SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Financial Services Racial Equity, Inclusion, and Eco-
nomic Justice Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—EQUITY IN MONETARY POLICY 
Sec. 101. Duty to minimize and eliminate racial disparities. 
Sec. 102. Appearances before and reports to the Congress. 
TITLE II—DIVERSITY DATA COLLECTION AND REPORTING 
Subtitle A—Diversity and Inclusion Data Accountability and Transparency 
Sec. 211. Disclosures by regulated entities. 
Subtitle B—LGBTQ Business Equal Credit Enforcement and Investment 
Sec. 221. Small business loan data collection. 
TITLE III—ACCESS TO HOUSING AND LENDING 
Subtitle A—Improving Language Access in Mortgage Servicing 
Sec. 311. Findings. 
Sec. 312. Language access requirements and resources. 
Subtitle B—Fair Lending for All 
Sec. 321. Office of Fair Lending Testing. 
Sec. 322. Prohibition on credit discrimination. 
Sec. 323. Criminal penalties for violations of the Equal Credit Opportunity Act. 
Sec. 324. Review of loan applications. 
Sec. 325. Mortgage data collection. 
Subtitle C—Promoting and Advancing Communities of Color Through 
Inclusive Lending 
Sec. 331. Strengthening diverse and mission-driven community financial insti-
tutions. 
Sec. 332. Capital investments, grants, and technology support for MDIs and 
CDFIs. 
Sec. 333. Supporting Young Entrepreneurs Program. 
Sec. 334. Map of minority depository institutions and community development 
financial institutions. 
Sec. 335. Report on certified community development financial institutions. 
Sec. 336. Consultation and minimization of data requests. 
Sec. 337. Access to the discount window of the Federal Reserve System for 
MDIs and CDFIs.
Sec. 338. Study on securitization by CDFIs. 
TITLE IV—DIVERSITY IN FINANCIAL INSTITUTIONS AND 
CORPORATIONS 
Subtitle A—Promoting New and Diverse Depository Institutions 
Sec. 411. Study and strategic plan. 
Subtitle B—Promoting Diversity and Inclusion in Banking 
Sec. 421. Diversity and inclusion ratings. 
Subtitle C—Improving Corporate Governance Through Diversity 
Sec. 431. Submission of data relating to diversity by issuers. 
Sec. 432. Diversity advisory group. 
Subtitle D—Ensuring Diversity in Community Banking 
Sec. 441. Short title. 
Sec. 442. Sense of Congress on funding the loan-loss reserve fund for small dol-
lar loans. 
Sec. 443. Definitions. 
Sec. 444. Inclusion of women’s banks in the definition of minority depository 
institution. 
Sec. 445. Establishment of impact bank designation. 
Sec. 446. Minority Depositories Advisory Committees. 
Sec. 447. Federal deposits in minority depository institutions. 
Sec. 448. Minority Bank Deposit Program. 
Sec. 449. Diversity report and best practices. 
Sec. 450. Investments in minority depository institutions and impact banks. 
Sec. 451. Report on covered mentor-protege programs. 
Sec. 452. Custodial deposit program for covered minority depository institutions 
and impact banks. 
Sec. 453. Streamlined community development financial institution applications 
and reporting. 
Sec. 454. Task force on lending to small business concerns. 
Subtitle E—Expanding Opportunity for Minority Depository Institutions 
Sec. 461. Establishment of Financial Agent Mentor-Prote´ge´ Program. 
TITLE V—COMMUNITY DEVELOPMENT 
Subtitle A—CDFI Bond Guarantee Program Improvement 
Sec. 511. Sense of Congress. 
Sec. 512. Guarantees for bonds and notes issued for community or economic 
development purposes. 
Sec. 513. Report on the CDFI bond guarantee program. 
Subtitle B—Expanding Financial Access for Underserved Communities 
Sec. 521. Credit union service to underserved areas. 
Sec. 522. Member business lending in underserved areas. 
Sec. 523. Underserved area defined. 
Sec. 524. Reports by the National Credit Union Administration. 
Sec. 525. Rule of construction.
TITLE VI—ENSURING DIVERSE LEADERSHIP OF THE FEDERAL 
RESERVE 
Sec. 601. Short title. 
Sec. 602. Congressional Findings. 
Sec. 603. Federal reserve bank presidents. 
Sec. 604. Technical adjustments. 
TITLE VII—STUDYING BARRIERS TO HOUSING 
Sec. 701. Short title. 
Sec. 702. GAO study and report on reducing homelessness through public hous-
ing and section 8 rental assistance. 
TITLE VIII—STATE OF HOUSING IN THE UNITED STATES 
Sec. 801. Interagency working group reports. 
Sec. 802. Testimony on the state of housing affordability and supply. 
TITLE XI—REPORT ON HOUSING FOR LGBTQ+ PERSONS 
Sec. 901. HUD report. 
TITLE X—‘‘EXPANDING ACCESS TO CREDIT THROUGH 
CONSUMER-PERMISSIONED DATA’’ 
Sec. 1001. Short title. 
Sec. 1002. Findings. 
