HR 2543 RFS
(b) PROTECTION OF PRIVACY INTERESTS.—Section 
304(h)(3)(A) of the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2803(h)(3)(A)) is amended— 
(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) by redesignating clause (ii) as clause (iii); 
and 
(3) by inserting after clause (i) the following: 
‘‘(ii) zip code, census tract, and any 
other category of data described in sub-
section (b)(4), as the Bureau determines to 
be necessary to satisfy the purpose de-
scribed in paragraph (1)(E), and in a man-
ner consistent with that purpose; and’’. 
Subtitle C—Promoting and Advanc-
ing 
Communities 
of 
Color 
Through Inclusive Lending 
SEC. 331. STRENGTHENING DIVERSE AND MISSION-DRIVEN 
COMMUNITY FINANCIAL INSTITUTIONS. 
(a) MINORITY LENDING INSTITUTION SET-ASIDE IN 
PROVIDING ASSISTANCE.— 
(1) IN GENERAL.—Section 108 of the Riegle 
Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4707) is amended by 
adding at the end the following: 
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‘‘(i) SUPPORTING MINORITY INSTITUTIONS.—Not-
withstanding any other provision of law, in providing any 
assistance to community development financial institu-
tions, the Fund shall reserve 40 percent of such assistance 
for minority lending institutions.’’. 
(2) DEFINITIONS.—Section 103 of the Riegle 
Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4702) is amended by 
adding at the end the following: 
‘‘(22) MINORITY LENDING INSTITUTION.—The 
term ‘minority lending institution’ has the meaning 
given that term under section 523(c) of division N 
of the Consolidated Appropriations Act, 2021.’’. 
(b) OFFICE
OF
MINORITY
LENDING
INSTITU-
TIONS.—Section 104 of the Riegle Community Develop-
ment and Regulatory Improvement Act of 1994 (12 
U.S.C. 4703) is amended by adding at the end the fol-
lowing: 
‘‘(l) CDFI OFFICE OF MINORITY LENDING INSTITU-
TIONS.—There is established within the Fund an Office 
of Minority Lending Institutions, which shall oversee as-
sistance provided by the Fund to minority lending institu-
tions.’’. 
(c) REPORTING ON MINORITY LENDING INSTITU-
TIONS.—Section 117 of the Riegle Community Develop-
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ment and Regulatory Improvement Act of 1994 (12 
U.S.C. 4716) is amended by adding at the end the fol-
lowing: 
‘‘(g) REPORTING ON MINORITY LENDING INSTITU-
TIONS.—Each report required under subsection (a) shall 
include a description of the extent to which assistance 
from the Fund are provided to minority lending institu-
tions.’’. 
(d) SUBMISSION OF DEMOGRAPHIC DATA RELATING 
TO DIVERSITY BY COMMUNITY DEVELOPMENT FINAN-
CIAL INSTITUTIONS.—Section 104 of the Riegle Commu-
nity Development and Regulatory Improvement Act of 
1994 (12 U.S.C. 4703), as amended by subsection (b), 
is further amended by adding at the end the following: 
‘‘(m) SUBMISSION OF DEMOGRAPHIC DATA RELAT-
ING TO DIVERSITY.— 
‘‘(1) DEFINITIONS.—In this subsection— 
‘‘(A) the term ‘executive officer’ has the 
meaning given the term in section 230.501(f) of 
title 17, Code of Federal Regulations, as in ef-
fect on the date of enactment of this subsection; 
‘‘(B) the term ‘gender identity’ means the 
gender-related identity, appearance, manner-
isms, or other gender-related characteristics of 
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an individual, regardless of the individual’s des-
ignated sex at birth; 
‘‘(C) the term ‘sexual orientation’ means 
homosexuality, heterosexuality, or bisexuality; 
and 
‘‘(D) the term ‘veteran’ has the meaning 
given the term in section 101 of title 38, United 
States Code. 
‘‘(2) SUBMISSION OF DISCLOSURE.—Each Fund 
applicant and recipient shall provide data regarding 
such factors as may be determined by the Fund, 
which may include the following: 
‘‘(A) Demographic data, based on vol-
untary self-identification, on the racial, ethnic, 
gender identity, and sexual orientation composi-
tion of— 
‘‘(i) the board of directors of the insti-
tution; and 
‘‘(ii) the executive officers of the insti-
tution. 
‘‘(B) The status of any member of the 
board of directors of the institution, any nomi-
nee for the board of directors of the institution, 
or any executive officer of the institution, based 
on voluntary self-identification, as a veteran. 
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‘‘(C) Whether the board of directors of the 
institution, or any committee of that board of 
directors, has, as of the date on which the insti-
tution makes a disclosure under this paragraph, 
adopted any policy, plan, or strategy to promote 
racial, ethnic, and gender diversity among— 
‘‘(i) the board of directors of the insti-
tution; 
‘‘(ii) nominees for the board of direc-
tors of the institution; or 
‘‘(iii) the executive officers of the in-
stitution. 
‘‘(3) REPORT TO CONGRESS.—Not later than 
24 months after the date of enactment of this sub-
section, and every other year thereafter, the Fund 
shall submit to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representa-
tives, and make publicly available on the website of 
the Fund, a report— 
‘‘(A) on the demographic data and trends 
of the diversity information made available pur-
suant to paragraph (2), including breakdowns 
by each State (including the District of Colum-
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bia and each territory of the United States) and 
Tribal government entity; and 
‘‘(B) containing any administrative or leg-
islative recommendations of the Fund to en-
hance the implementation of this title or to pro-
mote diversity and inclusion within community 
development financial institutions.’’. 
