SEC. 2. 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: 
‘‘(i) MINORITY LENDING INSTITUTION SET-ASIDE IN 
PROVIDING
ASSISTANCE.—Notwithstanding any other 
provision of law, in providing any assistance to community 
development financial institutions, the Fund shall reserve 
40 percent of such assistance for minority lending institu-
tions.’’. 
(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 
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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-
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 DATA RELATING TO DIVERSITY 
BY
COMMUNITY
DEVELOPMENT
FINANCIAL
INSTITU-
TIONS.—Section 104 of the Riegle Community Develop-
ment 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 DATA RELATING TO DIVER-
SITY.— 
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‘‘(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; 
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 Fund 
applicant and recipient shall provide the following: 
‘‘(A) Data, based on voluntary self-identi-
fication, on the racial, ethnic, and gender com-
position of— 
‘‘(i) the board of directors of the insti-
tution; 
‘‘(ii) nominees for the board of direc-
tors of the institution; and 
‘‘(iii) the executive officers of the in-
stitution. 
‘‘(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) ANNUAL
REPORT.—Not later than 18 
months after the date of enactment of this sub-
section, and annually thereafter, the Fund shall sub-
mit to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives, 
and make publicly available on the website of the 
Fund, a report— 
‘‘(A) on the data and trends of the diver-
sity information made available pursuant to 
paragraph (2); and 
‘‘(B) containing all administrative or legis-
lative recommendations of the Fund to enhance 
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the implementation of this title or to promote 
diversity and inclusion within community devel-
opment 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 have 
the authority— 
(A) to monitor and issue reports regard-
ing— 
(i) community development financial 
institutions, minority depository institu-
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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 engaging with the Department of the 
Treasury, the Community Development Finan-
cial Institutions Fund (‘‘CDFI Fund’’), other 
Federal Government agencies, including by pro-
viding contact information, resources, technical 
assistance, and other support for entities wish-
ing— 
(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 
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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 
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-
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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 5, publishing reports 
issued by the Office on the website of the De-
partment of the Treasury and providing 
hyperlinks to other relevant reports and mate-
rials from other Federal agencies; 
(D) to provide policy recommendations to 
the Secretary, the CDFI Fund, other relevant 
Federal agencies, and Congress on ways to fur-
ther strengthen Federal support for community 
development financial institutions, minority de-
pository institutions, and minority lending insti-
tutions; 
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(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; and 
(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 related 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.— 
(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-
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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 Dep-
uty Assistant Secretary for Diverse and Mission- 
Driven Community Financial Institutions shall regu-
larly convene meetings, no less than once a quarter, 
of an interagency working group to be known as the 
‘‘Interagency Working Group to Promote Diverse 
and Mission-Driven Community Financial Institu-
tions’’, which shall consist of the senior officials des-
ignated by their respective agencies under paragraph 
(1), along with the Director of the Community De-
velopment Financial Institutions Fund and such 
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other government officials as the Deputy Assistant 
Secretary may choose to invite, to examine and dis-
cuss the state of minority depository institutions, 
community development financial institutions, and 
minority lending institutions, and actions the rel-
evant agencies can take to preserve, promote, and 
strengthen these institutions. 
(3) 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-
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tions various government agencies and Congress 
should take to preserve, promote, and strengthen 
community development financial institutions, mi-
nority depository institutions, and minority lending 
institutions. 
SEC. 3. 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. 
(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 may transfer 
amounts in the Emergency Capital Investment Fund to 
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the Fund for the purpose of providing financial and tech-
nical assistance grants to community development finan-
cial institutions certified by the Secretary.’’. 
(d) TECHNOLOGY GRANTS FOR MDIS AND CDFIS.— 
Section 104A of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4703a), 
as amended by subsection (c), is further amended by add-
ing at the end the following: 
‘‘(q) 
TECHNOLOGY
GRANTS
FOR
MDIS
AND 
CDFIS.— 
‘‘(1) STUDY AND REPORT ON CERTAIN TECH-
NOLOGY CHALLENGES.— 
‘‘(A) STUDY.—The Secretary shall carry 
out a study on the technology challenges im-
pacting minority depository institutions and 
community development financial institutions 
with respect to— 
‘‘(i) internal technology capabilities 
and capacity of the institutions to process 
loan applications and otherwise serve cur-
rent and potential customers through the 
internet, mobile phone applications, and 
other tools; 
‘‘(ii) technology capabilities and ca-
pacity of the institutions, provided in part-
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nership with third-party companies, to 
process loan applications and otherwise 
serve current and potential customers 
through the internet, mobile phone applica-
tions, and other tools; 
‘‘(iii) cybersecurity; and 
‘‘(iv) challenges and solutions related 
to algorithmic bias in the deployment of 
technology. 
‘‘(B) REPORT.—Not later than 1 year 
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 experi-
ence; 
‘‘(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; and 
‘‘(V) help ensure privacy of cus-
tomer records and cybersecurity resil-
ience; 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 make grants under paragraph (2), but not to ex-
ceed $250,000,000 in the aggregate.’’. 
(e) PILOT PROGRAM FOR ESTABLISHING DE NOVO 
CDFIS AND MDIS.—Section 104A of the Riegle Commu-
nity Development and Regulatory Improvement Act of 
1994 (12 U.S.C. 4703a), as amended by subsections (c) 
and (d), is further amended by adding at the end the fol-
lowing: 
‘‘(r) PILOT PROGRAM FOR ESTABLISHING DE NOVO 
CDFIS AND MDIS.— 
‘‘(1) IN
GENERAL.—The Secretary of the 
Treasury, in consultation with the Fund and the ap-
propriate Federal banking agencies, shall establish a 
pilot program to provide competitive grants to a per-
son for the purpose of providing capital for such per-
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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 make grants under paragraph (2), but not to ex-
ceed $100,000,000 in the aggregate.’’. 
(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-
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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. 
SEC. 4. SUPPORTING YOUNG ENTREPRENEURS PROGRAM. 
Section 108 of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 U.S.C. 
4707), as amended by section 2(a)(1), is further amended 
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 
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. 
‘‘(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— 
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