Sec. 1003. Requirement to consider additional credit information when making 
mortgage loans. 
TITLE XI—PAYMENT CHOICE 
Sec. 1101. Short title. 
Sec. 1102. Sense of congress. 
Sec. 1103. Retail businesses prohibited from refusing cash payments. 
TITLE I—EQUITY IN MONETARY 
POLICY 
SEC. 101. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS-
PARITIES. 
The Federal Reserve Act (12 U.S.C. 221 et seq.) is 
amended by inserting after section 2B the following: 
‘‘SEC. 2C. DUTY TO MINIMIZE AND ELIMINATE RACIAL DIS-
PARITIES. 
‘‘The Board of Governors of the Federal Reserve Sys-
tem and the Federal Open Market Committee shall exer-
cise all duties and functions in a manner that fosters the 
elimination of disparities across racial and ethnic groups 
with respect to employment, income, wealth, and access 
to affordable credit, including actions in carrying out— 
‘‘(1) monetary policy; 
‘‘(2) regulation and supervision of banks, 
thrifts, bank holding companies, savings and loan 
holding companies, and nonbank financial companies 
and systemically important financial market utilities 
designated by the Financial Stability Oversight 
Council; 
‘‘(3) operation of payment systems; 
‘‘(4) implementation of the Community Rein-
vestment Act of 1977; 
‘‘(5) enforcement of fair lending laws; and 
‘‘(6) community development functions.’’. 
SEC. 102. APPEARANCES BEFORE AND REPORTS TO THE 
CONGRESS. 
(a) Section 2B of the Federal Reserve Act (12 U.S.C. 
225b) is amended— 
(1) in subsection (a)(1)— 
(A) in subparagraph (A), by striking 
‘‘and’’ at the end; and 
(B) by striking subparagraph (B) and in-
serting the following:
‘‘(B) economic developments and prospects 
for the future described in the report required 
in subsection (b), including a discussion of dis-
parities in employment, income, and wealth 
across racial and ethnic groups as well as other 
specific segments of the population; and 
‘‘(C) plans, activities, and actions of the 
Board and the Federal Open Market Committee 
to minimize and eliminate disparities across ra-
cial and ethnic groups with respect to employ-
ment, wages, wealth, and access to affordable 
credit pursuant to section 2C.’’; and 
(2) in subsection (b)— 
(A) by striking ‘‘The Board’’ and inserting 
the following: 
‘‘(1) IN GENERAL.—The Board’’; and 
(B) by adding at the end the following: 
‘‘(2) TREND INFORMATION.— 
‘‘(A) IN GENERAL.—Each report required 
under paragraph (1) shall include recent trends 
in the unemployment rate, labor force participa-
tion rate, employment to population ratio, me-
dian household income, and change in real 
earnings.
‘‘(B) DEMOGRAPHIC
INFORMATION.—The 
trends required to be reported under subpara-
graph (A) shall include— 
‘‘(i) a comparison among different de-
mographic groups, including race, eth-
nicity, gender, individuals with dependent 
children under the age of 18 (to the extent 
possible), educational attainment, age, dis-
ability (as such term is defined in section 
3 of the Americans with Disabilities Act of 
1990), and shall also provide cross-sec-
tional data on the interaction between 
these groups and note any statistically sig-
nificant findings, to the extent available; 
and 
‘‘(ii) data disaggregated by ethnic 
subgroup, to the extent available. 
‘‘(C) ETHNIC SUBGROUP DEFINED.—The 
term ‘ethnic subgroup’ means a social group 
that— 
‘‘(i) has a distinct social, racial, geo-
graphic, national origin, or cultural iden-
tity; and 
‘‘(ii) is susceptible to being disadvan-
taged.’’.
(b) The Board of Governors of the Federal Reserve 
System, in consultation with the Federal Deposit Insur-
ance Corporation, the Office of the Comptroller of the 
Currency, the National Credit Union Administration, and 
the Bureau of Consumer Financial Protection, shall issue 
a report to Congress containing the plans, activities, and 
actions of the Board of Governors of the Federal Reserve 
System to minimize and eliminate disparities across racial 
and ethnic groups with respect to access to financial prod-
ucts for the purpose of restoration, renovations, or repair 
following a federally-declared disaster. 
TITLE II—DIVERSITY DATA 
COLLECTION AND REPORTING 
Subtitle A—Diversity and Inclusion 
Data Accountability and Trans-
parency 
SEC. 211. DISCLOSURES BY REGULATED ENTITIES. 
Section 342(b) of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act (12 U.S.C. 5452(b)) 
is amended by adding at the end the following: 
‘‘(5) DISCLOSURES
BY
REGULATED
ENTI-
TIES.—The Director of each Office shall require en-
tities with 100 employees or greater regulated by the 
applicable agency to provide such information as
may be required to carry out the duties of the Direc-
tor.’’. 
Subtitle B—LGBTQ Business Equal 
Credit Enforcement and Invest-
ment 
SEC. 221. SMALL BUSINESS LOAN DATA COLLECTION. 