(e) OFFICE OF DIVERSE AND MISSION-DRIVEN COM-
MUNITY FINANCIAL INSTITUTIONS.— 
(1) ESTABLISHMENT.—There is established 
within the Department of the Treasury the Office of 
Diverse and Mission-Driven Community Financial 
Institutions. 
(2) LEADERSHIP.—The Office of Diverse and 
Mission-Driven Community Financial Institutions 
shall be led by a Deputy Assistant Secretary for Di-
verse and Mission-Driven Community Financial In-
stitutions, who shall be appointed by the Secretary 
of the Treasury, in consultation with the Depart-
ment of the Treasury’s Director of Office of Minor-
ity and Women Inclusion. 
(3) FUNCTIONS.—The Office of Diverse and 
Mission-Driven Community Financial Institutions, 
pursuant to the direction of the Secretary, shall seek 
to provide support for diverse and mission-driven 
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community financial institutions and have the au-
thority— 
(A) to monitor and issue reports regard-
ing— 
(i) community development financial 
institutions, minority depository institu-
tions, and minority lending institutions; 
and 
(ii) the role such institutions play in 
the financial system of the United States, 
including the impact they have on pro-
viding financial access to low- and mod-
erate-income communities, communities of 
color, and other underserved communities; 
(B) to serve as a resource and Federal liai-
son for current and prospective community de-
velopment financial institutions, minority depos-
itory institutions, and minority lending institu-
tions seeking to engage with the Department of 
the Treasury, the Community Development Fi-
nancial Institutions Fund (‘‘CDFI Fund’’), 
other Federal government agencies, including 
by providing contact information for other of-
fices of the Department of the Treasury or 
other Federal Government agencies, resources, 
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technical assistance, or other support for enti-
ties wishing— 
(i) to become certified as a community 
development 
financial 
institution, 
and 
maintain the certification; 
(ii) to obtain a banking charter, de-
posit insurance, or otherwise carry on 
banking activities in a safe, sound, and re-
sponsible manner; 
(iii) 
to 
obtain 
financial 
support 
through private sector deposits, invest-
ments, partnerships, and other means; 
(iv) 
to 
expand 
their 
operations 
through internal growth and acquisitions; 
(v) to develop and upgrade their tech-
nology, cybersecurity resilience, compliance 
systems, data reporting systems, and their 
capacity to support their communities, in-
cluding through partnerships with third- 
party companies; 
(vi) to obtain grants, awards, invest-
ments and other financial support made 
available through the CDFI Fund, the 
Board of Governors of the Federal Reserve 
System, the Central Liquidity Facility, the 
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Federal Home Loan Banks, and other 
Federal programs; 
(vii) to participate as a financial inter-
mediary with respect to various Federal 
and State programs and agencies, includ-
ing the State Small Business Credit Initia-
tive and programs of the Small Business 
Administration; and 
(viii) to participate in Financial Agent 
Mentor-Prote´ge´ Program of the Depart-
ment of the Treasury and other Federal 
programs designed to support private sec-
tor partnerships; 
(C) to provide resources to the public wish-
ing to learn more about minority depository in-
stitutions, community development financial in-
stitutions, and minority lending institutions, in-
cluding helping the Secretary implement the re-
quirements under section 334, publishing re-
ports issued by the Office on the website of the 
Department of the Treasury and providing 
hyperlinks to other relevant reports and mate-
rials from other Federal agencies; 
(D) to provide policy recommendations to 
other relevant Federal agencies and Congress 
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on ways to further strengthen Federal support 
for community development financial institu-
tions, minority depository institutions, and mi-
nority lending institutions; 
(E) to assist the Secretary in carrying out 
the Secretary’s responsibilities under section 
308 of the Financial Institutions Reform, Re-
covery, and Enforcement Act of 1989 (12 
U.S.C. 1463 note) to preserve and promote mi-
nority depository institutions in consultation 
with the Chairman of the Board of Governors 
of the Federal Reserve System, the Comptroller 
of the Currency, the Chairman of the National 
Credit Union Administration, and the Chair-
person of the Board of Directors of the Federal 
Deposit Insurance Corporation; 
(F) to carry out other duties of the Sec-
retary of the Treasury required by this Act and 
the amendments made by this Act, and to per-
form such other duties and authorities as may 
be assigned by the Secretary. 
(f) STRENGTHENING
FEDERAL
EFFORTS
AND 
INTERAGENCY COORDINATION
TO PROMOTE DIVERSE 
AND MISSION-DRIVEN COMMUNITY FINANCIAL INSTITU-
TIONS.— 
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(1) 
SENIOR
OFFICIALS
DESIGNATED.—The 
Chairman of the Board of Governors of the Federal 
Reserve System, the Comptroller of the Currency, 
the Chairman of the National Credit Union Admin-
istration, the Chairperson of the Board of Directors 
of the Federal Deposit Insurance Corporation, and 
the Director of the Bureau of Consumer Financial 
Protection shall each, in consultation with their re-
spective Director of Office of Minority and Women 
Inclusion, designate a senior official to be their re-
spective agency’s officer responsible for promoting 
minority depository institutions, community develop-
ment financial institutions, and minority lending in-
stitutions, including to fulfill obligations under sec-
tion 308 of the Financial Institutions Reform, Re-
covery, and Enforcement Act of 1989 (12 U.S.C. 
