1062 
Lending Act (15 U.S.C. 1602), the debt collector 
shall allow the consumer to repay the past-due bal-
ance in a manner that does not exceed the amounts 
permitted by the methods described in section 
171(c) of the Truth in Lending Act (15 U.S.C. 
1666i–1(c)) and regulations promulgated under that 
section. 
‘‘(3) DEBT ARISING FROM OTHER CREDIT.— 
‘‘(A) IN
GENERAL.—For debt not de-
scribed under paragraph (2) or (3), the debt 
collector shall— 
‘‘(i) allow the consumer to repay the 
past-due balance of the debt in substan-
tially equal payments over time; and 
‘‘(ii) provide the consumer with— 
‘‘(I) for past due balances of 
$2,000 or less, 12 months to repay, or 
such longer period as the debt col-
lector may allow; 
‘‘(II) for past due balances be-
tween $2,001 and $5,000, 24 months 
to repay, or such longer period as the 
debt collector may allow; or 
‘‘(III) for past due balances 
greater than $5,000, 36 months to
1063 
repay, or such longer period as the 
debt collector may allow. 
‘‘(B) ADDITIONAL PROTECTIONS.—The Di-
rector of the Bureau may issue rules to provide 
greater repayment protections to consumers 
with debts described under subparagraph (A). 
‘‘(C) RELATION
TO
STATE
LAW.—This 
paragraph shall not preempt any State law that 
provides for greater consumer protections than 
this paragraph.’’; and 
(2) by adding at the end the following: 
‘‘(h) FORBEARANCE FOR AFFECTED CONSUMERS.— 
‘‘(1) FORBEARANCE PROGRAM.—Each debt col-
lector that makes use of the credit facility described 
in paragraph (4) shall establish a forbearance pro-
gram for debts available during the covered period. 
‘‘(2) AUTOMATIC
GRANT
OF
FORBEARANCE 
UPON REQUEST.—Under a forbearance program re-
quired under paragraph (1), upon the request of a 
consumer experiencing a financial hardship due, di-
rectly or indirectly, to COVID–19, the debt collector 
shall grant a forbearance on payment of debt for 
such time as needed until the end of the covered pe-
riod, with no additional documentation required 
other than the borrower’s attestation to a financial
1064 
hardship caused by COVID–19 and with no fees, 
penalties, or interest (beyond the amounts scheduled 
or calculated as if the borrower made all contractual 
payments on time and in full under the terms of the 
loan contract) charged to the borrower in connection 
with the forbearance. 
‘‘(3) EXCEPTION
FOR
CERTAIN
MORTGAGE 
LOANS
SUBJECT
TO
THE
CARES
ACT.—This sub-
section shall not apply to a mortgage loan subject to 
section 4022 or 4023 of the CARES Act.’’. 
SEC. 110404. CREDIT FACILITY. 
Section 812A(h) of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.), as added by section 
110403, is amended by adding at the end the following: 
‘‘(4) CREDIT
FACILITY.—The Board of Gov-
ernors of the Federal Reserve System shall— 
‘‘(A) establish a facility, using amounts 
made available under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)), to make 
long-term, low-cost loans to debt collectors to 
temporarily compensate such debt collectors for 
documented financial losses caused by forbear-
ance of debt payments under this subsection; 
and
1065 
‘‘(B) defer debt collectors’ required pay-
ments on such loans until after consumers’ debt 
payments resume.’’. 
TITLE V—FORGIVING STUDENT 
LOAN 
DEBT 
AND 
PRO-
TECTING 
STUDENT 
BOR-
ROWERS 
SEC. 110501. PAYMENTS FOR PRIVATE EDUCATION LOAN 
BORROWERS AS A RESULT OF THE COVID–19 
NATIONAL EMERGENCY. 
(a) IN GENERAL.—Section 140 of the Truth in Lend-
ing Act (15 U.S.C. 1650) is amended by adding at the 
end the following new subsection: 
‘‘(h) COVID–19 NATIONAL EMERGENCY PRIVATE 
EDUCATION LOAN REPAYMENT ASSISTANCE.— 
‘‘(1) AUTHORITY.— 
‘‘(A) IN GENERAL.—Effective on the date 
of the enactment of this section, until Sep-
tember 30, 2021, the Secretary of the Treasury 
shall, for each borrower of a private education 
loan, pay the total amount due for such month 
on the loan, based on the payment plan selected 
by the borrower or the borrower’s loan status. 
‘‘(B) LIMITATION
ON
PAYMENTS.—The 
maximum amount of aggregate payments that
1066 
the Secretary of the Treasury may make under 
subparagraph (A) with respect to an individual 
borrower is $10,000. 
‘‘(2) NO CAPITALIZATION OF INTEREST.—With 
respect to any loan in repayment until September 
30, 2021, interest due on a private education loan 
during such period shall not be capitalized at any 
time until after September 30, 2021. 
‘‘(3) REPORTING
TO
CONSUMER
REPORTING 
AGENCIES.—Until September 30, 2021— 
‘‘(A) during the period in which the Sec-
retary of the Treasury is making payments on 
a loan under paragraph (1), the Secretary shall 
ensure that, for the purpose of reporting infor-
mation about the loan to a consumer reporting 
agency, any payment made by the Secretary is 
treated as if it were a regularly scheduled pay-
ment made by a borrower; and 
‘‘(B) no adverse credit information may be 
furnished to a consumer reporting agency for 
any private education loan. 
‘‘(4) NOTICE OF PAYMENTS AND PROGRAM.— 
Not later than 15 days following the date of enact-
ment of this subsection, and monthly thereafter until 
September 30, 2021, the Secretary of the Treasury
1067 
shall provide a notice to all borrowers of private edu-
cation loans— 
‘‘(A) informing borrowers of the actions 
taken under this subsection; 
‘‘(B) providing borrowers with an easily 
accessible method to opt out of the benefits pro-
vided under this subsection; and 
‘‘(C) notifying the borrower that the pro-
gram under this subsection is a temporary pro-
gram and will end on September 30, 2021. 
‘‘(5) SUSPENSION
OF
INVOLUNTARY
COLLEC-
TION.—Until September 30, 2021, the holder of a 
private education loan shall immediately take action 
to halt all involuntary collection related to the loan. 
‘‘(6) MANDATORY FORBEARANCE.—During the 
period in which the Secretary of the Treasury is 
making payments on a loan under paragraph (1), 
the servicer of such loan shall grant the borrower 
forbearance as follows: 
‘‘(A) A temporary cessation of all pay-
ments on the loan other than the payments of 
interest and principal on the loan that are made 
under paragraph (1). 
‘‘(B) For borrowers who are delinquent 
but who are not yet in default before the date
1068 
on which the Secretary begins making payments 
under paragraph (1), the retroactive application 
of forbearance to address any delinquency. 
‘‘(7) DATA
TO
IMPLEMENT.—Holders and 
servicers of private education loans shall report, to 
the satisfaction of the Secretary of the Treasury, the 
information necessary to calculate the amount to be 
paid under this subsection. 
‘‘(8) APPLICATION
ONLY
TO
ECONOMICALLY 
DISTRESSED BORROWERS.— 
‘‘(A) IN GENERAL.—This subsection shall 
only apply to a borrower of a private education 
loan who is an economically distressed bor-
rower. 
‘‘(B) ECONOMICALLY
DISTRESSED
BOR-
ROWER DEFINED.—In this paragraph, the term 
‘economically distressed borrower’ means a bor-
rower of a private education loan who, as of 
March 12, 2020— 
‘‘(i) based on financial state or other 
conditions, would be otherwise eligible, if 
the borrower instead had a Federal stu-
dent loan, of having a monthly payment 
due on such loan of $0 pursuant to an in-
come-contingent repayment plan under sec-
1069 
tion 455(d)(1)(D) of the Higher Education 
Act of 1965 (20 U.S.C. 1087e(d)(1)(D)) 
or an income-based repayment plan under 
section 493C of such Act (20 U.S.C. 
1098e); 
‘‘(ii) was in default on such loan; 
‘‘(iii) had a payment due on such loan 
that was at least 90 days past due; or 
‘‘(iv) based on financial state or other 
conditions, 
was 
in 
forbearance 
or 
deferment. 
‘‘(C) RULEMAKING.—Not later than 7 
days after the date of enactment of this para-
graph, the Director of the Bureau, in consulta-
tion with the Secretary of Education, shall issue 
rules to implement this paragraph, including 
providing a detailed description of how a bor-
rower of a private education loan will be consid-
ered an economically distressed borrower as de-
fined under each clause of subparagraph (B).’’. 
(b) APPROPRIATION.—There is appropriated to the 
Secretary of the Treasury, out of amounts in the Treasury 
not otherwise appropriated, $45,000,000,000 to carry out 
this title and the amendments made by this title.
1070 
SEC. 110502. ADDITIONAL PROTECTIONS FOR PRIVATE STU-
DENT LOAN BORROWERS. 