(a) IN GENERAL.—Section 704B of the Equal Credit 
Opportunity Act (15 U.S.C. 1691c–2) is amended— 
(1) by inserting ‘‘LGBTQ-owned,’’ after ‘‘mi-
nority-owned,’’ each place such term appears; 
(2) in subsection (e)(2)(G), by inserting ‘‘, sex-
ual orientation, gender identity’’ after ‘‘sex’’; and 
(3) in subsection (h), by adding at the end the 
following: 
‘‘(7) LGBTQ-OWNED
BUSINESS.—The term 
‘LGBTQ-owned business’ means a business— 
‘‘(A) more than 50 percent of the owner-
ship or control of which is held by 1 or more 
individuals self-identifying as lesbian, gay, bi-
sexual, transgender, or queer; and 
‘‘(B) more than 50 percent of the net prof-
it or loss of which accrues to 1 or more individ-
uals self-identifying as lesbian, gay, bisexual, 
transgender, or queer.’’.
(b) SENSE OF CONGRESS.—It is the sense of the 
Congress that the term ‘‘sex’’, as used within the Equal 
Credit Opportunity Act, includes an individual’s sexual 
orientation and gender identity, and that this section, in 
part, clarifies that the sex, sexual orientation, and gender 
identity of the principal owners of a business should be 
collected under section 704B of the Equal Credit Oppor-
tunity Act as three separate forms of information. 
TITLE III—ACCESS TO HOUSING 
AND LENDING 
Subtitle A—Improving Language 
Access in Mortgage Servicing 
SEC. 311. FINDINGS. 
The Congress finds the following: 
(1) Housing is the largest portion of most 
household budgets in the United States and there-
fore a foundational component of financial access 
and opportunity. 
(2) Due in part to a legacy of discrimination in 
the United States, people of color are disproportion-
ately experiencing homelessness, are disproportion-
ately 
renting, 
and 
disproportionately 
paying 
unaffordable rents, which acts as a barrier to home-
ownership.
(3) Access to fair and affordable housing, both 
rental and homeownership opportunities, is critical 
to upward economic mobility. This includes address-
ing language barriers in mortgage servicing to en-
sure borrowers have culturally sensitive, in-language 
access to critical lending information, can enter into 
fair and sustainable homeownership, and preserve 
their home equity. 
SEC. 312. LANGUAGE ACCESS REQUIREMENTS AND RE-
SOURCES. 
(a) IN GENERAL.—Chapter 2 of title I of the Truth 
in Lending Act (15 U.S.C. 1631 et seq.) is amended by 
inserting after section 129H the following: 
‘‘§ 129I. Language access requirements. 
‘‘(a) STANDARD LANGUAGE PREFERENCE FORM.— 
Not later than 90 days after the date of the enactment 
of this section, the Director of the Bureau of Consumer 
Financial Protection shall, after consulting with the Sec-
retary of Agriculture, the Director of the Federal Housing 
Finance Agency, the Secretary of Veterans Affairs, and 
the Commissioner of the Federal Housing Authority, issue 
a rule establishing a standard language preference form 
that includes a standard language preference question 
asked in each of the 8 languages most commonly spoken 
by individuals with limited English proficiency, as deter-
mined by the Director of the Bureau using information 
published by the Director of the Bureau of the Census. 
‘‘(b) REQUIREMENTS FOR CREDITORS.— 
‘‘(1) USE
OF
STANDARD
LANGUAGE
PREF-
ERENCE FORM BY CREDITORS.— 
‘‘(A) INCLUSION
IN
APPLICATION.—Each 
creditor shall include, as part of the application 
package used in connection with a residential 
mortgage loan, the standard language pref-
erence form established by the Director of the 
Bureau under subsection (a). 
‘‘(B) INCLUSION
OF
DISCLOSURE.—Each 
creditor may include with such standard lan-
guage preference form a disclosure stating 
that— 
‘‘(i) documents and services may not 
be available in the preferred language indi-
cated by the consumer on the standard 
language preference form; and 
‘‘(ii) the English version of any docu-
ment to which such form applies is the of-
ficial and operative document and the 
translated version is for informational pur-
poses only.
‘‘(C) DOCUMENTATION AND TRANSFER OF 
PREFERRED
LANGUAGE
INFORMATION.—If a 
creditor receives information about a language 
preference of a consumer through the standard 
language preference form from another creditor 
or a servicer or a borrower, such creditor shall 
document this language preference in each file 
and electronic file of information associated 
with such consumer and shall transfer such in-
formation and the standard language preference 
form to any servicer of the loan. 
‘‘(2) 
PROVISION
OF
TRANSLATED
DOCU-
MENTS.—If a Federal agency or a State or local 
agency in the State or locality in which the residen-
tial property is located has produced a translation of 
a document used in association with the origination 
of a residential mortgage loan in the preferred lan-
guage of a consumer documented by a creditor pur-
suant to paragraph (1)(C), such creditor shall— 
‘‘(A) provide such translated document in 
addition to any English version of such docu-
ment that is provided to such consumer who in-
dicated such preferred language; and 
‘‘(B) include in the English and translated 
versions—
‘‘(i) a notice indicating that the 
English version of such document is the of-
ficial and operative document and the 
translated version is for informational pur-
poses only; 
‘‘(ii) the website established under 
paragraph (6); and 
‘‘(iii) a notice of any available oral in-
terpretation services described in para-
graph (3). 
