to promote racial, ethnic, and gender diversity 
among examiners of the covered regulator. 
(4) Whether any special training is developed 
and provided for examiners related specifically to 
working with depository institutions and credit 
unions that serve communities that are predomi-
nantly minorities, low income, or rural, and the key 
focus of such training. 
(b) BEST PRACTICES.—Each Office of Minority and 
Women Inclusion of a covered regulator shall develop, pro-
vide to the head of the covered regulator, and make pub-
licly available best practices— 
(1) for increasing the diversity of candidates 
applying for examiner positions, including through 
outreach efforts to recruit diverse candidate to apply 
for entry-level examiner positions; and 
(2) for retaining and providing fair consider-
ation for promotions within the examiner staff for 
purposes of achieving diversity among examiners. 
(c) COVERED REGULATOR DEFINED.—In this sec-
tion, the term ‘‘covered regulator’’ means the Comptroller 
of the Currency, the Board of Governors of the Federal 
Reserve System, the Federal Deposit Insurance Corpora-
tion, and the National Credit Union Administration. 
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SEC. 10. INVESTMENTS IN MINORITY DEPOSITORY INSTITU-
TIONS AND IMPACT BANKS. 
(a) CONTROL FOR CERTAIN INSTITUTIONS.—Section 
7(j)(8)(B) of the Federal Deposit Insurance Act (12 
U.S.C. 1817(j)(8)(B)) is amended to read as follows: 
‘‘(B) ‘control’ means the power, directly or indi-
rectly— 
‘‘(i) to direct the management or policies 
of an insured depository institution; or 
‘‘(ii)(I) with respect to an insured deposi-
tory institution, of a person to vote 25 per cen-
tum or more of any class of voting securities of 
such institution; or 
‘‘(II) with respect to an insured depository 
institution that is an impact bank (as des-
ignated pursuant to section 5 of the Ensuring 
Diversity in Community Banking Act) or a mi-
nority depository institution (as defined in sec-
tion 308(b) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989), 
of an individual to vote 30 percent or more of 
any class of voting securities of such an impact 
bank or a minority depository institution.’’. 
(b) RULEMAKING.—The Federal banking agencies 
(as defined in section 3 of the Federal Deposit Insurance 
Act (12 U.S.C. 1813)) shall jointly issue rules for de novo 
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minority depository institutions and de novo impact banks 
(as designated pursuant to section 5) to allow 3 years to 
meet the capital requirements otherwise applicable to mi-
nority depository institutions and impact banks. 
(c) REPORT.—Not later than 1 year after the date 
of the enactment of this Act, the Federal banking agencies 
shall jointly submit to Congress a report on— 
(1) the principal causes for the low number of 
de novo minority depository institutions during the 
10-year period preceding the date of the report; 
(2) the main challenges to the creation of de 
novo minority depository institutions and de novo 
impact banks; and 
(3) regulatory and legislative considerations to 
promote the establishment of de novo minority de-
pository institutions and de novo impact banks. 
SEC. 11. REPORT ON COVERED MENTOR-PROTEGE PRO-
GRAMS. 
(a) REPORT.—Not later than 6 months after the date 
of the enactment of this Act and annually thereafter, the 
Secretary of the Treasury shall submit to Congress a re-
port on participants in a covered mentor-protege program, 
including— 
(1) an analysis of outcomes of such program; 
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(2) the number of minority depository institu-
tions that are eligible to participate in such program 
but do not have large financial institution mentors; 
and 
(3) recommendations for how to match such mi-
nority depository institutions with large financial in-
stitution mentors. 
(b) DEFINITIONS.—In this section: 
(1) COVERED
MENTOR-PROTEGE
PROGRAM.— 
The term ‘‘covered mentor-protege program’’ means 
a mentor-protege program established by the Sec-
retary of the Treasury pursuant to section 45 of the 
Small Business Act (15 U.S.C. 657r). 
(2) LARGE FINANCIAL INSTITUTION.—The term 
‘‘large financial institution’’ means any entity— 
(A) regulated by the Comptroller of the 
Currency, the Board of Governors of the Fed-
eral Reserve System, the Federal Deposit In-
surance Corporation, or the National Credit 
Union Administration; and 
(B) that has total consolidated assets 
greater than or equal to $50,000,000,000. 
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