(a) IN GENERAL.— 
(1) REPAYMENT
PLAN
AND
FORGIVENESS 
TERMS.—Each private education loan holder who re-
ceives a monthly payment pursuant to section 
140(h) of the Truth in Lending Act shall modify all 
private education loan contracts that it holds to pro-
vide for the same repayment plan and forgiveness 
terms available to Direct Loans borrowers under 
section 685.209(c) of title 34, Code of Federal Reg-
ulations, in effect as of January 1, 2020. 
(2) TREATMENT OF STATE STATUTES OF LIMI-
TATION.—For a borrower who has defaulted on a 
private education loan under the terms of the prom-
issory note prior to any loan payment made or for-
bearance granted under section 140(h) of the Truth 
in Lending Act, no payment made or forbearance 
granted under such section 140(h) shall be consid-
ered an event that impacts the calculation of the ap-
plicable State statutes of limitation. 
(3) 
PROHIBITION
ON
PRESSURING
BOR-
ROWERS.— 
(A) IN
GENERAL.—A private education 
loan debt collector or creditor may not pressure 
a borrower to elect to apply any amount re-
1071 
ceived pursuant to subsection (b) to any private 
education loan. 
(B) VIOLATIONS.—A violation of this para-
graph is deemed— 
(i) an unfair, deceptive, or abusive act 
or practice under Federal law in connec-
tion with any transaction with a consumer 
for a consumer financial product or service 
under section 1031 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 
5531); and 
(ii) with respect to a violation by a 
debt collector, an unfair or unconscionable 
means to collect or attempt to collect any 
debt under section 808 of the Federal 
Debt Collection Practices Act (15 U.S.C. 
1692f). 
(C) PRESSURE
DEFINED.—In this para-
graph, the term ‘‘pressure’’ means any commu-
nication, recommendation, or other similar com-
munication, other than providing basic informa-
tion about a borrower’s options, urging a bor-
rower to make an election described under sub-
section (b).
1072 
(b) RELIEF
FOR PRIVATE STUDENT LOAN BOR-
ROWERS AS A RESULT OF THE COVID–19 NATIONAL 
EMERGENCY.— 
(1) STUDENT LOAN RELIEF AS A RESULT OF 
THE
COVID–19
NATIONAL
EMERGENCY.—Not later 
than 90 days after September 30, 2021, the Sec-
retary of the Treasury shall carry out a program 
under which a borrower, with respect to the private 
education loans of such borrower, shall receive in ac-
cordance with paragraph (3) an amount equal to the 
lesser of— 
(A) the total amount of each private edu-
cation loan of the borrower; or 
(B) $10,000, reduced by the aggregate 
amount of all payments made by the Secretary 
of the Treasury with respect to such borrower 
under section 140(h) of the Truth in Lending 
Act. 
(2) NOTIFICATION OF BORROWERS.—Not later 
than 90 days after September 30, 2021, the Sec-
retary of the Treasury shall notify each borrower of 
a private education loan of— 
(A) the requirements to provide loan relief 
to such borrower under this section; and
1073 
(B) the opportunity for such borrower to 
make an election under paragraph (3)(A) with 
respect to the application of such loan relief to 
the private education loans of such borrower. 
(3) DISTRIBUTION OF FUNDING.— 
(A) ELECTION BY BORROWER.—Not later 
than 45 days after a notice is sent under para-
graph (2), a borrower may elect to apply the 
amount determined with respect to such bor-
rower under paragraph (1) to any private edu-
cation loan of the borrower. 
(B) AUTOMATIC PAYMENT.— 
(i) IN
GENERAL.—In the case of a 
borrower who does not make an election 
under subparagraph (A) before the date 
described in such subparagraph, the Sec-
retary of the Treasury shall apply the 
amount determined with respect to such 
borrower under paragraph (1) in order of 
the private education loan of the borrower 
with the highest interest rate. 
(ii) EQUAL
INTEREST
RATES.—In 
case of two or more private education loans 
described in clause (i) with equal interest 
rates, the Secretary of the Treasury shall
1074 
apply the amount determined with respect 
to such borrower under paragraph (1) first 
to the loan with the highest principal. 
(c) APPLICATION ONLY
TO ECONOMICALLY DIS-
TRESSED BORROWERS.—This section shall only apply to 
a borrower of a private education loan who is an economi-
cally distressed borrower. 
(d) DEFINITIONS.—In this section: 
(1) FAIR
DEBT
COLLECTION
PRACTICES
ACT 
TERMS.—The terms ‘‘creditor’’ and ‘‘debt collector’’ 
have the meaning given those terms, respectively, 
under section 803 of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692a). 
(2) PRIVATE
EDUCATION
LOAN.—The term 
‘‘private education loan’’ has the meaning given the 
term in section 140 of the Truth in Lending Act (15 
U.S.C. 1650). 
(3) ECONOMICALLY
DISTRESSED
BORROWER 
DEFINED.—The term ‘‘economically distressed bor-
rower’’ has the meaning given that term under sec-
tion 140(h)(8) of the Truth in Lending Act, as 
added by section 110501.
1075 
TITLE VI—STANDING UP FOR 
SMALL BUSINESSES, MINOR-
ITY-OWNED BUSINESSES, AND 
NON-PROFITS 
SEC. 110601. RESTRICTIONS ON COLLECTIONS OF SMALL 
BUSINESS AND NONPROFIT DEBT DURING A 
NATIONAL DISASTER OR EMERGENCY. 
(a) IN GENERAL.—The Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.), as amended by section 
110402, is further amended by inserting after section 
812A the following: 
‘‘§ 812B. Restrictions on collections of small business 
and nonprofit debt during a national dis-
aster or emergency 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COVERED PERIOD.—The term ‘covered pe-
riod’ means the period beginning on the date of en-
actment of this section and ending 120 days after 
the end of the incident period for the emergency de-
clared on March 13, 2020, by the President under 
section 501 of the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 4121 et 
seq.) relating to the Coronavirus Disease 2019 
(COVID-19) pandemic.
1076 
‘‘(2) CREDITOR.—The term ‘creditor’ means 
any person— 
‘‘(A) who offers or extends credit creating 
a debt or to whom a debt is owed; or 
‘‘(B) to whom any obligation for payment 
is owed. 
‘‘(3) DEBT.—The term ‘debt’— 
‘‘(A) means any obligation or alleged obli-
gation that is or during the covered period be-
comes past due, other than an obligation aris-
ing out of a credit agreement entered into after 
the effective date of this section, that arises out 
of a transaction with a nonprofit organization 
or small business; and 
‘‘(B) does not include a mortgage loan. 
‘‘(4) DEBT COLLECTOR.—The term ‘debt col-
lector’ means a creditor and any other person or en-
tity that engages in the collection of debt, including 
the Federal Government and a State government, ir-
respective of whether the applicable debt is allegedly 
owed to or assigned to such creditor, person, or enti-
ty. 
‘‘(5) MORTGAGE
LOAN.—The term ‘mortgage 
loan’ means a covered mortgage loan (as defined 
under section 4022 of the CARES Act) and a multi-
1077 
family mortgage loan (as defined under section 4023 
of the CARES Act). 
‘‘(6) NONPROFIT
ORGANIZATION.—The term 
‘nonprofit organization’ means an organization that 
is described in section 501(c)(3) of the Internal Rev-
enue Code of 1986 and that is exempt from taxation 
under section 501(a) of such Code. 
‘‘(7) SMALL BUSINESS.—The term ‘small busi-
ness’ has the meaning given the term ‘small business 
concern’ in section 3 of the Small Business Act (15 
U.S.C. 632). 
‘‘(b) PROHIBITIONS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, no debt collector may, during a cov-
ered period— 
‘‘(A) enforce a security interest securing a 
debt through repossession, limitation of use, or 
foreclosure; 
‘‘(B) take or threaten to take any action to 
deprive an individual of their liberty as a result 
of nonpayment of or nonappearance at any 
hearing relating to an obligation owed by a 
small business or nonprofit organization;
1078 
‘‘(C) collect any debt, by way of garnish-
ment, attachment, assignment, deduction, off-
set, or other seizure, from— 
‘‘(i) wages, income, benefits, bank, 
prepaid or other asset accounts; or 
‘‘(ii) any assets of, or other amounts 
due to, a small business or nonprofit orga-
nization; 
‘‘(D) commence or continue an action to 
evict a small business or nonprofit organization 
from real or personal property for nonpayment; 
‘‘(E) disconnect or terminate service from 
a utility service, including electricity, natural 
gas, telecommunications or broadband, water, 
or sewer, for nonpayment; or 
‘‘(F) threaten to take any of the foregoing 
actions. 
‘‘(2) RULE
OF
CONSTRUCTION.—Nothing in 
this section may be construed to prohibit a small 
business or nonprofit organization from voluntarily 
paying, in whole or in part, a debt. 
