial Institutions Re5 form, Recovery, and Enforcement Act of 1989 (12 U.S.C. 

6 1463 note) is amended— 

7 (1) by redesignating subparagraphs (A), (B), 

8 and (C) as clauses (i), (ii), and (iii), respectively; 

9 (2) by striking ‘‘means any’’ and inserting the 

10 following: ‘‘means— 

11 ‘‘(A) any’’; and 

12 (3) in clause (iii) (as so redesignated), by strik13 ing the period at the end and inserting ‘‘; or’’; and 

14 (4) by inserting at the end the following new 

15 subparagraph: 

16 ‘‘(B) any bank described in clause (i), (ii), 

17 or (iii) of section 19(b)(1)(A) of the Federal 

18 Reserve Act— 

19 ‘‘(i) more than 50 percent of the out20 standing shares of which are held by 1 or 

21 more women; and 

22 ‘‘(ii) the majority of the directors on 

23 the board of directors of which are 

24 women.’’. 


kjohnson on DSK79L0C42PROD with BILLS
89 

HR 2543 RFS

1 SEC. 445. ESTABLISHMENT OF IMPACT BANK DESIGNATION. 

2 (a) IN GENERAL.—Each Federal banking agency 

3 shall establish a program under which a depository institu4 tion with total consolidated assets of less than 

5 $10,000,000,000 may elect to be designated as an impact 

6 bank if the total dollar value of the loans extended by such 

7 depository institution to low-income borrowers is greater 

8 than or equal to 50 percent of the assets of such bank. 

9 (b) NOTIFICATION OF ELIGIBILITY.—Based on data 

10 obtained through examinations of depository institutions, 

11 the appropriate Federal banking agency shall notify a de12 pository institution if the institution is eligible to be des13 ignated as an impact bank. 

14 (c) APPLICATION.—Regardless of whether or not it 

15 has received a notice of eligibility under subsection (b), 

16 a depository institution may submit an application to the 

17 appropriate Federal banking agency— 

18 (1) requesting to be designated as an impact 

19 bank; and 

20 (2) demonstrating that the depository institu21 tion meets the applicable qualifications. 

22 (d) LIMITATION ON ADDITIONAL DATA REQUIRE23 MENTS.—The Federal banking agencies may only impose 

24 additional data collection requirements on a depository in25 stitution under this section if such data is— 


kjohnson on DSK79L0C42PROD with BILLS
90 

HR 2543 RFS

1 (1) necessary to process an application sub2 mitted by the depository institution to be designated 

3 an impact bank; or 

4 (2) with respect to a depository institution that 

5 is designated as an impact bank, necessary to ensure 

6 the depository institution’s ongoing qualifications to 

7 maintain such designation. 

8 (e) REMOVAL OF DESIGNATION.—If the appropriate 

9 Federal banking agency determines that a depository in10 stitution designated as an impact bank no longer meets 

11 the criteria for such designation, the appropriate Federal 

12 banking agency shall rescind the designation and notify 

13 the depository institution of such rescission. 

14 (f) RECONSIDERATION OF DESIGNATION; AP15 PEALS.—Under such procedures as the Federal banking 

16 agencies may establish, a depository institution may— 

17 (1) submit to the appropriate Federal banking 

18 agency a request to reconsider a determination that 

19 such depository institution no longer meets the cri20 teria for the designation; or 

21 (2) file an appeal of such determination. 

22 (g) RULEMAKING.—Not later than 1 year after the 

23 date of the enactment of this Act, the Federal banking 

24 agencies shall jointly issue rules to carry out the requireVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00090 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
91 

HR 2543 RFS

1 ments of this section, including by providing a definition 

2 of a low-income borrower. 

3 (h) REPORTS.—Each Federal banking agency shall 

4 submit an annual report to the Congress containing a de5 scription of actions taken to carry out this section. 

6 (i) FEDERAL DEPOSIT INSURANCE ACT DEFINI7 TIONS.—In this section, the terms ‘‘depository institu8 tion’’, ‘‘appropriate Federal banking agency’’, and ‘‘Fed9 eral banking agency’’ have the meanings given such terms, 

10 respectively, in section 3 of the Federal Deposit Insurance 

11 Act (12 U.S.C. 1813). 

12 SEC. 446. MINORITY DEPOSITORIES ADVISORY COMMIT13 TEES. 

14 (a) ESTABLISHMENT.—Each covered regulator shall 

15 establish an advisory committee to be called the ‘‘Minority 

16 Depositories Advisory Committee’’. 

17 (b) DUTIES.—Each Minority Depositories Advisory 

18 Committee shall provide advice to the respective covered 

19 regulator on meeting the goals established by section 308 

20 of the Financial Institutions Reform, Recovery, and En21 forcement Act of 1989 (12 U.S.C. 1463 note) to preserve 

22 the present number of covered minority institutions, pre23 serve the minority character of minority-owned institu24 tions in cases involving mergers or acquisitions, provide 

25 technical assistance, and encourage the creation of new 


kjohnson on DSK79L0C42PROD with BILLS
92 

HR 2543 RFS

1 covered minority institutions. The scope of the work of 

2 each such Minority Depositories Advisory Committee shall 

3 include an assessment of the current condition of covered 

4 minority institutions, what regulatory changes or other 

5 steps the respective agencies may be able to take to fulfill 

6 the requirements of such section 308, and other issues of 

7 concern to covered minority institutions. 

8 (c) MEMBERSHIP.— 

9 (1) IN GENERAL.—Each Minority Depositories 

10 Advisory Committee shall consist of no more than 

11 10 members, who— 

12 (A) shall serve for one two-year term; 

13 (B) shall serve as a representative of a de14 pository institution or an insured credit union 

15 with respect to which the respective covered 

16 regulator is the covered regulator of such de17 pository institution or insured credit union; and 

18 (C) shall not receive pay by reason of their 

19 service on the advisory committee, but may re20 ceive travel or transportation expenses in ac21 cordance with section 5703 of title 5, United 

22 States Code. 

23 (2) DIVERSITY.—To the extent practicable, 

24 each covered regulator shall ensure that the mem25 bers of the Minority Depositories Advisory ComVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00092 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
93 

HR 2543 RFS

1 mittee of such agency reflect the diversity of covered 

2 minority institutions. 

3 (d) MEETINGS.— 

4 (1) IN GENERAL.—Each Minority Depositories 

5 Advisory Committee shall meet not less frequently 

6 than twice each year. 

7 (2) NOTICE AND INVITATIONS.—Each Minority 

8 Depositories Advisory Committee shall— 

9 (A) notify the Committee on Financial 

10 Services of the House of Representatives and 

11 the Committee on Banking, Housing, and 

12 Urban Affairs of the Senate in advance of each 

13 meeting of the Minority Depositories Advisory 

14 Committee; and 

15 (B) invite the attendance at each meeting 

16 of the Minority Depositories Advisory Com17 mittee of— 

18 (i) one member of the majority party 

19 and one member of the minority party of 

20 the Committee on Financial Services of the 

21 House of Representatives and the Com22 mittee on Banking, Housing, and Urban 

23 Affairs of the Senate; and 

24 (ii) one member of the majority party 

25 and one member of the minority party of 


kjohnson on DSK79L0C42PROD with BILLS
94 

HR 2543 RFS

1 any relevant subcommittees of such com2 mittees. 

3 (e) NO TERMINATION OF ADVISORY COMMITTEES.— 

4 The termination requirements under section 14 of the 

5 Federal Advisory Committee Act (5 U.S.C. app.) shall not 

6 apply to a Minority Depositories Advisory Committee es7 tablished pursuant to this section. 

8 (f) DEFINITIONS.—In this section: 

9 (1) COVERED REGULATOR.—The term ‘‘covered 

10 regulator’’ means the Comptroller of the Currency, 

11 the Board of Governors of the Federal Reserve Sys12 tem, the Federal Deposit Insurance Corporation, 

13 and the National Credit Union Administration. 

14 (2) COVERED MINORITY INSTITUTION.—The 

15 term ‘‘covered minority institution’’ means a minor16 ity depository institution (as defined in section 

17 308(b) of the Financial Institutions Reform, Recov18 ery, and Enforcement Act of 1989 (12 U.S.C. 1463 

19 note)). 

20 (3) DEPOSITORY INSTITUTION.—The term ‘‘de21 pository institution’’ has the meaning given under 

22 section 3 of the Federal Deposit Insurance Act (12 

23 U.S.C. 1813). 

24 (4) INSURED CREDIT UNION.—The term ‘‘in25 sured credit union’’ has the meaning given in section 


kjohnson on DSK79L0C42PROD with BILLS
95 

HR 2543 RFS

1 101 of the Federal Credit Union Act (12 U.S.C. 

2 1752). 

