1656 
(whether or not the expenses were incurred during 
a covered period). 
‘‘ ‘(2) CONSUMER REPORT BAN.—No consumer 
reporting agency may make a consumer report con-
taining adverse information related to medical debt 
if such medical debt is with respect to medical ex-
penses related to treatments arising from COVID– 
19 or a major disaster (whether or not the expenses 
were incurred during a covered period). 
‘‘ ‘(i) CREDIT SCORING MODELS.—A person that cre-
ates and implements credit scoring models may not treat 
the absence, omission, or deletion of any information pur-
suant to this section as a negative factor or negative value 
in credit scoring models created or implemented by such 
person.’. 
‘‘(2) TECHNICAL
AND
CONFORMING
AMEND-
MENT.—The table of contents for the Fair Credit 
Reporting Act is amended by inserting after the 
item relating to section 605B the following: 
‘‘ ‘605C. Reporting of information during major disasters.’. 
‘‘SEC. 4021A. LIMITATIONS ON NEW CREDIT SCORING MOD-
ELS DURING THE COVID–19 EMERGENCY AND 
MAJOR DISASTERS. 
‘‘The Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.) is amended— 
‘‘(1) by adding at the end the following: 
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‘‘ ‘§ 630. Limitations on new credit scoring models 
during the COVID–19 emergency and 
major disasters 
‘‘ ‘With respect to a person that creates and imple-
ments credit scoring models, such person may not, during 
a covered period (as defined under section 605C), create 
or implement a new credit scoring model (including a revi-
sion to an existing scoring model) if the new credit scoring 
model would identify a significant percentage of con-
sumers as being less creditworthy when compared to the 
previous credit scoring models created or implemented by 
such person.’; and 
‘‘(2) in the table of contents for such Act, by 
adding at the end the following new item: 
‘‘ ‘630. Limitations on new credit scoring models during the COVID–19 emer-
gency and major disasters.’. 
(b) CLERICAL AMENDMENT.—The table of contents 
in section 2 of the CARES Act is amended by striking 
the item relating to section 4021 and inserting the fol-
lowing: 
‘‘Sec. 4021. Reporting of information during major disasters. 
‘‘Sec. 4021A. Limitations on new credit scoring models during the COVID–19 
emergency and major disasters.’’. 
(c) CONFORMING AMENDMENT.—Subparagraph (F) 
of section 623(a)(1) of the Fair Credit Reporting Act (15 
U.S.C. 1681s–2(a)(1)) is hereby repealed. 
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SEC. 402. RESTRICTIONS ON COLLECTIONS OF CONSUMER 
DEBT DURING A NATIONAL DISASTER OR 
EMERGENCY. 
(a) IN GENERAL.—The Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.) is amended by inserting 
after section 812 (15 U.S.C. 1692j) the following: 
‘‘§ 812A. Restrictions on collections of consumer debt 
during a national disaster or emergency 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COVERED PERIOD.—The term ‘covered pe-
riod’ means the period beginning on the date of en-
actment of this section and ending 120 days after 
the end of the incident period for the emergency de-
clared on March 13, 2020, by the President under 
section 501 of the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 4121 et 
seq.) relating to the Coronavirus Disease 2019 
(COVID–19) pandemic. 
‘‘(2) CREDITOR.—The term ‘creditor’ means 
any person— 
‘‘(A) who offers or extends credit creating 
a debt or to whom a debt is owed; or 
‘‘(B) to whom any obligation for payment 
is owed. 
‘‘(3) DEBT.—The term ‘debt’— 
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‘‘(A) means any obligation or alleged obli-
gation that is or during the covered period be-
comes past due, other than an obligation aris-
ing out of a credit agreement entered into after 
the effective date of this section, that arises out 
of a transaction with a consumer; and 
‘‘(B) does not include a mortgage loan. 
‘‘(4) DEBT COLLECTOR.—The term ‘debt col-
lector’ means a creditor and any other person or en-
tity that engages in the collection of debt, including 
the Federal Government and a State government, ir-
respective of whether the applicable debt is allegedly 
owed to or assigned to such creditor, person, or enti-
ty. 
‘‘(5) MORTGAGE
LOAN.—The term ‘mortgage 
loan’ means a covered mortgage loan (as defined 
under section 4022 of the CARES Act) and a multi-
family mortgage loan (as defined under section 4023 
of the CARES Act). 
‘‘(b) PROHIBITIONS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, no debt collector may, during a cov-
ered period— 
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‘‘(A) enforce a security interest securing a 
debt through repossession, limitation of use, or 
foreclosure; 
‘‘(B) take or threaten to take any action to 
deprive an individual of their liberty as a result 
of nonpayment of or nonappearance at any 
hearing relating to an obligation owed by a con-
sumer; 
‘‘(C) collect any debt, by way of garnish-
ment, attachment, assignment, deduction, off-
set, or other seizure, from— 
‘‘(i) wages, income, benefits, bank, 
prepaid or other asset accounts; or 
‘‘(ii) any assets of, or other amounts 
due to, a consumer; 
‘‘(D) commence or continue an action to 
evict a consumer from real or personal property 
for nonpayment; 
‘‘(E) disconnect or terminate service from 
a utility service, including electricity, natural 
gas, telecommunications or broadband, water, 
or sewer, for nonpayment; or 
‘‘(F) threaten to take any of the foregoing 
actions. 
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‘‘(2) RULE
OF
CONSTRUCTION.—Nothing in 
this section may be construed to prohibit a consumer 
from voluntarily paying, in whole or in part, a debt. 
‘‘(c) LIMITATION ON FEES AND INTEREST.—After 
the expiration of a covered period, a debt collector may 
not add to any past due debt any interest on unpaid inter-
est, higher rate of interest triggered by the nonpayment 
of the debt, or fee triggered prior to the expiration of the 
covered period by the nonpayment of the debt. 
‘‘(e) VIOLATIONS.—Any person or government entity 
that violates this section shall be liable to the applicable 
consumer as provided under section 813, except that, for 
purposes of applying section 813— 
‘‘(1) such person or government entity shall be 
deemed a debt collector, as such term is defined for 
purposes of section 813; and 
‘‘(2) each dollar figure in such section shall be 
deemed to be 10 times the dollar figure specified. 
‘‘(f) TOLLING.—Any applicable time limitations for 
exercising an action prohibited under subsection (b) shall 
be tolled during a covered period. 
‘‘(g) PREDISPUTE ARBITRATION AGREEMENTS.— 
Notwithstanding any other provision of law, no predispute 
arbitration agreement or predispute joint-action waiver 
shall be valid or enforceable with respect to a dispute 
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brought under this section, including a dispute as to the 
applicability of this section, which shall be determined 
under Federal law.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Fair Debt Collection Practices Act is amended by 
inserting after the item relating to section 812 the fol-
lowing: 
‘‘812A. Restrictions on collections of consumer debt during a national disaster 
or emergency.’’. 
SEC. 403. REPAYMENT PERIOD AND FORBEARANCE FOR 
CONSUMERS. 
Section 812A of the Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.), as added by section 110402, 
is amended— 
(1) by inserting after subsection (c) the fol-
lowing: 
‘‘(d) REPAYMENT PERIOD.—After the expiration of 
a covered period, a debt collector shall comply with the 
following: 
‘‘(1) DEBT ARISING FROM CREDIT WITH A DE-
FINED
PAYMENT
PERIOD.—For any debt arising 
from credit with a defined term, the debt collector 
shall extend the time period to repay any past due 
balance of the debt by— 
‘‘(A) 1 payment period for each payment 
that a consumer missed during the covered pe-
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riod, with the payments due in the same 
amounts and at the same intervals as the pre- 
existing payment schedule; and 
‘‘(B) 1 payment period in addition to the 
payment periods described under subparagraph 
(A). 
‘‘(2) DEBT ARISING FROM AN OPEN END CRED-
IT PLAN.—For debt arising from an open end credit 
plan, as defined in section 103 of the Truth in 
Lending Act (15 U.S.C. 1602), the debt collector 
shall allow the consumer to repay the past-due bal-
ance in a manner that does not exceed the amounts 
permitted by the methods described in section 
171(c) of the Truth in Lending Act (15 U.S.C. 
1666i–1(c)) and regulations promulgated under that 
section. 
‘‘(3) DEBT ARISING FROM OTHER CREDIT.— 
‘‘(A) IN
GENERAL.—For debt not de-
scribed under paragraph (2) or (3), the debt 
collector shall— 
‘‘(i) allow the consumer to repay the 
past-due balance of the debt in substan-
tially equal payments over time; and 
‘‘(ii) provide the consumer with— 
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‘‘(I) for past due balances of 
$2,000 or less, 12 months to repay, or 
such longer period as the debt col-
lector may allow; 
‘‘(II) for past due balances be-
tween $2,001 and $5,000, 24 months 
to repay, or such longer period as the 
debt collector may allow; or 
‘‘(III) for past due balances 
greater than $5,000, 36 months to 
repay, or such longer period as the 
debt collector may allow. 
‘‘(B) ADDITIONAL PROTECTIONS.—The Di-
rector of the Bureau may issue rules to provide 
greater repayment protections to consumers 
with debts described under subparagraph (A). 
‘‘(C) RELATION
TO
STATE
LAW.—This 
paragraph shall not preempt any State law that 
provides for greater consumer protections than 
this paragraph.’’; and 
(2) by adding at the end the following: 
‘‘(h) FORBEARANCE FOR AFFECTED CONSUMERS.— 
‘‘(1) FORBEARANCE PROGRAM.—Each debt col-
lector that makes use of the credit facility described 
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in paragraph (4) shall establish a forbearance pro-
gram for debts available during the covered period. 
‘‘(2) AUTOMATIC
GRANT
OF
FORBEARANCE 
UPON REQUEST.—Under a forbearance program re-
quired under paragraph (1), upon the request of a 
consumer experiencing a financial hardship due, di-
rectly or indirectly, to COVID–19, the debt collector 
shall grant a forbearance on payment of debt for 
such time as needed until the end of the covered pe-
riod, with no additional documentation required 
other than the borrower’s attestation to a financial 
hardship caused by COVID–19 and with no fees, 
penalties, or interest (beyond the amounts scheduled 
or calculated as if the borrower made all contractual 
payments on time and in full under the terms of the 
loan contract) charged to the borrower in connection 
with the forbearance. 
‘‘(3) EXCEPTION
FOR
CERTAIN
MORTGAGE 
LOANS
SUBJECT
TO
THE
CARES
ACT.—This sub-
section shall not apply to a mortgage loan subject to 
section 4022 or 4023 of the CARES Act.’’. 
SEC. 404. CREDIT FACILITY. 
Section 812A(h) of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.), as added by section 
110403, is amended by adding at the end the following: 
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‘‘(4) CREDIT
FACILITY.—The Board of Gov-
ernors of the Federal Reserve System shall— 
‘‘(A) establish a facility, using amounts 
made available under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)), to make 
long-term, low-cost loans to debt collectors to 
temporarily compensate such debt collectors for 
documented financial losses caused by forbear-
ance of debt payments under this subsection; 
and 
‘‘(B) defer debt collectors’ required pay-
ments on such loans until after consumers’ debt 
payments resume.’’. 
TITLE V—PROTECTING STUDENT 
BORROWERS 
SEC. 501. PAYMENTS FOR PRIVATE EDUCATION LOAN BOR-
ROWERS AS A RESULT OF THE COVID–19 NA-
TIONAL EMERGENCY. 
(a) IN GENERAL.—Section 140 of the Truth in Lend-
ing Act (15 U.S.C. 1650) is amended by adding at the 
end the following new subsection: 
‘‘(h) COVID–19 NATIONAL EMERGENCY PRIVATE 
EDUCATION LOAN REPAYMENT ASSISTANCE.— 
‘‘(1) AUTHORITY.— 
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‘‘(A) IN GENERAL.—Effective on the date 
of the enactment of this section, until February 
1, 2021, the Secretary of the Treasury shall, 
for each borrower of a private education loan, 
pay the total amount due for such month on 
the loan, based on the payment plan selected by 
the borrower or the borrower’s loan status. 
‘‘(B) LIMITATION
ON
PAYMENTS.—The 
maximum amount of aggregate payments that 
the Secretary of the Treasury may make under 
subparagraph (A) with respect to an individual 
borrower is $10,000. 
‘‘(2) NO CAPITALIZATION OF INTEREST.—With 
respect to any loan in repayment until February 1, 
2021, interest due on a private education loan dur-
ing such period shall not be capitalized at any time 
until after February 1, 2021. 
‘‘(3) REPORTING
TO
CONSUMER
REPORTING 
AGENCIES.—Until February 1, 2021— 
‘‘(A) during the period in which the Sec-
retary of the Treasury is making payments on 
a loan under paragraph (1), the Secretary shall 
ensure that, for the purpose of reporting infor-
mation about the loan to a consumer reporting 
agency, any payment made by the Secretary is 
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treated as if it were a regularly scheduled pay-
ment made by a borrower; and 
‘‘(B) no adverse credit information may be 
furnished to a consumer reporting agency for 
any private education loan. 
‘‘(4) NOTICE OF PAYMENTS AND PROGRAM.— 
Not later than 15 days following the date of enact-
ment of this subsection, and monthly thereafter until 
February 1, 2021, the Secretary of the Treasury 
shall provide a notice to all borrowers of private edu-
cation loans— 
‘‘(A) informing borrowers of the actions 
taken under this subsection; 
‘‘(B) providing borrowers with an easily 
accessible method to opt out of the benefits pro-
vided under this subsection; and 
‘‘(C) notifying the borrower that the pro-
gram under this subsection is a temporary pro-
gram and will end on February 1, 2021. 
‘‘(5) SUSPENSION
OF
INVOLUNTARY
COLLEC-
TION.—Until February 1, 2021, the holder of a pri-
vate education loan shall immediately take action to 
halt all involuntary collection related to the loan. 
‘‘(6) MANDATORY FORBEARANCE.—During the 
period in which the Secretary of the Treasury is 
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making payments on a loan under paragraph (1), 
the servicer of such loan shall grant the borrower 
forbearance as follows: 
‘‘(A) A temporary cessation of all pay-
ments on the loan other than the payments of 
interest and principal on the loan that are made 
under paragraph (1). 
‘‘(B) For borrowers who are delinquent 
but who are not yet in default before the date 
on which the Secretary begins making payments 
under paragraph (1), the retroactive application 
of forbearance to address any delinquency. 
‘‘(7) DATA
TO
IMPLEMENT.—Holders and 
servicers of private education loans shall report, to 
the satisfaction of the Secretary of the Treasury, the 
information necessary to calculate the amount to be 
paid under this subsection. 
‘‘(8) APPLICATION
ONLY
TO
ECONOMICALLY 
DISTRESSED BORROWERS.— 
‘‘(A) IN GENERAL.—This subsection shall 
only apply to a borrower of a private education 
loan who is an economically distressed bor-
rower. 
‘‘(B) ECONOMICALLY
DISTRESSED
BOR-
ROWER DEFINED.—In this paragraph, the term 
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‘economically distressed borrower’ means a bor-
rower of a private education loan who, as of 
March 12, 2020— 
‘‘(i) based on financial state or other 
conditions, would be otherwise eligible, if 
the borrower instead had a Federal stu-
dent loan, of having a monthly payment 
due on such loan of $0 pursuant to an in-
come-contingent repayment plan under sec-
tion 455(d)(1)(D) of the Higher Education 
Act of 1965 (20 U.S.C. 1087e(d)(1)(D)) 
or an income-based repayment plan under 
section 493C of such Act (20 U.S.C. 
1098e); 
‘‘(ii) was in default on such loan; 
‘‘(iii) had a payment due on such loan 
that was at least 90 days past due; or 
‘‘(iv) based on financial state or other 
conditions, 
was 
in 
forbearance 
or 
deferment. 
‘‘(C) RULEMAKING.—Not later than 7 
days after the date of enactment of this para-
graph, the Director of the Bureau, in consulta-
tion with the Secretary of Education, shall issue 
rules to implement this paragraph, including 
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providing a detailed description of how a bor-
rower of a private education loan will be consid-
ered an economically distressed borrower as de-
fined under each clause of subparagraph (B).’’. 
(b) APPROPRIATION.—There is appropriated to the 
Secretary of the Treasury, out of amounts in the Treasury 
not otherwise appropriated, $5,000,000,000 to carry out 
this title and the amendments made by this title. 
SEC. 502. ADDITIONAL PROTECTIONS FOR PRIVATE STU-
DENT LOAN BORROWERS. 
(a) IN GENERAL.— 
(1) REPAYMENT
PLAN
AND
FORGIVENESS 
TERMS.—Each private education loan holder who re-
ceives a monthly payment pursuant to section 
140(h) of the Truth in Lending Act shall modify all 
private education loan contracts that it holds to pro-
vide for the same repayment plan and forgiveness 
terms available to Direct Loans borrowers under 
section 685.209(c) of title 34, Code of Federal Reg-
ulations, in effect as of January 1, 2020. 