1463 note) to preserve and promote minority deposi-
tory institutions. 
(2) INTERAGENCY WORKING GROUP.—The De-
partment of the Treasury shall regularly convene 
meetings, no less than once a quarter, of an inter-
agency working group to be known as the ‘‘Inter-
agency Working Group to Promote Diverse and Mis-
sion-Driven Community Financial Institutions’’, 
which shall consist of the senior officials designated 
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by their respective agencies under paragraph (1), 
along with the Deputy Assistant Secretary for Di-
verse and Mission-Driven Community Financial In-
stitutions, the Director of the Community Develop-
ment Financial Institutions Fund, and such other 
government officials as the Secretary of the Treas-
ury may choose to invite, to examine and discuss the 
state of minority depository institutions, community 
development financial institutions, and minority 
lending institutions, and actions the relevant agen-
cies can take to preserve, promote, and strengthen 
these institutions. 
(3) PROMOTING FAIR HOUSING AND COLLEC-
TIVE OWNERSHIP OPPORTUNITIES.— 
(A) INITIAL REPORT.—Not later than 18 
months after the date of the enactment of this 
subsection, the Secretary of Treasury, jointly 
with the Secretary of Housing and Urban De-
velopment, shall issue a report to the covered 
agencies and the Congress examining different 
ways financial institutions, including community 
development financial institutions, can affirma-
tively further fair housing and be encouraged 
and incentivized to carry out activities that ex-
pand long-term wealth-building opportunities 
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within low-income and minority communities 
that support collective ownership opportunities, 
including through investments in worker co-
operatives, consumer cooperatives, community 
land trusts, not-for-profit-led shared equity 
homeownership, and limited-equity cooperatives, 
and to provide recommendations to the covered 
agencies and the Congress in the furtherance of 
these objectives. 
(B) PROGRESS UPDATES.—Beginning not 
later than three years after the date of the en-
actment of this subsection, and every five years 
thereafter, the Secretary of the Treasury and 
the Secretary of Housing and Urban Develop-
ment shall, after receiving the necessary up-
dates from the covered agencies, issue a report 
examining the progress made on implementing 
relevant recommendations, and providing any 
additional recommendations to the covered 
agencies and the Congress in furtherance of the 
objectives under subparagraph (A). 
(C) COVERED AGENCIES.—For purposes of 
this subsection, the term ‘‘covered agencies’’ 
means the Community Development Financial 
Institutions Fund, the Department of Housing 
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and Urban Development. the Board of Gov-
ernors of the Federal Reserve System, the Fed-
eral Deposit Insurance Corporation, the Office 
of the Comptroller of the Currency, the Na-
tional Credit Union Administration, and the 
Federal Housing Finance Agency. 
(4) ANNUAL REPORT TO CONGRESS.—Not later 
than 1 year after the date of the enactment of this 
subsection, and annually thereafter, the Secretary of 
the Treasury, the Chairman of the Board of Gov-
ernors of the Federal Reserve System, the Comp-
troller of the Currency, the Chairman of the Na-
tional Credit Union Administration, the Chairperson 
of the Board of Directors of the Federal Deposit In-
surance Corporation, and the Director of the Bureau 
of Consumer Financial Protection shall submit a 
joint report to the Committee on Financial Services 
of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Sen-
ate regarding the work that has been done the prior 
year to preserve, promote, and strengthen commu-
nity development financial institutions, minority de-
pository institutions, and minority lending institu-
tions, along with any policy recommendations on ac-
tions various government agencies and Congress 
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should take to preserve, promote, and strengthen 
community development financial institutions, mi-
nority depository institutions, and minority lending 
institutions. 
SEC. 332. CAPITAL INVESTMENTS, GRANTS, AND TECH-
NOLOGY SUPPORT FOR MDIS AND CDFIS. 
(a) AUTHORIZATION OF APPROPRIATION.—There is 
authorized to be appropriated to the Emergency Capital 
Investment Fund $4,000,000,000. Such funds may be 
used for administrative expenses of the Department of the 
Treasury. 
(b) CONFORMING AMENDMENTS TO ALLOW FOR AD-
DITIONAL PURCHASES OF CAPITAL.—Section 104A of the 
Riegle Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4703a) is amended— 
(1) in subsection (c), by striking paragraph (2); 
and 
(2) in subsection (e), by striking paragraph (2). 
(c) USE
OF FUNDS
FOR CDFI FINANCIAL
AND 
TECHNICAL ASSISTANCE.—Section 104A of the Riegle 
Community Development and Regulatory Improvement 
Act of 1994 (12 U.S.C. 4703a) is amended by adding at 
the end the following: 
‘‘(p) USE OF FUNDS FOR CDFI FINANCIAL AND 
TECHNICAL ASSISTANCE.—The Secretary shall transfer 
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no less than $1,000,000,000 in the Emergency Capital In-
vestment Fund to the Fund for the purpose of providing 
financial and technical assistance grants to community de-
velopment financial institutions certified by the Secretary. 