3 (g) TECHNICAL AMENDMENT.—Section 308(b) of the 

4 Financial Institutions Reform, Recovery, and Enforce5 ment Act of 1989 (12 U.S.C. 1463 note) is amended by 

6 adding at the end the following new paragraph: 

7 ‘‘(3) DEPOSITORY INSTITUTION.—The term ‘de8 pository institution’ means an ‘insured depository in9 stitution’ (as defined in section 3 of the Federal De10 posit Insurance Act (12 U.S.C. 1813)) and an in11 sured credit union (as defined in section 101 of the 

12 Federal Credit Union Act (12 U.S.C. 1752)).’’. 

13 SEC. 447. FEDERAL DEPOSITS IN MINORITY DEPOSITORY 

14 INSTITUTIONS. 

15 (a) IN GENERAL.—Section 308 of the Financial In16 stitutions Reform, Recovery, and Enforcement Act of 

17 1989 (12 U.S.C. 1463 note) is amended— 

18 (1) by adding at the end the following new sub19 section: 

20 ‘‘(d) FEDERAL DEPOSITS.—The Secretary of the 

21 Treasury shall ensure that deposits made by Federal agen22 cies in minority depository institutions and impact banks 

23 are collateralized or insured, as determined by the Sec24 retary. Such deposits shall include reciprocal deposits as 


kjohnson on DSK79L0C42PROD with BILLS
96 

HR 2543 RFS

1 defined in section 337.6(e)(2)(v) of title 12, Code of Fed2 eral Regulations (as in effect on March 6, 2019).’’; and 

3 (2) in subsection (b), as amended by section 

4 6(g), by adding at the end the following new para5 graph: 

6 ‘‘(4) IMPACT BANK.—The term ‘impact bank’ 

7 means a depository institution designated by the ap8 propriate Federal banking agency pursuant to sec9 tion 445 of the Ensuring Diversity in Community 

10 Banking Act.’’. 

11 (b) TECHNICAL AMENDMENTS.—Section 308 of the 

12 Financial Institutions Reform, Recovery, and Enforce13 ment Act of 1989 (12 U.S.C. 1463 note) is amended— 

14 (1) in the matter preceding paragraph (1), by 

15 striking ‘‘section—’’ and inserting ‘‘section:’’; and 

16 (2) in the paragraph heading for paragraph (1), 

17 by striking ‘‘FINANCIAL’’ and inserting ‘‘DEPOSI18 TORY’’. 

19 SEC. 448. MINORITY BANK DEPOSIT PROGRAM. 

20 (a) IN GENERAL.—Section 1204 of the Financial In21 stitutions Reform, Recovery, and Enforcement Act of 

22 1989 (12 U.S.C. 1811 note) is amended to read as follows: 

23 ‘‘SEC. 1204. EXPANSION OF USE OF MINORITY DEPOSITORY 

24 INSTITUTIONS. 

25 ‘‘(a) MINORITY BANK DEPOSIT PROGRAM.— 


kjohnson on DSK79L0C42PROD with BILLS
97 

HR 2543 RFS

1 ‘‘(1) ESTABLISHMENT.—There is established a 

2 program to be known as the ‘Minority Bank Deposit 

3 Program’ to expand the use of minority depository 

4 institutions. 

5 ‘‘(2) ADMINISTRATION.—The Secretary of the 

6 Treasury, acting through the Fiscal Service, shall— 

7 ‘‘(A) on application by a depository institu8 tion or credit union, certify whether such depos9 itory institution or credit union is a minority 

10 depository institution; 

11 ‘‘(B) maintain and publish a list of all de12 pository institutions and credit unions that have 

13 been certified pursuant to subparagraph (A); 

14 and 

15 ‘‘(C) periodically distribute the list de16 scribed in subparagraph (B) to— 

17 ‘‘(i) all Federal departments and 

18 agencies; 

19 ‘‘(ii) interested State and local govern20 ments; and 

21 ‘‘(iii) interested private sector compa22 nies. 

23 ‘‘(3) INCLUSION OF CERTAIN ENTITIES ON

24 LIST.—A depository institution or credit union that, 

25 on the date of the enactment of this section, has a 


kjohnson on DSK79L0C42PROD with BILLS
98 

HR 2543 RFS

1 current certification from the Secretary of the 

2 Treasury stating that such depository institution or 

3 credit union is a minority depository institution shall 

4 be included on the list described under paragraph 

5 (2)(B). 

6 ‘‘(b) EXPANDED USE AMONG FEDERAL DEPART7 MENTS AND AGENCIES.— 

8 ‘‘(1) IN GENERAL.—Not later than 1 year after 

9 the establishment of the program described in sub10 section (a), the head of each Federal department or 

11 agency shall develop and implement standards and 

12 procedures to prioritize, to the maximum extent pos13 sible as permitted by law and consistent with prin14 ciples of sound financial management, the use of mi15 nority depository institutions to hold the deposits of 

16 each such department or agency. 

17 ‘‘(2) REPORT TO CONGRESS.—Not later than 2 

18 years after the establishment of the program de19 scribed in subsection (a), and annually thereafter, 

20 the head of each Federal department or agency shall 

21 submit to Congress a report on the actions taken to 

22 increase the use of minority depository institutions 

23 to hold the deposits of each such department or 

24 agency. 

25 ‘‘(c) DEFINITIONS.—For purposes of this section: 


kjohnson on DSK79L0C42PROD with BILLS
99 

HR 2543 RFS

1 ‘‘(1) CREDIT UNION.—The term ‘credit union’ 

2 has the meaning given the term ‘insured credit 

3 union’ in section 101 of the Federal Credit Union 

4 Act (12 U.S.C. 1752). 

5 ‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de6 pository institution’ has the meaning given in section 

7 3 of the Federal Deposit Insurance Act (12 U.S.C. 

8 1813). 

9 ‘‘(3) MINORITY DEPOSITORY INSTITUTION.— 

10 The term ‘minority depository institution’ has the 

11 meaning given that term under section 308 of this 

12 Act.’’. 

13 (b) CONFORMING AMENDMENTS.—The following pro14 visions are amended by striking ‘‘1204(c)(3)’’ and insert15 ing ‘‘1204(c)’’: 

16 (1) Section 808(b)(3) of the Community Rein17 vestment Act of 1977 (12 U.S.C. 2907(b)(3)). 

18 (2) Section 40(g)(1)(B) of the Federal Deposit 

19 Insurance Act (12 U.S.C. 1831q(g)(1)(B)). 

20 (3) Section 704B(h)(4) of the Equal Credit Op21 portunity Act (15 U.S.C. 1691c–2(h)(4)). 

22 SEC. 449. DIVERSITY REPORT AND BEST PRACTICES. 

23 (a) ANNUAL REPORT.—Each covered regulator shall 

24 submit to Congress an annual report on diversity includ25 ing the following: 


kjohnson on DSK79L0C42PROD with BILLS
100 

HR 2543 RFS

1 (1) Data, based on voluntary self-identification, 

2 on the racial, ethnic, and gender composition of the 

3 examiners of each covered regulator, disaggregated 

4 by length of time served as an examiner. 

5 (2) The status of any examiners of covered reg6 ulators, based on voluntary self-identification, as a 

7 veteran. 

8 (3) Whether any covered regulator, as of the 

9 date on which the report required under this section 

10 is submitted, has adopted a policy, plan, or strategy 

11 to promote racial, ethnic, and gender diversity 

12 among examiners of the covered regulator. 

13 (4) Whether any special training is developed 

14 and provided for examiners related specifically to 

15 working with depository institutions and credit 

16 unions that serve communities that are predomi17 nantly minorities, low income, or rural, and the key 

18 focus of such training. 

19 (b) BEST PRACTICES.—Each Office of Minority and 

20 Women Inclusion of a covered regulator shall develop, pro21 vide to the head of the covered regulator, and make pub22 licly available best practices— 

23 (1) for increasing the diversity of candidates 

24 applying for examiner positions, including through 


kjohnson on DSK79L0C42PROD with BILLS
101 

HR 2543 RFS

1 outreach efforts to recruit diverse candidate to apply 

2 for entry-level examiner positions; and 

3 (2) for retaining and providing fair consider4 ation for promotions within the examiner staff for 

5 purposes of achieving diversity among examiners. 

6 (c) COVERED REGULATOR DEFINED.—In this sec7 tion, the term ‘‘covered regulator’’ means the Comptroller 

8 of the Currency, the Board of Governors of the Federal 

9 Reserve System, the Federal Deposit Insurance Corpora10 tion, and the National Credit Union Administration. 

11 SEC. 450. INVESTMENTS IN MINORITY DEPOSITORY INSTI12 TUTIONS AND IMPACT BANKS. 

13 (a) CONTROL FOR CERTAIN INSTITUTIONS.—Section 

14 7(j)(8)(B) of the Federal Deposit Insurance Act (12 

15 U.S.C. 1817(j)(8)(B)) is amended to read as follows: 

16 ‘‘(B) ‘control’ means the power, directly or indi17 rectly— 

18 ‘‘(i) to direct the management or policies 

19 of an insured depository institution; or 

20 ‘‘(ii)(I) with respect to an insured deposi21 tory institution, of a person to vote 25 per cen22 tum or more of any class of voting securities of 

23 such institution; or 

24 ‘‘(II) with respect to an insured depository 

25 institution that is an impact bank (as desVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00101 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
102 

HR 2543 RFS

1 ignated pursuant to section 445 of the Ensur2 ing Diversity in Community Banking Act) or a 

3 minority depository institution (as defined in 

4 section 308(b) of the Financial Institutions Re5 form, Recovery, and Enforcement Act of 1989), 

6 of an individual to vote 30 percent or more of 

7 any class of voting securities of such an impact 

8 bank or a minority depository institution.’’. 

9 (b) RULEMAKING.—The Federal banking agencies 

10 (as defined in section 3 of the Federal Deposit Insurance 

11 Act (12 U.S.C. 1813)) shall jointly issue rules for de novo 

12 minority depository institutions and de novo impact banks 

13 (as designated pursuant to section 445) to allow 3 years 

14 to meet the capital requirements otherwise applicable to 

15 minority depository institutions and impact banks. 

16 (c) REPORT.—Not later than 1 year after the date 

17 of the enactment of this Act, the Federal banking agencies 

18 shall jointly submit to Congress a report on— 

19 (1) the principal causes for the low number of 

20 de novo minority depository institutions during the 

21 10-year period preceding the date of the report; 

22 (2) the main challenges to the creation of de 

23 novo minority depository institutions and de novo 

24 impact banks; and 


kjohnson on DSK79L0C42PROD with BILLS
103 

HR 2543 RFS

1 (3) regulatory and legislative considerations to 

2 promote the establishment of de novo minority de3 pository institutions and de novo impact banks. 