‘‘(c) LIMITATION ON FEES AND INTEREST.—After 
the expiration of a covered period, a debt collector may 
not add to any past due debt any interest on unpaid inter-
est, higher rate of interest triggered by the nonpayment
1079 
of the debt, or fee triggered prior to the expiration of the 
covered period by the nonpayment of the debt. 
‘‘(e) VIOLATIONS.—Any person or government entity 
that violates this section shall be liable to the applicable 
small business or nonprofit organization as provided under 
section 813, except that, for purposes of applying section 
813— 
‘‘(1) such person or government entity shall be 
deemed a debt collector, as such term is defined for 
purposes of section 813; and 
‘‘(2) such small business or nonprofit organiza-
tion shall be deemed a consumer, as such term is de-
fined for purposes of section 813. 
‘‘(f) TOLLING.—Any applicable time limitations for 
exercising an action prohibited under subsection (b) shall 
be tolled during a covered period. 
‘‘(g) PREDISPUTE ARBITRATION AGREEMENTS.— 
Notwithstanding any other provision of law, no predispute 
arbitration agreement or predispute joint-action waiver 
shall be valid or enforceable with respect to a dispute 
brought under this section, including a dispute as to the 
applicability of this section, which shall be determined 
under Federal law.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Fair Debt Collection Practices Act, as amended
1080 
by section 110402, is further amended by inserting after 
the item relating to section 812A the following: 
‘‘812B. Restrictions on collections of small business and nonprofit debt during 
a national disaster or emergency.’’. 
SEC. 110602. REPAYMENT PERIOD AND FORBEARANCE FOR 
SMALL BUSINESSES AND NONPROFIT ORGA-
NIZATIONS. 
Section 812B of the Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.), as added by section 110601, 
is amended— 
(1) by inserting after subsection (c) the fol-
lowing: 
‘‘(d) REPAYMENT PERIOD.—After the expiration of 
a covered period, a debt collector shall comply with the 
following: 
‘‘(1) DEBT ARISING FROM CREDIT WITH A DE-
FINED
PAYMENT
PERIOD.—For any debt arising 
from credit with a defined term, the debt collector 
shall extend the time period to repay any past due 
balance of the debt by— 
‘‘(A) 1 payment period for each payment 
that a small business or nonprofit organization 
missed during the covered period, with the pay-
ments due in the same amounts and at the 
same intervals as the pre-existing payment 
schedule; and
1081 
‘‘(B) 1 payment period in addition to the 
payment periods described under subparagraph 
(A). 
‘‘(2) DEBT ARISING FROM AN OPEN END CRED-
IT PLAN.—For debt arising from an open end credit 
plan, as defined in section 103 of the Truth in 
Lending Act (15 U.S.C. 1602), the debt collector 
shall allow the small business or nonprofit organiza-
tion to repay the past-due balance in a manner that 
does not exceed the amounts permitted by the meth-
ods described in section 171(c) of the Truth in 
Lending Act (15 U.S.C. 1666i–1(c)) and regulations 
promulgated under that section. 
‘‘(3) DEBT ARISING FROM OTHER CREDIT.— 
‘‘(A) IN
GENERAL.—For debt not de-
scribed under paragraph (2) or (3), the debt 
collector shall— 
‘‘(i) allow the small business or non-
profit organization to repay the past-due 
balance of the debt in substantially equal 
payments over time; and 
‘‘(ii) provide the small business or 
nonprofit organization with— 
‘‘(I) for past due balances of 
$2,000 or less, 12 months to repay, or
1082 
such longer period as the debt col-
lector may allow; 
‘‘(II) for past due balances be-
tween $2,001 and $5,000, 24 months 
to repay, or such longer period as the 
debt collector may allow; or 
‘‘(III) for past due balances 
greater than $5,000, 36 months to 
repay, or such longer period as the 
debt collector may allow. 
‘‘(B) ADDITIONAL PROTECTIONS.—The Di-
rector of the Bureau may issue rules to provide 
greater repayment protections to small busi-
nesses and nonprofit organizations with debts 
described under subparagraph (A). 
‘‘(C) RELATION
TO
STATE
LAW.—This 
paragraph shall not preempt any State law that 
provides for greater small business or nonprofit 
organization protections than this paragraph.’’; 
and 
(2) by adding at the end the following: 
‘‘(h) FORBEARANCE FOR AFFECTED SMALL BUSI-
NESSES AND NONPROFIT ORGANIZATIONS.— 
‘‘(1) FORBEARANCE PROGRAM.—Each debt col-
lector that makes use of the credit facility described
1083 
in paragraph (4) shall establish a forbearance pro-
gram for debts available during the covered period. 
‘‘(2) AUTOMATIC
GRANT
OF
FORBEARANCE 
UPON REQUEST.—Under a forbearance program re-
quired under paragraph (1), upon the request of a 
small business or nonprofit organization experi-
encing a financial hardship due, directly or indi-
rectly, to COVID–19, the debt collector shall grant 
a forbearance on payment of debt for such time as 
needed until the end of the covered period, with no 
additional documentation required other than the 
small business or nonprofit organization’s attestation 
to a financial hardship caused by COVID–19 and 
with no fees, penalties, or interest (beyond the 
amounts scheduled or calculated as if the borrower 
made all contractual payments on time and in full 
under the terms of the loan contract) charged to the 
borrower in connection with the forbearance. 
‘‘(3) EXCEPTION
FOR
CERTAIN
MORTGAGE 
LOANS
SUBJECT
TO
THE
CARES
ACT.—This sub-
section shall not apply to a mortgage loan subject to 
section 4022 or 4023 of the CARES Act.’’.
1084 
SEC. 110603. CREDIT FACILITY. 
Section 812B(h) of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.), as added by section 
110602, is amended by adding at the end the following: 
‘‘(4) CREDIT
FACILITY.—The Board of Gov-
ernors of the Federal Reserve System shall— 
‘‘(A) establish a facility, using amounts 
made available under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)), to make 
long-term, low-cost loans to debt collectors to 
temporarily compensate such debt collectors for 
documented financial losses caused by forbear-
ance of debt payments under this subsection; 
and 
‘‘(B) defer debt collectors’ required pay-
ments on such loans until after small businesses 
or nonprofit organizations’ debt payments re-
sume.’’. 
SEC. 110604. MAIN STREET LENDING PROGRAM REQUIRE-
MENTS. 
(a) IN GENERAL.—Section 4003(c)(3)(D)(ii) of the 
CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)) is amended— 
(1) by striking ‘‘Nothing in this subparagraph 
shall limit the discretion of the Board of Governors 
of the Federal Reserve System to’’ and inserting the 
following:
1085 
‘‘(I) IN GENERAL.—The Board of 
Governors of the Federal Reserve Sys-
tem shall’’; and 
(2) by adding at the end the following: 
‘‘(II) REQUIREMENTS.—In car-
rying out subclause (I), the Board of 
Governors of the Federal Reserve Sys-
tem— 
‘‘(aa) shall make non-profit 
organizations and institutions of 
higher education (as such term is 
defined in section 101(a) of the 
Higher Education Act of 1965 
(20 U.S.C. 1001(a)) eligible for 
any program or facility estab-
lished under such subclause; 
‘‘(bb) shall create a low-cost 
loan option tailored to the unique 
needs of non-profit organizations, 
including the ability to defer pay-
ments without capitalization of 
interest and, solely for non-profit 
organizations that predominantly 
serve low-income communities, as 
determined by the Federal Re-
1086 
serve, have the loans forgiven by 
the Department of the Treasury 
for a similar purpose to maintain 
payroll and operations provided 
under the Paycheck Protection 
Program, notwithstanding section 
4003(d)(3) of the CARES Act; 
‘‘(cc) 
shall 
make 
any 
501(c)(4) organization (as de-
fined in section 501(c)(4) of the 
Internal Revenue Code of 1986) 
eligible for any facility provided 
that such 501(c)(4) organization 
has not made and will not make 
a contribution, expenditure, inde-
pendent expenditure, or election-
eering communication within the 
meaning of the Federal Election 
Campaign Act, and has not un-
dertaken and will not undertake 
similar campaign finance activi-
ties in state and local elections, 
during the election cycle which 
ends on the date of the general 
election in this calendar year;’’.
1087 
(b) DEADLINE.—Not later than the end of the 5-day 
period beginning on the date of enactment of this Act, the 
Board of Governors of the Federal Reserve System shall 
issue such rules or take such other actions as may be nec-
essary to implement the requirements made by the amend-
ments made by this section. 
SEC. 110605. OPTIONS FOR SMALL BUSINESSES AND NON- 
PROFITS UNDER THE MAIN STREET LENDING 
PROGRAM. 