The Fund shall provide such grants using a formula that 
takes into account criteria such as certification status, fi-
nancial and compliance performance, portfolio and balance 
sheet strength, diversity of CDFI business model types, 
and program capacity.’’. 
(d) TECHNOLOGY GRANTS FOR MDIS AND CDFIS.— 
(1) STUDY AND REPORT ON CERTAIN TECH-
NOLOGY CHALLENGES.— 
(A) STUDY.—The Secretary of the Treas-
ury shall carry out a study on the technology 
challenges impacting minority depository insti-
tutions and community development financial 
institutions with respect to— 
(i) internal technology capabilities and 
capacity of the institutions to process loan 
applications and otherwise serve current 
and potential customers through the inter-
net, mobile phone applications, and other 
tools; 
(ii) technology capabilities and capac-
ity of the institutions, provided in partner-
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ship with third party companies, to process 
loan applications and otherwise serve cur-
rent and potential customers through the 
internet, mobile phone applications, and 
other tools; 
(iii) cybersecurity; and 
(iv) challenges and solutions related to 
algorithmic bias in the deployment of tech-
nology. 
(B) REPORT.—Not later than 18 months 
after the date of the enactment of this sub-
section, the Secretary shall submit a report to 
the Committee on Financial Services of the 
House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate that includes the results of the study re-
quired under subparagraph (A). 
(2) TECHNOLOGY GRANT PROGRAM.— 
(A) PROGRAM
AUTHORIZED.—The Sec-
retary shall carry out a technology grant pro-
gram to make grants to minority depository in-
stitutions and community development financial 
institutions to address technology challenges 
impacting such institutions. 
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(B) APPLICATION.—To be eligible to be 
awarded a grant under this paragraph, a mi-
nority depository institution or community de-
velopment financial institution shall submit an 
application to the Secretary at such time, in 
such manner, and containing such information 
as the Secretary may require. 
(C) USE OF FUNDS.—A minority deposi-
tory institution or community development fi-
nancial institution that is awarded a grant 
under this paragraph may use the grant funds 
to— 
(i) enhance or adopt technologies 
that— 
(I) shorten loan approval proc-
esses; 
(II) improve customer experience; 
(III) provide additional services 
to customers; 
(IV) facilitate compliance with 
applicable laws, regulations, and pro-
gram requirements, including testing 
to ensure that the use of technology 
does not result in discrimination, and 
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helping to satisfy data reporting re-
quirements; 
(V) help ensure privacy of cus-
tomer records and cybersecurity resil-
ience; and 
(VI) reduce the unbanked and 
underbanked population; or 
(ii) carry out such other activities as 
the Secretary determines appropriate. 
(3) 
FUNDING.—The 
Secretary 
may 
use 
amounts in the Emergency Capital Investment Fund 
to implement and make grants under paragraph (2), 
but not to exceed $250,000,000 in the aggregate. 
(4) DEFINITIONS.—In this subsection, the 
terms ‘‘community development financial institu-
tion’’ and ‘‘minority depository institution’’ have the 
meaning given those terms, respectively, under sec-
tion 103 of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 
4702). 
(e) PILOT PROGRAM FOR ESTABLISHING DE NOVO 
CDFIS AND MDIS.— 
(1) IN GENERAL.—The Secretary of the Treas-
ury, in consultation with the Fund and the appro-
priate Federal banking agencies, shall establish a 
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pilot program to provide competitive grants to a per-
son for the purpose of providing capital for such per-
son to establish a minority depository institution or 
a community development financial institution. 
(2) APPLICATION.—A person desiring a grant 
under this subsection shall submit to the Secretary 
an application in such form and containing such in-
formation as the Secretary determines appropriate. 
(3) DISBURSEMENT.—Before disbursing grant 
amounts to a person selected to receive a grant 
under this subsection, the Secretary shall ensure 
that such person has received approval from the ap-
propriate Federal banking agency (or such other 
Federal or State agency from whom approval is re-
quired) to establish a minority depository institution 
or a community development financial institution, as 
applicable. 
(4) 
FUNDING.—The 
Secretary 
may 
use 
amounts in the Emergency Capital Investment Fund 
to implement and make grants under paragraph (2), 
but not to exceed $100,000,000 in the aggregate. 
(5) DEFINITIONS.—In this subsection, the 
terms ‘‘appropriate Federal banking agency’’, ‘‘com-
munity development financial institution’’, ‘‘Fund’’, 
and ‘‘minority depository institution’’ have the 
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meaning given those terms, respectively, under sec-
tion 103 of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 
4702). 
(f) GUIDANCE FOR SUBCHAPTER S AND MUTUAL 
BANKS.—Not later than 30 days after the date of enact-
ment of this Act, the Board of Governors of the Federal 
Reserve System and the Secretary shall issue guidance re-
garding how Emergency Capital Investment Program in-
vestments (whether made before or after the date of enact-
ment of this Act) are considered for purposes of various 
prudential requirements, including debt to equity, leverage 
ratio, and double leverage ratio requirements with respect 
to subchapter S and mutual bank recipients of such invest-
ments. 