4 SEC. 451. REPORT ON COVERED MENTOR-PROTEGE PRO5 GRAMS. 

6 (a) REPORT.—Not later than 6 months after the date 

7 of the enactment of this Act and annually thereafter, the 

8 Secretary of the Treasury shall submit to Congress a re9 port on participants in a covered mentor-protege program, 

10 including— 

11 (1) an analysis of outcomes of such program; 

12 (2) the number of minority depository institu13 tions that are eligible to participate in such program 

14 but do not have large financial institution mentors; 

15 and 

16 (3) recommendations for how to match such mi17 nority depository institutions with large financial in18 stitution mentors. 

19 (b) DEFINITIONS.—In this section: 

20 (1) COVERED MENTOR-PROTEGE PROGRAM.— 

21 The term ‘‘covered mentor-protege program’’ means 

22 a mentor-protege program established by the Sec23 retary of the Treasury pursuant to section 45 of the 

24 Small Business Act (15 U.S.C. 657r). 


kjohnson on DSK79L0C42PROD with BILLS
104 

HR 2543 RFS

1 (2) LARGE FINANCIAL INSTITUTION.—The term 

2 ‘‘large financial institution’’ means any entity— 

3 (A) regulated by the Comptroller of the 

4 Currency, the Board of Governors of the Fed5 eral Reserve System, the Federal Deposit In6 surance Corporation, or the National Credit 

7 Union Administration; and 

8 (B) that has total consolidated assets 

9 greater than or equal to $50,000,000,000. 

10 SEC. 452. CUSTODIAL DEPOSIT PROGRAM FOR COVERED 

11 MINORITY DEPOSITORY INSTITUTIONS AND 

12 IMPACT BANKS. 

13 (a) IN GENERAL.—Not later than one year after the 

14 date of the enactment of this Act, the Secretary of the 

15 Treasury shall issue rules establishing a custodial deposit 

16 program under which a covered bank may receive deposits 

17 from a qualifying account. 

18 (b) REQUIREMENTS.—In issuing rules under sub19 section (a), the Secretary of the Treasury shall— 

20 (1) consult with the Federal banking agencies; 

21 (2) ensure each covered bank participating in 

22 the program established under this section— 

23 (A) has appropriate policies relating to 

24 management of assets, including measures to 


kjohnson on DSK79L0C42PROD with BILLS
105 

HR 2543 RFS

1 ensure the safety and soundness of each such 

2 covered bank; and 

3 (B) is compliant with applicable law; and 

4 (3) ensure, to the extent practicable that the 

5 rules do not conflict with goals described in section 

6 308(a) of the Financial Institutions Reform, Recov7 ery, and Enforcement Act of 1989 (12 U.S.C. 1463 

8 note). 

9 (c) LIMITATIONS.— 

10 (1) DEPOSITS.—With respect to the funds of an 

11 individual qualifying account, an entity may not de12 posit an amount greater than the insured amount in 

13 a single covered bank. 

14 (2) TOTAL DEPOSITS.—The total amount of 

15 funds deposited in a covered bank under the custo16 dial deposit program described under this section 

17 may not exceed the lesser of— 

18 (A) 10 percent of the average amount of 

19 deposits held by such covered bank in the pre20 vious quarter; or 

21 (B) $100,000,000 (as adjusted for infla22 tion). 

23 (d) REPORT.—Each quarter, the Secretary of the 

24 Treasury shall submit to Congress a report on the imple25 mentation of the program established under this section 


kjohnson on DSK79L0C42PROD with BILLS
106 

HR 2543 RFS

1 including information identifying participating covered 

2 banks and the total amount of deposits received by covered 

3 banks under the program, including breakdowns by each 

4 State (including the District of Columbia and each terri5 tory of the United States) and Tribal government entity. 

6 (e) DEFINITIONS.—In this section: 

7 (1) COVERED BANK.—The term ‘‘covered bank’’ 

8 means— 

9 (A) a minority depository institution that 

10 is well capitalized, as defined by the appropriate 

11 Federal banking agency; or 

12 (B) a depository institution designated 

13 pursuant to section 445 of the Ensuring Diver14 sity in Community Banking Act that is well 

15 capitalized, as defined by the appropriate Fed16 eral banking agency. 

17 (2) INSURED AMOUNT.—The term ‘‘insured 

18 amount’’ means the amount that is the greater of— 

19 (A) the standard maximum deposit insur20 ance amount (as defined in section 11(a)(1)(E) 

21 of the Federal Deposit Insurance Act (12 

22 U.S.C. 1821(a)(1)(E))); or 

23 (B) such higher amount negotiated be24 tween the Secretary of the Treasury and the 

25 Federal Deposit Insurance Corporation under 


kjohnson on DSK79L0C42PROD with BILLS
107 

HR 2543 RFS

1 which the Corporation will insure all deposits of 

2 such higher amount. 

3 (3) FEDERAL BANKING AGENCIES.—The terms 

4 ‘‘appropriate Federal banking agency’’ and ‘‘Federal 

5 banking agencies’’ have the meaning given those 

6 terms, respectively, under section 3 of the Federal 

7 Deposit Insurance Act. 

8 (4) QUALIFYING ACCOUNT.—The term ‘‘quali9 fying account’’ means any account established in the 

10 Department of the Treasury that— 

11 (A) is controlled by the Secretary; and 

12 (B) is expected to maintain a balance 

13 greater than $200,000,000 for the following 24- 

14 month period. 

15 SEC. 453. STREAMLINED COMMUNITY DEVELOPMENT FI16 NANCIAL INSTITUTION APPLICATIONS AND 

17 REPORTING. 

18 (a) APPLICATION PROCESSES.—Not later than 12 

19 months after the date of the enactment of this Act and 

20 with respect to any person having assets under 

21 $3,000,000,000 that submits an application for deposit in22 surance with the Federal Deposit Insurance Corporation 

23 that could also become a community development financial 

24 institution, the Federal Deposit Insurance Corporation, in 


kjohnson on DSK79L0C42PROD with BILLS
108 

HR 2543 RFS

1 consultation with the Administrator of the Community 

2 Development Financial Institutions Fund, shall— 

3 (1) develop systems and procedures to record 

4 necessary information to allow the Administrator to 

5 conduct preliminary analysis for such person to also 

6 become a community development financial institu7 tion; and 

8 (2) develop procedures to streamline the appli9 cation and annual certification processes and to re10 duce costs for such person to become, and maintain 

11 certification as, a community development financial 

12 institution. 

13 (b) IMPLEMENTATION REPORT.—Not later than 18 

14 months after the date of the enactment of this Act, the 

15 Federal Deposit Insurance Corporation shall submit to 

16 Congress a report describing the systems and procedures 

17 required under subsection (a). 

18 (c) ANNUAL REPORT.— 

19 (1) IN GENERAL.—Section 17(a)(1) of the Fed20 eral Deposit Insurance Act (12 U.S.C. 1827(a)(1)) 

21 is amended— 

22 (A) in subparagraph (E), by striking 

23 ‘‘and’’ at the end; 

24 (B) by redesignating subparagraph (F) as 

25 subparagraph (G); 


kjohnson on DSK79L0C42PROD with BILLS
109 

HR 2543 RFS

1 (C) by inserting after subparagraph (E) 

2 the following new subparagraph: 

3 ‘‘(F) applicants for deposit insurance that 

4 could also become a community development fi5 nancial institution (as defined in section 103 of 

6 the Riegle Community Development and Regu7 latory Improvement Act of 1994), a minority 

8 depository institution (as defined in section 308 

9 of the Financial Institutions Reform, Recovery, 

10 and Enforcement Act of 1989), or an impact 

11 bank (as designated pursuant to section 445 of 

12 the Ensuring Diversity in Community Banking 

13 Act); and’’. 

14 (2) APPLICATION.—The amendment made by 

15 this subsection shall apply with respect to the first 

16 report to be submitted after the date that is 2 years 

17 after the date of the enactment of this Act. 

18 SEC. 454. TASK FORCE ON LENDING TO SMALL BUSINESS 

19 CONCERNS. 

20 (a) IN GENERAL.—Not later than 6 months after the 

21 date of the enactment of this Act, the Administrator of 

22 the Small Business Administration shall establish a task 

23 force to examine methods for improving relationships be24 tween the Small Business Administration and community 

25 development financial institutions, minority depository inVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00109 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
110 

HR 2543 RFS

1 stitutions, and impact banks (as designated pursuant to 

2 section 445) to increase the volume of loans provided by 

3 such institutions to small business concerns (as defined 

4 under section 3 of the Small Business Act (15 U.S.C. 

5 632)). 

6 (b) REPORT TO CONGRESS.—Not later than 18 

7 months after the establishment of the task force described 

8 in subsection (a), the Administrator of the Small Business 

9 Administration shall submit to Congress a report on the 

10 findings of such task force. 

11 Subtitle E—Expanding Oppor12 tunity for Minority Depository 

13 Institutions 

14 SEC. 461. ESTABLISHMENT OF FINANCIAL AGENT MENTOR15 PROTE ́ GE ́ PROGRAM. 

16 (a) IN GENERAL.—Section 308 of the Financial In17 stitutions Reform, Recovery, and Enforcement Act of 

18 1989 (12 U.S.C. 1463 note) is amended by adding at the 

19 end the following new subsection: 

20 ‘‘(d) FINANCIAL AGENT MENTOR-PROTE ́GE ́ PRO21 GRAM.— 

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

23 Treasury shall establish a program to be known as 

24 the ‘Financial Agent Mentor-Prote ́ge ́ Program’ (in 

25 this subsection referred to as the ‘Program’) under 


kjohnson on DSK79L0C42PROD with BILLS
111 

HR 2543 RFS

1 which a financial agent designated by the Secretary 

2 or a large financial institution may serve as a men3 tor, under guidance or regulations prescribed by the 

4 Secretary, to a small financial institution to allow 

5 such small financial institution— 

6 ‘‘(A) to be prepared to perform as a finan7 cial agent; or 

8 ‘‘(B) to improve capacity to provide serv9 ices to the customers of the small financial in10 stitution. 