‘‘(3) ORAL INTERPRETATION SERVICES.— 
‘‘(A) IN GENERAL.—If a creditor receives 
information about a language preference of a 
consumer through the standard language pref-
erence form from another creditor or a servicer 
or a borrower, such creditor shall provide oral 
interpretation to such consumer. 
‘‘(B) CREDITOR-PROVIDED
ORAL
INTER-
PRETATION SERVICES.—If a creditor is required 
under subparagraph (A) to provide oral inter-
pretation to a consumer, such creditor— 
‘‘(i) shall ensure qualified oral inter-
pretation services, as defined by the Direc-
tor of the Bureau, are made available in 
the preferred language of the borrower for
all oral communications between the cred-
itor and the borrower; and 
‘‘(ii) 
may 
provide 
such 
services 
through qualified staff of the creditor or a 
third party. 
‘‘(C) AMERICAN
SIGN
LANGUAGE
INTER-
PRETATION SERVICES.—If a creditor is required 
under subparagraph (A) to provide oral inter-
pretation services to a consumer, and if such 
consumer has indicated a preference for Amer-
ican Sign Language, such creditor shall ensure 
qualified American Sign Language interpreta-
tion services, as defined by the Director of the 
Bureau, are made available to the consumer for 
all oral communications between such creditor 
and the consumer, where such American Sign 
Language interpretation services may be pro-
vided by qualified staff of the creditor or a 
qualified third party. 
‘‘(4) NOTICE OF AVAILABLE LANGUAGE SERV-
ICES.—If a creditor receives information about a 
language preference of a consumer through the 
standard language preference form from another 
creditor or a servicer or a borrower, such creditor 
shall not later than 30 business days after receiving
such information and not less than 14 days before 
any closing, notify such consumer in writing, in the 
preferred language of the consumer, of any language 
services available, including the services described in 
paragraphs (2) and (3). 
‘‘(5) TRANSFER
OF
LANGUAGE
PREFERENCE 
INFORMATION.—If a creditor transfers the servicing 
associated with a residential mortgage loan, such 
creditor shall notify the transferee servicer at the 
time of transfer of any known language preference 
of the consumer associated with such residential 
mortgage loan. 
‘‘(6) INFORMATION ON WEBSITE.—Each cred-
itor shall publish on the website of the creditor— 
‘‘(A) links to and explanatory information 
about the websites maintained by the Secretary 
of Housing and Urban Development and the 
Director of the Bureau of Consumer Financial 
Protection that identify housing counselors ap-
proved by the Department of Housing and 
Urban Development; and 
‘‘(B) a link to and explanatory information 
about the language resources website estab-
lished by the Director of the Bureau of Con-
sumer Financial Protection, the Secretary of
‘‘(i) any notice required under section 
1024.39(b) of title 12, Code of Federal 
Regulations; 
‘‘(ii) any notice required under section 
5(c); 
‘‘(iii) any notice required under sec-
tion 1024.41(b)(2) of title 12, Code of 
Federal Regulations; 
‘‘(iv) any notice required under sec-
tion 1024.41(c)(2)(iii) of title 12, Code of 
Federal Regulations; and 
‘‘(v) any other additional notice as the 
Director of the Bureau of Consumer Fi-
nancial Protection determines necessary. 
‘‘(B) INCLUSION
OF
DISCLOSURES.—A 
servicer may include with the standard lan-
guage preference form a disclosure stating that 
documents and services may not be available in 
the preferred language of the borrower indi-
cated by the consumer on the standard lan-
guage preference form. 
‘‘(C) DOCUMENTATION AND TRANSFER OF 
PREFERRED
LANGUAGE
INFORMATION.—If a 
servicer receives information about a language 
preference of a borrower through the standard
language preference form from another servicer 
or creditor or from the borrower, such servicer 
shall document this language preference in each 
file or electronic file of information associated 
with such borrower. 
‘‘(2) REQUIRED
LANGUAGE
SERVICES
FOR 
SERVICERS.— 
‘‘(A) PROVISION
OF
TRANSLATED
DOCU-
MENTS.—If a Federal agency, or a State or 
local agency in the State or locality in which 
the property securing the federally related 
mortgage loan is to be located has produced a 
translation of a document used in association 
with the servicing of a federally related mort-
gage loan in the preferred language of a bor-
rower as documented by the servicer pursuant 
to paragraph (1)(C), the servicer shall— 
‘‘(i) provide such translated document 
in addition to any English version of such 
document that is provided to such bor-
rower; and 
‘‘(ii) include a notice on the English 
and translated versions, in the preferred 
language of the borrower, indicating that 
the English version is the official and oper-
ative document and the translated version 
is for informational purposes only. 
