IIB 
117TH CONGRESS 
2D SESSION 
H. R. 2543 
IN THE SENATE OF THE UNITED STATES 
JUNE 21, 2022 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To amend the Federal Reserve Act to add additional demo-
graphic reporting requirements, to modify the goals of 
the Federal Reserve System, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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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. 
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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. 
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