11 ‘‘(2) OUTREACH.—The Secretary shall hold 

12 outreach events to promote the participation of fi13 nancial agents, large financial institutions, and small 

14 financial institutions in the Program at least once a 

15 year. 

16 ‘‘(3) EXCLUSION.—The Secretary shall issue 

17 guidance or regulations to establish a process under 

18 which a financial agent, large financial institution, 

19 or small financial institution may be excluded from 

20 participation in the Program. 

21 ‘‘(4) REPORT.—The Office of Minority and 

22 Women Inclusion of the Department of the Treasury 

23 shall include in the report submitted to Congress 

24 under section 342(e) of the Dodd-Frank Wall Street 


kjohnson on DSK79L0C42PROD with BILLS
112 

HR 2543 RFS

1 Reform and Consumer Protection Act information 

2 pertaining to the Program, including— 

3 ‘‘(A) the number of financial agents, large 

4 financial institutions, and small financial insti5 tutions participating in such Program, includ6 ing breakdowns by each State (including the 

7 District of Columbia and each territory of the 

8 United States), Tribal government entity, and 

9 congressional district; and 

10 ‘‘(B) the number of outreach events de11 scribed in paragraph (2) held during the year 

12 covered by such report. 

13 ‘‘(5) DEFINITIONS.—In this subsection: 

14 ‘‘(A) FINANCIAL AGENT.—The term ‘fi15 nancial agent’ means any national banking as16 sociation designated by the Secretary of the 

17 Treasury to be employed as a financial agent of 

18 the Government. 

19 ‘‘(B) LARGE FINANCIAL INSTITUTION.— 

20 The term ‘large financial institution’ means any 

21 entity regulated by the Comptroller of the Cur22 rency, the Board of Governors of the Federal 

23 Reserve System, the Federal Deposit Insurance 

24 Corporation, or the National Credit Union AdVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00112 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
113 

HR 2543 RFS

1 ministration that has total consolidated assets 

2 greater than or equal to $50,000,000,000. 

3 ‘‘(C) SMALL FINANCIAL INSTITUTION.— 

4 The term ‘small financial institution’ means— 

5 ‘‘(i) any entity regulated by the 

6 Comptroller of the Currency, the Board of 

7 Governors of the Federal Reserve System, 

8 the Federal Deposit Insurance Corpora9 tion, or the National Credit Union Admin10 istration that has total consolidated assets 

11 lesser than or equal to $2,000,000,000; or 

12 ‘‘(ii) a minority depository institu13 tion.’’. 

14 (b) EFFECTIVE DATE.—This section and the amend15 ments made by this section shall take effect 90 days after 

16 the date of the enactment of this Act. 

17 TITLE V—COMMUNITY 

18 DEVELOPMENT 

19 Subtitle A—CDFI Bond Guarantee 

20 Program Improvement 

21 SEC. 511. SENSE OF CONGRESS. 

22 It is the sense of Congress that the authority to guar23 antee bonds under section 114A of the Community Devel24 opment Banking and Financial Institutions Act of 1994 

25 (12 U.S.C. 4713a) (commonly referred to as the ‘‘CDFI 


kjohnson on DSK79L0C42PROD with BILLS
114 

HR 2543 RFS

1 Bond Guarantee Program’’) provides community develop2 ment financial institutions with a sustainable source of 

3 long-term capital and furthers the mission of the Commu4 nity Development Financial Institutions Fund (established 

5 under section 104(a) of such Act (12 U.S.C. 4703(a)) to 

6 increase economic opportunity and promote community 

7 development investments for underserved populations and 

8 distressed communities in the United States. 

9 SEC. 512. GUARANTEES FOR BONDS AND NOTES ISSUED 

10 FOR COMMUNITY OR ECONOMIC DEVELOP11 MENT PURPOSES. 

12 Section 114A of the Community Development Bank13 ing and Financial Institutions Act of 1994 (12 U.S.C. 

14 4713a) is amended— 

15 (1) in subsection (c)(2), by striking ‘‘, multi16 plied by an amount equal to the outstanding prin17 cipal balance of issued notes or bonds’’; 

18 (2) in subsection (e)(2)(B), by striking 

19 ‘‘$100,000,000’’ and inserting ‘‘$25,000,000’’; and 

20 (3) in subsection (k), by striking ‘‘September 

21 30, 2014’’ and inserting ‘‘the date that is 4 years 

22 after the date of enactment of the CDFI Bond 

23 Guarantee Program Improvement Act of 2022’’. 


kjohnson on DSK79L0C42PROD with BILLS
115 

HR 2543 RFS

1 SEC. 513. REPORT ON THE CDFI BOND GUARANTEE PRO2 GRAM. 

3 Not later than 1 year after the date of enactment 

4 of this Act, and not later than 3 years after such date 

5 of enactment, the Secretary of the Treasury shall issue 

6 a report to the Committee on Financial Services of the 

7 House of Representatives and the Committee on Banking, 

8 Housing, and Urban Affairs of the Senate on the effective9 ness of the CDFI bond guarantee program established 

10 under section 114A of the Community Development Bank11 ing and Financial Institutions Act of 1994 (12 U.S.C. 

12 4713a). 

13 Subtitle B—Expanding Financial 

14 Access for Underserved Commu15 nities 

16 SEC. 521. CREDIT UNION SERVICE TO UNDERSERVED 

17 AREAS. 

18 Section 109 of the Federal Credit Union Act (12 

19 U.S.C. 1759) is amended— 

20 (1) in subsection (c)(2)— 

21 (A) by striking ‘‘the field of membership 

22 category of which is described in subsection 

23 (b)(2),’’; 

24 (B) by amending subparagraph (A) to read 

25 as follows: 


kjohnson on DSK79L0C42PROD with BILLS
116 

HR 2543 RFS

1 ‘‘(A) the Board determines that the local 

2 community, neighborhood, or rural district is an 

3 underserved area; and’’; and 

4 (C) in subparagraph (B), by inserting ‘‘not 

5 later than 2 years after having such under6 served area added to the credit union’s char7 ter,’’ before ‘‘the credit union’’; and 

8 (2) by adding at the end the following: 

9 ‘‘(h) CHANGE OF FIELD OF MEMBERSHIP TO IN10 CLUDE UNDERSERVED AREAS.— 

11 ‘‘(1) IN GENERAL.—If an existing Federal cred12 it union applies to the Board to alter or expand the 

13 field of membership of the credit union to serve an 

14 underserved area, the credit union shall submit a 

15 business and marketing plan with such application 

16 that explains the credit union’s ability and intent to 

17 serve the population of the underserved area through 

18 the change in field of membership. 

19 ‘‘(2) REPORT BY CREDIT UNION.—Not later 

20 than 2 years after the date on which a Federal cred21 it union’s application described under paragraph (1) 

22 is approved, the credit union, as part of the ordinary 

23 course of the examination cycle and supervision 

24 process, shall submit a report to the Administration 

25 that includes— 


kjohnson on DSK79L0C42PROD with BILLS
117 

HR 2543 RFS

1 ‘‘(A) an estimate of the number of mem2 bers of the credit union who are members by 

3 reason of the application, including breakdowns 

4 by each State (including the District of Colum5 bia and each territory of the United States), 

6 Tribal government entity, and congressional 

7 district; 

8 ‘‘(B) a description of the types of financial 

9 services utilized by members of the credit union 

10 who are members by reason of the application; 

11 ‘‘(C) an update of the credit union’s imple12 mentation of the business and marketing plan 

13 described under paragraph (1); and 

14 ‘‘(D) a description of the types of financial 

15 education programs made available to members 

16 of the credit union, including those who are 

17 members by reason of the application and those 

18 in rural areas, where applicable.’’. 

19 SEC. 522. MEMBER BUSINESS LENDING IN UNDERSERVED 

20 AREAS. 

21 Section 107A(c)(1)(B) of the Federal Credit Union 

22 Act (12 U.S.C. 1757a(c)(1)(B)) is amended— 

23 (1) in clause (iv), by striking ‘‘or’’ at the end; 

24 (2) in clause (v), by striking the period and in25 serting ‘‘; or’’; and 


kjohnson on DSK79L0C42PROD with BILLS
118 

HR 2543 RFS

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

2 ‘‘(vi) that is made to a member or as3 sociated borrower that lives in or operates 

4 in an underserved area.’’. 

5 SEC. 523. UNDERSERVED AREA DEFINED. 

6 Section 101 of the Federal Credit Union Act (12 

7 U.S.C. 1752) is amended— 

8 (1) in paragraph (8), by striking ‘‘; and’’ and 

9 inserting a period; 

10 (2) in paragraph (9), by striking the period at 

11 the end and inserting ‘‘; and’’; and 

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

13 ‘‘(10) The term ‘underserved area’ means a ge14 ographic area consisting of one or more population 

15 census tracts or one or more counties, that encom16 pass or are located within— 

17 ‘‘(A) an investment area, as defined under 

18 section 103(16) of the Community Development 

19 Banking and Financial Institutions Act of 

20 1994; 

21 ‘‘(B) groups of contiguous census tracts in 

22 which at least 85 percent individually qualify as 

23 low-income communities, as defined under sec24 tion 45D(e) of the Internal Revenue Code of 

25 1986; or 


kjohnson on DSK79L0C42PROD with BILLS
119 

HR 2543 RFS

1 ‘‘(C) an area that is more than ten miles, 

2 as measured from each point along the area’s 

3 perimeter, from the nearest branch of a deposi4 tory institution (as defined under section 3 of 

5 the Federal Deposit Insurance Act) or credit 

6 union.’’. 

7 SEC. 524. REPORTS BY THE NATIONAL CREDIT UNION AD8 MINISTRATION. 

9 (a) INITIAL REPORT.—Not later than 3 years after 

10 the date of enactment of this Act, but no sooner than 2 

11 years after the date of enactment of this Act, the National 

12 Credit Union Administration shall issue a report to the 

13 Committee on Financial Services of the House of Rep14 resentatives and the Committee on Banking, Housing, and 

15 Urban Affairs of the Senate on the implementation of the 

16 amendments made by this subtitle. 