(a) IN GENERAL.—Section 4003(c)(3)(D)(ii)(II) of 
the CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)(II)), as 
added by section 110604, is further amended by adding 
at the end the following: 
‘‘(cc) shall provide at least 
one low-cost loan option that 
small businesses, small non-prof-
its, and small institutions of 
higher education (as such term is 
defined in section 101(a) of the 
Higher Education Act of 1965 
(20 U.S.C. 1001(a)) are eligible 
for that does not have a min-
imum loan size and includes the 
ability to defer payments, without 
capitalization of interest, and,
1088 
solely for small nonprofit organi-
zations that predominantly serve 
low-income communities, as de-
termined by the Federal Reserve, 
have the loans forgiven by the 
Department of the Treasury for 
a similar purpose to maintain 
payroll and operations provided 
under the Paycheck Protection 
Program, notwithstanding section 
4003(d)(3) of the CARES Act.’’. 
(b) DEADLINE.—Not later than the end of the 5-day 
period beginning on the date of enactment of this Act, the 
Board of Governors of the Federal Reserve System shall 
issue such rules or take such other actions as may be nec-
essary to implement the requirements made by the amend-
ments made by this section. 
SEC. 110606. SAFE BANKING. 
(a) SHORT TITLE; PURPOSE.— 
(1) SHORT TITLE.—This section may be cited 
as the ‘‘Secure And Fair Enforcement Banking Act 
of 2020’’ or the ‘‘SAFE Banking Act of 2020’’. 
(2) PURPOSE.—The purpose of this section is 
to increase public safety by ensuring access to finan-
cial services to cannabis-related legitimate businesses
1089 
and service providers and reducing the amount of 
cash at such businesses. 
(b) SAFE
HARBOR
FOR
DEPOSITORY
INSTITU-
TIONS.— 
(1) IN GENERAL.—A Federal banking regulator 
may not— 
(A) terminate or limit the deposit in-
surance or share insurance of a depository 
institution under the Federal Deposit In-
surance Act (12 U.S.C. 1811 et seq.), the 
Federal Credit Union Act (12 U.S.C. 1751 
et seq.), or take any other adverse action 
against a depository institution under sec-
tion 8 of the Federal Deposit Insurance 
Act (12 U.S.C. 1818) solely because the 
depository institution provides or has pro-
vided financial services to a cannabis-re-
lated legitimate business or service pro-
vider; 
(B) prohibit, penalize, or otherwise 
discourage a depository institution from 
providing financial services to a cannabis- 
related legitimate business or service pro-
vider or to a State, political subdivision of 
a State, or Indian Tribe that exercises ju-
1090 
risdiction over cannabis-related legitimate 
businesses; 
(C) recommend, incentivize, or en-
courage a depository institution not to 
offer financial services to an account hold-
er, or to downgrade or cancel the financial 
services offered to an account holder solely 
because— 
(i) the account holder is a can-
nabis-related legitimate business or 
service provider, or is an employee, 
owner, or operator of a cannabis-re-
lated legitimate business or service 
provider; 
(ii) the account holder later be-
comes an employee, owner, or oper-
ator of a cannabis-related legitimate 
business or service provider; or 
(iii) the depository institution 
was not aware that the account holder 
is an employee, owner, or operator of 
a cannabis-related legitimate business 
or service provider; 
(D) take any adverse or corrective su-
pervisory action on a loan made to—
1091 
(i) a cannabis-related legitimate 
business or service provider, solely be-
cause the business is a cannabis-re-
lated legitimate business or service 
provider; 
(ii) an employee, owner, or oper-
ator of a cannabis-related legitimate 
business or service provider, solely be-
cause the employee, owner, or oper-
ator is employed by, owns, or operates 
a cannabis-related legitimate business 
or service provider, as applicable; or 
(iii) an owner or operator of real 
estate or equipment that is leased to 
a cannabis-related legitimate business 
or service provider, solely because the 
owner or operator of the real estate or 
equipment leased the equipment or 
real estate to a cannabis-related legiti-
mate business or service provider, as 
applicable; or 
(E) prohibit or penalize a depository 
institution (or entity performing a financial 
service for or in association with a deposi-
tory institution) for, or otherwise discour-
1097 
(2) GENERAL
EXAMINATION, 
SUPERVISORY, 
AND ENFORCEMENT AUTHORITY.—Nothing in this 
section may be construed in any way as limiting or 
otherwise restricting the general examination, super-
visory, and enforcement authority of the Federal 
banking regulators, provided that the basis for any 
supervisory or enforcement action is not the provi-
sion of financial services to a cannabis-related legiti-
mate business or service provider. 
(f) REQUIREMENTS FOR FILING SUSPICIOUS ACTIV-
ITY REPORTS.—Section 5318(g) of title 31, United States 
Code, is amended by adding at the end the following: 
‘‘(5) REQUIREMENTS FOR CANNABIS-RELATED 
LEGITIMATE BUSINESSES.— 
‘‘(A) IN GENERAL.—With respect to a fi-
nancial institution or any director, officer, em-
ployee, or agent of a financial institution that 
reports a suspicious transaction pursuant to 
this subsection, if the reason for the report re-
lates to a cannabis-related legitimate business 
or service provider, the report shall comply with 
appropriate guidance issued by the Financial 
Crimes Enforcement Network. The Secretary 
shall ensure that the guidance is consistent with 
the purpose and intent of the SAFE Banking
1098 
Act of 2020 and does not significantly inhibit 
the provision of financial services to a cannabis- 
related legitimate business or service provider in 
a State, political subdivision of a State, or In-
dian country that has allowed the cultivation, 
production, manufacture, transportation, dis-
play, dispensing, distribution, sale, or purchase 
of cannabis pursuant to law or regulation of 
such State, political subdivision, or Indian 
Tribe that has jurisdiction over the Indian 
country. 
‘‘(B) DEFINITIONS.—For purposes of this 
paragraph: 
‘‘(i) CANNABIS.—The term ‘cannabis’ 
has the meaning given the term ‘mari-
huana’ in section 102 of the Controlled 
Substances Act (21 U.S.C. 802). 
‘‘(ii) CANNABIS-RELATED LEGITIMATE 
BUSINESS.—The term ‘cannabis-related le-
gitimate business’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(iii) INDIAN
COUNTRY.—The term 
‘Indian country’ has the meaning given 
that term in section 1151 of title 18.
1099 
‘‘(iv) INDIAN TRIBE.—The term ‘In-
dian Tribe’ has the meaning given that 
term in section 102 of the Federally Rec-
ognized Indian Tribe List Act of 1994 (25 
U.S.C. 479a). 
‘‘(v) FINANCIAL SERVICE.—The term 
‘financial service’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(vi) SERVICE PROVIDER.—The term 
‘service provider’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(vii) 
STATE.—The 
term 
‘State’ 
means each of the several States, the Dis-
trict of Columbia, Puerto Rico, and any 
territory or possession of the United 
States.’’. 
(g) GUIDANCE AND EXAMINATION PROCEDURES.— 
Not later than 180 days after the date of enactment of 
this Act, the Financial Institutions Examination Council 
shall develop uniform guidance and examination proce-
dures for depository institutions that provide financial 
services to cannabis-related legitimate businesses and 
service providers.
1100 
(h) ANNUAL DIVERSITY AND INCLUSION REPORT.— 
The Federal banking regulators shall issue an annual re-
port to Congress containing— 
(1) information and data on the availability of 
access to financial services for minority-owned and 
women-owned cannabis-related legitimate businesses; 
and 
(2) any regulatory or legislative recommenda-
tions for expanding access to financial services for 
minority-owned and women-owned cannabis-related 
legitimate businesses. 
(i) GAO STUDY ON DIVERSITY AND INCLUSION.— 
(1) STUDY.—The Comptroller General of the 
United States shall carry out a study on the barriers 
to marketplace entry, including in the licensing proc-
ess, and the access to financial services for potential 
and existing minority-owned and women-owned can-
nabis-related legitimate businesses. 
(2) REPORT.—The Comptroller General shall 
issue a report to the Congress— 
(A) containing all findings and determina-
tions made in carrying out the study required 
under paragraph (1); and 
(B) containing any regulatory or legislative 
recommendations for removing barriers to mar-
1101 
ketplace entry, including in the licensing proc-
ess, and expanding access to financial services 
for potential and existing minority-owned and 
women-owned cannabis-related legitimate busi-
nesses. 
(j) GAO STUDY ON EFFECTIVENESS OF CERTAIN 
REPORTS ON FINDING CERTAIN PERSONS.—Not later 
than 2 years after the date of the enactment of this Act, 
the Comptroller General of the United States shall carry 
out a study on the effectiveness of reports on suspicious 
transactions filed pursuant to section 5318(g) of title 31, 
United States Code, at finding individuals or organiza-
tions suspected or known to be engaged with transnational 
criminal organizations and whether any such engagement 
exists in a State, political subdivision, or Indian Tribe that 
has jurisdiction over Indian country that allows the cul-
tivation, production, manufacture, sale, transportation, 
display, dispensing, distribution, or purchase of cannabis. 