(2) TREATMENT OF STATE STATUTES OF LIMI-
TATION.—For a borrower who has defaulted on a 
private education loan under the terms of the prom-
issory note prior to any loan payment made or for-
bearance granted under section 140(h) of the Truth 
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in Lending Act, no payment made or forbearance 
granted under such section 140(h) shall be consid-
ered an event that impacts the calculation of the ap-
plicable State statutes of limitation. 
(3) 
PROHIBITION
ON
PRESSURING
BOR-
ROWERS.— 
(A) IN
GENERAL.—A private education 
loan debt collector or creditor may not pressure 
a borrower to elect to apply any amount re-
ceived pursuant to subsection (b) to any private 
education loan. 
(B) VIOLATIONS.—A violation of this para-
graph is deemed— 
(i) an unfair, deceptive, or abusive act 
or practice under Federal law in connec-
tion with any transaction with a consumer 
for a consumer financial product or service 
under section 1031 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 
5531); and 
(ii) with respect to a violation by a 
debt collector, an unfair or unconscionable 
means to collect or attempt to collect any 
debt under section 808 of the Federal 
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Debt Collection Practices Act (15 U.S.C. 
1692f). 
(C) PRESSURE
DEFINED.—In this para-
graph, the term ‘‘pressure’’ means any commu-
nication, recommendation, or other similar com-
munication, other than providing basic informa-
tion about a borrower’s options, urging a bor-
rower to make an election described under sub-
section (b). 
(b) RELIEF
FOR PRIVATE STUDENT LOAN BOR-
ROWERS
AS
A RESULT
OF
THE COVID–19 NATIONAL 
EMERGENCY.— 
(1) STUDENT LOAN RELIEF AS A RESULT OF 
THE
COVID–19
NATIONAL
EMERGENCY.—Not later 
than 90 days after February 1, 2021, the Secretary 
of the Treasury shall carry out a program under 
which a borrower, with respect to the private edu-
cation loans of such borrower, shall receive in ac-
cordance with paragraph (3) an amount equal to the 
lesser of— 
(A) the total amount of each private edu-
cation loan of the borrower; or 
(B) $10,000, reduced by the aggregate 
amount of all payments made by the Secretary 
of the Treasury with respect to such borrower 
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under section 140(h) of the Truth in Lending 
Act. 
(2) NOTIFICATION OF BORROWERS.—Not later 
than 90 days after February 1, 2021, the Secretary 
of the Treasury shall notify each borrower of a pri-
vate education loan of— 
(A) the requirements to provide loan relief 
to such borrower under this section; and 
(B) the opportunity for such borrower to 
make an election under paragraph (3)(A) with 
respect to the application of such loan relief to 
the private education loans of such borrower. 
(3) DISTRIBUTION OF FUNDING.— 
(A) ELECTION BY BORROWER.—Not later 
than 45 days after a notice is sent under para-
graph (2), a borrower may elect to apply the 
amount determined with respect to such bor-
rower under paragraph (1) to any private edu-
cation loan of the borrower. 
(B) AUTOMATIC PAYMENT.— 
(i) IN
GENERAL.—In the case of a 
borrower who does not make an election 
under subparagraph (A) before the date 
described in such subparagraph, the Sec-
retary of the Treasury shall apply the 
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amount determined with respect to such 
borrower under paragraph (1) in order of 
the private education loan of the borrower 
with the highest interest rate. 
(ii) EQUAL
INTEREST
RATES.—In 
case of two or more private education loans 
described in clause (i) with equal interest 
rates, the Secretary of the Treasury shall 
apply the amount determined with respect 
to such borrower under paragraph (1) first 
to the loan with the highest principal. 
(c) APPLICATION ONLY
TO ECONOMICALLY DIS-
TRESSED BORROWERS.—This section shall only apply to 
a borrower of a private education loan who is an economi-
cally distressed borrower. 
(d) DEFINITIONS.—In this section: 
(1) FAIR
DEBT
COLLECTION
PRACTICES
ACT 
TERMS.—The terms ‘‘creditor’’ and ‘‘debt collector’’ 
have the meaning given those terms, respectively, 
under section 803 of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692a). 
(2) PRIVATE
EDUCATION
LOAN.—The term 
‘‘private education loan’’ has the meaning given the 
term in section 140 of the Truth in Lending Act (15 
U.S.C. 1650). 
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(3) ECONOMICALLY
DISTRESSED
BORROWER 
DEFINED.—The term ‘‘economically distressed bor-
rower’’ has the meaning given that term under sec-
tion 140(h)(8) of the Truth in Lending Act, as 
added by section 501. 
TITLE VI—STANDING UP FOR 
SMALL BUSINESSES, MINOR-
ITY-OWNED BUSINESSES, AND 
NON-PROFITS 
SEC. 601. RESTRICTIONS ON COLLECTIONS OF SMALL BUSI-
NESS AND NONPROFIT DEBT DURING A NA-
TIONAL DISASTER OR EMERGENCY. 
(a) IN GENERAL.—The Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.), as amended by section 
110402, is further amended by inserting after section 
812A the following: 
‘‘§ 812B. Restrictions on collections of small business 
and nonprofit debt during a national dis-
aster or emergency 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COVERED PERIOD.—The term ‘covered pe-
riod’ means the period beginning on the date of en-
actment of this section and ending 120 days after 
the end of the incident period for the emergency de-
clared on March 13, 2020, by the President under 
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section 501 of the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 4121 et 
seq.) relating to the Coronavirus Disease 2019 
(COVID–19) pandemic. 
‘‘(2) CREDITOR.—The term ‘creditor’ means 
any person— 
‘‘(A) who offers or extends credit creating 
a debt or to whom a debt is owed; or 
‘‘(B) to whom any obligation for payment 
is owed. 
‘‘(3) DEBT.—The term ‘debt’— 
‘‘(A) means any obligation or alleged obli-
gation that is or during the covered period be-
comes past due, other than an obligation aris-
ing out of a credit agreement entered into after 
the effective date of this section, that arises out 
of a transaction with a nonprofit organization 
or small business; and 
‘‘(B) does not include a mortgage loan. 
‘‘(4) DEBT COLLECTOR.—The term ‘debt col-
lector’ means a creditor and any other person or en-
tity that engages in the collection of debt, including 
the Federal Government and a State government, ir-
respective of whether the applicable debt is allegedly 
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owed to or assigned to such creditor, person, or enti-
ty. 
‘‘(5) MORTGAGE
LOAN.—The term ‘mortgage 
loan’ means a covered mortgage loan (as defined 
under section 4022 of the CARES Act) and a multi-
family mortgage loan (as defined under section 4023 
of the CARES Act). 
‘‘(6) NONPROFIT
ORGANIZATION.—The term 
‘nonprofit organization’ means an organization that 
is described in section 501(c)(3) of the Internal Rev-
enue Code of 1986 and that is exempt from taxation 
under section 501(a) of such Code. 
‘‘(7) SMALL BUSINESS.—The term ‘small busi-
ness’ has the meaning given the term ‘small business 
concern’ in section 3 of the Small Business Act (15 
U.S.C. 632). 
‘‘(b) PROHIBITIONS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, no debt collector may, during a cov-
ered period— 
‘‘(A) enforce a security interest securing a 
debt through repossession, limitation of use, or 
foreclosure; 
‘‘(B) take or threaten to take any action to 
deprive an individual of their liberty as a result 
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of nonpayment of or nonappearance at any 
hearing relating to an obligation owed by a 
small business or nonprofit organization; 
‘‘(C) collect any debt, by way of garnish-
ment, attachment, assignment, deduction, off-
set, or other seizure, from— 
‘‘(i) wages, income, benefits, bank, 
prepaid or other asset accounts; or 
‘‘(ii) any assets of, or other amounts 
due to, a small business or nonprofit orga-
nization; 
‘‘(D) commence or continue an action to 
evict a small business or nonprofit organization 
from real or personal property for nonpayment; 
‘‘(E) disconnect or terminate service from 
a utility service, including electricity, natural 
gas, telecommunications or broadband, water, 
or sewer, for nonpayment; or 
‘‘(F) threaten to take any of the foregoing 
actions. 
‘‘(2) RULE
OF
CONSTRUCTION.—Nothing in 
this section may be construed to prohibit a small 
business or nonprofit organization from voluntarily 
paying, in whole or in part, a debt. 
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‘‘(c) LIMITATION ON FEES AND INTEREST.—After 
the expiration of a covered period, a debt collector may 
not add to any past due debt any interest on unpaid inter-
est, higher rate of interest triggered by the nonpayment 
of the debt, or fee triggered prior to the expiration of the 
covered period by the nonpayment of the debt. 
‘‘(e) VIOLATIONS.—Any person or government entity 
that violates this section shall be liable to the applicable 
small business or nonprofit organization as provided under 
section 813, except that, for purposes of applying section 
813— 
‘‘(1) such person or government entity shall be 
deemed a debt collector, as such term is defined for 
purposes of section 813; and 
‘‘(2) such small business or nonprofit organiza-
tion shall be deemed a consumer, as such term is de-
fined for purposes of section 813. 
‘‘(f) TOLLING.—Any applicable time limitations for 
exercising an action prohibited under subsection (b) shall 
be tolled during a covered period. 
‘‘(g) PREDISPUTE ARBITRATION AGREEMENTS.— 
Notwithstanding any other provision of law, no predispute 
arbitration agreement or predispute joint-action waiver 
shall be valid or enforceable with respect to a dispute 
brought under this section, including a dispute as to the 
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applicability of this section, which shall be determined 
under Federal law.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Fair Debt Collection Practices Act, as amended 
by section 110402, is further amended by inserting after 
the item relating to section 812A the following: 
‘‘812B. Restrictions on collections of small business and nonprofit debt during 
a national disaster or emergency.’’. 
SEC. 602. REPAYMENT PERIOD AND FORBEARANCE FOR 
SMALL BUSINESSES AND NONPROFIT ORGA-
NIZATIONS. 
Section 812B of the Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.), as added by section 110601, 
is amended— 
(1) by inserting after subsection (c) the fol-
lowing: 
‘‘(d) REPAYMENT PERIOD.—After the expiration of 
a covered period, a debt collector shall comply with the 
following: 
‘‘(1) DEBT ARISING FROM CREDIT WITH A DE-
FINED
PAYMENT
PERIOD.—For any debt arising 
from credit with a defined term, the debt collector 
shall extend the time period to repay any past due 
balance of the debt by— 
‘‘(A) 1 payment period for each payment 
that a small business or nonprofit organization 
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missed during the covered period, with the pay-
ments due in the same amounts and at the 
same intervals as the pre-existing payment 
schedule; and 
‘‘(B) 1 payment period in addition to the 
payment periods described under subparagraph 
(A). 
‘‘(2) DEBT ARISING FROM AN OPEN END CRED-
IT PLAN.—For debt arising from an open end credit 
plan, as defined in section 103 of the Truth in 
Lending Act (15 U.S.C. 1602), the debt collector 
shall allow the small business or nonprofit organiza-
tion to repay the past-due balance in a manner that 
does not exceed the amounts permitted by the meth-
ods described in section 171(c) of the Truth in 
Lending Act (15 U.S.C. 1666i–1(c)) and regulations 
promulgated under that section. 
‘‘(3) DEBT ARISING FROM OTHER CREDIT.— 
‘‘(A) IN
GENERAL.—For debt not de-
scribed under paragraph (2) or (3), the debt 
collector shall— 
‘‘(i) allow the small business or non-
profit organization to repay the past-due 
balance of the debt in substantially equal 
payments over time; and 
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‘‘(ii) provide the small business or 
nonprofit organization with— 
‘‘(I) for past due balances of 
$2,000 or less, 12 months to repay, or 
such longer period as the debt col-
lector may allow; 
‘‘(II) for past due balances be-
tween $2,001 and $5,000, 24 months 
to repay, or such longer period as the 
debt collector may allow; or 
‘‘(III) for past due balances 
greater than $5,000, 36 months to 
repay, or such longer period as the 
debt collector may allow. 
‘‘(B) ADDITIONAL PROTECTIONS.—The Di-
rector of the Bureau may issue rules to provide 
greater repayment protections to small busi-
nesses and nonprofit organizations with debts 
described under subparagraph (A). 
‘‘(C) RELATION
TO
STATE
LAW.—This 
paragraph shall not preempt any State law that 
provides for greater small business or nonprofit 
organization protections than this paragraph.’’; 
and 
(2) by adding at the end the following: 
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‘‘(h) FORBEARANCE FOR AFFECTED SMALL BUSI-
NESSES AND NONPROFIT ORGANIZATIONS.— 
‘‘(1) FORBEARANCE PROGRAM.—Each debt col-
lector that makes use of the credit facility described 
in paragraph (4) shall establish a forbearance pro-
gram for debts available during the covered period. 
‘‘(2) AUTOMATIC
GRANT
OF
FORBEARANCE 
UPON REQUEST.—Under a forbearance program re-
quired under paragraph (1), upon the request of a 
small business or nonprofit organization experi-
encing a financial hardship due, directly or indi-
rectly, to COVID–19, the debt collector shall grant 
a forbearance on payment of debt for such time as 
needed until the end of the covered period, with no 
additional documentation required other than the 
small business or nonprofit organization’s attestation 
to a financial hardship caused by COVID–19 and 
with no fees, penalties, or interest (beyond the 
amounts scheduled or calculated as if the borrower 
made all contractual payments on time and in full 
under the terms of the loan contract) charged to the 
borrower in connection with the forbearance. 
‘‘(3) EXCEPTION
FOR
CERTAIN
MORTGAGE 
LOANS
SUBJECT
TO
THE
CARES
ACT.—This sub-
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section shall not apply to a mortgage loan subject to 
section 4022 or 4023 of the CARES Act.’’. 
SEC. 603. CREDIT FACILITY. 
Section 812B(h) of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.), as added by section 
110602, is amended by adding at the end the following: 
‘‘(4) CREDIT
FACILITY.—The Board of Gov-
ernors of the Federal Reserve System shall— 
‘‘(A) establish a facility, using amounts 
made available under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)), to make 
long-term, low-cost loans to debt collectors to 
temporarily compensate such debt collectors for 
documented financial losses caused by forbear-
ance of debt payments under this subsection; 
and 
‘‘(B) defer debt collectors’ required pay-
ments on such loans until after small businesses 
or nonprofit organizations’ debt payments re-
sume.’’. 
SEC. 604. MAIN STREET LENDING PROGRAM REQUIRE-
MENTS. 
(a) IN GENERAL.—Section 4003(c)(3)(D)(ii) of the 
CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)) is amended— 
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(1) by striking ‘‘Nothing in this subparagraph 
shall limit the discretion of the Board of Governors 
of the Federal Reserve System to’’ and inserting the 
following: 
‘‘(I) IN
GENERAL.—The Board of Gov-
ernors of the Federal Reserve System shall’’; 
and 
(2) by adding at the end the following: 
‘‘(II) REQUIREMENTS.—In car-
rying out subclause (I), the Board of 
Governors of the Federal Reserve Sys-
tem— 
‘‘(aa) shall make non-profit 
organizations and institutions of 
higher education (as such term is 
defined in section 101(a) of the 
Higher Education Act of 1965 
(20 U.S.C. 1001(a)) eligible for 
any program or facility estab-
lished under such subclause; 
‘‘(bb) shall create a low-cost 
loan option tailored to the unique 
needs of non-profit organizations, 
including the ability to defer pay-
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ments without capitalization of 
interest; 
‘‘(cc) 
shall 
make 
any 
501(c)(4) organization (as de-
fined in section 501(c)(4) of the 
Internal Revenue Code of 1986) 
eligible for any facility provided 
that such 501(c)(4) organization 
has not made and will not make 
a contribution, expenditure, inde-
pendent expenditure, or election-
eering communication within the 
meaning of the Federal Election 
Campaign Act, and has not un-
dertaken and will not undertake 
similar campaign finance activi-
ties in state and local elections, 
during the election cycle which 
ends on the date of the general 
election in this calendar year; 
‘‘(dd) shall ensure loans 
made available to all eligible bor-
rowers have a maturity of no less 
than seven years; and 
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‘‘(ee) shall prohibit eligible 
lenders from requiring additional 
collateral beyond minimum collat-
eral requirements the Board of 
Governors of the Federal Reserve 
System may require.’’. 
(b) DEADLINE.—Not later than the end of the 5-day 
period beginning on the date of enactment of this Act, the 
Board of Governors of the Federal Reserve System shall 
issue such rules or take such other actions as may be nec-
essary to implement the requirements made by the amend-
ments made by this section. 
SEC. 605. OPTIONS FOR SMALL BUSINESSES AND NON- 
PROFITS UNDER THE MAIN STREET LENDING 
PROGRAM. 