(g) COLLECTION OF DATA.—Section 111 of the Rie-
gle Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4710) is amended— 
(1) by striking ‘‘The Fund’’ and inserting the 
following: 
‘‘(a) IN GENERAL.—The Fund’’; and 
(2) by adding at the end the following: 
‘‘(b) COLLECTION OF CERTAIN DATA BY CDFIS.— 
Notwithstanding the Equal Credit Opportunity Act (15 
U.S.C. 1691 et seq.)— 
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‘‘(1) a community development financial institu-
tion may collect data described in section 701(a)(1) 
of that Act (15 U.S.C. 1691(a)(1)) from borrowers 
and applicants for credit for the sole purpose and 
exclusive use to ensure that targeted populations 
and low-income residents of investment areas are 
adequately served and to report the level of service 
provided to such populations and areas to the Fund; 
and 
‘‘(2) a community development financial institu-
tion that collects the data described in paragraph 
(1) shall not be subject to adverse action related to 
that collection by the Bureau of Consumer Financial 
Protection or any other Federal agency.’’. 
SEC. 333. SUPPORTING YOUNG ENTREPRENEURS PRO-
GRAM. 
Section 108 of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 U.S.C. 
4707), as amended by section 331(a)(1), is further amend-
ed by adding at the end the following: 
‘‘(j) SUPPORTING YOUNG ENTREPRENEURS PRO-
GRAM.— 
‘‘(1) IN GENERAL.—The Fund shall establish a 
Supporting Young Entrepreneurs Program under 
which the Fund may provide financial awards to the 
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community development financial institutions that 
the Fund determines have the best programs to help 
young entrepreneurs get the start up capital needed 
to start a small business, with a focus on supporting 
young women entrepreneurs, entrepreneurs who are 
Black, Hispanic, Asian or Pacific Islander, and Na-
tive American or Native Alaskan and other histori-
cally underrepresented groups or first time business 
owners. 
‘‘(2) 
NO
MATCHING
REQUIREMENT.—The 
matching requirement under subsection (e) shall not 
apply to awards made under this subsection. 
‘‘(3) FUNDING.—In carrying out this sub-
section, the Fund may use— 
‘‘(A) amounts in the Emergency Capital 
Investment 
Fund, 
but 
not 
to 
exceed 
$100,000,000 in the aggregate; and 
‘‘(B) such other funds as may be appro-
priated by Congress to the Fund to carry out 
the Supporting Young Entrepreneurs Pro-
gram.’’. 
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SEC. 334. MAP OF MINORITY DEPOSITORY INSTITUTIONS 
AND COMMUNITY DEVELOPMENT FINANCIAL 
INSTITUTIONS. 
(a) IN GENERAL.—The Secretary of the Treasury, in 
consultation with the CDFI Fund and the Federal bank-
ing agencies, shall establish an interactive, searchable map 
showing the geographic locations of the headquarters and 
branch locations of minority depository institutions, which 
shall be provided by the Federal banking agencies, and 
community development financial institutions that have 
been certified by the Secretary, including breakdowns by 
each State (including the District of Columbia and each 
territory of the United States), Tribal government entity, 
and congressional district. Such map shall also provide a 
link to the website of each such minority depository insti-
tution and community development financial institution. 
(b) DEFINITIONS.—In this section: 
(1) CDFI FUND.—The term ‘‘CDFI Fund’’ 
means the Community Development Financial Insti-
tutions Fund established under section 104(a) of the 
Riegle Community Development and Regulatory Im-
provement Act of 1994. 
(2) COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTION.—The term ‘‘community development fi-
nancial institution’’ has the meaning given in section 
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103 of the Riegle Community Development and Reg-
ulatory Improvement Act of 1994. 
(3) FEDERAL
BANKING
AGENCY.—The term 
‘‘Federal banking agency’’— 
(A) has the meaning given in section 3 of 
the Federal Deposit Insurance Act; and 
(B) means the National Credit Union Ad-
ministration. 
(4) MINORITY DEPOSITORY INSTITUTION.—The 
term ‘‘minority depository institution’’ has the 
meaning given in section 308(b) of the Financial In-
stitutions Reform, Recovery, and Enforcement Act 
of 1989. 
SEC. 335. REPORT ON CERTIFIED COMMUNITY DEVELOP-
MENT FINANCIAL INSTITUTIONS. 
Section 117(a) of the Riegle Community Develop-
ment and Regulatory Improvement Act of 1994 (12 
U.S.C. 4716(a)) is amended— 
(1) by striking ‘‘The Fund’’ and inserting the 
following: 
‘‘(1) IN GENERAL.—The Fund’’; 
(2) by striking ‘‘and the Congress’’ and insert-
ing ‘‘, the Congress, and the public’’; and 
(3) by adding at the end the following: 
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‘‘(2) REPORT ON CERTIFIED COMMUNITY DE-
VELOPMENT FINANCIAL INSTITUTIONS.—The annual 
report required under paragraph (1) shall include a 
report on community development financial institu-
tions (‘CDFIs’) that have been certified by the Sec-
retary of the Treasury, including a summary with 
aggregate data and analysis, to the fullest extent 
practicable, regarding— 
‘‘(A) a list of the types of organizations 
that are certified as CDFIs, and the number of 
each type of organization; 
‘‘(B) the geographic location and capacity 
of different types of certified CDFIs, including 
overall impact breakdowns by each State (in-
cluding the District of Columbia and each terri-
tory of the United States) and Tribal govern-
ment entity; 
‘‘(C) the lines of business for different 
types of certified CDFIs; 
‘‘(D) human resources and staffing infor-
mation for different types of certified CDFIs, 
including— 
‘‘(E) the types of development services pro-
vided by different types of certified CDFIs; 
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‘‘(F) the target markets of different types 
of certified CDFIs and the amount of products 
and services offered by CDFIs to those target 
markets, including— 
‘‘(i) the number and amount of loans 
and loan guarantees made in those target 
markets; 
‘‘(ii) the number and amount of other 
investments made in those target markets; 
and 
‘‘(iii) the number and amount of de-
velopment services offered in those target 
markets; and 
‘‘(G) such other information as the Direc-
tor of the Fund may determine necessary to 
promote transparency of the impact of different 
types of CDFIs, while carrying out this report 
in a manner that seeks to minimize data report-
ing requirements from certified CDFIs when 
feasible, including utilizing information gath-
ered from other regulators under section 
104(l).’’. 