17 (b) UPDATE.—The National Credit Union Adminis18 tration shall issue an updated report on the implementa19 tion of the amendments made by this subtitle to the com20 mittees described under subsection (a) on the date that 

21 is 5 years after the date on which the Administration 

22 issues the initial report under subsection (a). 

23 SEC. 525. RULE OF CONSTRUCTION. 

24 Nothing in this subtitle or the amendments made by 

25 this subtitle may be construed to prevent or otherwise imVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00119 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
120 

HR 2543 RFS

1 pede the ability of insured depository institutions (as de2 fined in section 3 of the Federal Deposit Insurance Act) 

3 to establish branches and provide banking services in un4 derserved areas. 

5 TITLE VI—ENSURING DIVERSE 

6 LEADERSHIP OF THE FED7 ERAL RESERVE 

8 SEC. 601. SHORT TITLE. 

9 This title may be cited as the ‘‘Ensuring Diverse 

10 Leadership Act of 2022’’. 

11 SEC. 602. CONGRESSIONAL FINDINGS. 

12 The Congress finds that— 

13 (1) while significant progress has occurred due 

14 to the antidiscrimination amendments to the Federal 

15 Reserve Act, barriers continue to pose significant ob16 stacles for candidates reflective of gender diversity 

17 and racial or ethnic diversity for Federal Reserve 

18 bank president positions in the Federal Reserve Sys19 tem; 

20 (2) the continuing barriers described in para21 graph (1) merit the following amendment; 

22 (3) Congress has received and reviewed testi23 mony and documentation of the historical lack of 

24 gender, racial, and ethnic diversity from numerous 

25 sources, including congressional hearings, scientific 


kjohnson on DSK79L0C42PROD with BILLS
121 

HR 2543 RFS

1 reports, reports issued by public and private agen2 cies, news stories, and reports of related barriers by 

3 organizations and individuals, which show that 

4 race-, ethnicity-, and gender-neutral efforts alone are 

5 insufficient to address the problem; 

6 (4) the testimony and documentation described 

7 in paragraph (3) demonstrate that barriers across 

8 the United States prove problematic for full and fair 

9 participation in developing monetary policy by indi10 viduals reflective of gender diversity and racial or 

11 ethnic diversity; and 

12 (5) the testimony and documentation described 

13 in paragraph (3) provide a strong basis that there 

14 is a compelling need for the below amendment to ad15 dress the historical lack of gender, racial, and ethnic 

16 diversity in the Federal Reserve regional bank presi17 dents selection process in the Federal Reserve Sys18 tem. 

19 SEC. 603. FEDERAL RESERVE BANK PRESIDENTS. 

20 (a) IN GENERAL.—The provision designated ‘‘fifth’’ 

21 of the fourth undesignated paragraph of section 4 of the 

22 Federal Reserve Act (12 U.S.C. 341) is amended by in23 serting after ‘‘employees.’’ the following: ‘‘In making the 

24 appointment of a president, the bank shall interview at 


kjohnson on DSK79L0C42PROD with BILLS
122 

HR 2543 RFS

1 least one individual reflective of gender diversity and one 

2 individual reflective of racial or ethnic diversity.’’. 

3 (b) REPORT.—Not later than January 1 of each year, 

4 each Federal reserve bank shall submit to the Committee 

5 on Banking, Housing, and Urban Affairs of the Senate, 

6 the Committee on Financial Services of the House of Rep7 resentatives, and the Office of Inspector General for the 

8 Board of Governors of the Federal Reserve System and 

9 the Bureau of Consumer Financial Protection a report de10 scribing the applicant pool demographic for the position 

11 of the president of the Federal reserve bank for the pre12 ceding fiscal year, if applicable. 

13 SEC. 604. TECHNICAL ADJUSTMENTS. 

14 (a) AMERICAN COMPETITIVENESS AND WORKFORCE

15 IMPROVEMENT ACT OF 1998.—Section 418(b) of the 

16 American Competitiveness and Workforce Improvement 

17 Act of 1998 (8 U.S.C. 1184 note) is amended by striking 

18 ‘‘Chairman of the Board of Governors’’ and inserting 

19 ‘‘Chair of the Board of Governors’’. 

20 (b) BRETTON WOODS AGREEMENTS ACT.—The 

21 Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) 

22 is amended— 

23 (1) in section 4(a), by striking ‘‘Chairman of 

24 the Board of Governors’’ and inserting ‘‘Chair of the 

25 Board of Governors’’; and 


kjohnson on DSK79L0C42PROD with BILLS
123 

HR 2543 RFS

1 (2) in section 45(a)(1), by striking ‘‘chairman 

2 of the board of Governors’’ and inserting ‘‘Chair of 

3 the Board of Governors’’. 

4 (c) DODD-FRANK WALL STREET REFORM AND CON5 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

6 Reform and Consumer Protection Act (12 U.S.C. 5301 

7 et seq.) is amended by striking ‘‘Chairman of the Board’’ 

8 each place such term appears and inserting ‘‘Chair of the 

9 Board’’. 

10 (d) EMERGENCY ECONOMIC STABILIZATION ACT OF

11 2008.—The Emergency Economic Stabilization Act of 

12 2008 (12 U.S.C. 5201 et seq.) is amended by striking 

13 ‘‘Chairman of the Board’’ each place such term appears 

14 and inserting ‘‘Chair of the Board’’. 

15 (e) EMERGENCY LOAN GUARANTEE ACT.—Section 2 

16 of the Emergency Loan Guarantee Act (15 U.S.C. 1841) 

17 is amended by striking ‘‘Chairman of the Board of Gov18 ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 

19 (f) EMERGENCY STEEL LOAN GUARANTEE AND

20 EMERGENCY OIL AND GAS GUARANTEED LOAN ACT OF

21 1999.—The Emergency Steel Loan Guarantee and Emer22 gency Oil and Gas Guaranteed Loan Act of 1999 (15 

23 U.S.C. 1841 note) is amended— 

24 (1) in section 101(e)(2)— 


kjohnson on DSK79L0C42PROD with BILLS
124 

HR 2543 RFS

1 (A) by striking ‘‘Chairman of the Board of 

2 Governors’’ and inserting ‘‘Chair of the Board 

3 of Governors’’; and 

4 (B) by striking ‘‘Chairman,’’ and inserting 

5 ‘‘Chair,’’; and 

6 (2) in section 201(d)(2)(B)— 

7 (A) by striking ‘‘Chairman of the Board of 

8 Governors’’ and inserting ‘‘Chair of the Board 

9 of Governors’’; and 

10 (B) by striking ‘‘Chairman,’’ and inserting 

11 ‘‘Chair,’’. 

12 (g) FARM CREDIT ACT OF 1971.—Section 

13 4.9(d)(1)(C) of the Farm Credit Act of 1971 (12 U.S.C. 

14 2160(d)(1)(C)) is amended by striking ‘‘Chairman of the 

15 Board of Governors’’ and inserting ‘‘Chair of the Board 

16 of Governors’’. 

17 (h) FEDERAL DEPOSIT INSURANCE ACT.—The Fed18 eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 

19 amended— 

20 (1) in section 7(a)(3), by striking ‘‘Chairman of 

21 the Board of Governors’’ and inserting ‘‘Chair of the 

22 Board of Governors’’; and 

23 (2) in section 10(k)(5)(B)(ii), by striking 

24 ‘‘Chairman of the Board of Governors’’ and insert25 ing ‘‘Chair of the Board of Governors’’. 


kjohnson on DSK79L0C42PROD with BILLS
125 

HR 2543 RFS

1 (i) FEDERAL RESERVE ACT.—The Federal Reserve 

2 Act (12 U.S.C. 226 et seq.) is amended— 

3 (1) by striking ‘‘chairman’’ each place such 

4 term appears and inserting ‘‘chair’’; 

5 (2) by striking ‘‘Chairman’’ each place such 

6 term appears other than in section 11(r)(2)(B) and 

7 inserting ‘‘Chair’’; 

8 (3) in section 2, in the sixth undesignated para9 graph— 

10 (A) in the second sentence, by striking 

11 ‘‘his’’ and inserting ‘‘the Comptroller of the 

12 Currency’s’’; and 

13 (B) in the third sentence, by striking ‘‘his’’ 

14 and inserting ‘‘the director’s’’; 

15 (4) in section 4— 

16 (A) in the third undesignated paragraph, 

17 by striking ‘‘his office’’ and inserting ‘‘the Of18 fice of the Comptroller of the Currency’’; 

19 (B) in the fourth undesignated paragraph, 

20 in the provision designated ‘‘fifth’’, by striking 

21 ‘‘his’’ and inserting ‘‘the person’s’’; 

22 (C) in the eighth undesignated paragraph, 

23 by striking ‘‘his’’ and inserting ‘‘the chair’s’’; 

24 (D) in the seventeenth undesignated para25 graph— 


kjohnson on DSK79L0C42PROD with BILLS
126 

HR 2543 RFS

1 (i) by striking ‘‘his’’ and inserting 

2 ‘‘the officer’s’’; and 

3 (ii) by striking ‘‘he’’ and inserting 

4 ‘‘the individual’’; 

5 (E) in the twentieth undesignated para6 graph— 

7 (i) by striking ‘‘He’’ each place such 

8 term appears and inserting ‘‘The chair’’; 

9 (ii) in the third sentence— 

10 (I) by striking ‘‘his’’ and insert11 ing ‘‘the’’; and 

12 (II) by striking ‘‘he’’ and insert13 ing a comma; and 

14 (iii) in the fifth sentence, by striking 

15 ‘‘he’’ and inserting ‘‘the chair’’; and 

16 (F) in the twenty-first undesignated para17 graph, by striking ‘‘his’’ each place such term 