(a) IN GENERAL.—Section 4003(c)(3)(D)(ii)(II) of 
the CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)(II)), as 
added by section 110604, is further amended by adding 
at the end the following: 
‘‘(cc) shall provide at least one low-cost loan option 
that small businesses, small non-profits, and small institu-
tions of higher education (as such term is defined in sec-
tion 101(a) of the Higher Education Act of 1965 (20 
U.S.C. 1001(a)) are eligible for that does not have a min-
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imum loan size and includes the ability to defer payments, 
without capitalization of interest.’’. 
(b) DEADLINE.—Not later than the end of the 5-day 
period beginning on the date of enactment of this Act, the 
Board of Governors of the Federal Reserve System shall 
issue such rules or take such other actions as may be nec-
essary to implement the requirements made by the amend-
ments made by this section. 
SEC. 606. SAFE BANKING. 
(a) SHORT TITLE; PURPOSE.— 
(1) SHORT TITLE.—This section may be cited 
as the ‘‘Secure And Fair Enforcement Banking Act 
of 2020’’ or the ‘‘SAFE Banking Act of 2020’’. 
(2) PURPOSE.—The purpose of this section is 
to increase public safety by ensuring access to finan-
cial services to cannabis-related legitimate businesses 
and service providers and reducing the amount of 
cash at such businesses. 
(b) SAFE
HARBOR
FOR
DEPOSITORY
INSTITU-
TIONS.— 
(1) IN GENERAL.—A Federal banking regulator 
may not— 
(A) terminate or limit the deposit insur-
ance or share insurance of a depository institu-
tion under the Federal Deposit Insurance Act 
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(12 U.S.C. 1811 et seq.), the Federal Credit 
Union Act (12 U.S.C. 1751 et seq.), or take 
any other adverse action against a depository 
institution under section 8 of the Federal De-
posit Insurance Act (12 U.S.C. 1818) solely be-
cause the depository institution provides or has 
provided financial services to a cannabis-related 
legitimate business or service provider; 
(B) prohibit, penalize, or otherwise dis-
courage a depository institution from providing 
financial services to a cannabis-related legiti-
mate business or service provider or to a State, 
political subdivision of a State, or Indian Tribe 
that exercises jurisdiction over cannabis-related 
legitimate businesses; 
(C) recommend, incentivize, or encourage a 
depository institution not to offer financial serv-
ices to an account holder, or to downgrade or 
cancel the financial services offered to an ac-
count holder solely because— 
(i) the account holder is a cannabis- 
related legitimate business or service pro-
vider, or is an employee, owner, or oper-
ator of a cannabis-related legitimate busi-
ness or service provider; 
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1693 
vider shall not be considered proceeds from an unlawful 
activity solely because— 
(1) the transaction involves proceeds from a 
cannabis-related legitimate business or service pro-
vider; or 
(2) the transaction involves proceeds from— 
(A) cannabis-related activities described in 
subsection (n)(4)(B) conducted by a cannabis- 
related legitimate business; or 
(B) activities described in subsection 
(n)(13)(A) conducted by a service provider. 
(d) PROTECTIONS UNDER FEDERAL LAW.— 
(1) IN GENERAL.—With respect to providing a 
financial service to a cannabis-related legitimate 
business or service provider within a State, political 
subdivision of a State, or Indian country that allows 
the cultivation, production, manufacture, sale, trans-
portation, display, dispensing, distribution, or pur-
chase of cannabis pursuant to a law or regulation of 
such State, political subdivision, or Indian Tribe 
that has jurisdiction over the Indian country, as ap-
plicable, a depository institution, entity performing a 
financial service for or in association with a deposi-
tory institution, or insurer that provides a financial 
service to a cannabis-related legitimate business or 
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service provider, and the officers, directors, and em-
ployees of that depository institution, entity, or in-
surer may not be held liable pursuant to any Federal 
law or regulation— 
(A) solely for providing such a financial 
service; or 
(B) for further investing any income de-
rived from such a financial service. 
(2) PROTECTIONS
FOR
FEDERAL
RESERVE 
BANKS AND FEDERAL HOME LOAN BANKS.—With 
respect to providing a service to a depository institu-
tion that provides a financial service to a cannabis- 
related legitimate business or service provider (where 
such financial service is provided within a State, po-
litical subdivision of a State, or Indian country that 
allows the cultivation, production, manufacture, sale, 
transportation, display, dispensing, distribution, or 
purchase of cannabis pursuant to a law or regulation 
of such State, political subdivision, or Indian Tribe 
that has jurisdiction over the Indian country, as ap-
plicable), a Federal reserve bank or Federal Home 
Loan Bank, and the officers, directors, and employ-
ees of the Federal reserve bank or Federal Home 
Loan Bank, may not be held liable pursuant to any 
Federal law or regulation— 
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(A) solely for providing such a service; or 
(B) for further investing any income de-
rived from such a service. 
(3) PROTECTIONS
FOR
INSURERS.—With re-
spect to engaging in the business of insurance within 
a State, political subdivision of a State, or Indian 
country that allows the cultivation, production, man-
ufacture, sale, transportation, display, dispensing, 
distribution, or purchase of cannabis pursuant to a 
law or regulation of such State, political subdivision, 
or Indian Tribe that has jurisdiction over the Indian 
country, as applicable, an insurer that engages in 
the business of insurance with a cannabis-related le-
gitimate business or service provider or who other-
wise engages with a person in a transaction permis-
sible under State law related to cannabis, and the 
officers, directors, and employees of that insurer 
may not be held liable pursuant to any Federal law 
or regulation— 
(A) solely for engaging in the business of 
insurance; or 
(B) for further investing any income de-
rived from the business of insurance. 
(4) FORFEITURE.— 
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(A) DEPOSITORY INSTITUTIONS.—A depos-
itory institution that has a legal interest in the 
collateral for a loan or another financial service 
provided to an owner, employee, or operator of 
a cannabis-related legitimate business or service 
provider, or to an owner or operator of real es-
tate or equipment that is leased or sold to a 
cannabis-related legitimate business or service 
provider, shall not be subject to criminal, civil, 
or administrative forfeiture of that legal inter-
est pursuant to any Federal law for providing 
such loan or other financial service. 
(B) FEDERAL RESERVE BANKS AND FED-
ERAL HOME LOAN BANKS.—A Federal reserve 
bank or Federal Home Loan Bank that has a 
legal interest in the collateral for a loan or an-
other financial service provided to a depository 
institution that provides a financial service to a 
cannabis-related legitimate business or service 
provider, or to an owner or operator of real es-
tate or equipment that is leased or sold to a 
cannabis-related legitimate business or service 
provider, shall not be subject to criminal, civil, 
or administrative forfeiture of that legal inter-
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est pursuant to any Federal law for providing 
such loan or other financial service. 
(e) RULES OF CONSTRUCTION.— 
(1) NO REQUIREMENT TO PROVIDE FINANCIAL 
SERVICES.—Nothing in this section shall require a 
depository institution, entity performing a financial 
service for or in association with a depository insti-
tution, or insurer to provide financial services to a 
cannabis-related legitimate business, service pro-
vider, or any other business. 
(2) GENERAL
EXAMINATION, 
SUPERVISORY, 
AND ENFORCEMENT AUTHORITY.—Nothing in this 
section may be construed in any way as limiting or 
otherwise restricting the general examination, super-
visory, and enforcement authority of the Federal 
banking regulators, provided that the basis for any 
supervisory or enforcement action is not the provi-
sion of financial services to a cannabis-related legiti-
mate business or service provider. 
(f) REQUIREMENTS FOR FILING SUSPICIOUS ACTIV-
ITY REPORTS.—Section 5318(g) of title 31, United States 
Code, is amended by adding at the end the following: 
‘‘(5) REQUIREMENTS FOR CANNABIS-RELATED 
LEGITIMATE BUSINESSES.— 
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‘‘(A) IN GENERAL.—With respect to a fi-
nancial institution or any director, officer, em-
ployee, or agent of a financial institution that 
reports a suspicious transaction pursuant to 
this subsection, if the reason for the report re-
lates to a cannabis-related legitimate business 
or service provider, the report shall comply with 
appropriate guidance issued by the Financial 
Crimes Enforcement Network. The Secretary 
shall ensure that the guidance is consistent with 
the purpose and intent of the SAFE Banking 
Act of 2020 and does not significantly inhibit 
the provision of financial services to a cannabis- 
related legitimate business or service provider in 
a State, political subdivision of a State, or In-
dian country that has allowed the cultivation, 
production, manufacture, transportation, dis-
play, dispensing, distribution, sale, or purchase 
of cannabis pursuant to law or regulation of 
such State, political subdivision, or Indian 
Tribe that has jurisdiction over the Indian 
country. 
‘‘(B) DEFINITIONS.—For purposes of this 
paragraph: 
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‘‘(i) CANNABIS.—The term ‘cannabis’ 
has the meaning given the term ‘mari-
huana’ in section 102 of the Controlled 
Substances Act (21 U.S.C. 802). 
‘‘(ii) CANNABIS-RELATED LEGITIMATE 
BUSINESS.—The term ‘cannabis-related le-
gitimate business’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(iii) INDIAN
COUNTRY.—The term 
‘Indian country’ has the meaning given 
that term in section 1151 of title 18. 
‘‘(iv) INDIAN TRIBE.—The term ‘In-
dian Tribe’ has the meaning given that 
term in section 102 of the Federally Rec-
ognized Indian Tribe List Act of 1994 (25 
U.S.C. 479a). 
‘‘(v) FINANCIAL SERVICE.—The term 
‘financial service’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(vi) SERVICE PROVIDER.—The term 
‘service provider’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
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‘‘(vii) 
STATE.—The 
term 
‘State’ 
means each of the several States, the Dis-
trict of Columbia, Puerto Rico, and any 
territory or possession of the United 
States.’’. 
(g) GUIDANCE AND EXAMINATION PROCEDURES.— 
Not later than 180 days after the date of enactment of 
this Act, the Financial Institutions Examination Council 
shall develop uniform guidance and examination proce-
dures for depository institutions that provide financial 
services to cannabis-related legitimate businesses and 
service providers. 
(h) ANNUAL DIVERSITY AND INCLUSION REPORT.— 
The Federal banking regulators shall issue an annual re-
port to Congress containing— 
(1) information and data on the availability of 
access to financial services for minority-owned and 
women-owned cannabis-related legitimate businesses; 
and 
(2) any regulatory or legislative recommenda-
tions for expanding access to financial services for 
minority-owned and women-owned cannabis-related 
legitimate businesses. 
(i) GAO STUDY ON DIVERSITY AND INCLUSION.— 
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(1) STUDY.—The Comptroller General of the 
United States shall carry out a study on the barriers 
to marketplace entry, including in the licensing proc-
ess, and the access to financial services for potential 
and existing minority-owned and women-owned can-
nabis-related legitimate businesses. 
(2) REPORT.—The Comptroller General shall 
issue a report to the Congress— 
(A) containing all findings and determina-
tions made in carrying out the study required 
under paragraph (1); and 
(B) containing any regulatory or legislative 
recommendations for removing barriers to mar-
ketplace entry, including in the licensing proc-
ess, and expanding access to financial services 
for potential and existing minority-owned and 
women-owned cannabis-related legitimate busi-
nesses. 
(j) GAO STUDY ON EFFECTIVENESS OF CERTAIN 
REPORTS ON FINDING CERTAIN PERSONS.—Not later 
than 2 years after the date of the enactment of this Act, 
the Comptroller General of the United States shall carry 
out a study on the effectiveness of reports on suspicious 
transactions filed pursuant to section 5318(g) of title 31, 
United States Code, at finding individuals or organiza-
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1702 
tions suspected or known to be engaged with transnational 
criminal organizations and whether any such engagement 
exists in a State, political subdivision, or Indian Tribe that 
has jurisdiction over Indian country that allows the cul-
tivation, production, manufacture, sale, transportation, 
display, dispensing, distribution, or purchase of cannabis. 
The study shall examine reports on suspicious trans-
actions as follows: 
(1) During the period of 2014 until the date of 
the enactment of this Act, reports relating to mari-
juana-related businesses. 
(2) During the 1-year period after date of the 
enactment of this Act, reports relating to cannabis- 
related legitimate businesses. 
(k) BANKING SERVICES FOR HEMP BUSINESSES.— 
(1) FINDINGS.—The Congress finds that— 
(A) the Agriculture Improvement Act of 
2018 (Public Law 115–334) legalized hemp by 
removing it from the definition of ‘‘marihuana’’ 
under the Controlled Substances Act; 
(B) despite the legalization of hemp, some 
hemp businesses (including producers, manufac-
turers, and retailers) continue to have difficulty 
gaining access to banking products and serv-
ices; and 
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(C) businesses involved in the sale of 
hemp-derived cannabidiol (‘‘CBD’’) products 
are particularly affected, due to confusion about 
their legal status. 
(2) FEDERAL
BANKING
REGULATOR
HEMP 
BANKING GUIDANCE.—Not later than the end of the 
90-day period beginning on the date of enactment of 
this Act, the Federal banking regulators shall jointly 
issue guidance to financial institutions— 
(A) confirming the legality of hemp, hemp- 
derived CBD products, and other hemp-derived 
cannabinoid products, and the legality of engag-
ing in financial services with businesses selling 
hemp, hemp-derived CBD products, and other 
hemp-derived cannabinoid products, after the 
enactment of the Agriculture Improvement Act 
of 2018; and 
(B) to provide recommended best practices 
for financial institutions to follow when pro-
viding financial services and merchant proc-
essing services to businesses involved in the sale 
of hemp, hemp-derived CBD products, and 
other hemp-derived cannabinoid products. 
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1704 
(3) FINANCIAL INSTITUTION DEFINED.—In this 
section, the term ‘‘financial institution’’ means any 
person providing financial services. 
(l) APPLICATION OF SAFE HARBORS TO HEMP AND 
CBD PRODUCTS.— 
(1) IN GENERAL.—Except as provided under 
paragraph (2), the provisions of this section (other 
than subsections (f) and (j)) shall apply to hemp (in-
cluding hemp-derived cannabidiol and other hemp- 
derived cannabinoid products) in the same manner 
as such provisions apply to cannabis. 
(2) RULE OF APPLICATION.—In applying the 
provisions of this section described under paragraph 
(1) to hemp, the definition of ‘‘cannabis-related le-
gitimate business’’ shall be treated as excluding any 
requirement to engage in activity pursuant to the 
law of a State or political subdivision thereof. 
(3) HEMP DEFINED.—In this subsection, the 
term ‘‘hemp’’ has the meaning given that term 
under section 297A of the Agricultural Marketing 
Act of 1946 (7 U.S.C. 1639o). 
(m) REQUIREMENTS FOR DEPOSIT ACCOUNT TERMI-
NATION REQUESTS AND ORDERS.— 
(1) TERMINATION REQUESTS OR ORDERS MUST 
BE VALID.— 
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1705 
(A) IN GENERAL.—An appropriate Federal 
banking agency may not formally or informally 
request or order a depository institution to ter-
minate a specific customer account or group of 
customer accounts or to otherwise restrict or 
discourage a depository institution from enter-
ing into or maintaining a banking relationship 
with a specific customer or group of customers 
unless— 
(i) the agency has a valid reason for 
such request or order; and 
(ii) such reason is not based solely on 
reputation risk. 
(B) TREATMENT OF NATIONAL SECURITY 
THREATS.—If an appropriate Federal banking 
agency believes a specific customer or group of 
customers is, or is acting as a conduit for, an 
entity which— 
(i) poses a threat to national security; 
(ii) is involved in terrorist financing; 
(iii) is an agency of the Government 
of Iran, North Korea, Syria, or any coun-
try listed from time to time on the State 
Sponsors of Terrorism list; 
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1706 
(iv) is located in, or is subject to the 
jurisdiction of, any country specified in 
clause (iii); or 
(v) does business with any entity de-
scribed in clause (iii) or (iv), unless the ap-
propriate Federal banking agency deter-
mines that the customer or group of cus-
tomers has used due diligence to avoid 
doing business with any entity described in 
clause (iii) or (iv), 
such belief shall satisfy the requirement under 
subparagraph (A). 
(2) NOTICE REQUIREMENT.— 
(A) IN GENERAL.—If an appropriate Fed-
eral banking agency formally or informally re-
quests or orders a depository institution to ter-
minate a specific customer account or a group 
of customer accounts, the agency shall— 
(i) provide such request or order to 
the institution in writing; and 
(ii) accompany such request or order 
with a written justification for why such 
termination is needed, including any spe-
cific laws or regulations the agency believes 
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1708 
tional security, or are otherwise described 
under subsection (a)(2), neither the deposi-
tory institution nor the appropriate Fed-
eral banking agency may inform the cus-
tomer or customers of the justification for 
the customer’s account termination. 
(ii) NOTICE
PROHIBITED
IN
OTHER 
CASES.—If an appropriate Federal banking 
agency determines that the notice required 
under subparagraph (A) may interfere 
with an authorized criminal investigation, 
neither the depository institution nor the 
appropriate Federal banking agency may 
inform the specific customer or group of 
customers of the justification for the cus-
tomer’s account termination. 