‘‘(B) ORAL INTERPRETATION SERVICES.— 
‘‘(i) IN GENERAL.—If a servicer re-
ceives information about a language pref-
erence of a borrower through the standard 
language preference form from another 
creditor or a servicer or from the borrower, 
such servicer shall provide oral interpreta-
tion to such borrower. 
‘‘(ii) ORAL
INTERPRETATION
SERV-
ICES.—If a servicer is required under sub-
paragraph (A) to provide oral interpreta-
tion services to a borrower, such servicer— 
‘‘(I) shall ensure qualified oral 
interpretation services, as defined by 
the Director of the Bureau, are made 
available in the preferred language of 
the borrower for all oral communica-
tions between the servicer and the 
borrower; and 
‘‘(II) may provide such services 
through qualified staff of the borrower 
or a qualified third party.
‘‘(3) NOTICE OF AVAILABLE LANGUAGE SERV-
ICES.—If a servicer receives information about a 
language preference of a borrower through the 
standard language preference form from another 
creditor or a servicer or from the borrower, such 
servicer shall, not later than 30 business days after 
receiving such information and not less than 30 days 
before any foreclosure sale of the property secured 
by the federally related mortgage loan of the bor-
rower, notify such borrower in writing, in the pre-
ferred language of the borrower, of any language 
services available, including the services required 
under paragraph (2). 
‘‘(4) TRANSFER
OF
LANGUAGE
PREFERENCE 
INFORMATION.—If a servicer transfers the servicing 
associated with a federally related mortgage loan, 
such servicer shall notify the transferee servicer at 
the time of the transfer of servicing of any known 
language preference of the borrower associated with 
such federally related mortgage loan. 
‘‘(5) STANDARD LANGUAGE PREFERENCE FORM 
DEFINED.—The term ‘standard language preference 
form’ means the standard language preference form 
established by the Director of the Bureau under sec-
tion 129I of the Truth in Lending Act.
‘‘(6) 
INFORMATION
ON
WEBSITE.—Each 
servicer shall publish on its website, in a clear and 
conspicuous manner— 
‘‘(A) links to and information about the 
websites maintained by the Secretary of Hous-
ing and Urban Development and the Director 
of the Bureau of Consumer Financial Protec-
tion that identify housing counselors approved 
by the Department of Housing and Urban De-
velopment; and 
‘‘(B) a link to and information about the 
language resources website established by the 
Director of the Bureau of Consumer Financial 
Protection, the Secretary of Housing and 
Urban Development, the Director of the Fed-
eral Housing Finance Agency, the Secretary of 
Agriculture, and the Secretary of Veterans Af-
fairs under section 312(f) of the Financial 
Services Racial Equity, Inclusion, and Eco-
nomic Justice Act. 
‘‘(7) 
TRANSLATION
OF
MORTGAGE
DOCU-
MENTS.—With respect to each document published 
by the Federal Housing Finance Agency and the 
Bureau of Consumer Financial Protection, and used 
in association with a federally related mortgage loan,
including origination and servicing documents, the 
Director of the Bureau of Consumer Financial Pro-
tection and the Director of the Federal Housing Fi-
nance Agency shall, jointly— 
‘‘(A) not later than 180 days after the date 
of the enactment of this section, publish 
versions of such documents translated into each 
of the 8 languages most commonly spoken by 
individuals with limited English proficiency, as 
determined by the Director of the Bureau of 
Consumer Financial Protection using informa-
tion published by the Director of the Bureau of 
the Census; and 
‘‘(B) not later than 3 years after the date 
of the enactment of this section, publish 
versions of such documents translated into at 
least 4 additional languages spoken by individ-
uals with limited English proficiency that are 
regionally prevalent in the United States, as de-
termined by the Director of the Bureau of Con-
sumer Financial Protection using information 
published by the Director of the Bureau of the 
Census. 
‘‘(8) RULEMAKING.—The Director of the Bu-
reau of Consumer Financial Protection shall issue
regulations to implement this subsection. A final 
rule shall be issued by the Director not later than 
12 months after the date of enactment of this sub-
section, and the effective date shall be not later than 
18 months after the date of enactment of this sub-
section.’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
in chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 
et seq) is amended by inserting after the item relating to 
section 129H the following: 
‘‘129I. Preferred language requirements.’’. 
(d) REPORT.—Not later than 1 year after the date 
of the enactment of this section, and each year thereafter, 
the Director of the Bureau of Consumer Financial Protec-
tion, the Secretary of Housing and Urban Development, 
the Director of the Federal Housing Finance Agency, the 
Secretary of Agriculture, and the Secretary of Veterans 
Affairs shall submit a report to the Congress that con-
tains— 
(1) regulatory recommendations to enhance 
mortgage origination and servicing processes for per-
sons with a preferred language that is not English; 
(2) a description of any legislative changes 
needed to provide authority necessary to implement 
the regulatory recommendations; and
(3) a description of any progress on the imple-
mentation of any legislative or regulatory rec-
ommendation made in a previous report. 