18 appears and inserting ‘‘the agent’s’’; 

19 (5) in section 6, in the second undesignated 

20 paragraph, by striking ‘‘he’’ and inserting ‘‘the 

21 Comptroller of the Currency’’; 

22 (6) in section 9A(c)(2)(C), by striking ‘‘he’’ and 

23 inserting ‘‘the participant’’; 

24 (7) in section 10— 


kjohnson on DSK79L0C42PROD with BILLS
127 

HR 2543 RFS

1 (A) by striking ‘‘he’’ each place such term 

2 appears and inserting ‘‘the member’’; 

3 (B) in the second undesignated paragraph, 

4 by striking ‘‘his’’ and inserting ‘‘the member’s’’; 

5 and 

6 (C) in the fourth undesignated para7 graph— 

8 (i) in the second sentence, by striking 

9 ‘‘his’’ and inserting ‘‘the chair’s’’; 

10 (ii) in the fifth sentence, by striking 

11 ‘‘his’’ and inserting ‘‘the member’s’’; and 

12 (iii) in the sixth sentence, by striking 

13 ‘‘his’’ and inserting ‘‘the member’s’’; 

14 (8) in section 12, by striking ‘‘his’’ and insert15 ing ‘‘the member’s’’; 

16 (9) in section 13, in the tenth undesignated 

17 paragraph, by striking ‘‘his’’ and inserting ‘‘the 

18 assured’s’’; 

19 (10) in section 16— 

20 (A) by striking ‘‘he’’ each place such term 

21 appears and inserting ‘‘the agent’’; 

22 (B) in the seventh undesignated para23 graph— 

24 (i) by striking ‘‘his’’ and inserting 

25 ‘‘the agent’s’’; and 


kjohnson on DSK79L0C42PROD with BILLS
128 

HR 2543 RFS

1 (ii) by striking ‘‘himself’’ and insert2 ing ‘‘the agent’’; 

3 (C) in the tenth undesignated paragraph, 

4 by striking ‘‘his’’ and inserting ‘‘the Sec5 retary’s’’; and 

6 (D) in the fifteenth undesignated para7 graph, by striking ‘‘his’’ and inserting ‘‘the 

8 agent’s’’; 

9 (11) in section 18, in the eighth undesignated 

10 paragraph, by striking ‘‘he’’ and inserting ‘‘the Sec11 retary of the Treasury’’; 

12 (12) in section 22— 

13 (A) in subsection (f), by striking ‘‘his’’ and 

14 inserting ‘‘the director’s or officer’s’’; and 

15 (B) in subsection (g)— 

16 (i) in paragraph (1)(D)— 

17 (I) by striking ‘‘him’’ and insert18 ing ‘‘the officer’’; and 

19 (II) by striking ‘‘he’’ and insert20 ing ‘‘the officer’’; and 

21 (ii) in paragraph (2)(A), by striking 

22 ‘‘him as his’’ and inserting ‘‘the officer as 

23 the officer’s’’; and 

24 (13) in section 25A— 


kjohnson on DSK79L0C42PROD with BILLS
129 

HR 2543 RFS

1 (A) in the twelfth undesignated para2 graph— 

3 (i) by striking ‘‘he’’ each place such 

4 term appears and inserting ‘‘the member’’; 

5 and 

6 (ii) by striking ‘‘his’’ and inserting 

7 ‘‘the member’s’’; 

8 (B) in the fourteenth undesignated para9 graph, by striking ‘‘his’’ and inserting ‘‘the di10 rector’s or officer’s’’; and 

11 (C) in the twenty-second undesignated 

12 paragraph, by striking ‘‘his’’ each place such 

13 term appears and inserting ‘‘such individual’s’’. 

14 (j) FEDERAL RESERVE REFORM ACT OF 1977.—Sec15 tion 204(b) of the Federal Reserve Reform Act of 1977 

16 (12 U.S.C. 242 note) is amended by striking ‘‘Chairman 

17 or Vice Chairman of the Board of Governors’’ and insert18 ing ‘‘Chair or Vice Chair of the Board of Governors’’. 

19 (k) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 

20 AND ENFORCEMENT ACT OF 1989.—The Financial Insti21 tutions Reform, Recovery, and Enforcement Act of 1989 

22 is amended— 

23 (1) in section 308 (12 U.S.C. 1463 note)— 


kjohnson on DSK79L0C42PROD with BILLS
130 

HR 2543 RFS

1 (A) in subsection (a), by striking ‘‘Chair2 man of the Board of Governors’’ and inserting 

3 ‘‘Chair of the Board of Governors’’; and 

4 (B) in subsection (c), by striking ‘‘Chair5 man of the Board of Governors’’ and inserting 

6 ‘‘Chair of the Board of Governors’’; 

7 (2) in section 1001(a) (12 U.S.C. 1811 note), 

8 by striking ‘‘Chairman of the Board of Governors’’ 

9 and inserting ‘‘Chair of the Board of Governors’’; 

10 and 

11 (3) in section 1205(b)(1)(A) (12 U.S.C. 1818 

12 note)— 

13 (A) by striking ‘‘Chairman of the Board of 

14 Governors’’ and inserting ‘‘Chair of the Board 

15 of Governors’’; and 

16 (B) by striking ‘‘Chairman’s’’ and insert17 ing ‘‘Chair’s’’. 

18 (l) FOOD, CONSERVATION, AND ENERGY ACT OF

19 2008.—Section 13106(a) of the Food, Conservation, and 

20 Energy Act of 2008 (7 U.S.C. 2 note) is amended by strik21 ing ‘‘Chairman of the Board of Governors’’ and inserting 

22 ‘‘Chair of the Board of Governors’’. 

23 (m) HOUSING AND COMMUNITY DEVELOPMENT ACT

24 OF 1992.—Section 1313(a)(3) of the Housing and ComVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00130 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
131 

HR 2543 RFS

1 munity Development Act of 1992 (12 U.S.C. 4513(a)(3)) 

2 is amended— 

3 (1) in the heading, by striking ‘‘CHAIRMAN’’ 

4 and inserting ‘‘CHAIR’’; 

5 (2) by striking ‘‘Chairman of the Board of Gov6 ernors’’ and inserting ‘‘Chair of the Board of Gov7 ernors’’; and 

8 (3) by striking ‘‘Chairman regarding’’ and in9 serting ‘‘Chair regarding’’. 

10 (n) INSPECTOR GENERAL ACT OF 1978.—Section 8G 

11 of the Inspector General Act of 1978 is amended by strik12 ing ‘‘Chairman of the Board of Governors’’ each place 

13 such term appears and inserting ‘‘Chair of the Board of 

14 Governors’’. 

15 (o) INTERNATIONAL LENDING SUPERVISION ACT OF

16 1983.—Section 908(b)(3)(C) of the International Lending 

17 Supervision Act of 1983 (12 U.S.C. 3907(b)(3)(C)) is 

18 amended by striking ‘‘Chairman of the Board of Gov19 ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 

20 (p) NEIGHBORHOOD REINVESTMENT CORPORATION

21 ACT.—Section 604(a)(3) of the Neighborhood Reinvest22 ment Corporation Act (42 U.S.C. 8103(a)(3)) is amended 

23 by striking ‘‘Chairman’’ each place it appears and insert24 ing ‘‘Chair’’. 


kjohnson on DSK79L0C42PROD with BILLS
132 

HR 2543 RFS

1 (q) PUBLIC LAW 93–495.—Section 202(a)(1) of Pub2 lic Law 93–495 (12 U.S.C. 2402(a)(1)) is amended— 

3 (1) by striking ‘‘Chairman of the Board of Gov4 ernors’’ and inserting ‘‘Chair of the Board of Gov5 ernors’’; and 

6 (2) by striking ‘‘his’’ and inserting ‘‘the 

7 Chair’s’’. 

8 (r) SARBANES-OXLEY ACT OF 2002.—Section 

9 101(e)(4)(A) of the Sarbanes-Oxley Act of 2002 (15 

10 U.S.C. 7211(e)(4)(A)) is amended by striking ‘‘Chairman 

11 of the Board of Governors’’ and inserting ‘‘Chair of the 

12 Board of Governors’’. 

13 (s) SECURITIES EXCHANGE ACT OF 1934.—Section 

14 17A(f)(4)(C) of the Securities Exchange Act of 1934 (15 

15 U.S.C. 78q–1(f)(4)(C)) is amended by striking ‘‘Chairman 

16 of the Board of Governors’’ and inserting ‘‘Chair of the 

17 Board of Governors’’. 

18 (t) TITLE 31.—Title 31, United States Code, is 

19 amended— 

20 (1) in section 1344(b)(7), by striking ‘‘Chair21 man of the Board of Governors’’ and inserting 

22 ‘‘Chair of the Board of Governors’’; and 

23 (2) in section 5318A, by striking ‘‘Chairman of 

24 the Board of Governors’’ each place such term apVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00132 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
133 

HR 2543 RFS

1 pears and inserting ‘‘Chair of the Board of Gov2 ernors’’. 

3 (u) TRADE ACT OF 1974.—Section 163(b)(3) of the 

4 Trade Act of 1974 (19 U.S.C. 2213(b)(3)) is amended by 

5 striking ‘‘Chairman of the Board of Governors’’ and in6 serting ‘‘Chair of the Board of Governors’’. 

