I 
117TH CONGRESS 
2D SESSION 
H. R. 6745 
To establish or modify requirements relating to minority depository institu-
tions, community development financial institutions, and impact banks, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 15, 2022 
Mr. MEEKS (for himself, Mr. CLEAVER, Mr. GREEN of Texas, Mrs. BEATTY, 
and Mr. DAVID SCOTT of Georgia) introduced the following bill; which 
was referred to the Committee on Financial Services, and in addition to 
the Committee on Small Business, for a period to be subsequently deter-
mined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To establish or modify requirements relating to minority 
depository institutions, community development financial 
institutions, and impact banks, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Ensuring Diversity in Community Banking Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
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Sec. 1. Short title; table of contents. 
Sec. 2. Sense of Congress on funding the loan-loss reserve fund for small dollar 
loans. 
Sec. 3. Definitions. 
Sec. 4. Inclusion of women’s banks in the definition of minority depository in-
stitution. 
Sec. 5. Establishment of impact bank designation. 
Sec. 6. Minority Depositories Advisory Committees. 
Sec. 7. Federal deposits in minority depository institutions. 
Sec. 8. Minority Bank Deposit Program. 
Sec. 9. Diversity report and best practices. 
Sec. 10. Investments in minority depository institutions and impact banks. 
Sec. 11. Report on covered mentor-protege programs. 
Sec. 12. Custodial deposit program for covered minority depository institutions 
and impact banks. 
Sec. 13. Streamlined community development financial institution applications 
and reporting. 
Sec. 14. Task force on lending to small business concerns. 
SEC. 2. SENSE OF CONGRESS ON FUNDING THE LOAN-LOSS 
RESERVE FUND FOR SMALL DOLLAR LOANS. 
The sense of Congress is the following: 
(1) The Community Development Financial In-
stitutions Fund (the ‘‘CDFI Fund’’) is an agency of 
the Department of the Treasury, and was estab-
lished by the Riegle Community Development and 
Regulatory Improvement Act of 1994. The mission 
of the CDFI Fund is ‘‘to expand economic oppor-
tunity for underserved people and communities by 
supporting the growth and capacity of a national 
network of community development lenders, inves-
tors, and financial service providers’’. A community 
development financial institution (a ‘‘CDFI’’) is a 
specialized financial institution serving low-income 
communities and a Community Development Entity 
(a ‘‘CDE’’) is a domestic corporation or partnership 
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that is an intermediary vehicle for the provision of 
loans, investments, or financial counseling in low-in-
come communities. The CDFI Fund certifies CDFIs 
and CDEs. Becoming a certified CDFI or CDE al-
lows organizations to participate in various CDFI 
Fund programs as follows: 
(A) The Bank Enterprise Award Program, 
which provides FDIC-insured depository institu-
tions awards for a demonstrated increase in 
lending and investments in distressed commu-
nities and CDFIs. 
(B) The CDFI Program, which provides 
Financial and Technical Assistance awards to 
CDFIs to reinvest in the CDFI, and to build 
the capacity of the CDFI, including financing 
product development and loan loss reserves. 
(C) The Native American CDFI Assistance 
Program, which provides CDFIs and spon-
soring entities Financial and Technical Assist-
ance awards to increase lending and grow the 
number of CDFIs owned by Native Americans 
to help build capacity of such CDFIs. 
(D) The New Market Tax Credit Program, 
which provides tax credits for making equity in-
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vestments in CDEs that stimulate capital in-
vestments in low-income communities. 
(E) The Capital Magnet Fund, which pro-
vides awards to CDFIs and nonprofit affordable 
housing organizations to finance affordable 
housing solutions and related economic develop-
ment activities. 
(F) The Bond Guarantee Program, a 
source of long-term, patient capital for CDFIs 
to expand lending and investment capacity for 
community and economic development purposes. 
(2) The Department of the Treasury is author-
ized to create multi-year grant programs designed to 
encourage low-to-moderate income individuals to es-
tablish accounts at federally insured banks, and to 
improve low-to-moderate income individuals’ access 
to such accounts on reasonable terms. 
(3) Under this authority, grants to participants 
in CDFI Fund programs may be used for loan-loss 
reserves and to establish small-dollar loan programs 
by subsidizing related losses. These grants also allow 
for the providing recipients with the financial coun-
seling and education necessary to conduct trans-
actions and manage their accounts. These loans pro-
vide low-cost alternatives to payday loans and other 
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