(4) REPORTING
REQUIREMENT.—Each appro-
priate Federal banking agency shall issue an annual 
report to the Congress stating— 
(A) the aggregate number of specific cus-
tomer accounts that the agency requested or or-
dered a depository institution to terminate dur-
ing the previous year; and 
(B) the legal authority on which the agen-
cy relied in making such requests and orders 
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1709 
and the frequency on which the agency relied 
on each such authority. 
(5) DEFINITIONS.—For purposes of this sub-
section: 
(A) 
APPROPRIATE
FEDERAL
BANKING 
AGENCY.—The 
term 
‘‘appropriate 
Federal 
banking agency’’ means— 
(i) the appropriate Federal banking 
agency, as defined under section 3 of the 
Federal Deposit Insurance Act (12 U.S.C. 
1813); and 
(ii) the National Credit Union Admin-
istration, in the case of an insured credit 
union. 
(B) DEPOSITORY INSTITUTION.—The term 
‘‘depository institution’’ means— 
(i) a depository institution, as defined 
under section 3 of the Federal Deposit In-
surance Act (12 U.S.C. 1813); and 
(ii) an insured credit union. 
(n) DEFINITIONS.—In this section: 
(1) BUSINESS
OF
INSURANCE.—The term 
‘‘business of insurance’’ has the meaning given such 
term in section 1002 of the Dodd-Frank Wall Street 
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1710 
Reform and Consumer Protection Act (12 U.S.C. 
5481). 
(2) CANNABIS.—The term ‘‘cannabis’’ has the 
meaning given the term ‘‘marihuana’’ in section 102 
of the Controlled Substances Act (21 U.S.C. 802). 
(3) CANNABIS PRODUCT.—The term ‘‘cannabis 
product’’ means any article which contains cannabis, 
including an article which is a concentrate, an edi-
ble, a tincture, a cannabis-infused product, or a top-
ical. 
(4) CANNABIS-RELATED
LEGITIMATE
BUSI-
NESS.—The term ‘‘cannabis-related legitimate busi-
ness’’ means a manufacturer, producer, or any per-
son or company that— 
(A) engages in any activity described in 
subparagraph (B) pursuant to a law established 
by a State or a political subdivision of a State, 
as determined by such State or political subdivi-
sion; and 
(B) participates in any business or orga-
nized activity that involves handling cannabis or 
cannabis products, including cultivating, pro-
ducing, manufacturing, selling, transporting, 
displaying, dispensing, distributing, or pur-
chasing cannabis or cannabis products. 
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1711 
(5) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means— 
(A) a depository institution as defined in 
section 3(c) of the Federal Deposit Insurance 
Act (12 U.S.C. 1813(c)); 
(B) a Federal credit union as defined in 
section 101 of the Federal Credit Union Act 
(12 U.S.C. 1752); or 
(C) a State credit union as defined in sec-
tion 101 of the Federal Credit Union Act (12 
U.S.C. 1752). 
(6) 
FEDERAL
BANKING
REGULATOR.—The 
term ‘‘Federal banking regulator’’ means each of the 
Board of Governors of the Federal Reserve System, 
the Bureau of Consumer Financial Protection, the 
Federal Deposit Insurance Corporation, the Federal 
Housing Finance Agency, the Financial Crimes En-
forcement Network, the Office of Foreign Asset 
Control, the Office of the Comptroller of the Cur-
rency, the National Credit Union Administration, 
the Department of the Treasury, or any Federal 
agency or department that regulates banking or fi-
nancial services, as determined by the Secretary of 
the Treasury. 
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1712 
(7) FINANCIAL SERVICE.—The term ‘‘financial 
service’’— 
(A) means a financial product or service, 
as defined in section 1002 of the Dodd-Frank 
Wall Street Reform and Consumer Protection 
Act (12 U.S.C. 5481); 
(B) includes the business of insurance; 
(C) includes, whether performed directly or 
indirectly, the authorizing, processing, clearing, 
settling, billing, transferring for deposit, trans-
mitting, delivering, instructing to be delivered, 
reconciling, collecting, or otherwise effectuating 
or facilitating of payments or funds, where such 
payments or funds are made or transferred by 
any means, including by the use of credit cards, 
debit cards, other payment cards, or other ac-
cess devices, accounts, original or substitute 
checks, or electronic funds transfers; 
(D) includes acting as a money transmit-
ting business which directly or indirectly makes 
use of a depository institution in connection 
with effectuating or facilitating a payment for 
a cannabis-related legitimate business or service 
provider in compliance with section 5330 of 
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1713 
title 31, United States Code, and any applicable 
State law; and 
(E) includes acting as an armored car 
service for processing and depositing with a de-
pository institution or a Federal reserve bank 
with respect to any monetary instruments (as 
defined under section 1956(c)(5) of title 18, 
United States Code. 
(8) INDIAN COUNTRY.—The term ‘‘Indian coun-
try’’ has the meaning given that term in section 
1151 of title 18. 
(9) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 
has the meaning given that term in section 102 of 
the Federally Recognized Indian Tribe List Act of 
1994 (25 U.S.C. 479a). 
(10) INSURER.—The term ‘‘insurer’’ has the 
meaning given that term under section 313(r) of 
title 31, United States Code. 
(11) MANUFACTURER.—The term ‘‘manufac-
turer’’ means a person who manufactures, com-
pounds, converts, processes, prepares, or packages 
cannabis or cannabis products. 
(12) PRODUCER.—The term ‘‘producer’’ means 
a person who plants, cultivates, harvests, or in any 
way facilitates the natural growth of cannabis. 
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1714 
(13) SERVICE PROVIDER.—The term ‘‘service 
provider’’— 
(A) means a business, organization, or 
other person that— 
(i) sells goods or services to a can-
nabis-related legitimate business; or 
(ii) provides any business services, in-
cluding the sale or lease of real or any 
other property, legal or other licensed serv-
ices, or any other ancillary service, relating 
to cannabis; and 
(B) does not include a business, organiza-
tion, or other person that participates in any 
business or organized activity that involves han-
dling cannabis or cannabis products, including 
cultivating, producing, manufacturing, selling, 
transporting, displaying, dispensing, distrib-
uting, or purchasing cannabis or cannabis prod-
ucts. 
(14) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, Puerto 
Rico, and any territory or possession of the United 
States. 
(o) DISCRETIONARY
SURPLUS
FUNDS.—Section 
7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 
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1715 
289(a)(3)(A)) is amended by striking ‘‘$6,825,000,000’’ 
and inserting ‘‘$6,821,000,000’’. 
SEC. 607. SUPPORT FOR RESTAURANTS. 
(a) SHORT TITLE.—This section may be cited as the 
‘‘Real Economic Support That Acknowledges Unique Res-
taurant Assistance Needed To Survive Act of 2020’’ or 
the ‘‘RESTAURANTS Act of 2020’’. 
(b) DEFINITIONS.—In this section: 
(1) COVERED PERIOD.—The term ‘‘covered pe-
riod’’ means the period beginning on February 15, 
2020, and ending on June 30, 2021. 
(2) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’— 
(A) means a restaurant, food stand, food 
truck, food cart, caterer, saloon, inn, tavern, 
bar, lounge, brewpub, tasting room, taproom, li-
censed facility, or premise of a beverage alcohol 
producer where the public may taste, sample or 
purchase products, or other similar place of 
business— 
(i) in which the public or patrons as-
semble for the primary purpose of being 
served food or drink; and 
(ii) that, as of March 13, 2020, is not 
part of a chain or franchise with more 
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1716 
than 20 locations doing business under the 
same name, regardless of the type of own-
ership of the locations; 
(B) means an entity that is located in an 
airport terminal and that, as of March 13, 
2020, sold any food and beverage, if, as of 
March 13, 2020, the entity is not part of a 
chain or franchise with more than 20 locations 
doing business under the same name, regardless 
of the type of ownership of the locations; and 
(C) does not include an entity described in 
subparagraph (A) or (B) that is— 
(i) publicly-traded, including a sub-
sidiary or affiliate thereof; or 
(ii) part of a State or local govern-
ment facility, not including an airport. 
(3) FUND.—The term ‘‘Fund’’ means the Res-
taurant Revitalization Fund established under sec-
tion subsection (c). 
(4) IMMEDIATE
FAMILY
MEMBER.—With re-
spect to an individual, the term ‘‘immediate family 
member’’ means any parent or child of the indi-
vidual. 
(5) PAYROLL COSTS.—The term ‘‘payroll costs’’ 
has the meaning given the term in section 
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1717 
7(a)(36)(A) of the Small Business Act (15 U.S.C. 
636(a)(36)(A)). 
(6) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(c) ESTABLISHMENT OF A RESTAURANT REVITAL-
IZATION FUND.— 
(1) IN GENERAL.—There is established in the 
Treasury of the United States a fund to be known 
as the Restaurant Revitalization Fund. 
(2) APPROPRIATIONS.— 
(A) IN GENERAL.—There is appropriated 
to the Fund, out of amounts in the Treasury 
not otherwise appropriated, $120,000,000,000, 
to remain available until June 30, 2021. 
(B) 
REMAINDER
TO
TREASURY.—Any 
amounts remaining in the Fund after June 30, 
2021 shall be deposited in the general fund of 
the Treasury. 
(3) USE OF FUNDS.—The Secretary shall use 
amounts in the Fund to make grants described in 
section subsection (d). 
(d) RESTAURANT REVITALIZATION GRANTS.— 
(1) IN GENERAL.—The Secretary shall award 
grants to eligible entities in the order in which the 
application is received by the Secretary. 
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1718 
(2) REGISTRATION.—The Secretary shall reg-
ister each grant awarded under this subsection using 
the employer identification number of the eligible en-
tity. 
(3) APPLICATION.— 
(A) IN GENERAL.—An eligible entity desir-
ing a grant under this subsection shall submit 
to the Secretary an application at such time, in 
such manner, and containing such information 
as the Secretary may require. 
(B) CERTIFICATION.—An eligible entity 
applying for a grant under this subsection shall 
make a good faith certification— 
(i) that the uncertainty of current eco-
nomic conditions makes necessary the 
grant request to support the ongoing oper-
ations of the eligible entity; 
(ii) acknowledging that funds will be 
used to retain workers, for payroll costs, 
and for other allowable expenses described 
in paragraph (5) and not for any other 
purposes; 
(iii) that the eligible entity does not 
have an application pending for a grant 
under subsection (a)(36) or (b)(2) of sec-
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1719 
tion 7 of the Small Business Act (15 
U.S.C. 636) for the same purpose and that 
is duplicative of amounts applied for or re-
ceived under this section; and 
(iv) during the covered period, that 
the eligible entity has not received amounts 
under subsection (a)(36) or (b)(2) of sec-
tion 7 of the Small Business Act (15 
U.S.C. 636) for the same purpose and that 
is duplicative of amounts applied for or re-
ceived under this section. 
(C) HOLD HARMLESS.—An eligible entity 
applying for a grant under this subsection shall 
not be ineligible for a grant if the eligible entity 
is able to document— 
(i) an inability to rehire individuals 
who were employees of the eligible entity 
on February 15, 2020; and 
(ii) an inability to hire similarly quali-
fied employees for unfilled positions on or 
before June 30, 2021. 
(4) PRIORITY IN AWARDING GRANTS.—During 
the initial 14-day period in which the Secretary 
awards grants under this subsection, the Secretary 
shall— 
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1720 
(A) 
prioritize 
awarding 
grants 
to 
marginalized and underrepresented commu-
nities, with a focus on women- and minority- 
owned, and women- and minority-operated eligi-
ble entities; and 
(B) only award grants to eligible entities 
with annual revenues of less than $1,500,000. 
(5) GRANT AMOUNT.— 
(A) 
DETERMINATION
OF
GRANT 
AMOUNT.— 
(i) IN GENERAL.—The amount of a 
grant made to an eligible entity under this 
subsection shall be equal to— 
(I) the sum of the revenues or es-
timated revenues of the eligible entity 
during each calendar quarter in 2020 
subtracted from the sum of such reve-
nues during the same calendar quar-
ter in 2019, if such sum is greater 
than zero; and 
(II) if applicable, the additional 
amount required to pay for sick leave 
described under clause (ii). 
(ii) SICK LEAVE.—An eligible entity 
applying for a grant under this section— 
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1721 
(I) may request an additional 
grant amount based on the amount 
required to provide 10 days of paid 
sick leave to each employee of the en-
tity to— 
(aa) care for themselves or 
an immediate family member who 
is ill; or 
(bb) provide care for chil-
dren when schools or childcare 
providers are shut down due to 
COVID–19; and 
(II) shall, if provided a grant 
under this section that includes an ad-
ditional amount for sick leave de-
scribed under subclause (I), provide 
each employee of the entity with such 
10 days of paid sick leave. 
(iii) VERIFICATION.—An eligible enti-
ty shall submit to the Secretary such rev-
enue verification documentation as the 
Secretary may require to determine the 
amount of a grant under clause (i). 
(iv) REPAYMENT.—Any amount of a 
grant made under this subsection to an eli-
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gible entity based on estimated revenues in 
a calendar quarter in 2020 that is greater 
than the actual revenues of the eligible en-
tity during that calendar quarter shall be 
converted to a loan that has— 
(I) an interest rate of 1 percent; 
and 
(II) a maturity date of 10 years 
beginning on January 1, 2021. 
(B) REDUCTION BASED ON PPP FORGIVE-
NESS OR EIDL EMERGENCY GRANT.—If an eligi-
ble entity has, at the time of application for a 
grant under this subsection, received an ad-
vance under section 1110(e) of the CARES Act 
(15 U.S.C. 9009(e)) or loan forgiveness under 
section 1106 of such Act (15 U.S.C. 9005) re-
lated to expenses incurred during the covered 
period, the maximum amount of a grant award-
ed to the eligible entity under this subsection 
shall be reduced by the amount of funds ex-
pended by or forgiven for the eligible entity for 
those expenses using amounts received under 
such section 1110(e) or forgiven under such 
section 1106. 
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(C) LIMITATION.—An eligible entity may 
not receive more than 1 grant under this sub-
section. 
(6) USE OF FUNDS.— 
(A) IN GENERAL.—During the covered pe-
riod, an eligible entity that receives a grant 
under this subsection may use the grant funds 
for— 
(i) payroll costs; 
(ii) payments of principal or interest 
on any mortgage obligation; 
(iii) rent payments, including rent 
under a lease agreement; 
(iv) utilities; 
(v) maintenance, including construc-
tion to accommodate outdoor seating; 
(vi) 
supplies, 
including 
protective 
equipment and cleaning materials; 
(vii) food, beverage, and operational 
expenses that are within the scope of the 
normal business practice of the eligible en-
tity before the covered period; 
(viii) debt obligations to suppliers that 
were incurred before the covered period; 
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(ix) costs associated with providing 
employees with 10 days of sick leave, as 
described under paragraph (5)(A)(ii); and 
(x) any other expenses that the Sec-
retary determines to be essential to main-
taining the eligible entity. 
(B) RETURNING FUNDS.—If an eligible en-
tity that receives a grant under this subsection 
permanently ceases operations on or before 
June 30, 2021, the eligible entity shall return 
to the Treasury any funds that the eligible enti-
ty did not use for the allowable expenses under 
subparagraph (A). 
(C) CONVERSION
TO
LOAN.—Any grant 
amounts received by an eligible entity under 
this subsection that are unused after June 30, 
2021, shall be immediately converted to a loan 
with— 
(i) an interest rate of 1 percent; and 
(ii) a maturity date of 10 years. 
(7) REGULATIONS.—Not later than 15 days 
after the date of enactment of this Act, the Sec-
retary shall issue regulations to carry out this sub-
section without regard to the notice and comment 
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requirements under section 553 of title 5, United 
States Code. 
(8) APPROPRIATIONS FOR STAFFING AND AD-
MINISTRATIVE EXPENSES.— 
(A) IN GENERAL.—Of the amounts pro-
vided by paragraph (2)(A), $300,000,000 shall 
be for staffing and administrative expenses re-
lated to administering grants awarded under 
this subsection. 
(B) SET
ASIDE.—Of amounts provided 
under subparagraph (A), $60,000,000 shall be 
allocated 
for 
outreach 
to 
traditionally 
marginalized and underrepresented commu-
nities, with a focus on women, veteran, and mi-
nority-owned and operated eligible entities, in-
cluding the creation of a resource center tar-
geted toward these communities. 
(e) LIMITATION
WITH
RESPECT
TO
PRIVATE 
FUNDS.— 
(1) IN GENERAL.—No amounts received under 
this section may be directly or indirectly used to pay 
distributions, dividends, consulting fees, advisory 
fees, interest payments, or any other fees, expenses, 
or charges to— 
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(A) a person registered as an investment 
adviser under the Investment Advisers Act of 
1940 who advises a private fund; 
(B) any affiliate of such adviser; 
(C) any executive of such adviser or affil-
iate; or 
(D) any employee, consultant, or other per-
son with a contractual relationship to provide 
services for or on behalf of such adviser or affil-
iate. 