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SEC. 336. CONSULTATION AND MINIMIZATION OF DATA RE-
QUESTS. 
Section 104 of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 U.S.C. 
4703) is amended by adding at the end the following: 
‘‘(l) CONSULTATION AND MINIMIZATION OF DATA 
REQUESTS.— 
‘‘(1) IN GENERAL.—In carrying out its duties, 
the Fund shall— 
‘‘(A) periodically, and no less frequent 
than once a year, consult with the applicable 
Federal regulator of certified CDFIs and appli-
cants to be a certified CDFI (‘applicants)’; 
‘‘(B) seek to gather any information nec-
essary related to Fund certification and award 
decisions on certified CDFIs and applicants 
from the applicable Federal regulator, and such 
regulators shall use reasonable efforts to pro-
vide such information to the Fund, to minimize 
duplicative data collection requests made by the 
Fund of certified CDFIs and applicants and to 
expedite certification, award, or other relevant 
processes administered by the Fund. 
‘‘(2) APPLICABLE
FEDERAL
REGULATOR
DE-
FINED.—In this subsection, the term ‘applicable 
Federal regulator’ means— 
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‘‘(A) with respect to a certified CDFI or 
an applicant that is regulated by both an appro-
priate Federal banking agency and the Bureau 
of Consumer Financial Protection, the Bureau 
of Consumer Financial Protection; 
‘‘(B) with respect to a certified CDFI or 
an applicant that is not regulated by the Bu-
reau of Consumer Financial Protection, the ap-
propriate Federal banking agency for such ap-
plicant; or 
‘‘(C) the Bureau of Consumer Financial 
Protection, with respect to a certified CDFI or 
an applicant— 
‘‘(i) that is not regulated by an appro-
priate Federal banking agency; and 
‘‘(ii) that offers or provides consumer 
financial products or services (as defined in 
section 1002 of the Consumer Financial 
Protection 
Act 
of 
2010 
(12 
U.S.C. 
5481).’’. 
SEC. 337. ACCESS TO THE DISCOUNT WINDOW OF THE FED-
ERAL RESERVE SYSTEM FOR MDIS AND 
CDFIS. 
Within 1 year after the date of enactment of this Act, 
the Board of Governors of the Federal Reserve System 
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shall establish a process under which minority depository 
institutions and community development financial institu-
tions may have access to the discount window, at the sea-
sonal credit interest rate most recently published on the 
Federal Reserve Statistical Release on selected interest 
rates (daily or weekly). 
SEC. 338. STUDY ON SECURITIZATION BY CDFIS. 
(a) IN GENERAL.—The Secretary of the Treasury, in 
consultation with the Community Development Financial 
Institutions Fund and such other Federal agencies as the 
Secretary determines appropriate, shall carry out a study 
on— 
(1) the use of securitization by CDFIs; 
(2) any barriers to the use of securitization as 
a source of liquidity by CDFIs; and 
(3) any authorities available to the Government 
to support the use of securitization by CDFIs to the 
extent it helps serve underserved communities. 
(b) REPORT.—Not later than the end of the 1-year 
period beginning on the date of enactment of this Act, the 
Secretary shall issue a report to the Committee on Finan-
cial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate containing— 
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(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) any legislative or administrative rec-
ommendations of the Secretary that would promote 
the responsible use of securitization to help CDFIs 
in reaching more underserved communities. 
(c) CDFI DEFINED.—The term ‘‘CDFI’’ has the 
meaning given the term ‘‘community development finan-
cial institution’’ under section 103 of the Riegle Commu-
nity Development and Regulatory Improvement Act of 
1994. 
TITLE IV—DIVERSITY IN FINAN-
CIAL INSTITUTIONS AND COR-
PORATIONS 
Subtitle A—Promoting New and 
Diverse Depository Institutions 
SEC. 411. STUDY AND STRATEGIC PLAN. 
(a) IN GENERAL.—The Federal banking regulators 
shall jointly— 
(1) conduct a study about the challenges faced 
by proposed depository institutions, including pro-
posed minority depository institutions, seeking de 
novo depository institution charters; and 
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(2) submit to the Committee on Financial Serv-
ices of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate and publish publically, not later than 18 
months after the date of the enactment of this sec-
tion— 
(A) an analysis based on the study con-
ducted pursuant to paragraph (1); 
(B) any findings from the study conducted 
pursuant to paragraph (1); and 
(C) any legislative recommendations that 
the Federal banking regulators developed based 
on the study conducted pursuant to paragraph 
(1). 