7 (v) DEEMING OF NAME.—Any reference in a law, 

8 regulation, document, paper, or other record of the United 

9 States to the Chairman of the Board of Governors of the 

10 Federal Reserve System shall be deemed to be a reference 

11 to the Chair of the Board of Governors of the Federal 

12 Reserve System. 

13 TITLE VII—STUDYING BARRIERS 

14 TO HOUSING 

15 SEC. 701. SHORT TITLE. 

16 This title may be cited as the ‘‘Studying Barriers to 

17 Housing Act’’. 

18 SEC. 702. GAO STUDY AND REPORT ON REDUCING HOME19 LESSNESS THROUGH PUBLIC HOUSING AND 

20 SECTION 8 RENTAL ASSISTANCE. 

21 (a) STUDY.—The Comptroller General of the United 

22 States shall conduct a study to identify any barriers that 

23 limit the ability of a public housing agency in attempting 

24 to provide housing assistance under the Public Housing 

25 and Housing Choice Voucher programs under title I of 


kjohnson on DSK79L0C42PROD with BILLS
134 

HR 2543 RFS

1 the United States Housing Act of 1937 (42 U.S.C. 1437 

2 et seq.) for populations experiencing homelessness, which 

3 shall include— 

4 (1) identification of any laws, regulations, and 

5 any other notices or guidance pertaining to— 

6 (A) waiting lists, documentation require7 ments, or tenant screening that effect the abil8 ity of a public housing agency to accept persons 

9 and families experiencing homelessness into the 

10 public housing or voucher program; and 

11 (B) funding formulas and performance 

12 measures that may penalize public housing 

13 agencies trying to serve persons and families 

14 experiencing homelessness; 

15 (2) analyzing and determining the effect of the 

16 limitation under section 8(o)(13)(B) of the United 

17 States Housing Act of 1937 (42 U.S.C. 

18 1437f(o)(13)(B); relating to the maximum amount 

19 of housing voucher assistance that a public housing 

20 agency may use for project-based assistance) has on 

21 the ability of public housing agencies to serve per22 sons and families experiencing homelessness; and 

23 (3) identification of barriers to fair housing and 

24 the coordination of Federal housing assistance and 

25 homelessness funds, including outreach and marVerDate Sep 11 2014 03:03 Jun 22, 2022 Jkt 029200 PO 00000 Frm 00134 Fmt 6652 Sfmt 6201 E:\BILLS\H2543.RFS H2543

kjohnson on DSK79L0C42PROD with BILLS
135 

HR 2543 RFS

1 keting of such funds, to affirmatively further fair 

2 housing for protected classes under the Fair Hous3 ing Act of 1968 (42 U.S.C. 3601 et seq.) that are 

4 disproportionately experiencing homelessness. 

5 (b) REPORT.—Not later than the expiration of the 

6 12-month period beginning on the date of the enactment 

7 of this Act, the Comptroller General shall submit a report 

8 to the Congress describing the study conducted pursuant 

9 to subsection (a) and setting forth the results and conclu10 sions of the study. 

11 TITLE VIII—STATE OF HOUSING 

12 IN THE UNITED STATES 

13 SEC. 801. INTERAGENCY WORKING GROUP REPORTS. 

14 There is established an interagency working group 

15 consisting of the Secretary of the Treasury, the Secretary 

16 of Housing and Urban Development, and the Director of 

17 the Federal Housing Finance Agency, which shall produce 

18 two reports, in consultation with the Attorney General, the 

19 Secretary of Agriculture, the Secretary of Veterans Af20 fairs, the Secretary of Transportation, and the Executive 

21 Director of the United States Interagency Council on 

22 Homelessness, each year detailing the state of housing in 

23 the United States, including recommendations related to 

24 housing fairness, affordability. and supply. 


kjohnson on DSK79L0C42PROD with BILLS
136 

HR 2543 RFS

1 SEC. 802. TESTIMONY ON THE STATE OF HOUSING AFFORD2 ABILITY AND SUPPLY. 

3 After each report is produced under section 601, each 

4 member of the interagency working group described under 

5 section 601 shall appear before the Committee on Finan6 cial Services of the House of Representatives and the 

7 Committee on Banking, Housing, and Urban Affairs of 

8 the Senate to testify on the contents of such report. 

9 TITLE XI—REPORT ON HOUSING 

10 FOR LGBTQ+ PERSONS 

11 SEC. 901. HUD REPORT. 

12 Not later than the expiration of the 6-month period 

13 beginning on the date of the enactment of this Act, the 

14 Secretary of Housing and Urban Development shall sub15 mit a report to the Congress describing all efforts and ac16 tivities of the Department of Housing and Urban Develop17 ment, recently taken, ongoing, or planned, to provide or 

18 facilitate access to affordable permanent and temporary 

19 housing for persons who identify as lesbian, gay, bisexual, 

20 transgender, questioning/queer, or another identity other 

21 than heterosexual, including such person who are youth, 

22 elderly, and homeless. 


kjohnson on DSK79L0C42PROD with BILLS
137 

HR 2543 RFS

1 TITLE X—EXPANDING ACCESS 

2 TO CREDIT THROUGH CON3 SUMER-PERMISSIONED DATA 

4 SEC. 1001. SHORT TITLE. 

5 This title may be cited as the ‘‘Expanding Access to 

6 Credit through Consumer-Permissioned Data Act’’. 

7 SEC. 1002. FINDINGS. 

8 The Congress finds the following: 

9 (1) Using alternative data in mortgage lending 

10 (either through alternative credit scores or in under11 writing) has the potential to increase access to credit 

12 for individuals with little or no credit history with 

13 the national credit reporting agencies (NCRAs), ac14 cording to a review of alternative data use in mort15 gage lending by the Government Accountability Of16 fice in December 2021. 

17 (2) Approximately 45 million consumers do not 

18 have any credit history with the NCRAs or did not 

19 have enough credit history to be scored, according to 

20 a 2015 report by the Bureau of Consumer Financial 

21 Protection (CFPB), entitled ‘‘Data Point: Credit 

22 Invisibles’’. The CFPB also reported that this popu23 lation disproportionately included low-income con24 sumers, younger consumers, and consumers of color. 


kjohnson on DSK79L0C42PROD with BILLS
138 

HR 2543 RFS

1 (3) The use of alternative data to establish a 

2 low- or moderate-income borrower’s credit history 

3 for the purpose of extending mortgage credit can 

4 help lenders meet goals of the Community Reinvest5 ment Act. 

6 (4) Mortgage underwriting systems that allow 

7 lenders to use consumer-permissioned alternative 

8 credit information may help expand access to mort9 gages for borrowers with lower credit scores and 

10 communities of color. On September 21, 2021, 

11 Fannie Mae updated its automated underwriting 

12 system so that it notifies lenders that a borrower 

13 may benefit from the inclusion of consistent rental 

14 payment information, and with the consumer’s per15 mission, the underwriting system will automatically 

16 identify rental payments within bank statement data 

17 and include this in its credit assessment. According 

18 to a fair lending and credit risk analysis by Fannie 

19 Mae and the Federal Housing Finance Agency, the 

20 populations most likely to benefit from this change 

21 are applicants with lower credit scores, who are dis22 proportionately consumers of color. 


kjohnson on DSK79L0C42PROD with BILLS
139 

HR 2543 RFS

1 SEC. 1003. REQUIREMENT TO CONSIDER ADDITIONAL 

2 CREDIT INFORMATION WHEN MAKING MORT3 GAGE LOANS. 

4 (a) IN GENERAL.—The Equal Credit Opportunity 

5 Act (15 U.S.C. 1691 et seq.) is amended by inserting after 

6 section 701 the following: 

7 ‘‘§ 701A. Requirement to consider additional credit 

8 information when making mortgage loans 

9 ‘‘(a) IN GENERAL.—A creditor extending a mortgage 

10 loan shall, in evaluating the creditworthiness of an appli11 cant, consider credit information not reported through a 

12 consumer reporting agency, if— 

13 ‘‘(1) the applicant— 

14 ‘‘(A) requests such consideration, and has 

15 not retracted such request; 

16 ‘‘(B) provides the credit information to be 

17 considered; and 

18 ‘‘(C) states that the applicant does not be19 lieve that credit information reported through 

20 consumer reporting agencies fully or accurately 

21 reflects the applicant’s creditworthiness in the 

22 absence of such information; and 

23 ‘‘(2) the credit information relates to the types 

24 of information that the creditor would consider if 

25 otherwise reported and includes current payment 


kjohnson on DSK79L0C42PROD with BILLS
140 

HR 2543 RFS

1 and transaction information, such as bank statement 

2 information or rental payment information. 

3 ‘‘(b) TREATMENT OF ADDITIONAL INFORMATION.— 

4 A creditor shall treat any information provided pursuant 

5 to subsection (a) in the same manner and with the same 

6 weight as the creditor would treat the same information 

7 if it were provided by a consumer reporting agency, unless 

8 the creditor reasonably determines that the information is 

9 the result of a material misrepresentation. 

10 ‘‘(c) NOTICE TO APPLICANTS.— 

11 ‘‘(1) IN GENERAL.—A creditor described under 

12 subsection (a) shall provide each applicant for a 

13 mortgage loan with a notice that includes— 

14 ‘‘(A) an explanation of the applicant’s 

15 right under this section to provide additional 

16 credit information to the creditor for consider17 ation, including examples of such additional in18 formation, as well as the benefits of providing 

19 such information; 

20 ‘‘(B) the right of the creditor to disregard 

21 any such information if the creditor determines 

22 that the information is the result of a material 

23 misrepresentation; and 

24 ‘‘(C) the right of an applicant to retract 

25 the applicant’s request to use such additional 


kjohnson on DSK79L0C42PROD with BILLS
141 

HR 2543 RFS

1 credit information at any point in the applica2 tion process. 

3 ‘‘(2) NOTICE LANGUAGES.—Notices required 

4 under paragraph (1) shall be made available in each 

5 of the 8 languages most commonly spoken by indi6 viduals with limited English proficiency, as deter7 mined by the Director of the Bureau using informa8 tion published by the Director of the Bureau of the 

9 Census. 

10 ‘‘(3) FORM LANGUAGE.—The Director of the 

11 Bureau shall establish form language, which shall be 

12 used by each creditor when providing the notices re13 quired under this subsection, providing— 

14 ‘‘(A) the examples described under para15 graph (1)(A); 

16 ‘‘(B) the description of the benefits de17 scribed under paragraph (1)(A); and 

18 ‘‘(C) the non-English language versions of 

19 the notices described under paragraph (2). 