(2) ANTI-EVASION.—No company in which a 
private fund holds an ownership interest that has, 
directly or indirectly, received amounts under this 
title may pay any distributions, dividends, consulting 
fees, advisory fees, interest payments, or any other 
fees, expenses, or charges in excess of 10 percent of 
such company’s net operating profits for the cal-
endar year ending December 31, 2020 (and for each 
successive year until the covered period has ended 
and all loans created under this section have been 
repaid) to— 
(A) a person registered as an investment 
adviser under the Investment Advisers Act of 
1940 who advises a private fund; 
(B) any affiliate of such adviser; 
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(C) any executive of such adviser or affil-
iate; or 
(D) any employee, consultant, or other per-
son with a contractual relationship to provide 
services for or on behalf of such adviser or affil-
iate. 
(3) DEFINITIONS.—In this section: 
(A) AFFILIATE.—The term ‘‘affiliate’’ 
means, with respect to a person, any other per-
son directly or indirectly controlling, controlled 
by, or under direct or indirect common control 
with such person. A person shall be deemed to 
control another person if such person possesses, 
directly or indirectly, the power to direct or 
cause the direction of the management and poli-
cies of such other person, whether through the 
ownership of voting securities, by contract, or 
otherwise. 
(B) EXECUTIVE.—The term ‘‘executive’’ 
means— 
(i) any individual who serves an exec-
utive or director of a person, including the 
principal executive officer, principal finan-
cial officer, comptroller or principal ac-
counting officer; and 
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(ii) an executive officer, as defined 
under section 230.405 of title 17, Code of 
Federal Regulations. 
(C) PRIVATE
FIND.—The term ‘‘private 
fund’’ means an issuer that would be an invest-
ment company, as defined in the Investment 
Company Act of 1940 (15 U.S.C. 80a-1 et 
seq.), but for section 3(c)(1) or 3(c)(7) of that 
Act. 
(f) DEMOGRAPHIC DATA AND TRANSPARENCY.— 
(1) DEMOGRAPHIC DATA.—In establishing an 
application process for carrying out this section, the 
Secretary shall include a voluntary request for cer-
tain demographic data with respect to the majority 
ownership of eligible entities, including race, eth-
nicity, gender, and veteran-status. 
(2) MONTHLY REPORTS.—Not later than the 
end of the first month in which initial grants are 
disbursed under this section, and every month there-
after until the date on which the last grant has been 
disbursed under this section, the Secretary shall sub-
mit to the Committee on Financial Services of the 
House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate 
a report providing the number and dollar amount of 
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grants approved for or disbursed to all eligible enti-
ties, including a list of eligible entities with the 
grant amount they received, and a breakout of the 
number and dollar of grants by State, congressional 
district, demographics (including race, ethnicity, 
gender, and veteran-status), and business type. 
(3) QUARTERLY REPORTS.— Beginning on Jan-
uary 1, 2021, and every subsequent quarter until 
the last grant that was converted to a loan under 
this section is repaid, the Secretary shall submit to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate a report 
on the number and dollar amount of grants ap-
proved for or disbursed to all eligible entities, includ-
ing a breakout of grants by State, congressional dis-
trict, demographics (including race, ethnicity, gen-
der, and veteran-status), and business type, as well 
as the number and dollar amount of grants that con-
verted to loans under this section, including a break-
out of outstanding loans by State, congressional dis-
trict, demographics (including race, ethnicity, gen-
der, and veteran-status), and business type. 
(4) DATA TRANSPARENCY.—Not later than 30 
days after the date of enactment of this Act, the 
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Secretary shall make available on a publicly available 
website in a standardized and downloadable format, 
and update on a monthly basis, any data contained 
in a report submitted under this section. 
SEC. 608. CODIFICATION OF THE MINORITY BUSINESS DE-
VELOPMENT ADMINISTRATION. 
(a) DEFINITIONS.—In this section: 
(1) ADMINISTRATION.—The term ‘‘Administra-
tion’’ means the Minority Business Development Ad-
ministration. 
(2) ADMINISTRATOR.—The term ‘‘Adminis-
trator’’ means the Administrator of the Minority 
Business Development Administration. 
(3) COVERED ENTITY.—The term ‘‘covered en-
tity’’ means a private nonprofit organization that— 
(A) is described in section 501(c)(3) of the 
Internal Revenue Code of 1986 and exempt 
from tax under section 501(a) of such Code; 
(B) can demonstrate to the Administration 
that— 
(i) the primary mission of the organi-
zation is to provide services to minority 
business enterprises, whether through edu-
cation, making grants, or other similar ac-
tivities; and 
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(ii) the organization is unable to pay 
financial obligations incurred by the orga-
nization, including payroll obligations; and 
(C) due to the effects of COVID–19, is un-
able to engage in the same level of fundraising 
in the year in which this Act is enacted, as 
compared with the year preceding the year in 
which this Act is enacted, including through 
events or the collection of fees. 
(4) MINORITY.—The term ‘‘minority’’ has the 
meaning given the term in section 308(b) of the Fi-
nancial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 and includes any indigenous per-
son in the United States or the territories of the 
United States. 
(5) MINORITY BUSINESS DEVELOPMENT CEN-
TER.—The term ‘‘minority business development 
center’’ means a Business Center of the Administra-
tion, including its Specialty Center Program. 
(6) MINORITY
BUSINESS
ENTERPRISE.—The 
term ‘‘minority business enterprise’’ means a for- 
profit business enterprise— 
(A) that is not less than 51 percent-owned 
by 1 or more minority individuals; and 
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(B) the management and daily business 
operations of which are controlled by 1 or more 
minority individuals. 
(b) MINORITY BUSINESS DEVELOPMENT ADMINIS-
TRATION.— 
(1) ESTABLISHMENT.— 
(A) IN GENERAL.—The Minority Business 
Development Administration is hereby estab-
lished. 
(B) TRANSFER OF FUNCTIONS.—All func-
tions that, immediately before the date of enact-
ment of this Act, were functions of the Minority 
Business Development Agency of the Depart-
ment of Commerce shall be functions of the Ad-
ministration. 
(C) TRANSFER OF ASSETS.—So much of 
the personnel, property, records, and unex-
pended balances of appropriations, allocations, 
and other funds employed, used, held, available, 
or to be made available in connection with a 
function transferred under subparagraph (B) 
shall be available to the Administration for use 
in connection with the functions transferred. 
(D) REFERENCES.—Any reference in any 
other Federal law, Executive order, rule, regula-
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tion, or delegation of authority, or any docu-
ment of or pertaining to the Minority Business 
Development Agency of the Department of 
Commerce is deemed to refer to the Adminis-
tration. 
(2) ADMINISTRATOR.— 
(A) APPOINTMENT AND DUTIES.—The Ad-
ministration shall be headed by an Adminis-
trator, who shall be— 
(i) appointed by the President, by and 
with the advice and consent of the Senate; 
and 
(ii) except as otherwise expressly pro-
vided, responsible for the administration of 
this Act. 
(B) COMPENSATION.—The Administrator 
shall be compensated at an annual rate of basic 
pay prescribed for level IV of the Executive 
Schedule under section 5315 of title 5, United 
States Code. 
(C) TRANSITION PERIOD.—The individual 
serving as the Director of the Minority Busi-
ness Development Agency on the day before the 
date of enactment of this Act shall serve as the 
Administrator of the Administration until such 
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time as the first Administrator is confirmed by 
the Senate pursuant to subparagraph (A). 
(3) REPORT
TO
CONGRESS.—Not later than 
120 days after the date of enactment of this Act, the 
Administrator shall submit to Congress a report that 
describes the organizational structure of the Admin-
istration. 
(4) ADMINISTRATIVE POWERS AND OTHER POW-
ERS
OF
THE
ADMINISTRATION; MISCELLANEOUS 
PROVISIONS.— 
(A) IN GENERAL.—In carrying out the du-
ties and the responsibilities of the Administra-
tion, the Administrator may— 
(i) hold hearings, sit and act, and 
take testimony as the Administrator may 
determine to be necessary or appropriate; 
(ii) acquire, in any lawful manner, 
any property that the Administrator may 
determine to be necessary or appropriate; 
(iii) make advance payments under 
grants, contracts, and cooperative agree-
ments awarded by the Administration; 
(iv) enter into agreements with other 
Federal agencies; 
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(v) coordinate with the heads of the 
Offices of Small and Disadvantaged Busi-
ness Utilization of Federal agencies; 
(vi) require a coordinated review of all 
training and technical assistance activities 
that are proposed to be carried out by 
Federal agencies in direct support of the 
development of minority business enter-
prises to— 
(I) assure consistency with the 
purposes of this Act; and 
(II) avoid duplication of existing 
efforts; and 
(vii) prescribe such rules, regulations, 
and procedures as the Administration may 
determine to be necessary or appropriate. 
(B) EMPLOYMENT OF CERTAIN EXPERTS 
AND CONSULTANTS.— 
(i) IN GENERAL.—The Administrator 
may employ experts and consultants or or-
ganizations that are composed of experts 
or consultants, as authorized under section 
3109 of title 5, United States Code. 
(ii) RENEWAL
OF
CONTRACTS.—The 
Administrator may annually renew a con-
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tract for employment of an individual em-
ployed under clause (i). 
(C) DONATION OF PROPERTY.— 
(i) IN
GENERAL.—Subject to clause 
(ii), the Administrator may, without cost 
(except for costs of care and handling), do-
nate for use by any public sector entity, or 
by any recipient nonprofit organization, for 
the purpose of the development of minority 
business enterprises, any real or tangible 
personal property acquired by the Adminis-
tration. 
(ii) TERMS, CONDITIONS, RESERVA-
TIONS, AND RESTRICTIONS.—The Adminis-
trator may impose reasonable terms, condi-
tions, reservations, and restrictions upon 
the use of any property donated under 
clause (i). 
(c) EMERGENCY GRANTS
TO NON-PROFITS THAT 
SUPPORT MINORITY BUSINESS ENTERPRISES.— 
(1) ESTABLISHMENT.—Not later than 15 days 
after the date of enactment of this Act, the Adminis-
tration shall establish a grant program for covered 
entities— 
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(A) in order to help those covered entities 
continue the necessary work of supporting mi-
nority business enterprises; and 
(B) under which the Administration shall 
make grants to covered entities as expeditiously 
as possible. 
(2) APPLICATION.— 
(A) IN GENERAL.—A covered entity desir-
ing a grant under this subsection shall submit 
to the Administration an application at such 
time, in such manner, and containing such in-
formation as the Administration may require. 
(B) 
PRIORITY.—The 
Administration 
shall— 
(i) establish selection criteria to en-
sure that, if the amounts made available to 
carry out this subsection are not sufficient 
to make a grant under this subsection to 
every covered entity that submits an appli-
cation under subparagraph (A), the cov-
ered entities that are the most severely af-
fected by the effects of COVID–19 receive 
priority with respect to those grants; and 
(ii) give priority with respect to the 
grants made under this subsection to a 
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covered entity that proposes to use the 
grant funds for— 
(I) providing paid sick leave to 
employees of the covered entity who 
are unable to work due to the direct 
effects of COVID–19; 
(II) continuing to make payroll 
payments in order to retain employees 
of the covered entity during an eco-
nomic disruption with respect to 
COVID–19; 
(III) making rent or mortgage 
payments with respect to obligations 
of the covered entity; or 
(IV) repaying non-Federal obliga-
tions that the covered entity cannot 
satisfy because of revenue losses that 
are attributable to the effects of 
COVID–19. 
(3) AMOUNT OF GRANT.— 
(A) IN GENERAL.—A grant made under 
this subsection shall be in an amount that is 
not more than $500,000. 
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(B) SINGLE
AWARD.—No covered entity 
may receive, or directly benefit from, more than 
1 grant made under this subsection. 
(4) USE OF FUNDS.—A covered entity that re-
ceives a grant under this subsection may use the 
grant funds to address the effects of COVID–19 on 
the covered entity, including by making payroll pay-
ments, making a transition to the provision of online 
services, and addressing issues raised by an inability 
to raise funds. 
(5) PROCEDURES.—The Administration shall 
establish procedures to discourage and prevent 
waste, fraud, and abuse by applicants for, and re-
cipients of, grants made under this subsection. 
(6) NON-DUPLICATION.—The Administration 
shall ensure that covered entities do not receive 
grants under both this subsection and section 1108 
of the CARES Act. 
(7) GAO AUDIT.—Not later than 180 days 
after the date on which the Administration begins 
making grants under this subsection, the Comp-
troller General of the United States shall— 
(A) conduct an audit of grants made under 
this subsection, which shall seek to identify any 
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discrepancies or irregularities with respect to 
the grants; and 
(B) submit to Congress a report regarding 
the audit conducted under subparagraph (A). 
(8) UPDATES TO CONGRESS.—Not later than 
30 days after the date of enactment of this Act, and 
once every 30 days thereafter until the date de-
scribed in paragraph (11), the Administrator shall 
submit to Congress a report that contains— 
(A) the number of grants made under this 
subsection during the period covered by the re-
port; and 
(B) with respect to the grants described in 
subparagraph (A), the geographic distribution 
of those grants by State and county. 
(9) TERMINATION.—The authority to make 
grants under this subsection shall terminate on Sep-
tember 30, 2021. 
(d) OUTREACH TO BUSINESS CENTERS.— 
(1) IN GENERAL.—Not later than 10 days after 
the date of enactment of this Act, the Administra-
tion shall conduct outreach to the business center 
network of the Administration to provide guidance 
to those centers regarding other Federal programs 
that are available to provide support to minority 
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business enterprises, including programs at the De-
partment of the Treasury, the Small Business Ad-
ministration, and the Economic Development Ad-
ministration of the Department of Commerce. 
(2) OUTREACH TO NATIVE COMMUNITIES.— 
(A) IN
GENERAL.—In carrying out this 
subsection, the Administration shall ensure that 
outreach is conducted in American Indian, 
Alaska Native, and Native Hawaiian commu-
nities. 
(B) DIRECT OUTREACH TO CERTAIN MI-
NORITY
BUSINESS
ENTERPRISES.—If the Ad-
ministrator determines that a particular Amer-
ican Indian, Alaska Native, or Native Hawaiian 
community does not receive sufficient grant 
amounts under subsection (c) or section 1108 
of the CARES Act, the Administrator shall 
carry out additional outreach directly to minor-
ity business enterprises located in that commu-
nity to provide guidance regarding Federal pro-
grams that are available to provide support to 
minority business enterprises. 
(3) USE OF APPROPRIATED FUNDS.—If, after 
carrying out this subsection, there are remaining 
funds made available to carry out this subsection 
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from the amount appropriated under subsection (e), 
the Administration may use those remaining funds 
to carry out other responsibilities of the Administra-
tion under subsection (c). 
(e) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Administration, in 
additional to any other amounts so authorized, for the fis-
cal year ending September 30, 2020, to remain available 
until September 30, 2021, $60,000,000, of which— 
(1) $10,000,000 are authorized for carrying out 
subsection (c); 
(2) $5,000,000 are authorized for carrying out 
subsection (d); and 
(3) $10,000,000 are authorized to be allocated 
to the White House Initiative on Asian Americans 
and Pacific Islanders. 
(f) AUDITS.— 
(1) RECORDKEEPING REQUIREMENT.—Each re-
cipient of assistance under this section shall keep 
such records as the Administrator shall prescribe, 
including records that fully disclose, with respect to 
the assistance received by the recipient under this 
section— 
(A) the amount and nature of that assist-
ance; 
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(B) the disposition by the recipient of the 
proceeds of that assistance; 
(C) the total cost of the undertaking for 
which the assistance is given or used; 
(D) the amount and nature of the portion 
of the cost of the undertaking described in sub-
paragraph (C) that is supplied by a source 
other than the Administration; and 
(E) any other records that will facilitate an 
effective audit of the assistance. 
(2) ACCESS BY GOVERNMENT OFFICIALS.—The 
Administrator and the Comptroller General of the 
United States shall have access, for the purpose of 
audit, investigation, and examination, to any book, 
document, paper, record, or other material of a re-
cipient of assistance. 
(g) REVIEW AND REPORT BY COMPTROLLER GEN-
ERAL.—Not later than 4 years after the date of enactment 
of this Act, the Comptroller General of the United States 
shall— 
(1) conduct a thorough review of the programs 
carried out under this section; and 
(2) submit to Congress a detailed report of the 
findings of the Comptroller General under the review 
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carried out under paragraph (1), which shall in-
clude— 
(A) an evaluation of the effectiveness of 
the programs in achieving the purposes of this 
section; 
(B) a description of any failure by any re-
cipient of assistance under this section to com-
ply with the requirements under this section; 
and 
(C) recommendations for any legislative or 
administrative action that should be taken to 
improve the achievement of the purposes of this 
section. 