(e) COMMUNITY
FINANCIAL
INSTITUTIONS
RE-
PORT.—Not later than 2 years after the date of the enact-
ment of this Act, the Comptroller General of the United 
States shall study and report to Congress on the effects 
of the implementation of this section and the amendments 
made by this section on insured depository institutions 
with less than $10,000,000,000 in total assets, and the 
communities they serve, along with any regulatory or leg-
islative recommendations to advance the purposes of this 
section. 
(f) LANGUAGE RESOURCE WEBSITE.— 
(1) IN GENERAL.—The Director of the Bureau 
of Consumer Financial Protection, the Secretary of 
Housing and Urban Development, the Director of 
the Federal Housing Finance Agency, the Secretary 
of Agriculture, and the Secretary of Veterans Affairs 
shall jointly not later than 1 year after the date of 
the enactment of this section establish and maintain 
a website that provides language resources for credi-
tors, servicers, and consumers. 
(2) WEBSITE REQUIREMENTS.—The website de-
veloped pursuant to paragraph (1) shall include—
(A) the translations of documents pub-
lished pursuant to section 129I(c) of the Truth 
in Lending Act and section 6(n)(7) of the Real 
Estate Settlement Procedures Act of 1974; 
(B) a glossary of terms relating to residen-
tial mortgage loans and federally related mort-
gage loans, provided in each commonly spoken 
language; 
(C) guidance for creditors and servicers 
working with persons who have a preferred lan-
guage that is not English; and 
(D) examples of notices that may be used 
by creditors and servicers to inform persons of 
available language services, provided in accord-
ance with section 6(n)(2) of the Real Estate 
Settlement Procedures Act of 1974 and section 
129I of the Truth in Lending Act. 
(g) ADVISORY GROUP.— 
(1) IN GENERAL.—The Director of the Bureau 
of Consumer Financial Protection shall establish an 
advisory group consisting of stakeholders, including 
industry groups, consumer groups, civil rights 
groups, and groups that have experience improving 
language access in housing finance transactions, to 
provide advice to the Director about—
(A) issues that arise relating to mortgage 
origination and servicing processes for persons 
with a preferred language that is not English; 
(B) the development of the standard lan-
guage preference form by the Director under 
section 129I(a) of the Truth in Lending Act; 
and 
(C) updates to the language resource 
website established by the Director, the Sec-
retary of Housing and Urban Development, the 
Director of the Federal Housing Finance Agen-
cy, the Secretary of Agriculture, and the Sec-
retary of Veterans Affairs under subsection (f). 
(2) REQUIRED CONSULTING.—The Director of 
the Bureau of Consumer Financial Protection shall 
consult with the advisory group established pursuant 
to paragraph (1) with respect to any issues that 
arise relating to mortgage origination and servicing 
processes for persons with a preferred language that 
is not English. 
(h) HOUSING COUNSELING AGENCY LANGUAGE RE-
SOURCES.— 
(1) ENHANCED
SEARCH
CAPABILITIES.—Not 
later than 1 year after the date of the enactment of 
this section—
(A) the Secretary shall update the website 
maintained by the Secretary that identifies 
housing counselors approved by the Department 
of Housing and Urban Development, to allow 
for searching for housing counseling agencies 
based on provided language services; and 
(B) the Director shall update the website 
maintained by the Director that identifies hous-
ing counselors approved by the Secretary to 
allow for searching for housing counseling agen-
cies based on provided language services. 
(2) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Sec-
retary of Housing and Urban Development, such 
sums as are necessary to support language training 
for housing counselors, housing counseling agencies, 
and staff that are approved by the Secretary. 
(i) DEFINITIONS.—In this section: 
(1) CREDITOR.—The term ‘‘creditor’’ has the 
meaning given the term in section 103 of the Truth 
in Lending Act and shall include any assignee of a 
creditor. 
(2) DIRECTOR.—The term ‘‘Director’’ means 
the Director of the Bureau of Consumer Financial 
Protection.
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(4) SERVICER.—The term ‘‘servicer’’ has the 
meaning given the term in section 6(i) of the Real 
Estate Settlement Procedures Act of 1974. 
(5) RESIDENTIAL MORTGAGE LOAN.—The term 
‘‘residential mortgage loan’’ has the meaning given 
the term in section 103 of the Truth in Lending 
Act. 
(6) FEDERALLY RELATED MORTGAGE LOAN.— 
The term ‘‘federally related mortgage loan’’ has the 
meaning given the term in section 3 of the Real Es-
tate Settlement Procedures Act of 1974. 
Subtitle B—Fair Lending for All 
SEC. 321. OFFICE OF FAIR LENDING TESTING. 
(a) ESTABLISHMENT.—There is established within 
the Bureau of Consumer Financial Protection an Office 
of Fair Lending Testing (hereinafter referred to as the 
‘‘Office’’). 
(b) DIRECTOR.—The head of the Office shall be a 
Director, who shall— 
(1) be appointed to a 5-year term by, and re-
port to, the Director of the Bureau of Consumer Fi-
nancial Protection;
(2) appoint and fix the compensation of such 
employees as are necessary to carry out the duties 
of the Office under this section; and 
(3) provide an estimated annual budget to the 
Director of the Bureau of Consumer Financial Pro-
tection. 