The study shall examine reports on suspicious trans-
actions as follows: 
(1) During the period of 2014 until the date of 
the enactment of this Act, reports relating to mari-
juana-related businesses.
1102 
(2) During the 1-year period after date of the 
enactment of this Act, reports relating to cannabis- 
related legitimate businesses. 
(k) BANKING SERVICES FOR HEMP BUSINESSES.— 
(1) FINDINGS.—The Congress finds that— 
(A) the Agriculture Improvement Act of 
2018 (Public Law 115–334) legalized hemp by 
removing it from the definition of ‘‘marihuana’’ 
under the Controlled Substances Act; 
(B) despite the legalization of hemp, some 
hemp businesses (including producers, manufac-
turers, and retailers) continue to have difficulty 
gaining access to banking products and serv-
ices; and 
(C) businesses involved in the sale of 
hemp-derived cannabidiol (‘‘CBD’’) products 
are particularly affected, due to confusion about 
their legal status. 
(2) FEDERAL
BANKING
REGULATOR
HEMP 
BANKING GUIDANCE.—Not later than the end of the 
90-day period beginning on the date of enactment of 
this Act, the Federal banking regulators shall jointly 
issue guidance to financial institutions— 
(A) confirming the legality of hemp, hemp- 
derived CBD products, and other hemp-derived
1103 
cannabinoid products, and the legality of engag-
ing in financial services with businesses selling 
hemp, hemp-derived CBD products, and other 
hemp-derived cannabinoid products, after the 
enactment of the Agriculture Improvement Act 
of 2018; and 
(B) to provide recommended best practices 
for financial institutions to follow when pro-
viding financial services and merchant proc-
essing services to businesses involved in the sale 
of hemp, hemp-derived CBD products, and 
other hemp-derived cannabinoid products. 
(3) FINANCIAL INSTITUTION DEFINED.—In this 
section, the term ‘‘financial institution’’ means any 
person providing financial services. 
(l) APPLICATION OF SAFE HARBORS TO HEMP AND 
CBD PRODUCTS.— 
(1) IN GENERAL.—Except as provided under 
paragraph (2), the provisions of this section (other 
than subsections (f) and (j)) shall apply to hemp (in-
cluding hemp-derived cannabidiol and other hemp- 
derived cannabinoid products) in the same manner 
as such provisions apply to cannabis. 
(2) RULE OF APPLICATION.—In applying the 
provisions of this section described under paragraph
1104 
(1) to hemp, the definition of ‘‘cannabis-related le-
gitimate business’’ shall be treated as excluding any 
requirement to engage in activity pursuant to the 
law of a State or political subdivision thereof. 
(3) HEMP DEFINED.—In this subsection, the 
term ‘‘hemp’’ has the meaning given that term 
under section 297A of the Agricultural Marketing 
Act of 1946 (7 U.S.C. 1639o). 
(m) REQUIREMENTS FOR DEPOSIT ACCOUNT TERMI-
NATION REQUESTS AND ORDERS.— 
(1) TERMINATION REQUESTS OR ORDERS MUST 
BE VALID.— 
(A) IN GENERAL.—An appropriate Federal 
banking agency may not formally or informally 
request or order a depository institution to ter-
minate a specific customer account or group of 
customer accounts or to otherwise restrict or 
discourage a depository institution from enter-
ing into or maintaining a banking relationship 
with a specific customer or group of customers 
unless— 
(i) the agency has a valid reason for 
such request or order; and 
(ii) such reason is not based solely on 
reputation risk.
1105 
(B) TREATMENT OF NATIONAL SECURITY 
THREATS.—If an appropriate Federal banking 
agency believes a specific customer or group of 
customers is, or is acting as a conduit for, an 
entity which— 
(i) poses a threat to national security; 
(ii) is involved in terrorist financing; 
(iii) is an agency of the Government 
of Iran, North Korea, Syria, or any coun-
try listed from time to time on the State 
Sponsors of Terrorism list; 
(iv) is located in, or is subject to the 
jurisdiction of, any country specified in 
clause (iii); or 
(v) does business with any entity de-
scribed in clause (iii) or (iv), unless the ap-
propriate Federal banking agency deter-
mines that the customer or group of cus-
tomers has used due diligence to avoid 
doing business with any entity described in 
clause (iii) or (iv), 
such belief shall satisfy the requirement under 
subparagraph (A). 
(2) NOTICE REQUIREMENT.—
1106 
(A) IN GENERAL.—If an appropriate Fed-
eral banking agency formally or informally re-
quests or orders a depository institution to ter-
minate a specific customer account or a group 
of customer accounts, the agency shall— 
(i) provide such request or order to 
the institution in writing; and 
(ii) accompany such request or order 
with a written justification for why such 
termination is needed, including any spe-
cific laws or regulations the agency believes 
are being violated by the customer or 
group of customers, if any. 
(B) 
JUSTIFICATION
REQUIREMENT.—A 
justification 
described 
under 
subparagraph 
(A)(ii) may not be based solely on the reputa-
tion risk to the depository institution. 
(3) CUSTOMER NOTICE.— 
(A) NOTICE
REQUIRED.—Except as pro-
vided under subparagraph (B) or as otherwise 
prohibited from being disclosed by law, if an ap-
propriate Federal banking agency orders a de-
pository institution to terminate a specific cus-
tomer account or a group of customer accounts, 
the depository institution shall inform the spe-
1107 
cific customer or group of customers of the jus-
tification for the customer’s account termi-
nation described under paragraph (2). 
(B) NOTICE PROHIBITED.— 
(i) NOTICE PROHIBITED IN CASES OF 
NATIONAL
SECURITY.—If an appropriate 
Federal banking agency requests or orders 
a depository institution to terminate a spe-
cific customer account or a group of cus-
tomer accounts based on a belief that the 
customer or customers pose a threat to na-
tional security, or are otherwise described 
under subsection (a)(2), neither the deposi-
tory institution nor the appropriate Fed-
eral banking agency may inform the cus-
tomer or customers of the justification for 
the customer’s account termination. 
(ii) NOTICE
PROHIBITED
IN
OTHER 
CASES.—If an appropriate Federal banking 
agency determines that the notice required 
under subparagraph (A) may interfere 
with an authorized criminal investigation, 
neither the depository institution nor the 
appropriate Federal banking agency may 
inform the specific customer or group of
1108 
customers of the justification for the cus-
tomer’s account termination. 
(4) REPORTING
REQUIREMENT.—Each appro-
priate Federal banking agency shall issue an annual 
report to the Congress stating— 
(A) the aggregate number of specific cus-
tomer accounts that the agency requested or or-
dered a depository institution to terminate dur-
ing the previous year; and 
(B) the legal authority on which the agen-
cy relied in making such requests and orders 
and the frequency on which the agency relied 
on each such authority. 
(5) DEFINITIONS.—For purposes of this sub-
section: 
(A) 
APPROPRIATE
FEDERAL
BANKING 
AGENCY.—The 
term 
‘‘appropriate 
Federal 
banking agency’’ means— 
(i) the appropriate Federal banking 
agency, as defined under section 3 of the 
Federal Deposit Insurance Act (12 U.S.C. 
1813); and 
(ii) the National Credit Union Admin-
istration, in the case of an insured credit 
union.
1109 
(B) DEPOSITORY INSTITUTION.—The term 
‘‘depository institution’’ means— 
(i) a depository institution, as defined 
under section 3 of the Federal Deposit In-
surance Act (12 U.S.C. 1813); and 
(ii) an insured credit union. 
(n) DEFINITIONS.—In this Act: 
(1) BUSINESS
OF
INSURANCE.—The term 
‘‘business of insurance’’ has the meaning given such 
term in section 1002 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 
5481). 
(2) CANNABIS.—The term ‘‘cannabis’’ has the 
meaning given the term ‘‘marihuana’’ in section 102 
of the Controlled Substances Act (21 U.S.C. 802). 
(3) CANNABIS PRODUCT.—The term ‘‘cannabis 
product’’ means any article which contains cannabis, 
including an article which is a concentrate, an edi-
ble, a tincture, a cannabis-infused product, or a top-
ical. 
(4) CANNABIS-RELATED
LEGITIMATE
BUSI-
NESS.—The term ‘‘cannabis-related legitimate busi-
ness’’ means a manufacturer, producer, or any per-
son or company that—
1111 
the Bureau of Consumer Financial Protection, the 
Federal Deposit Insurance Corporation, the Federal 
Housing Finance Agency, the Financial Crimes En-
forcement Network, the Office of Foreign Asset 
Control, the Office of the Comptroller of the Cur-
rency, the National Credit Union Administration, 
the Department of the Treasury, or any Federal 
agency or department that regulates banking or fi-
nancial services, as determined by the Secretary of 
the Treasury. 