(b) STRATEGIC PLAN.— 
(1) IN GENERAL.—Not later than 18 months 
after the date of the enactment of this section, the 
Federal banking regulators shall jointly submit to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate and pub-
lish publically a strategic plan based on the study 
conducted pursuant to subsection (a) and designed 
to help proposed depository institutions (including 
proposed minority depository institutions) success-
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fully apply for de novo depository institution char-
ters in a manner that promotes increased availability 
of banking and financial services, safety and sound-
ness, consumer protection, community reinvestment, 
financial stability, and a level playing field. 
(2) CONTENTS OF STRATEGIC PLAN.—The stra-
tegic plan described in paragraph (1) shall— 
(A) promote the chartering of de novo de-
pository institutions, including— 
(i) proposed minority depository insti-
tutions; and 
(ii) proposed depository institutions 
that could be certified as community devel-
opment financial institutions; and 
(B) describe actions the Federal banking 
regulators may take that would increase the 
number of depository institutions located in ge-
ographic areas where consumers lack access to 
a branch of a depository institution. 
(c) PUBLIC INVOLVEMENT.—When conducting the 
study and developing the strategic plan required by this 
section, the Federal banking regulators shall invite com-
ments and other feedback from the public to inform the 
study and strategic plan. 
(d) DEFINITIONS.—In this section: 
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(1) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ has the meaning given in sec-
tion 3 of the Federal Deposit Insurance Act, and in-
cludes a ‘‘Federal credit union’’ and a ‘‘State credit 
union’’ as such terms are defined, respectively, 
under section 101 of the Federal Credit Union Act. 
(2) COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTION.—The term ‘‘community development fi-
nancial institution’’ has the meaning given in section 
103 of the Riegle Community Development and Reg-
ulatory Improvement Act of 1994. 
(3) FEDERAL
BANKING
REGULATORS.—The 
term ‘‘Federal banking regulators’’ means the Board 
of Governors of the Federal Reserve System, the 
Comptroller of the Currency, the Federal Deposit 
Insurance Corporation, the National Credit Union 
Administration, and the Director of the Bureau of 
Consumer Financial Protection. 
(4) MINORITY DEPOSITORY INSTITUTION.—The 
term ‘‘minority depository institution’’ has the 
meaning given in section 308(b) of the Financial In-
stitutions Reform, Recovery, and Enforcement Act 
of 1989. 
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Subtitle B—Promoting Diversity 
and Inclusion in Banking 
SEC. 421. DIVERSITY AND INCLUSION RATINGS. 
(a) IN GENERAL.—The Dodd-Frank Wall Street Re-
form and Consumer Protection Act (12 U.S.C. 5301 et 
seq.) is amended by inserting after section 342 the fol-
lowing: 
‘‘SEC. 342A. DIVERSITY AND INCLUSION RATINGS. 
‘‘(a) IN GENERAL.—The Board of Governors, the 
Comptroller of the Currency, the Corporation, and the Na-
tional Credit Union Administration Board, in assigning a 
rating to a depository institution under the Uniform Fi-
nancial Institutions Rating System (or an equivalent rat-
ing by any such agency under a comparable rating system) 
shall include a diversity and inclusion component that ex-
amines— 
‘‘(1) whether the depository institution has ef-
fective policies in place to encourage diversity and 
inclusion in the hiring practices of the institution; 
‘‘(2) whether the depository institution provides 
training to the employees of the institution, that is 
appropriate to the size and resources of the institu-
tion, on diversity and inclusion; 
‘‘(3) whether the depository institution has poli-
cies in place that ensure that employees are able to 
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report workplace discrimination without fear of 
wrongful retaliation, threats, or coercion; and 
‘‘(4)(A) with respect to a depository institution 
with total consolidated assets of $1,000,000,000 or 
less, whether such depository institution has des-
ignated an individual to serve as a Diversity and In-
clusion Officer who reports to the Chief Executive 
Officer of the institution on all diversity and inclu-
sion matters; or 
‘‘(B) with respect to a depository institution 
with total consolidated assets of more than 
$1,000,000,000, whether such depository institu-
tion— 
‘‘(i) has designated an individual to serve 
as a Diversity and Inclusion Officer; and 
‘‘(ii) has established a committee for diver-
sity and inclusion that holds meetings quarterly 
and that includes in its membership the Diver-
sity and Inclusion Officer designated under 
clause (i) and the Chief Executive Officer of the 
institution. 
‘‘(b) APPLICATION TO MINORITY DEPOSITORY INSTI-
TUTIONS.—In carrying out subsection (a) with respect to 
minority depository institutions, the Board of Governors, 
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the Comptroller of the Currency, the Corporation, and the 
National Credit Union Administration Board shall— 
‘‘(1) assign such institutions the most favorable 
rating with respect to the diversity and inclusion 
component described under subsection (a); and 
‘‘(2) exempt such institutions from any exam-
ination procedures related to the diversity and inclu-
sion component described under subsection (a). 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ means a depository institution 
or a credit union. 