20 ‘‘(d) CONSIDERATION OF ALTERNATIVE DATA; 

21 TREATMENT OF UNDERWRITING SYSTEMS.—A creditor 

22 shall ensure that the alternative data provided under the 

23 requirements of subsection (a) shall be considered as part 

24 of the decisioning process. Any creditor who develops or 

25 maintains an underwriting system for mortgage loans 


kjohnson on DSK79L0C42PROD with BILLS
142 

HR 2543 RFS

1 shall ensure such system complies with the requirements 

2 described under subsection (a). 

3 ‘‘(e) CONSUMER REPORTING AGENCY DEFINED.—In 

4 this section, the term ‘consumer reporting agency’ has the 

5 meaning given that term under section 603 of the Fair 

6 Credit Reporting Act.’’. 

7 (b) CLERICAL AMENDMENT.—The table of contents 

8 for the Equal Credit Opportunity Act is amended by in9 serting after the item relating to section 701 the following: 

‘‘701A. Requirement to consider additional credit information when making 

mortgage loans.’’. 

10 TITLE XI—PAYMENT CHOICE 

11 SEC. 1101. SHORT TITLE. 

12 This subtitle may be cited as the ‘‘Payment Choice 

13 Act of 2022’’. 

14 SEC. 1102. SENSE OF CONGRESS. 

15 It is the sense of Congress that every consumer has 

16 the right to use cash at retail businesses who accept in17 person payments. 

18 SEC. 1103. RETAIL BUSINESSES PROHIBITED FROM REFUS19 ING CASH PAYMENTS. 

20 (a) IN GENERAL.—Subchapter I of chapter 51 of title 

21 31, United States Code, is amended by adding at the end 

22 the following: 


kjohnson on DSK79L0C42PROD with BILLS
143 

HR 2543 RFS

1 ‘‘§ 5104. Retail businesses prohibited from refusing 

2 cash payments 

3 ‘‘(a) IN GENERAL.—Any person engaged in the busi4 ness of selling or offering goods or services at retail to 

5 the public with a person accepting in-person payments at 

6 a physical location (including a person accepting payments 

7 for telephone, mail, or internet-based transactions who is 

8 accepting in-person payments at a physical location)— 

9 ‘‘(1) shall accept cash as a form of payment for 

10 sales of less than $2,000 (or, for loan payments, 

11 payments made on a loan with an original principal 

12 amount of less than $2,000) made at such physical 

13 location; and 

14 ‘‘(2) may not charge cash-paying customers a 

15 higher price compared to the price charged to cus16 tomers not paying with cash. 

17 ‘‘(b) EXCEPTIONS.— 

18 ‘‘(1) IN GENERAL.—Subsection (a) shall not 

19 apply to a person if such person— 

20 ‘‘(A) is unable to accept cash because of— 

21 ‘‘(i) a sale system failure that tempo22 rarily prevents the processing of cash pay23 ments; or 

24 ‘‘(ii) a temporary insufficiency in cash 

25 on hand needed to provide change; or 


kjohnson on DSK79L0C42PROD with BILLS
144 

HR 2543 RFS

1 ‘‘(B) provides customers with the means, 

2 on the premises, to convert cash into a card 

3 that is either a general-use prepaid card, a gift 

4 card, or an access device for electronic fund 

5 transfers for which— 

6 ‘‘(i) there is no fee for the use of the 

7 card; 

8 ‘‘(ii) there is not a minimum deposit 

9 amount greater than 1 dollar; 

10 ‘‘(iii) amounts loaded on the card do 

11 not expire, except as permitted under para12 graph (2); 

13 ‘‘(iv) there is no collection of any per14 sonal identifying information from the cus15 tomer; 

16 ‘‘(v) there is no fee to use the card; 

17 and 

18 ‘‘(iv) there may be a limit to the num19 ber of transactions. 

20 ‘‘(2) INACTIVITY.—A person seeking exception 

21 from subsection (a) may charge an inactivity fee in 

22 association with a card offered by such person if— 

23 ‘‘(A) there has been no activity with re24 spect to the card during the 12-month period 


kjohnson on DSK79L0C42PROD with BILLS
145 

HR 2543 RFS

1 ending on the date on which the inactivity fee 

2 is imposed; 

3 ‘‘(B) not more than 1 inactivity fee is im4 posed in any 1-month period; and 

5 ‘‘(C) it is clearly and conspicuously stated, 

6 on the face of the mechanism that issues the 

7 card and on the card— 

8 ‘‘(i) that an inactivity fee or charge 

9 may be imposed; 

10 ‘‘(ii) the frequency at which such inac11 tivity fee may be imposed; and 

12 ‘‘(iii) the amount of such inactivity 

13 fee. 

14 ‘‘(c) RIGHT TO NOT ACCEPT LARGE BILLS.— 

15 ‘‘(1) IN GENERAL.—Notwithstanding subsection 

16 (a), for the 5-year period beginning on the date of 

17 enactment of this section, this section shall not re18 quire a person to accept cash payments in $50 bills 

19 or any larger bill. 

20 ‘‘(2) RULEMAKING.— 

21 ‘‘(A) IN GENERAL.—The Secretary of the 

22 Treasury, in this section referred to as the Sec23 retary, shall issue a rule on the date that is 5 

24 years after the date of the enactment of this 


kjohnson on DSK79L0C42PROD with BILLS
146 

HR 2543 RFS

1 section with respect to any bills a person is not 

2 required to accept. 

3 ‘‘(B) REQUIREMENT.—When issuing a rule 

4 under subparagraph (A), the Secretary shall re5 quire persons to accept $1, $5, $10, $20, and 

6 $50 bills. 

7 ‘‘(d) ENFORCEMENT.— 

8 ‘‘(1) PREVENTATIVE RELIEF.—Whenever any 

9 person has engaged, or there are reasonable grounds 

10 to believe that any person is about to engage, in any 

11 act or practice prohibited by this section, a civil ac12 tion for preventive relief, including an application for 

13 a permanent or temporary injunction, restraining 

14 order, or other order may be brought against such 

15 person. 

16 ‘‘(2) CIVIL PENALTIES.—Any person who vio17 lates this section shall— 

18 ‘‘(A) be liable for actual damages; 

19 ‘‘(B) be fined not more than $2,500 for a 

20 first offense; and 

21 ‘‘(C) be fined not more than $5,000 for a 

22 second or subsequent offense. 

23 ‘‘(3) JURISDICTION.—An action under this sec24 tion may be brought in any United States district 


kjohnson on DSK79L0C42PROD with BILLS
147 

HR 2543 RFS

1 court, or in any other court of competent jurisdic2 tion. 

3 ‘‘(4) INTERVENTION OF ATTORNEY GENERAL.— 

4 Upon timely application, a court may, in its discre5 tion, permit the Attorney General to intervene in a 

6 civil action brought under this subsection, if the At7 torney General certifies that the action is of general 

8 public importance. 

9 ‘‘(5) AUTHORITY TO APPOINT COURT-PAID AT10 TORNEY.—Upon application by an individual and in 

11 such circumstances as the court may determine just, 

12 the court may appoint an attorney for such indi13 vidual and may authorize the commencement of a 

14 civil action under this subsection without the pay15 ment of fees, costs, or security. 

16 ‘‘(6) ATTORNEY’S FEES.—In any action com17 menced pursuant to this section, the court, in its 

18 discretion, may allow the prevailing party, other 

19 than the United States, a reasonable attorney’s fee 

20 as part of the costs, and the United States shall be 

21 liable for costs the same as a private person. 

22 ‘‘(7) REQUIREMENTS IN CERTAIN STATES AND

23 LOCAL AREAS.—In the case of an alleged act or 

24 practice prohibited by this section which occurs in a 

25 State, or political subdivision of a State, which has 


kjohnson on DSK79L0C42PROD with BILLS
148 

HR 2543 RFS

1 a State or local law prohibiting such act or practice 

2 and establishing or authorizing a State or local au3 thority to grant or seek relief from such act or prac4 tice or to institute criminal proceedings with respect 

5 thereto upon receiving notice thereof, no civil action 

6 may be brought hereunder before the expiration of 

7 30 days after written notice of such alleged act or 

8 practice has been given to the appropriate State or 

9 local authority by registered mail or in person, pro10 vided that the court may stay proceedings in such 

11 civil action pending the termination of State or local 

12 enforcement proceedings. 

13 ‘‘(e) GREATER PROTECTION UNDER STATE LAW.— 

14 This section shall not preempt any law of a State, the Dis15 trict of Columbia, a Tribal government, or a territory of 

16 the United States if the protections that such law affords 

17 to consumers are greater than the protections provided 

18 under this section. 

19 ‘‘(f) RULEMAKING.—The Secretary shall issue such 

20 rules as the Secretary determines are necessary to imple21 ment this section, which may prescribe additional excep22 tions to the application of the requirements described in 

23 subsection (a).’’. 

24 (b) CLERICAL AMENDMENT.—The table of contents 

25 for chapter 51 of title 31, United States Code, is amended 


kjohnson on DSK79L0C42PROD with BILLS
149 

HR 2543 RFS

1 by inserting after the item relating to section 5103 the 

2 following: 

‘‘5104. Retail businesses prohibited from refusing cash payments.’’. 

3 (c) RULE OF CONSTRUCTION.—The amendments 

4 made by this section may not be construed to have any 

5 effect on section 5103 of title 31, United States Code. 

Passed the House of Representatives June 15, 2022. 

Attest: CHERYL L. JOHNSON, 

Clerk. 

By KEVIN MCCUMBER, 

Deputy Clerk. 


kjohnson on DSK79L0C42PROD with BILLS