(h) ANNUAL REPORTS; RECOMMENDATIONS.— 
(1) ANNUAL REPORT.—Not later than 90 days 
after the last day of each fiscal year, the Adminis-
trator shall submit to Congress, and publish on the 
website of the Administration, a report of each activ-
ity of the Administration carried out under this sec-
tion during the fiscal year preceding the date on 
which the report is submitted. 
(2) RECOMMENDATIONS.—The Administrator 
shall periodically submit to Congress and the Presi-
dent recommendations for legislation or other ac-
tions that the Administrator determines to be nec-
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essary or appropriate to promote the purposes of 
this section. 
(i) EXECUTIVE ORDER 11625.—The powers and du-
ties of the Administration shall be determined— 
(1) in accordance with this section and the re-
quirements of this section; and 
(2) without regard to Executive Order 11625 
(36 Fed. Reg. 19967; relating to prescribing addi-
tional arrangements for developing and coordinating 
a national program for minority business enter-
prise). 
(j) AMENDMENT
TO
THE FEDERAL ACQUISITION 
STREAMLINING ACT OF 1994.—Section 7104(c) of the 
Federal Acquisition Streamlining Act of 1994 (15 U.S.C. 
644a(c)) is amended by striking paragraph (2) and insert-
ing the following: 
‘‘(2) The Administrator of the Minority Busi-
ness Development Administration.’’. 
SEC. 609. EMERGENCY GRANTS TO MINORITY BUSINESS EN-
TERPRISES. 
(a) GRANTS DURING THE COVID–19 PANDEMIC.— 
The Minority Business Development Agency shall provide 
grants to address the needs of minority business enter-
prises impacted by the COVID–19 pandemic. 
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(b) RECIPIENTS.—The Agency may make grants 
through non-profit organizations or directly to minority 
business enterprises. 
(c) PRIORITY AREAS.—In providing grants pursuant 
to subsection (a), the Agency shall prioritize providing as-
sistance to— 
(1) minority business enterprises that have been 
unable to obtain loans from the Small Business Ad-
ministration’s Paycheck Protection Program and 
other programs established under the CARES Act; 
(2) minority business enterprises located in low- 
income areas or areas that have been significantly 
impacted by the COVID–19 pandemic; and 
(3) minority business enterprises that do not 
have access to capital and whose business is sub-
stantially impaired because of the impact of stay-at- 
home orders implemented by State and local govern-
ments due to the COVID–19 pandemic. 
(d) TERMS AND CONDITIONS.— 
(1) IN GENERAL.—The Secretary of Commerce, 
acting through the Minority Business Development 
Agency, shall set such terms and conditions for the 
grants made under this section as the Secretary de-
termines appropriate. 
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(2) NOTIFICATION.—No later than 15 days 
prior to making any grants under this section, the 
Secretary, acting through the Agency, shall provide 
the terms and conditions for grants made under this 
section to the Committee on Financial Services of 
the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate. 
(e) GAO OVERSIGHT.—Not later than six months 
after the date of enactment of this Act, the Comptroller 
General of the United States shall provide a report on the 
effectiveness of the grants made under this section, includ-
ing the manner in which the Agency implemented the pri-
orities described in subsection (c). 
(f) DEFINITIONS.—In this section: 
(1) MINORITY.—The term ‘‘minority’’ has the 
meaning given the term in section 308(b) of the Fi-
nancial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 and includes any indigenous per-
son in the United States or the territories of the 
United States. 
(2) MINORITY
BUSINESS
ENTERPRISE.—The 
term ‘‘minority business enterprise’’ means a for- 
profit business enterprise— 
(A) that is not less than 51 percent-owned 
by 1 or more minority individuals; and 
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(B) the management and daily business 
operations of which are controlled by 1 or more 
minority individuals. 
(g) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated $3,000,000,000 to carry 
out this section. Such funds are authorized to be appro-
priated to remain available until expended. 
TITLE VII—PROMOTING AND AD-
VANCING COMMUNITIES OF 
COLOR THROUGH INCLUSIVE 
LENDING 
SEC. 701. SHORT TITLE. 
This title may be cited as the ‘‘Promoting and Ad-
vancing Communities of Color through Inclusive Lending 
Act’’. 
SEC. 702. FINDINGS; SENSE OF CONGRESS. 
(a) FINDINGS.—The Congress finds the following: 
(1) The Coronavirus 2019 (COVID–19) pan-
demic and the resulting recession have led to more 
than 4.8 million cases and at least 157,000 deaths 
in the United States as of August 6, 2020; a 7.6 
percent increase in the unemployment rate from 
February to June, or approximately 12 million more 
persons who have lost their job; and an estimated 36 
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percent of renters and 4.1 million homeowners who 
are struggling to pay their rent and mortgages. 
(2) According to the Centers for Disease Con-
trol, ‘‘long-standing systemic health and social in-
equities have put some members of racial and ethnic 
minority groups at increased risk of getting COVID– 
19 or experiencing severe illness’’. 
(3) Minority-owned businesses are also facing 
more difficult economic circumstances than others as 
a result of the COVID–19 pandemic. In April 2020, 
the Federal Reserve Bank of New York reported 
that minority- and women-owned businesses were 
not only more likely to show signs of limited finan-
cial health, but also twice as likely to be classified 
as ‘‘at risk’’ or ‘‘distressed’’ than their non-minority 
counterparts. 
(4) During the Coronavirus 2019 (COVID–19) 
pandemic, community development financial institu-
tions (CDFIs) and minority depository institutions 
(MDIs) have delivered needed capital and relief to 
underserved communities, many of which have borne 
a disproportionate impact of the COVID–19 pan-
demic. Through August 8, 2020, CDFIs and MDIs 
have provided more than $16.4 billion in Paycheck 
Protection Program (PPP) loans to small businesses 
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with a smaller median loan size of about $74,000 
compared to the overall program median loan size of 
$101,000. 
(5) In addition to establishing relief funds and 
services for local businesses and individuals experi-
encing loss of income, CDFIs and MDIs have pro-
vided mortgage forbearances, loan deferments, and 
modifications to help address the needs of their bor-
rowers. CDFIs and MDIs are reaching underserved 
communities and minority-owned businesses at a 
critical time. 
(6) The Community Development Financial In-
stitutions Fund (CDFI Fund) is an agency of the 
U.S. 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’’. As of Sep-
tember 15, 2020, there were 1,137 certified CDFIs 
in all 50 States, District of Columbia, Guam, and 
Puerto Rico. 
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(7) Following the 2008 financial crisis and the 
disproportionate impact the Great Recession had on 
minority communities, the number of MDI banks fell 
more than 30 percent over the following decade, to 
143 as of the second quarter of 2020. Meanwhile, 
MDI credit unions have seen similar declines, with 
more than one-third of such institutions dis-
appearing since 2013. 
(b) SENSE OF CONGRESS.—The following is the sense 
of the Congress: 
(1) The Department of the Treasury, Board of 
Governors of the Federal Reserve System, Small 
Business Administration (SBA), Office of the Comp-
troller of the Currency, Federal Deposit Insurance 
Corporation, National Credit Union Administration, 
and other Federal agencies should take steps to sup-
port, engage with, and utilize minority depository in-
stitutions and community development financial in-
stitutions in the near term, especially as they carry 
out programs to respond to the COVID–19 pan-
demic, and the long term. 
(2) The Board of Governors of the Federal Re-
serve System should, consistent with its mandates, 
work to increase lending by minority depository in-
stitutions and community development financial in-
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stitutions to underserved communities, and when ap-
propriate, should work with the Department of the 
Treasury to increase lending by minority depository 
institutions and community development financial 
institutions to underserved communities. 
(3) The Department of the Treasury and pru-
dential regulators should establish a strategic plan 
identifying concrete steps that they can take to sup-
port existing minority depository institutions, as well 
as the formation of new minority depository institu-
tions consistent with the goals established in the Fi-
nancial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 (FIRREA) to preserve and pro-
mote minority depository institutions. 
(4) Congress should increase funding and make 
other enhancements, including those provided by this 
legislation, to enhance the effectiveness of the CDFI 
Fund, especially reforms to support minority-owned 
and minority led CDFIs in times of crisis and be-
yond. 
(5) Congress should conduct robust and ongo-
ing oversight of the Department of the Treasury, 
CDFI Fund, Federal prudential regulators, SBA, 
and other Federal agencies to ensure they fulfill 
their obligations under the law as well as implement 
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this title and other laws in a manner that supports 
and fully utilizes minority depository institutions 
and community development financial intuitions, as 
appropriate. 
(6) The investments made by the Secretary of 
the Treasury under this title and the amendments 
made by this title should be designed to maximize 
the benefit to low- and moderate-income and minor-
ity communities and contemplate losses to capital of 
the Treasury. 
SEC. 703. PURPOSE. 
The purpose of this title is to— 
(1) establish programs to revitalize and provide 
long-term financial products and service availability 
for, and provide investments in, low- and moderate- 
income and minority communities; 
(2) respond to the unprecedented loss of Black- 
owned businesses and unemployment; and 
(3) otherwise enhance the stability, safety and 
soundness of community financial institutions that 
support low- and moderate-income and minority 
communities. 
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SEC. 704. CONSIDERATIONS; REQUIREMENTS FOR CREDI-
TORS. 
(a) IN GENERAL.—In exercising the authorities 
under this title and the amendments made by this title, 
the Secretary of the Treasury shall take into consider-
ation— 
(1) increasing the availability of affordable 
credit for consumers, small businesses, and nonprofit 
organizations, including for projects supporting af-
fordable housing, community-serving real estate, and 
other projects, that provide direct benefits to low- 
and moderate-income communities, low-income and 
underserved individuals, and minorities; 
(2) providing funding to minority-owned or mi-
nority-led eligible institutions and other eligible insti-
tutions that have a strong track record of serving 
minority small businesses; 
(3) protecting and increasing jobs in the United 
States; 
(4) increasing the opportunity for small busi-
ness, affordable housing and community develop-
ment in geographic areas and demographic segments 
with poverty and high unemployment rates that ex-
ceed the average in the United States; 
(5) ensuring that all low- and moderate-income 
community financial institutions may apply to par-
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ticipate in the programs established under this title 
and the amendments made by this title, without dis-
crimination based on geography; 
(6) providing transparency with respect to use 
of funds provided under this title and the amend-
ments made by this title; 
(7) promoting and engaging in financial edu-
cation to would-be borrowers; and 
(8) providing funding to eligible institutions 
that serve consumers, small businesses, and non-
profit organizations to support affordable housing, 
community-serving real estate, and other projects 
that provide direct benefits to low- and moderate-in-
come communities, low-income individuals, and mi-
norities directly affected by the COVID–19 pan-
demic. 
(b) REQUIREMENT FOR CREDITORS.—Any creditor 
participating in a program established under this title or 
the amendments made by this title shall fully comply with 
all applicable statutory and regulatory requirements relat-
ing to fair lending. 
SEC. 705. NEIGHBORHOOD CAPITAL INVESTMENT PRO-
GRAM. 
Title IV of the CARES Act (Public Law 116–136) 
is amended— 
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(1) in section 4002 (15 U.S.C. 9041)— 
(A) 
by 
redesignating 
paragraphs 
(7) 
through (10) as paragraphs (9) through (12), 
respectively; and 
(B) by inserting after paragraph (6) the 
following: 
‘‘(7) LOW- AND
MODERATE-INCOME
COMMU-
NITY FINANCIAL INSTITUTION.—The term ‘low- and 
moderate-income community financial institution’ 
means any financial institution that is— 
‘‘(A) a community development financial 
institution, as defined in section 103 of the Rie-
gle Community Development and Regulatory 
Improvement Act of 1994 (12 U.S.C. 4702); or 
‘‘(B) a minority depository institution. 
‘‘(8) MINORITY
DEPOSITORY
INSTITUTION.— 
The term ‘minority depository institution’— 
‘‘(A) has the meaning given that term 
under section 308 of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1463 note); 
‘‘(B) means an entity considered to be a 
minority depository institution by— 
‘‘(i) the appropriate Federal banking 
agency (as such term is defined under sec-
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tion 3 of the Federal Deposit Insurance 
Act); or 
‘‘(ii) the National Credit Union Ad-
ministration, in the case of an insured 
credit union; and 
‘‘(C) means an entity listed in the Federal 
Deposit Insurance Corporation’s Minority De-
pository Institutions List published for the Sec-
ond Quarter 2020.’’; 
(2) in section 4003 (15 U.S.C. 9042), by add-
ing at the end the following: 
‘‘(i) NEIGHBORHOOD CAPITAL INVESTMENT PRO-
GRAM.— 
‘‘(1) DEFINITIONS.—In this subsection— 
‘‘(A) the term ‘community development fi-
nancial institution’ has the meaning given the 
term in section 103 of the Riegle Community 
Development and Regulatory Improvement Act 
of 1994 (12 U.S.C. 4702); 
‘‘(B) the term ‘Fund’ means the Commu-
nity Development Financial Institutions Fund 
established under section 104(a) of the Riegle 
Community Development and Regulatory Im-
provement Act of 1994 (12 U.S.C. 4703(a)); 
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‘‘(C) the term ‘minority’ means any Black 
American, Native American, Hispanic Amer-
ican, or Asian American; 
‘‘(D) the term ‘Program’ means the Neigh-
borhood Capital Investment Program estab-
lished under paragraph (2); and 
‘‘(E) the ‘Secretary’ means the Secretary 
of the Treasury. 
‘‘(2) ESTABLISHMENT.—The Secretary of the 
Treasury shall establish a Neighborhood Capital In-
vestment Program (the ‘Program’) to support the ef-
forts of low- and moderate-income community finan-
cial institutions to, among other things, provide 
loans and forbearance for small businesses, minority- 
owned businesses, and consumers, especially in low- 
income and underserved communities, by providing 
direct capital investments in low- and moderate-in-
come community financial institutions. 
‘‘(3) APPLICATION.— 
‘‘(A) ACCEPTANCE.—The Secretary shall 
begin accepting applications for capital invest-
ments under the Program not later than the 
end of the 30-day period beginning on the date 
of enactment of this subsection, with priority in 
distribution given to low- and moderate-income 
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community financial institutions that are mi-
nority lending institutions, as defined under 
section 103 of the Community Development 
Banking and Financial Institutions Act of 1994 
(12 U.S.C. 4702). 
‘‘(B) REQUIREMENT TO PROVIDE A NEIGH-
BORHOOD INVESTMENT LENDING PLAN.— 
‘‘(i) IN GENERAL.—At the time that 
an applicant submits an application to the 
Secretary for a capital investment under 
the Program, the applicant shall provide 
the Secretary, along with the appropriate 
Federal banking agency, an investment 
and lending plan that— 
‘‘(I) demonstrates that not less 
than 30 percent of the lending of the 
applicant over the past 2 fiscal years 
was made directly to low- and mod-
erate income borrowers, to borrowers 
that create direct benefits for low- and 
moderate-income populations, to other 
targeted populations as defined by the 
Fund, or any combination thereof, as 
measured by the total number and 
dollar amount of loans; 
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‘‘(II) describes how the business 
strategy and operating goals of the 
applicant will address community de-
velopment needs, which includes the 
needs of small businesses, consumers, 
nonprofit organizations, community 
development, and other projects pro-
viding direct benefits to low- and mod-
erate-income communities, low-income 
individuals, and minorities within the 
minority, rural, and urban low-income 
and underserved areas served by the 
applicant; 
‘‘(III) includes a plan to provide 
linguistically and culturally appro-
priate outreach, where appropriate; 
‘‘(IV) includes an attestation by 
the applicant that the applicant does 
not own, service, or offer any financial 
products at an annual percentage rate 
of more than 36 percent interest, as 
defined in section 987(i)(4) of title 
10, United States Code, and is com-
pliant with State interest rate laws; 
and 
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‘‘(V) includes details on how the 
applicant plans to expand or maintain 
significant lending or investment ac-
tivity in low- or moderate-income mi-
nority communities, to historically dis-
advantaged borrowers, and to minori-
ties that have significant unmet cap-
ital or financial services needs. 
‘‘(ii) 
COMMUNITY
DEVELOPMENT 
LOAN FUNDS.—An applicant that is not an 
insured community development financial 
institution or otherwise regulated by a 
Federal financial regulator shall submit 
the plan described in clause (i) only to the 
Secretary. 
‘‘(iii) DOCUMENTATION.—In the case 
of an applicant that is certified as a com-
munity development financial institution as 
of the date of enactment of this subsection, 
for purposes of clause (i)(I), the Secretary 
may rely on documentation submitted the 
Fund as part of certification compliance 
reporting. 
‘‘(4) INCENTIVES TO INCREASE LENDING AND 
PROVIDE AFFORDABLE CREDIT.— 
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‘‘(A) 
REQUIREMENTS
ON
PREFERRED 
STOCK AND OTHER FINANCIAL INSTRUMENT.— 
Any financial instrument issued to Treasury by 
a low- and moderate-income community finan-
cial institution under the Program shall provide 
the following: 
‘‘(i) No dividends, interest or other 
payments shall exceed 2 percent per 
annum. 