(7) FINANCIAL SERVICE.—The term ‘‘financial 
service’’— 
(A) means a financial product or service, 
as defined in section 1002 of the Dodd-Frank 
Wall Street Reform and Consumer Protection 
Act (12 U.S.C. 5481); 
(B) includes the business of insurance; 
(C) includes, whether performed directly or 
indirectly, the authorizing, processing, clearing, 
settling, billing, transferring for deposit, trans-
mitting, delivering, instructing to be delivered, 
reconciling, collecting, or otherwise effectuating 
or facilitating of payments or funds, where such 
payments or funds are made or transferred by 
any means, including by the use of credit cards,
1112 
debit cards, other payment cards, or other ac-
cess devices, accounts, original or substitute 
checks, or electronic funds transfers; 
(D) includes acting as a money transmit-
ting business which directly or indirectly makes 
use of a depository institution in connection 
with effectuating or facilitating a payment for 
a cannabis-related legitimate business or service 
provider in compliance with section 5330 of 
title 31, United States Code, and any applicable 
State law; and 
(E) includes acting as an armored car 
service for processing and depositing with a de-
pository institution or a Federal reserve bank 
with respect to any monetary instruments (as 
defined under section 1956(c)(5) of title 18, 
United States Code. 
(8) INDIAN COUNTRY.—The term ‘‘Indian coun-
try’’ has the meaning given that term in section 
1151 of title 18. 
(9) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 
has the meaning given that term in section 102 of 
the Federally Recognized Indian Tribe List Act of 
1994 (25 U.S.C. 479a).
1113 
(10) INSURER.—The term ‘‘insurer’’ has the 
meaning given that term under section 313(r) of 
title 31, United States Code. 
(11) MANUFACTURER.—The term ‘‘manufac-
turer’’ means a person who manufactures, com-
pounds, converts, processes, prepares, or packages 
cannabis or cannabis products. 
(12) PRODUCER.—The term ‘‘producer’’ means 
a person who plants, cultivates, harvests, or in any 
way facilitates the natural growth of cannabis. 
(13) SERVICE PROVIDER.—The term ‘‘service 
provider’’— 
(A) means a business, organization, or 
other person that— 
(i) sells goods or services to a can-
nabis-related legitimate business; or 
(ii) provides any business services, in-
cluding the sale or lease of real or any 
other property, legal or other licensed serv-
ices, or any other ancillary service, relating 
to cannabis; and 
(B) does not include a business, organiza-
tion, or other person that participates in any 
business or organized activity that involves han-
dling cannabis or cannabis products, including
1114 
cultivating, producing, manufacturing, selling, 
transporting, displaying, dispensing, distrib-
uting, or purchasing cannabis or cannabis prod-
ucts. 
(14) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, Puerto 
Rico, and any territory or possession of the United 
States. 
(o) DISCRETIONARY
SURPLUS
FUNDS.—Section 
7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 
289(a)(3)(A)) is amended by striking ‘‘$6,825,000,000’’ 
and inserting ‘‘$6,821,000,000’’. 
TITLE VII—EMPOWERING COM-
MUNITY FINANCIAL INSTITU-
TIONS 
SEC. 110701. COMMUNITY DEVELOPMENT FINANCIAL INSTI-
TUTIONS FUND. 
(a) IN GENERAL.—There is authorized to be appro-
priated to the Community Development Financial Institu-
tions Fund $2,000,000,000 for fiscal year 2020, for pro-
viding financial assistance and technical assistance under 
subparagraphs (A) and (B) of section 108(a)(1) of the 
Community Development Banking and Financial Institu-
tions Act of 1994 (12 U.S.C. 4707(a)(1)), except that sub-
sections (d) and (e) of such section 108 shall not apply
1115 
to the provision of such assistance, for the Bank Enter-
prise Award program, and for financial assistance, tech-
nical assistance, training, and outreach programs designed 
to benefit Native American, Native Hawaiian, and Alaska 
Native communities and provided primarily through quali-
fied community development lender organizations with ex-
perience and expertise in community development banking 
and lending in Indian country, Native American organiza-
tions, Tribes and Tribal organizations, and other suitable 
providers. Of the amount appropriated pursuant to this 
heading, not less than $800,000,000 shall be for providing 
financial assistance, technical assistance, awards, training, 
and outreach programs described above to recipients that 
are minority lending institutions. 
(b) DEFINITIONS.—For purposes of this section: 
(1) MINORITY
LENDING
INSTITUTION.—The 
term ‘‘minority lending institution’’ means any de-
pository institution, loan fund, or other financial in-
stitution that— 
(A) if a privately-owned institution, 51 per-
cent is owned by one or more socially and eco-
nomically disadvantaged individuals; 
(B) if publicly-owned, 51 percent of the 
stock is owned by one or more socially and eco-
nomically disadvantaged individuals; and
1116 
(C) in the case of a mutual institution, 
where the majority of the Board of Directors, 
account holders, and the community which it 
services is predominantly minority. 
(2) MINORITY.—The term ‘‘minority’’ means 
any black American, Native American, Hispanic 
American, or Asian American. 
SEC. 110702. ENSURING DIVERSITY IN COMMUNITY BANK-
ING. 
(a) SHORT TITLE.—This section may be cited as the 
‘‘Ensuring Diversity in Community Banking Act of 
2020’’. 
(b) COMMUNITY DEVELOPMENT FINANCIAL INSTI-
TUTION.—In this section, the term ‘‘community develop-
ment financial institution’’ has the meaning given under 
section 103 of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4702). 
(c) MINORITY DEPOSITORY INSTITUTION.—In this 
section, the term ‘‘minority depository institution’’ has the 
meaning given under section 308 of the Financial Institu-
tions Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 1463 note), as amended by this section. 
(d) INCLUSION OF WOMEN’S BANKS IN THE DEFINI-
TION OF MINORITY DEPOSITORY INSTITUTION.—Section 
308(b)(1) of the Financial Institutions Reform, Recovery,
1117 
and Enforcement Act of 1989 (12 U.S.C. 1463 note) is 
amended— 
(1) by redesignating subparagraphs (A), (B), 
and (C) as clauses (i), (ii), and (iii), respectively; 
(2) by striking ‘‘means any’’ and inserting the 
following: ‘‘means— 
‘‘(A) any’’; and 
(3) in clause (iii) (as so redesignated), by strik-
ing the period at the end and inserting ‘‘; or’’; and 
(4) by inserting at the end the following new 
subparagraph: 
‘‘(B) any bank described in clause (i), (ii), 
or (iii) of section 19(b)(1)(A) of the Federal 
Reserve Act— 
‘‘(i) more than 50 percent of the out-
standing shares of which are held by 1 or 
more women; and 
‘‘(ii) the majority of the directors on 
the board of directors of which are 
women.’’. 
(e) ESTABLISHMENT OF IMPACT BANK DESIGNA-
TION.— 
(1) IN
GENERAL.—Each appropriate Federal 
banking agency shall establish a program under 
which a depository institution with total consolidated
1120 
(9) FEDERAL DEPOSIT INSURANCE ACT DEFINI-
TIONS.—In this subsection, the terms ‘‘depository 
institution’’ and ‘‘appropriate Federal banking agen-
cy’’ have the meanings given such terms, respec-
tively, in section 3 of the Federal Deposit Insurance 
Act (12 U.S.C. 1813). 
(f) MINORITY DEPOSITORY INSTITUTIONS ADVISORY 
COMMITTEES.— 
(1) ESTABLISHMENT.—Each covered regulator 
shall establish an advisory committee to be called the 
‘‘Minority Depository Institutions Advisory Com-
mittee’’. 
(2) DUTIES.—Each Minority Depository Insti-
tutions Advisory Committee shall provide advice to 
the respective covered regulator on meeting the goals 
established by section 308 of the Financial Institu-
tions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1463 note) to preserve the present 
number of covered minority institutions, preserve the 
minority character of minority-owned institutions in 
cases involving mergers or acquisitions, provide tech-
nical assistance, and encourage the creation of new 
covered minority institutions. The scope of the work 
of each such Minority Depository Institutions Advi-
sory Committee shall include an assessment of the
1121 
current condition of covered minority institutions, 
what regulatory changes or other steps the respec-
tive agencies may be able to take to fulfill the re-
quirements of such section 308, and other issues of 
concern to minority depository institutions. 
(3) MEMBERSHIP.— 
(A) IN GENERAL.—Each Minority Deposi-
tory Institutions Advisory Committee shall con-
sist of no more than 10 members, who— 
(i) shall serve for one two-year term; 
(ii) shall serve as a representative of 
a depository institution or an insured cred-
it union with respect to which the respec-
tive covered regulator is the covered regu-
lator of such depository institution or in-
sured credit union; and 
(iii) shall not receive pay by reason of 
their service on the advisory committee, 
but may receive travel or transportation 
expenses in accordance with section 5703 
of title 5, United States Code. 