(c) CIVIL SERVICE POSITION.—The position of the 
Director shall be a career position within the civil service. 
(d) TESTING.— 
(1) IN GENERAL.—The Office, in consultation 
with the Attorney General and the Secretary of 
Housing and Urban Development, shall conduct 
testing of compliance with the Equal Credit Oppor-
tunity Act by creditors, through the use of individ-
uals who, without any bona fide intent to receive a 
loan, pose as prospective borrowers for the purpose 
of gathering information. 
(2) REFERRAL OF VIOLATIONS.—If, in carrying 
out the testing described under paragraph (1), the 
Office believes a person has violated the Equal Cred-
it Opportunity Act, the Office shall refer such viola-
tion in writing to the Attorney General for appro-
priate action. 
(e) REPORT
TO CONGRESS.—Section 707 of the 
Equal Credit Opportunity Act (15 U.S.C. 1691f) is
amended by adding at the end the following: ‘‘In addition, 
each report of the Bureau shall include an analysis of the 
testing carried out pursuant to section 321 of the Finan-
cial Services Racial Equity, Inclusion, and Economic Jus-
tice Act, and each report of the Bureau and the Attorney 
General shall include a summary of criminal enforcement 
actions taken under section 706A.’’. 
SEC. 322. PROHIBITION ON CREDIT DISCRIMINATION. 
(a) IN GENERAL.—Subsection (a) of section 701 of 
the Equal Credit Opportunity Act (15 U.S.C. 1691) is 
amended to read as follows: 
‘‘(a) It shall be unlawful to discriminate against any 
person, with respect to any aspect of a credit trans-
action— 
‘‘(1) on the basis of race, color, religion, na-
tional origin, sex (including sexual orientation and 
gender identity), marital status, age (provided the 
applicant has the capacity to contract), or disability 
(as such term is defined in section 3 of the Ameri-
cans with Disabilities Act of 1990); 
‘‘(2) on the basis of the person’s zip code, or 
census tract; 
‘‘(3) because all or part of the person’s income 
derives from any public assistance program; or
‘‘(4) because the person has in good faith exer-
cised any right under the Consumer Credit Protec-
tion Act.’’. 
(b) REMOVAL OF CERTAIN REFERENCES TO CREDI-
TORS AND APPLICANTS AND DEFINITION ADDED.—The 
Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.) 
is amended— 
(1) in section 701(b)— 
(A) by striking ‘‘applicant’’ each place 
such term appears and inserting ‘‘person’’; and 
(B) in paragraph (2), by striking ‘‘appli-
cant’s’’ each place such term appears and in-
serting ‘‘person’s’’; 
(2) in section 702— 
(A) by redesignating subsection (g) as sub-
section (h); and 
(B) by inserting after subsection (f) the 
following: 
‘‘(g) The term ‘aggrieved person’ includes any person 
who— 
‘‘(1) claims to have been injured by a discrimi-
natory credit practice; or 
‘‘(2) believes that such person will be injured by 
a discriminatory credit practice.’’; 
(3) in section 704A—
(A) in subsection (b)(1), by striking ‘‘ap-
plicant’’ each place such term appears and in-
serting ‘‘aggrieved person’’; and 
(B) in subsection (c), by striking ‘‘appli-
cant’’ and inserting ‘‘aggrieved person’’; 
(4) in section 705— 
(A) by striking ‘‘the applicant’’ each place 
such term appears and inserting ‘‘persons’’; and 
(B) in subsection (a)— 
(i) by striking ‘‘a creditor to take’’ 
and inserting ‘‘taking’’; and 
(ii) by striking ‘‘applicant’’ and insert-
ing ‘‘person’’; and 
(5) in section 706— 
(A) by striking ‘‘creditor’’ each place such 
term appears and inserting ‘‘person’’; 
(B) by striking ‘‘creditor’s’’ each place 
such term appears and inserting ‘‘person’s’’; 
(C) by striking ‘‘creditors’’ each place such 
term appears and inserting ‘‘persons’’; and 
(D) in subsection (f), by striking ‘‘appli-
cant’’ and inserting ‘‘aggrieved person’’. 
(c) ECOA DEFINITIONS.—Section 702 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691a), as amended
by subsection (b), is further amended by adding at the 
end the following: 
‘‘(h) The term ‘gender identity’ means the gender- 
related identity, appearance, mannerisms, or other gender- 
related characteristics of an individual, regardless of the 
individual’s designated sex at birth. 
‘‘(i) The term ‘sex’ includes— 
‘‘(1) a sex stereotype; 
‘‘(2) pregnancy, childbirth, or a related medical 
condition; 
‘‘(3) sexual orientation or gender identity; and 
‘‘(4) sex characteristics, including intersex 
traits. 
‘‘(j) The term ‘sexual orientation’ means homosex-
uality, heterosexuality, or bisexuality. 