‘‘(ii) After the first 24 months from 
the date of the capital investment under 
the Program, annual payments may be re-
quired, as determined by the Secretary and 
in accordance with this section, and ad-
justed downward based on the amount of 
affordable credit provided by the low- and 
moderate-income community financial in-
stitution to borrowers in minority, rural, 
and urban low-income and underserved 
communities. 
‘‘(iii) During any calendar quarter 
after the initial 24-month period referred 
to in clause (ii), the annual payment rate 
of a low- and moderate-income community 
financial institution shall be adjusted 
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downward to reflect the following schedule, 
based on lending by the institution relative 
to the baseline period: 
‘‘(I) If the institution in the most 
recent annual period prior to the in-
vestment provides significant lending 
or investment activity in low- or mod-
erate-income minority communities, 
historically disadvantaged borrowers, 
and to minorities that have significant 
unmet capital or financial services, 
the annual payment rate shall not ex-
ceed 0.5 percent per annum. 
‘‘(II) If the amount of lending 
within minority, rural, and urban low- 
income and underserved communities 
and to low- and moderate-income bor-
rowers has increased dollar for dollar 
based on the amount of the capital in-
vestment, the annual payment rate 
shall not exceed 1 percent per annum. 
‘‘(III) If the amount of lending 
within minority, rural, and urban low- 
income and underserved communities 
and to low- and moderate-income bor-
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rowers has increased by twice the 
amount of the capital investment, the 
annual payment rate shall not exceed 
0.5 percent per annum. 
‘‘(B) CONTINGENCY OF PAYMENTS BASED 
ON CERTAIN FINANCIAL CRITERIA.— 
‘‘(i) DEFERRAL.—Any annual pay-
ments under this subsection shall be de-
ferred in any quarter or payment period if 
any of the following is true: 
‘‘(I) The low- and moderate-in-
come community institution fails to 
meet the Tier 1 capital ratio or simi-
lar ratio as determined by the Sec-
retary. 
‘‘(II) The low- and moderate-in-
come community financial institution 
fails to achieve positive net income for 
the quarter or payment period. 
‘‘(III) The low- and moderate-in-
come community financial institution 
determines that the payment would be 
detrimental to the financial health of 
the institution. 
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‘‘(ii) TESTING
DURING
NEXT
PAY-
MENT PERIOD.—Any deferred annual pay-
ment under this subsection shall be tested 
against the metrics described in clause (i) 
at the beginning of the next payment pe-
riod, and such payments shall continue to 
be deferred until the metrics described in 
that clause are no longer applicable. 
‘‘(5) RESTRICTIONS.— 
‘‘(A) IN GENERAL.—Each low- and mod-
erate-income community financial institution 
may only issue financial instruments or senior 
preferred stock under this subsection with an 
aggregate principal amount that is— 
‘‘(i) not more than 15 percent of risk- 
weighted assets for an institution with as-
sets of more than $2,000,000,000; 
‘‘(ii) not more than 25 percent of 
risk-weighted assets for an institution with 
assets of not less than $500,000,000 and 
not more than $2,000,000,000; and 
‘‘(iii) not more than 30 percent of 
risk-weighted assets for an institution with 
assets of less than $500,000,000. 
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‘‘(B) HOLDING OF INSTRUMENTS.—Hold-
ing any instrument of a low- and moderate-in-
come community financial institution described 
in subparagraph (A) shall not give the Treasury 
or any successor that owns the instrument any 
rights over the management of the institution. 
‘‘(C) SALE OF INTEREST.—With respect to 
a capital investment made into a low- and mod-
erate-income community financial institution 
under this subsection, the Secretary— 
‘‘(i) except as provided in clause (iv), 
during the 10-year period following the in-
vestment, may not sell the interest of the 
Secretary in the capital investment to a 
third party; 
‘‘(ii) shall provide the low- and mod-
erate-income community financial institu-
tion a right of first refusal to buy back the 
investment under terms that do not exceed 
a value as determined by an independent 
third party; and 
‘‘(iii) shall not sell more than a 5 per-
cent ownership interest in the capital in-
vestment to a single third party; and 
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‘‘(iv) with the permission of the insti-
tution, may gift or sell the interest of the 
Secretary in the capital investment for a 
de minimus amount to a mission aligned 
nonprofit affiliate of an applicant that is 
an insured community development finan-
cial institution, as defined in section 103 of 
the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 
U.S.C. 4702). 
‘‘(v) CALCULATION
OF
OWNERSHIP 
FOR
MINORITY
DEPOSITORY
INSTITU-
TIONS.—The calculation and determination 
of ownership thresholds for a depository 
institution to qualify as a minority deposi-
tory 
institution 
described 
in 
section 
4002(7)(B) shall exclude any dilutive effect 
of equity investments by the Federal Gov-
ernment, including under the Program or 
through the Fund. 
‘‘(6) AVAILABLE
AMOUNTS.—In carrying out 
the Program, the Secretary shall use not more than 
$13,000,000,000, from amounts appropriated under 
section 
4027, 
and 
shall 
use 
not 
less 
than 
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$7,000,000,000 of such amount for direct capital in-
vestments under the Program. 
‘‘(7) TREATMENT OF CAPITAL INVESTMENTS.— 
In making any capital investment under the Pro-
gram, the Secretary shall ensure that the terms of 
the investment are designed to ensure the invest-
ment receives Tier 1 capital treatment. 
‘‘(8) OUTREACH
TO
MINORITIES.—The Sec-
retary shall require low- and moderate-income com-
munity financial institutions receiving capital invest-
ments under the Program to provide linguistically 
and culturally appropriate outreach and advertising 
describing the availability and application process of 
receiving loans made possible by the Program 
through organizations, trade associations, and indi-
viduals that represent or work within or are mem-
bers of minority communities. 
‘‘(9) RESTRICTIONS.— 
‘‘(A) IN
GENERAL.—Not later than the 
end of the 30-day period beginning on the date 
of enactment of this subsection, the Secretary 
of the Treasury shall issue rules setting restric-
tions 
on 
executive 
compensation, 
share 
buybacks, and dividend payments for recipients 
of capital investments under the Program. 
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‘‘(B) RULE OF CONSTRUCTION.—The pro-
visions of section 4019 apply to investments 
made under the Program. 
‘‘(10) TERMINATION OF INVESTMENT AUTHOR-
ITY.—The authority to make capital investments in 
low- and moderate-income community financial insti-
tutions, including commitments to purchase pre-
ferred stock or other instruments, provided under 
the Program shall terminate on the date that is 36 
months after the date of enactment of this sub-
section. 
‘‘(11) COLLECTION OF DATA.—Notwithstanding 
the Equal Credit Opportunity Act (15 U.S.C. 1691 
et seq.)— 
‘‘(A) any low- and moderate-income com-
munity financial institution may collect data de-
scribed in section 701(a)(1) of that Act (15 
U.S.C. 1691(a)(1)) from borrowers and appli-
cants for credit for the purpose of monitoring 
compliance under the plan required under para-
graph (4)(B); and 
‘‘(B) a low- and moderate-income commu-
nity financial institution that collects the data 
described in subparagraph (A) shall not be sub-
ject to adverse action related to that collection 
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by the Bureau of Consumer Financial Protec-
tion or any other Federal agency. 
‘‘(12) DEPOSIT OF FUNDS.—All funds received 
by the Secretary in connection with purchases made 
pursuant this subsection, including interest pay-
ments, dividend payments, and proceeds from the 
sale of any financial instrument, shall be deposited 
into the Fund and used to provide financial and 
technical assistance pursuant to section 108 of the 
Riegle Community Development and Regulatory Im-
provement Act of 1994 (12 U.S.C. 4707), except 
that subsection (e) of that section shall be waived. 
‘‘(13) EQUITY
EQUIVALENT
INVESTMENT
OP-
TION.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
establish an Equity Equivalent Investment Op-
tion, under which, with respect to a specific in-
vestment in a low- and moderate-income com-
munity financial institution— 
‘‘(i) 80 percent of such investment is 
made by the Secretary under the Program; 
and 
‘‘(ii) 20 percent of such investment if 
made by a banking institution. 
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‘‘(B) REQUIREMENT TO FOLLOW SIMILAR 
TERMS AND CONDITIONS.—The terms and con-
ditions applicable to investments made by the 
Secretary under the Program shall apply to any 
investment made by a banking institution under 
this paragraph. 
‘‘(C) LIMITATIONS.—The amount of a spe-
cific investment described under subparagraph 
(A) may not exceed $10,000,000, but the re-
ceipt of an investment under subparagraph (A) 
shall not preclude the recipient from being eligi-
ble for other assistance under the Program. 
‘‘(D) BANKING INSTITUTION DEFINED.— 
In this paragraph, the term ‘banking institu-
tion’ means any entity with respect to which 
there is an appropriate Federal banking agency 
under section 3 of the Federal Deposit Insur-
ance Act. 
‘‘(j) APPLICATION
OF
THE
MILITARY
LENDING 
ACT.— 
‘‘(1) IN GENERAL.—No low- and moderate-in-
come community financial institution that receives 
an equity investment under subsection (i) shall, for 
so long as the investment or participation continues, 
make any loan at an annualized percentage rate 
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above 36 percent, as determined in accordance with 
section 987(b) of title 10, United States Code (com-
monly known as the ‘Military Lending Act)’. 
‘‘(2) NO
EXEMPTIONS
PERMITTED.—The ex-
emption authority of the Bureau under section 
105(f) of the Truth in Lending Act (15 U.S.C. 
1604(f)) shall not apply with respect to this sub-
section.’’. 
SEC. 706. EMERGENCY SUPPORT FOR CDFIS AND COMMU-
NITIES. 
(a) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Community Develop-
ment Financial Institutions Fund $2,000,000,000 for fis-
cal year 2021, for providing financial assistance and tech-
nical assistance under subparagraphs (A) and (B) of sec-
tion 108(a)(1) of the Community Development Banking 
and Financial Institutions Act of 1994 (12 U.S.C. 
4707(a)(1)), except that subsections (d) and (e) of such 
section 108 shall not apply to the provision of such assist-
ance, for the Bank Enterprise Award program, and for 
financial assistance, technical assistance, training, and 
outreach programs designed to benefit Native American, 
Native Hawaiian, and Alaska Native communities and 
provided primarily through qualified community develop-
ment lender organizations with experience and expertise 
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in community development banking and lending in Indian 
country, Native American organizations, Tribes and Trib-
al organizations, and other suitable providers. 
(b) SET ASIDES.—Of the amounts appropriated pur-
suant to the authorization under subsection (a), the fol-
lowing amounts shall be set aside: 
(1) Up to $400,000,000, to remain available 
until expended, to provide grants to community de-
velopment financial institutions— 
(A) to expand lending or investment activ-
ity in low- or moderate-income minority commu-
nities and to minorities that have significant 
unmet capital or financial services needs, of 
which not less than $10,000,000 may be for 
grants to benefit Native American, Native Ha-
waiian, and Alaska Native communities; and 
(B) using a formula that takes into ac-
count criteria such as certification status, finan-
cial and compliance performance, portfolio and 
balance sheet strength, a diversity of commu-
nity development financial institution business 
model types, and program capacity, as well as 
experience making loans and investments to 
those areas and populations identified in this 
paragraph. 
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(2) Up to $160,000,000, to remain available 
until expended, for technical assistance, technology, 
and training under sections 108(a)(1)(B) and 109, 
respectively, of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 
U.S.C. 4707(a)(1)(B), 4708), with a preference for 
minority lending institutions. 
(3) Up to $800,000,000, to remain available 
until expended, shall be for providing financial as-
sistance, technical assistance, awards, training, and 
outreach programs described under subsection (a) to 
recipients that are minority lending institutions. 
(c) ADMINISTRATIVE
EXPENSES.—Funds appro-
priated pursuant to the authorization under subsection (a) 
may be used for administrative expenses, including admin-
istration of Fund programs and the New Markets Tax 
Credit Program under section 45D of the Internal Rev-
enue Code. 
(d) DEFINITIONS.—In this section: 
(1) CDFI.—The term ‘‘CDFI’’ means a com-
munity development financial institution, as defined 
in section 103 of the Riegle Community Develop-
ment and Regulatory Improvement Act of 1994 (12 
U.S.C. 4702). 
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(2) FUND.—The term ‘‘Fund’’ means the Com-
munity Development Financial Institutions Fund es-
tablished under section 104(a) of the Riegle Commu-
nity Development and Regulatory Improvement Act 
of 1994 (12 U.S.C. 4703(a)). 
(3) MINORITY; MINORITY
LENDING
INSTITU-
TION.—The terms ‘‘minority’’ and ‘‘minority lending 
institution’’ have the meaning given those terms, re-
spectively, under section 103 of the Community De-
velopment Banking and Financial Institutions Act of 
1994 (12 U.S.C. 4702). 
SEC. 707. ENSURING DIVERSITY IN COMMUNITY BANKING. 
(a) 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 
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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 
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 
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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-
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 
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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 
nontraditional forms of financing that often impose 
excessive interest rates and fees on borrowers, and 
lead millions of Americans to fall into debt traps. 
Small-dollar loans can only be made pursuant to 
terms, conditions, and practices that are reasonable 
for the individual consumer obtaining the loan. 
(4) Program participation is restricted to eligi-
ble institutions, which are limited to organizations 
listed in section 501(c)(3) of the Internal Revenue 
Code and exempt from tax under 501(a) of such 
Code, federally insured depository institutions, com-
munity development financial institutions and State, 
local, or Tribal government entities. 
(5) Since its founding, the CDFI Fund has 
awarded over $3,300,000,000 to CDFIs and CDEs, 
allocated $54,000,000,000 in tax credits, and 
$1,510,000,000 in bond guarantees. According to 
the CDFI Fund, some programs attract as much as 
$10 in private capital for every $1 invested by the 
CDFI Fund. The Administration and the Congress 
should prioritize appropriation of funds for the loan 
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loss reserve fund and technical assistance programs 
administered by the Community Development Finan-
cial Institution Fund. 
(b) DEFINITIONS.—In this section: 
(1) COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTION.—The term ‘‘community development fi-
nancial institution’’ has the meaning given under 
section 103 of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 
U.S.C. 4702). 
(2) MINORITY DEPOSITORY INSTITUTION.—The 
term ‘‘minority depository institution’’ has the 
meaning given under section 308 of the Financial 
Institutions Reform, Recovery, and Enforcement Act 
of 1989 (12 U.S.C. 1463 note). 
(c) ESTABLISHMENT OF IMPACT BANK DESIGNA-
TION.— 
(1) IN GENERAL.—Each Federal banking agen-
cy shall establish a program under which a deposi-
tory institution with total consolidated assets of less 
than $10,000,000,000 may elect to be designated as 
an impact bank if the total dollar value of the loans 
extended by such depository institution to low-in-
come borrowers is greater than or equal to 50 per-
cent of the assets of such bank. 
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(2) NOTIFICATION OF ELIGIBILITY.—Based on 
data obtained through examinations of depository in-
stitutions, the appropriate Federal banking agency 
shall notify a depository institution if the institution 
is eligible to be designated as an impact bank. 
(3) APPLICATION.—Regardless of whether or 
not it has received a notice of eligibility under para-
graph (2), a depository institution may submit an 
application to the appropriate Federal banking agen-
cy— 
(A) requesting to be designated as an im-
pact bank; and 
(B) demonstrating that the depository in-
stitution meets the applicable qualifications. 
(4) LIMITATION
ON
ADDITIONAL
DATA
RE-
QUIREMENTS.—The Federal banking agencies may 
only impose additional data collection requirements 
on a depository institution under this subsection if 
such data is— 
(A) necessary to process an application 
submitted by the depository institution to be 
designated an impact bank; or 
(B) with respect to a depository institution 
that is designated as an impact bank, necessary 
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to ensure the depository institution’s ongoing 
qualifications to maintain such designation. 
(5) REMOVAL OF DESIGNATION.—If the appro-
priate Federal banking agency determines that a de-
pository institution designated as an impact bank no 
longer meets the criteria for such designation, the 
appropriate Federal banking agency shall rescind 
the designation and notify the depository institution 
of such rescission. 
(6) RECONSIDERATION
OF
DESIGNATION; AP-
PEALS.—Under such procedures as the Federal 
banking agencies may establish, a depository institu-
tion may— 
(A) submit to the appropriate Federal 
banking agency a request to reconsider a deter-
mination that such depository institution no 
longer meets the criteria for the designation; or 
(B) file an appeal of such determination. 
(7) RULEMAKING.—Not later than 1 year after 
the date of the enactment of this Act, the Federal 
banking agencies shall jointly issue rules to carry 
out the requirements of this subsection, including by 
providing a definition of a low-income borrower. 
(8) REPORTS.—Each Federal banking agency 
shall submit an annual report to the Congress con-
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taining a description of actions taken to carry out 
this subsection. 