(B) DIVERSITY.—To the extent prac-
ticable, each covered regulator shall ensure that 
the members of Minority Depository Institu-
1122 
tions Advisory Committee of such agency reflect 
the diversity of depository institutions. 
(4) MEETINGS.— 
(A) IN GENERAL.—Each Minority Deposi-
tory Institutions Advisory Committee shall meet 
not less frequently than twice each year. 
(B) INVITATIONS.—Each Minority Deposi-
tory Institutions Advisory Committee shall in-
vite the attendance at each meeting of the Mi-
nority Depository Institutions Advisory Com-
mittee of— 
(i) one member of the majority party 
and one member of the minority party of 
the Committee on Financial Services of the 
House of Representatives and the Com-
mittee on Banking, Housing, and Urban 
Affairs of the Senate; and 
(ii) one member of the majority party 
and one member of the minority party of 
any relevant subcommittees of such com-
mittees. 
(5) NO TERMINATION OF ADVISORY COMMIT-
TEES.—The termination requirements under section 
14 of the Federal Advisory Committee Act (5 U.S.C. 
app.) shall not apply to a Minority Depository Insti-
1123 
tutions Advisory Committee established pursuant to 
this section. 
(6) DEFINITIONS.—In this paragraph: 
(A) COVERED
REGULATOR.—The term 
‘‘covered regulator’’ means the Comptroller of 
the Currency, the Board of Governors of the 
Federal Reserve System, the Federal Deposit 
Insurance Corporation, and the National Credit 
Union Administration. 
(B) COVERED
MINORITY
INSTITUTION.— 
The term ‘‘covered minority institution’’ means 
a minority depository institution (as defined in 
section 308(b) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989 
(12 U.S.C. 1463 note)) or a minority credit 
union (as defined in section 1204(c) of the Fi-
nancial Institutions Reform, Recovery, and En-
forcement Act of 1989, as amended by this 
Act). 
(C) DEPOSITORY INSTITUTION.—The term 
‘‘depository institution’’ has the meaning given 
under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813). 
(D) INSURED CREDIT UNION.—The term 
‘‘insured credit union’’ has the meaning given
1124 
in section 101 of the Federal Credit Union Act 
(12 U.S.C. 1752). 
(7) TECHNICAL AMENDMENT.—Section 308(b) 
of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 1463 note) is 
amended by adding at the end the following new 
paragraph: 
‘‘(3) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ means an ‘insured depository in-
stitution’ (as defined in section 3 of the Federal De-
posit Insurance Act (12 U.S.C. 1813)) and an in-
sured credit union (as defined in section 101 of the 
Federal Credit Union Act (12 U.S.C. 1752)).’’. 
(g) FEDERAL DEPOSITS IN MINORITY DEPOSITORY 
INSTITUTIONS.— 
(1) IN GENERAL.—Section 308 of the Financial 
Institutions Reform, Recovery, and Enforcement Act 
of 1989 (12 U.S.C. 1463 note) is amended— 
(A) by adding at the end the following new 
subsection: 
‘‘(d) FEDERAL DEPOSITS.—The Secretary of the 
Treasury shall ensure that deposits made by Federal agen-
cies in minority depository institutions and impact banks 
are collateralized or insured, as determined by the Sec-
retary. Such deposits shall include reciprocal deposits, as
1125 
defined under section 29(i)(2) of the Federal Deposit In-
surance Act (12 U.S.C. 1831f(i)(2)).’’; and 
(B) in subsection (b), as amended by sub-
section (f)(7), by adding at the end the fol-
lowing new paragraph: 
‘‘(4) IMPACT BANK.—The term ‘impact bank’ 
means a depository institution designated by an ap-
propriate Federal banking agency pursuant to sub-
section (e) of the Ensuring Diversity in Community 
Banking Act of 2020.’’. 
(2) TECHNICAL AMENDMENTS.—Section 308 of 
the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 1463 note) is 
amended— 
(A) in the matter preceding paragraph (1), 
by striking ‘‘section—’’ and inserting ‘‘sec-
tion:’’; and 
(B) in the paragraph heading for para-
graph (1), by striking ‘‘FINANCIAL’’ and insert-
ing ‘‘DEPOSITORY’’. 
(h) MINORITY BANK DEPOSIT PROGRAM.— 
(1) IN GENERAL.—Section 1204 of the Finan-
cial Institutions Reform, Recovery, and Enforcement 
Act of 1989 (12 U.S.C. 1811 note) is amended to 
read as follows:
1126 
‘‘SEC. 1204. EXPANSION OF USE OF MINORITY BANKS AND 
MINORITY CREDIT UNIONS. 
‘‘(a) MINORITY BANK DEPOSIT PROGRAM.— 
‘‘(1) ESTABLISHMENT.—There is established a 
program to be known as the ‘Minority Bank Deposit 
Program’ to expand the use of minority banks and 
minority credit unions. 
‘‘(2) ADMINISTRATION.—The Secretary of the 
Treasury, acting through the Fiscal Service, shall— 
‘‘(A) on application by a depository institu-
tion or credit union, certify whether such depos-
itory institution or credit union is a minority 
bank or minority credit union; 
‘‘(B) maintain and publish a list of all de-
pository institutions and credit unions that have 
been certified pursuant to subparagraph (A); 
and 
‘‘(C) periodically distribute the list de-
scribed in subparagraph (B) to— 
‘‘(i) all Federal departments and 
agencies; 
‘‘(ii) interested State and local govern-
ments; and 
‘‘(iii) interested private sector compa-
nies.
1127 
‘‘(3) INCLUSION
OF
CERTAIN
ENTITIES
ON 
LIST.—A depository institution or credit union that, 
on the date of the enactment of this section, has a 
current certification from the Secretary of the 
Treasury stating that such depository institution or 
credit union is a minority bank or minority credit 
union shall be included on the list described under 
paragraph (2)(B). 
‘‘(b) EXPANDED USE AMONG FEDERAL DEPART-
MENTS AND AGENCIES.— 
‘‘(1) IN GENERAL.—Not later than 1 year after 
the establishment of the program described in sub-
section (a), the head of each Federal department or 
agency shall develop and implement standards and 
procedures to ensure, to the maximum extent pos-
sible as permitted by law and consistent with prin-
ciples of sound financial management, the use of mi-
nority banks and minority credit unions to hold the 
deposits of each such department or agency. 
‘‘(2) REPORT TO CONGRESS.—Not later than 2 
years after the establishment of the program de-
scribed in subsection (a), and annually thereafter, 
the head of each Federal department or agency shall 
submit to Congress a report on the actions taken to 
increase the use of minority banks and minority
1128 
credit unions hold the deposits of each such depart-
ment or agency. 
‘‘(c) DEFINITIONS.—For purposes of this section: 
‘‘(1) CREDIT UNION.—The term ‘credit union’ 
has the meaning given the term ‘insured credit 
union’ in section 101 of the Federal Credit Union 
Act (12 U.S.C. 1752). 
‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ has the meaning given in section 
3 of the Federal Deposit Insurance Act (12 U.S.C. 
1813). 
‘‘(3) MINORITY.—The term ‘minority’ means 
any Black American, Native American, Hispanic 
American, or Asian American. 
‘‘(4) MINORITY
BANK.—The term ‘minority 
bank’ means a minority depository institution as de-
fined in section 308 of this Act. 
‘‘(5) MINORITY CREDIT UNION.—The term ‘mi-
nority credit union’ means any credit union for 
which more than 50 percent of the membership (in-
cluding board members) of such credit union are mi-
nority individuals, as determined by the National 
Credit Union Administration pursuant to section 
308 of this Act.’’.
1129 
(2) 
CONFORMING
AMENDMENTS.—The 
fol-
lowing 
provisions 
are 
amended 
by 
striking 
‘‘1204(c)(3)’’ and inserting ‘‘1204(c)’’: 
(A) Section 808(b)(3) of the Community 
Reinvestment 
Act 
of 
1977 
(12 
U.S.C. 
2907(b)(3)). 
(B) Section 40(g)(1)(B) of the Federal De-
posit 
Insurance 
Act 
(12 
U.S.C. 
1831q(g)(1)(B)). 
(C) Section 704B(h)(4) of the Equal Cred-
it Opportunity Act (15 U.S.C. 1691c–2(h)(4)). 
(i) DIVERSITY REPORT AND BEST PRACTICES.— 
(1) ANNUAL REPORT.—Each covered regulator 
shall submit to Congress an annual report on diver-
sity including the following: 
(A) Data, based on voluntary self-identi-
fication, on the racial, ethnic, and gender com-
position of the examiners of each covered regu-
lator, disaggregated by length of time served as 
an examiner. 
(B) The status of any examiners of cov-
ered regulators, based on voluntary self-identi-
fication, as a veteran. 
(C) Whether any covered regulator, as of 
the date on which the report required under
1130 
this section is submitted, has adopted a policy, 
plan, or strategy to promote racial, ethnic, and 
gender diversity among examiners of the cov-
ered regulator. 