‘‘(k) The term ‘race’, ‘color’, ‘religion’, ‘national ori-
gin’, ‘sex’ (including ‘sexual orientation’ and ‘gender iden-
tity’), ‘marital status’, or ‘age’, used with respect to an 
individual, includes— 
‘‘(1) the race, color, religion, national origin, 
sex (including sexual orientation and gender iden-
tity), marital status, or age, respectively, of another 
person with whom the individual is associated or has 
been associated; and
‘‘(2) a perception or belief, even if inaccurate, 
concerning the race, color, religion, national origin, 
sex (including sexual orientation and gender iden-
tity), marital status, or age, respectively, of the indi-
vidual.’’. 
(d) RULES OF CONSTRUCTION.—Section 701 of the 
Equal Credit Opportunity Act (15 U.S.C. 1691) is amend-
ed by adding at the end the following: 
‘‘(f) RULES OF CONSTRUCTION.— 
‘‘(1) 
CLAIMS
AND
REMEDIES
NOT
PRE-
CLUDED.—Nothing in this title shall be construed to 
limit the claims or remedies available to any indi-
vidual for an unlawful practice on the basis of race, 
color, religion, sex (including sexual orientation and 
gender identity), or national origin, including claims 
brought pursuant to section 1979 or 1980 of the Re-
vised Statutes (42 U.S.C. 1983, 1985) or any other 
law, including a Federal law, regulation, or policy. 
‘‘(2) NO
NEGATIVE
INFERENCE.—Nothing in 
this title shall be construed to support any inference 
that any Federal law prohibiting a practice on the 
basis of sex does not prohibit discrimination on the 
basis of pregnancy, childbirth, or a related medical 
condition, sexual orientation, gender identity, or a 
sex stereotype.’’.
SEC. 323. CRIMINAL PENALTIES FOR VIOLATIONS OF THE 
EQUAL CREDIT OPPORTUNITY ACT. 
(a) IN GENERAL.—The Equal Credit Opportunity 
Act (15 U.S.C. 1691 et seq.) is amended by inserting after 
section 706 the following: 
‘‘§ 706A. Criminal penalties 
‘‘(a) INDIVIDUAL VIOLATIONS.—Any person who 
knowingly and willfully violates this title shall be fined not 
more than $50,000, or imprisoned not more than 1 year, 
or both. 
‘‘(b) PATTERN OR PRACTICE.— 
‘‘(1) IN GENERAL.—Any person who engages in 
a pattern or practice of knowingly and willfully vio-
lating this title shall be fined not more than 
$100,000 for each violation of this title, or impris-
oned not more than twenty years, or both. 
‘‘(2) PERSONAL LIABILITY OF EXECUTIVE OFFI-
CERS AND DIRECTORS OF THE BOARD.—Any execu-
tive officer or director of the board of an entity who 
knowingly and willfully causes the entity to engage 
in a pattern or practice of knowingly and willfully 
violating this title (or who directs another agent, 
senior officer, or director of the entity to commit 
such a violation or engage in such acts that result 
in the director or officer being personally unjustly 
enriched) shall be—
‘‘(A) fined in an amount not to exceed 100 
percent of the compensation (including stock 
options awarded as compensation) received by 
such officer or director from the entity— 
‘‘(i) during the time period in which 
the violations occurred; or 
‘‘(ii) in the one to three year time pe-
riod preceding the date on which the viola-
tions were discovered; and 
‘‘(B) imprisoned for not more than 5 
years.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Equal Credit Opportunity Act (15 U.S.C. 1691 
et seq.) is amended by inserting after the item relating 
to section 706 the following: 
‘‘706A. Criminal penalties.’’. 
SEC. 324. REVIEW OF LOAN APPLICATIONS. 
(a) IN GENERAL.—Subtitle C of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5531 et seq.) 
is amended by adding at the end the following: 
‘‘SEC. 1038. REVIEW OF LOAN APPLICATIONS. 
‘‘(a) IN GENERAL.—The Bureau shall carry out re-
views of loan applications and the process of taking loan 
applications being used by covered persons to ensure such 
applications and processes do not violate the Equal Credit
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
117 
‘‘(A) an estimate of the number of mem-
bers of the credit union who are members by 
reason of the application, including breakdowns 
by each State (including the District of Colum-
bia and each territory of the United States), 
Tribal government entity, and congressional 
district; 
‘‘(B) a description of the types of financial 
services utilized by members of the credit union 
who are members by reason of the application; 
‘‘(C) an update of the credit union’s imple-
mentation of the business and marketing plan 
described under paragraph (1); and 
‘‘(D) a description of the types of financial 
education programs made available to members 
of the credit union, including those who are 
members by reason of the application and those 
in rural areas, where applicable.’’. 
SEC. 522. MEMBER BUSINESS LENDING IN UNDERSERVED 
AREAS. 
Section 107A(c)(1)(B) of the Federal Credit Union 
Act (12 U.S.C. 1757a(c)(1)(B)) is amended— 
(1) in clause (iv), by striking ‘‘or’’ at the end; 
(2) in clause (v), by striking the period and in-
serting ‘‘; or’’; and