‘‘(2) MINORITY
DEPOSITORY
INSTITUTION.— 
The term ‘minority depository institution’ means an 
entity that is— 
‘‘(A) a minority depository institution, as 
defined in section 308 of the Financial Institu-
tions Reform, Recovery, and Enforcement Act 
of 1989 (12 U.S.C. 1463 note); 
‘‘(B) considered to be a minority deposi-
tory institution by— 
‘‘(i) the appropriate Federal banking 
agency; or 
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‘‘(ii) the National Credit Union Ad-
ministration, in the case of an insured 
credit union. 
‘‘(C) the term ‘sexual orientation’ means 
homosexuality, heterosexuality, or bisexuality; 
or 
‘‘(D) the term ‘gender identity’ means the 
gender-related identity, appearance, manner-
isms, or other gender-related characteristics of 
an individual, regardless of the individual’s des-
ignated sex at birth;’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Dodd-Frank Wall Street Reform and Consumer 
Protection Act is amended by inserting after the item re-
lating to section 342 the following: 
‘‘Sec. 342A. Diversity and inclusion ratings.’’. 
Subtitle C—Improving Corporate 
Governance Through Diversity 
SEC. 431. SUBMISSION OF DATA RELATING TO DIVERSITY 
BY ISSUERS. 
Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the 
following: 
‘‘(s) SUBMISSION OF DATA RELATING TO DIVER-
SITY.— 
‘‘(1) DEFINITIONS.—In this subsection— 
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‘‘(A) the term ‘executive officer’ has the 
meaning given the term in section 230.501(f) of 
title 17, Code of Federal Regulations, as in ef-
fect on the date of enactment of this subsection; 
and 
‘‘(B) the term ‘veteran’ has the meaning 
given the term in section 101 of title 38, United 
States Code. 
‘‘(2) 
SUBMISSION
OF
DISCLOSURE.—Each 
issuer required to file an annual report under sub-
section (a) shall disclose in any proxy statement and 
any information statement relating to the election of 
directors filed with the Commission the following: 
‘‘(A) Data, based on voluntary self-identi-
fication, on the racial, ethnic, gender identity, 
and sexual orientation composition of— 
‘‘(i) the board of directors of the 
issuer; 
‘‘(ii) nominees for the board of direc-
tors of the issuer; and 
‘‘(iii) the executive officers of the 
issuer. 
‘‘(B) The status of any member of the 
board of directors of the issuer, any nominee 
for the board of directors of the issuer, or any 
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executive officer of the issuer, based on vol-
untary self-identification, as a veteran. 
‘‘(C) Whether the board of directors of the 
issuer, or any committee of that board of direc-
tors, has, as of the date on which the issuer 
makes a disclosure under this paragraph, 
adopted any policy, plan, or strategy to promote 
racial, ethnic, and gender diversity among— 
‘‘(i) the board of directors of the 
issuer; 
‘‘(ii) nominees for the board of direc-
tors of the issuer; or 
‘‘(iii) the executive officers of the 
issuer. 
‘‘(D) The disability status, based on vol-
untary self-identification, of any member of the 
board of directors of the issuer, any nominee 
for the board of directors of the issuer, or any 
executive officer of the issuer. 
‘‘(3) ALTERNATIVE
SUBMISSION.—In any 1- 
year period in which an issuer required to file an an-
nual report under subsection (a) does not file with 
the Commission a proxy statement or an information 
statement relating to the election of directors, the 
issuer shall disclose the information required under 
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paragraph (2) in the first annual report of issuer 
that the issuer submits to the Commission after the 
end of that 1-year period. 
‘‘(4) ANNUAL
REPORT.—Not later than 18 
months after the date of enactment of this sub-
section, and annually thereafter, the Commission 
shall submit to the Committee on Financial Services 
of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Sen-
ate, and publish on the website of the Commission, 
a report that analyzes the information disclosed 
under paragraphs (2) and (3) and identifies any 
trends with respect to such information, including 
breakdowns by each State (including the District of 
Columbia and each territory of the United States), 
Tribal government entity, and congressional district. 
‘‘(5) BEST PRACTICES.— 
‘‘(A) IN GENERAL.—The Director of the 
Office of Minority and Women Inclusion of the 
Commission shall, not later than 3 years after 
the date of enactment of this subsection, and 
every 3 years thereafter, publish best practices 
for compliance with this subsection. 
‘‘(B) COMMENTS.—The Director of the Of-
fice of Minority and Women Inclusion of the 
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Commission may, pursuant to subchapter II of 
chapter 5 of title 5, United States Code, solicit 
public comments related to the best practices 
published under subparagraph (A).’’. 
SEC. 432. DIVERSITY ADVISORY GROUP. 
(a) DEFINITIONS.—For the purposes of this section: 
(1) ADVISORY
GROUP.—The term ‘‘Advisory 
Group’’ means the Diversity Advisory Group estab-
lished under subsection (b). 
(2) COMMISSION.—The term ‘‘Commission’’ 
means the Securities and Exchange Commission. 
(3) ISSUER.—The term ‘‘issuer’’ has the mean-
ing given the term in section 3(a) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)). 
(b) ESTABLISHMENT.—The Commission shall estab-
lish a Diversity Advisory Group, which shall be composed 
of representatives from— 
(1) the Federal Government and State and local 
governments; 
(2) academia; and 
(3) the private sector. 
(c) STUDY AND RECOMMENDATIONS.—The Advisory 
Group shall— 
(1) carry out a study that identifies strategies 
that can be used to increase gender, racial, and eth-
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