(D) Whether any special training is devel-
oped and provided for examiners related specifi-
cally to working with banks that serve commu-
nities that are predominantly minorities, low in-
come, or rural, and the key focus of such train-
ing. 
(2) BEST PRACTICES.—Each Office of Minority 
and Women Inclusion of a covered regulator shall 
develop, provide to the head of the covered regulator, 
and make publicly available best practices— 
(A) for increasing the diversity of can-
didates applying for examiner positions, includ-
ing through outreach efforts to recruit diverse 
candidate to apply for entry-level examiner posi-
tions; and 
(B) for retaining and providing fair consid-
eration for promotions within the examiner 
staff for purposes of achieving diversity among 
examiners. 
(3) COVERED REGULATOR DEFINED.—In this 
subsection, the term ‘‘covered regulator’’ means the
1131 
Comptroller of the Currency, the Board of Gov-
ernors of the Federal Reserve System, the Federal 
Deposit Insurance Corporation, and the National 
Credit Union Administration. 
(j) INVESTMENTS IN MINORITY DEPOSITORY INSTI-
TUTIONS AND IMPACT BANKS.— 
(1) CONTROL
FOR
CERTAIN
INSTITUTIONS.— 
Section 7(j)(8)(B) of the Federal Deposit Insurance 
Act (12 U.S.C. 1817(j)(8)(B)) is amended to read 
as follows: 
‘‘(B) ‘control’ means the power, directly or indi-
rectly— 
‘‘(i) to direct the management or policies 
of an insured depository institution; or 
‘‘(ii)(I) with respect to an insured deposi-
tory institution, of a person to vote 25 per cen-
tum or more of any class of voting securities of 
such institution; or 
‘‘(II) with respect to an insured depository 
institution that is an impact bank (as des-
ignated pursuant to subsection (e) of the En-
suring Diversity in Community Banking Act of 
2020) or a minority depository institution (as 
defined in section 308(b) of the Financial Insti-
tutions Reform, Recovery, and Enforcement Act
1132 
of 1989), of an individual to vote 30 percent or 
more of any class of voting securities of such an 
impact bank or a minority depository institu-
tion.’’. 
(2) RULEMAKING.—The appropriate Federal 
banking agency (as defined in section 3 of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1813)) shall 
jointly issue rules for de novo minority depository in-
stitutions and de novo impact banks (as designated 
pursuant to subsection (e)) to allow 3 years to meet 
the capital requirements otherwise applicable to mi-
nority depository institutions and impact banks. 
(3) REPORT.—Not later than 1 year after the 
date of the enactment of this Act, the appropriate 
Federal banking agencies shall jointly submit to 
Congress a report on— 
(A) the principal causes for the low num-
ber of de novo minority depository institutions 
during the 10-year period preceding the date of 
the report; 
(B) the main challenges to the creation of 
de novo minority depository institutions and de 
novo impact banks; and 
(C) regulatory and legislative consider-
ations to promote the establishment of de novo
1133 
minority depository institutions and de novo im-
pact banks. 
(k) REPORT ON COVERED MENTOR-PROTEGE PRO-
GRAMS.— 
(1) REPORT.—Not later than 6 months after 
the date of the enactment of this Act and annually 
thereafter, the Secretary of the Treasury shall sub-
mit to Congress a report on participants in a cov-
ered mentor-protege program, including— 
(A) an analysis of outcomes of such pro-
gram; 
(B) the number of minority depository in-
stitutions that are eligible to participate in such 
program but do not have large financial institu-
tion mentors; and 
(C) recommendations for how to match 
such minority depository institutions with large 
financial institution mentors. 
(2) DEFINITIONS.—In this subsection: 
(A) COVERED
MENTOR-PROTEGE
PRO-
GRAM.—The term ‘‘covered mentor-protege pro-
gram’’ means a mentor-protege program estab-
lished by the Secretary of the Treasury pursu-
ant to section 45 of the Small Business Act (15 
U.S.C. 657r).
1134 
(B) LARGE FINANCIAL INSTITUTION.—The 
term ‘‘large financial institution’’ means any 
entity— 
(i) regulated by the Comptroller of the 
Currency, the Board of Governors of the 
Federal Reserve System, the Federal De-
posit Insurance Corporation, or the Na-
tional Credit Union Administration; and 
(ii) that has total consolidated assets 
greater than or equal to $50,000,000,000. 
(l) CUSTODIAL DEPOSIT PROGRAM FOR COVERED 
MINORITY
DEPOSITORY
INSTITUTIONS
AND
IMPACT 
BANKS.— 
(1) IN
GENERAL.—Not later than one year 
after the date of the enactment of this Act, the Sec-
retary of the Treasury shall issue rules establishing 
a custodial deposit program under which a covered 
bank may receive deposits from a qualifying account. 
(2) REQUIREMENTS.—In issuing rules under 
paragraph (1), the Secretary of the Treasury shall— 
(A) ensure each covered bank participating 
in the program established under this sub-
section— 
(i) has appropriate policies relating to 
management of assets, including measures
1135 
to ensure the safety and soundness of each 
such covered bank; and 
(ii) is compliant with applicable law; 
and 
(B) ensure, to the extent practicable that 
the rules do not conflict with goals described in 
section 308(a) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989 
(12 U.S.C. 1463 note). 
(3) REPORT.—Each quarter, the Secretary of 
the Treasury shall submit to Congress a report on 
the implementation of the program established under 
this subsection including information identifying 
participating covered banks and the total amount of 
deposits received by covered banks under the pro-
gram. 
(4) DEFINITIONS.—In this subsection: 
(A) COVERED BANK.—The term ‘‘covered 
bank’’ means— 
(i) a minority depository institution 
that is well capitalized, as defined by the 
Federal Deposit Insurance Corporation or 
the National Credit Union Administration, 
as appropriate; or
1136 
(ii) a depository institution designated 
pursuant to subsection (e) that is well cap-
italized, as defined by the Federal Deposit 
Insurance Corporation. 
(B) QUALIFYING
ACCOUNT.—The term 
‘‘qualifying account’’ means any account estab-
lished in the Department of the Treasury 
that— 
(i) is controlled by the Secretary; and 
(ii) is expected to maintain a balance 
greater than $200,000,000 for the fol-
lowing 24-month period. 
(m) STREAMLINED COMMUNITY DEVELOPMENT FI-
NANCIAL INSTITUTION APPLICATIONS AND REPORTING.— 
(1) APPLICATION PROCESSES.—Not later than 
12 months after the date of the enactment of this 
Act and with respect to any person having assets 
under $3,000,000,000 that submits an application 
for deposit insurance with the Federal Deposit In-
surance Corporation that could also become a com-
munity development financial institution, the Fed-
eral Deposit Insurance Corporation, in consultation 
with the Administrator of the Community Develop-
ment Financial Institutions Fund, shall—
1137 
(A) develop systems and procedures to 
record necessary information to allow the Ad-
ministrator to conduct preliminary analysis for 
such person to also become a community devel-
opment financial institution; and 
(B) develop procedures to streamline the 
application and annual certification processes 
and to reduce costs for such person to become, 
and maintain certification as, a community de-
velopment financial institution. 
(2) IMPLEMENTATION REPORT.—Not later than 
18 months after the date of the enactment of this 
Act, the Federal Deposit Insurance Corporation 
shall submit to Congress a report describing the sys-
tems and procedures required under paragraph (1). 
(3) ANNUAL REPORT.— 
(A) IN GENERAL.—Section 17(a)(1) of the 
Federal Deposit Insurance Act (12 U.S.C. 
1827(a)(1)) is amended— 
(i) in subparagraph (E), by striking 
‘‘and’’ at the end; 
(ii) by redesignating subparagraph 
(F) as subparagraph (G); 
(iii) by inserting after subparagraph 
(E) the following new subparagraph:
1138 
‘‘(F) applicants for deposit insurance that 
could also become a community development fi-
nancial institution (as defined in section 103 of 
the Riegle Community Development and Regu-
latory Improvement Act of 1994), a minority 
depository institution (as defined in section 308 
of the Financial Institutions Reform, Recovery, 
and Enforcement Act of 1989), or an impact 
bank (as designated pursuant to subsection (e) 
of the Ensuring Diversity in Community Bank-
ing Act of 2020); and’’. 
(B) APPLICATION.—The amendment made 
by this paragraph shall apply with respect to 
the first report to be submitted after the date 
that is 2 years after the date of the enactment 
of this Act. 
(n) TASK FORCE ON LENDING TO SMALL BUSINESS 
CONCERNS.— 
(1) IN
GENERAL.—Not later than 6 months 
after the date of the enactment of this Act, the Ad-
ministrator of the Small Business Administration 
shall establish a task force to examine methods for 
improving relationships between the Small Business 
Administration and community development finan-
cial institutions, minority depository institutions,