(9) FEDERAL DEPOSIT INSURANCE ACT DEFINI-
TIONS.—In this subsection, the terms ‘‘depository 
institution’’, ‘‘appropriate Federal banking agency’’, 
and ‘‘Federal banking agency’’ have the meanings 
given such terms, respectively, in section 3 of the 
Federal Deposit Insurance Act (12 U.S.C. 1813). 
(d) MINORITY DEPOSITORIES ADVISORY COMMIT-
TEES.— 
(1) ESTABLISHMENT.—Each covered regulator 
shall establish an advisory committee to be called the 
‘‘Minority Depositories Advisory Committee’’. 
(2) DUTIES.—Each Minority Depositories Advi-
sory Committee shall provide advice to the respective 
covered regulator on meeting the goals established 
by section 308 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 
1463 note) to preserve the present number of cov-
ered minority institutions, preserve the minority 
character of minority-owned institutions in cases in-
volving mergers or acquisitions, provide technical as-
sistance, and encourage the creation of new covered 
minority institutions. The scope of the work of each 
such Minority Depositories Advisory Committee shall 
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include an assessment of the current condition of 
covered 
minority 
institutions, 
what 
regulatory 
changes or other steps the respective agencies may 
be able to take to fulfill the requirements of such 
section 308, and other issues of concern to covered 
minority institutions. 
(3) MEMBERSHIP.— 
(A) IN GENERAL.—Each Minority Deposi-
tories Advisory Committee shall consist of no 
more than 10 members, who— 
(i) shall serve for one two-year term; 
(ii) shall serve as a representative of 
a depository institution or an insured cred-
it union with respect to which the respec-
tive covered regulator is the covered regu-
lator of such depository institution or in-
sured credit union; and 
(iii) shall not receive pay by reason of 
their service on the advisory committee, 
but may receive travel or transportation 
expenses in accordance with section 5703 
of title 5, United States Code. 
(B) DIVERSITY.—To the extent prac-
ticable, each covered regulator shall ensure that 
the members of the Minority Depositories Advi-
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sory Committee of such agency reflect the di-
versity of covered minority institutions. 
(4) MEETINGS.— 
(A) IN GENERAL.—Each Minority Deposi-
tories Advisory Committee shall meet not less 
frequently than twice each year. 
(B) NOTICE AND INVITATIONS.—Each Mi-
nority Depositories Advisory Committee shall— 
(i) notify the Committee on Financial 
Services of the House of Representatives 
and the Committee on Banking, Housing, 
and Urban Affairs of the Senate in ad-
vance of each meeting of the Minority De-
positories Advisory Committee; and 
(ii) invite the attendance at each 
meeting of the Minority Depositories Advi-
sory Committee of— 
(I) one member of the majority 
party and one member of the minority 
party of the Committee on Financial 
Services of the House of Representa-
tives and the Committee on Banking, 
Housing, and Urban Affairs of the 
Senate; and 
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(II) one member of the majority 
party and one member of the minority 
party of any relevant subcommittees 
of such committees. 
(5) NO TERMINATION OF ADVISORY COMMIT-
TEES.—The termination requirements under section 
14 of the Federal Advisory Committee Act (5 U.S.C. 
app.) shall not apply to a Minority Depositories Ad-
visory Committee established pursuant to this sub-
section. 
(6) DEFINITIONS.—In this subsection: 
(A) COVERED
REGULATOR.—The term 
‘‘covered regulator’’ means the Comptroller of 
the Currency, the Board of Governors of the 
Federal Reserve System, the Federal Deposit 
Insurance Corporation, and the National Credit 
Union Administration. 
(B) COVERED
MINORITY
INSTITUTION.— 
The term ‘‘covered minority institution’’ means 
a minority depository institution (as defined in 
section 308(b) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989 
(12 U.S.C. 1463 note)). 
(C) DEPOSITORY INSTITUTION.—The term 
‘‘depository institution’’ has the meaning given 
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under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813). 
(D) INSURED CREDIT UNION.—The term 
‘‘insured credit union’’ has the meaning given 
in section 101 of the Federal Credit Union Act 
(12 U.S.C. 1752). 
(7) TECHNICAL AMENDMENT.—Section 308(b) 
of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 1463 note) is 
amended by adding at the end the following new 
paragraph: 
‘‘(3) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ means an ‘insured depository in-
stitution’ (as defined in section 3 of the Federal De-
posit Insurance Act (12 U.S.C. 1813)) and an in-
sured credit union (as defined in section 101 of the 
Federal Credit Union Act (12 U.S.C. 1752)).’’. 
(e) FEDERAL DEPOSITS IN MINORITY DEPOSITORY 
INSTITUTIONS.— 
(1) IN GENERAL.—Section 308 of the Financial 
Institutions Reform, Recovery, and Enforcement Act 
of 1989 (12 U.S.C. 1463 note) is amended— 
(A) by adding at the end the following new 
subsection: 
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‘‘(d) FEDERAL DEPOSITS.—The Secretary of the 
Treasury shall ensure that deposits made by Federal agen-
cies in minority depository institutions and impact banks 
are collateralized or insured, as determined by the Sec-
retary. Such deposits shall include reciprocal deposits as 
defined in section 337.6(e)(2)(v) of title 12, Code of Fed-
eral Regulations (as in effect on March 6, 2019).’’; and 
(B) in subsection (b), as amended by sub-
section (d)(7), by adding at the end the fol-
lowing new paragraph: 
‘‘(4) IMPACT BANK.—The term ‘impact bank’ 
means a depository institution designated by the ap-
propriate Federal banking agency pursuant to sec-
tion 707(c) of the Promoting and Advancing Com-
munities of Color through Inclusive Lending Act.’’. 
(2) TECHNICAL AMENDMENTS.—Section 308 of 
the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 1463 note) is 
amended— 
(A) in the matter preceding paragraph (1), 
by striking ‘‘section—’’ and inserting ‘‘sec-
tion:’’; and 
(B) in the paragraph heading for para-
graph (1), by striking ‘‘FINANCIAL’’ and insert-
ing ‘‘DEPOSITORY’’. 
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(f) MINORITY BANK DEPOSIT PROGRAM.— 
(1) IN GENERAL.—Section 1204 of the Finan-
cial Institutions Reform, Recovery, and Enforcement 
Act of 1989 (12 U.S.C. 1811 note) is amended to 
read as follows: 
‘‘SEC. 1204. EXPANSION OF USE OF MINORITY DEPOSITORY 
INSTITUTIONS. 
‘‘(a) MINORITY BANK DEPOSIT PROGRAM.— 
‘‘(1) ESTABLISHMENT.—There is established a 
program to be known as the ‘Minority Bank Deposit 
Program’ to expand the use of minority depository 
institutions. 
‘‘(2) ADMINISTRATION.—The Secretary of the 
Treasury, acting through the Fiscal Service, shall— 
‘‘(A) on application by a depository institu-
tion or credit union, certify whether such depos-
itory institution or credit union is a minority 
depository institution; 
‘‘(B) maintain and publish a list of all de-
pository institutions and credit unions that have 
been certified pursuant to subparagraph (A); 
and 
‘‘(C) periodically distribute the list de-
scribed in subparagraph (B) to— 
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‘‘(i) all Federal departments and 
agencies; 
‘‘(ii) interested State and local govern-
ments; and 
‘‘(iii) interested private sector compa-
nies. 
‘‘(3) INCLUSION
OF
CERTAIN
ENTITIES
ON 
LIST.—A depository institution or credit union that, 
on the date of the enactment of this section, has a 
current certification from the Secretary of the 
Treasury stating that such depository institution or 
credit union is a minority depository institution shall 
be included on the list described under paragraph 
(2)(B). 
‘‘(b) EXPANDED USE AMONG FEDERAL DEPART-
MENTS AND AGENCIES.— 
‘‘(1) IN GENERAL.—Not later than 1 year after 
the establishment of the program described in sub-
section (a), the head of each Federal department or 
agency shall develop and implement standards and 
procedures to prioritize, to the maximum extent pos-
sible as permitted by law and consistent with prin-
ciples of sound financial management, the use of mi-
nority depository institutions to hold the deposits of 
each such department or agency. 
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‘‘(2) REPORT TO CONGRESS.—Not later than 2 
years after the establishment of the program de-
scribed in subsection (a), and annually thereafter, 
the head of each Federal department or agency shall 
submit to Congress a report on the actions taken to 
increase the use of minority depository institutions 
to hold the deposits of each such department or 
agency. 
‘‘(c) DEFINITIONS.—For purposes of this section: 
‘‘(1) CREDIT UNION.—The term ‘credit union’ 
has the meaning given the term ‘insured credit 
union’ in section 101 of the Federal Credit Union 
Act (12 U.S.C. 1752). 
‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ has the meaning given in section 
3 of the Federal Deposit Insurance Act (12 U.S.C. 
1813). 
‘‘(3) MINORITY
DEPOSITORY
INSTITUTION.— 
The term ‘minority depository institution’ has the 
meaning given that term under section 308 of this 
Act.’’. 
(2) 
CONFORMING
AMENDMENTS.—The 
fol-
lowing 
provisions 
are 
amended 
by 
striking 
‘‘1204(c)(3)’’ and inserting ‘‘1204(c)’’: 
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(A) Section 808(b)(3) of the Community 
Reinvestment 
Act 
of 
1977 
(12 
U.S.C. 
2907(b)(3)). 
(B) Section 40(g)(1)(B) of the Federal De-
posit 
Insurance 
Act 
(12 
U.S.C. 
1831q(g)(1)(B)). 
(C) Section 704B(h)(4) of the Equal Cred-
it Opportunity Act (15 U.S.C. 1691c–2(h)(4)). 
(g) DIVERSITY REPORT AND BEST PRACTICES.— 
(1) ANNUAL REPORT.—Each covered regulator 
shall submit to Congress an annual report on diver-
sity including the following: 
(A) Data, based on voluntary self-identi-
fication, on the racial, ethnic, and gender com-
position of the examiners of each covered regu-
lator, disaggregated by length of time served as 
an examiner. 
(B) The status of any examiners of cov-
ered regulators, based on voluntary self-identi-
fication, as a veteran. 
(C) Whether any covered regulator, as of 
the date on which the report required under 
this section is submitted, has adopted a policy, 
plan, or strategy to promote racial, ethnic, and 
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gender diversity among examiners of the cov-
ered regulator. 
(D) Whether any special training is devel-
oped and provided for examiners related specifi-
cally to working with depository institutions 
and credit unions that serve communities that 
are predominantly minorities, low income, or 
rural, and the key focus of such training. 
(2) BEST PRACTICES.—Each Office of Minority 
and Women Inclusion of a covered regulator shall 
develop, provide to the head of the covered regulator, 
and make publicly available best practices— 
(A) for increasing the diversity of can-
didates applying for examiner positions, includ-
ing through outreach efforts to recruit diverse 
candidate to apply for entry-level examiner posi-
tions; and 
(B) for retaining and providing fair consid-
eration for promotions within the examiner 
staff for purposes of achieving diversity among 
examiners. 
(3) COVERED REGULATOR DEFINED.—In this 
subsection, the term ‘‘covered regulator’’ means the 
Comptroller of the Currency, the Board of Gov-
ernors of the Federal Reserve System, the Federal 
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Deposit Insurance Corporation, and the National 
Credit Union Administration. 
(h) INVESTMENTS IN MINORITY DEPOSITORY INSTI-
TUTIONS AND IMPACT BANKS.— 
(1) 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) to vote 25 per centum or more of 
any class of voting securities of an insured de-
pository institution; or 
‘‘(II) with respect to an insured depository 
institution that is an impact bank (as des-
ignated pursuant to section 707(c) of the Pro-
moting and Advancing Communities of Color 
through Inclusive Lending Act) or a minority 
depository institution (as defined in section 
308(b) of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989), of an 
individual to vote 30 percent or more of any 
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class of voting securities of such an impact 
bank or a minority depository institution.’’. 
(2) RULEMAKING.—The Federal banking agen-
cies (as defined in section 3 of the Federal Deposit 
Insurance Act (12 U.S.C. 1813)) shall jointly issue 
rules for de novo minority depository institutions to 
allow 3 years to meet the capital requirements other-
wise applicable to minority depository institutions. 
(3) REPORT.—Not later than 1 year after the 
date of the enactment of this Act, the Federal bank-
ing agencies shall jointly submit to Congress a re-
port on— 
(A) the principal causes for the low num-
ber of de novo minority depository institutions 
during the 10-year period preceding the date of 
the report; 
(B) the main challenges to the creation of 
de novo minority depository institutions; and 
(C) regulatory and legislative consider-
ations to promote the establishment of de novo 
minority depository institutions. 
(i) REPORT ON COVERED MENTOR-PROTEGE PRO-
GRAMS.— 
(1) REPORT.—Not later than 6 months after 
the date of the enactment of this Act and annually 
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thereafter, the Secretary of the Treasury shall sub-
mit to Congress a report on participants in a cov-
ered mentor-protege program, including— 
(A) an analysis of outcomes of such pro-
gram; 
(B) the number of minority depository in-
stitutions that are eligible to participate in such 
program but do not have large financial institu-
tion mentors; and 
(C) recommendations for how to match 
such minority depository institutions with large 
financial institution mentors. 
(2) DEFINITIONS.—In this subsection: 
(A) COVERED
MENTOR-PROTEGE
PRO-
GRAM.—The term ‘‘covered mentor-protege pro-
gram’’ means a mentor-protege program estab-
lished by the Secretary of the Treasury pursu-
ant to section 45 of the Small Business Act (15 
U.S.C. 657r). 
(B) LARGE FINANCIAL INSTITUTION.—The 
term ‘‘large financial institution’’ means any 
entity— 
(i) regulated by the Comptroller of the 
Currency, the Board of Governors of the 
Federal Reserve System, the Federal De-
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1796 
posit Insurance Corporation, or the Na-
tional Credit Union Administration; and 
(ii) that has total consolidated assets 
greater than or equal to $50,000,000,000. 
(j) CUSTODIAL DEPOSIT PROGRAM FOR COVERED 
MINORITY
DEPOSITORY
INSTITUTIONS
AND
IMPACT 
BANKS.— 
(1) IN
GENERAL.—Not later than one year 
after the date of the enactment of this Act, the Sec-
retary of the Treasury shall issue rules establishing 
a custodial deposit program under which a covered 
bank may receive deposits from a qualifying account. 
(2) REQUIREMENTS.—In issuing rules under 
paragraph (1), the Secretary of the Treasury shall— 
(A) consult with the Federal banking agen-
cies; 
(B) ensure each covered bank participating 
in the program established under this sub-
section— 
(i) has appropriate policies relating to 
management of assets, including measures 
to ensure the safety and soundness of each 
such covered bank; and 
(ii) is compliant with applicable law; 
and 
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(C) ensure, to the extent practicable that 
the rules do not conflict with goals described in 
section 308(a) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989 
(12 U.S.C. 1463 note). 
(3) LIMITATIONS.— 
(A) DEPOSITS.—With respect to the funds 
of an individual qualifying account, an entity 
may not deposit an amount greater than the in-
sured amount in a single covered bank. 
(B) TOTAL DEPOSITS.—The total amount 
of funds deposited in a covered bank under the 
custodial deposit program described under this 
subsection may not exceed the lesser of— 
(i) 10 percent of the average amount 
of deposits held by such covered bank in 
the previous quarter; or 
(ii) $100,000,000 (as adjusted for in-
flation). 
(4) REPORT.—Each quarter, the Secretary of 
the Treasury shall submit to Congress a report on 
the implementation of the program established under 
this subsection including information identifying 
participating covered banks and the total amount of 
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deposits received by covered banks under the pro-
gram. 
(5) DEFINITIONS.—In this subsection: 
(A) COVERED BANK.—The term ‘‘covered 
bank’’ means— 
(i) a minority depository institution 
that is well capitalized, as defined by the 
appropriate Federal banking agency; or 
(ii) a depository institution designated 
pursuant to subsection (c) that is well cap-
italized, as defined by the appropriate Fed-
eral banking agency. 
(B) INSURED
AMOUNT.—The term ‘‘in-
sured amount’’ means the amount that is the 
greater of— 
(i) the standard maximum deposit in-
surance amount (as defined in section 
11(a)(1)(E) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1821(a)(1)(E))); or 
(ii) such higher amount negotiated be-
tween the Secretary of the Treasury and 
the Federal Deposit Insurance Corporation 
under which the Corporation will insure all 
deposits of such higher amount. 
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1799 
(C) FEDERAL
BANKING
AGENCIES.—The 
terms ‘‘appropriate Federal banking agency’’ 
and ‘‘Federal banking agencies’’ have the mean-
ing given those terms, respectively, under sec-
tion 3 of the Federal Deposit Insurance Act. 
(D) QUALIFYING
ACCOUNT.—The term 
‘‘qualifying account’’ means any account estab-
lished in the Department of the Treasury 
that— 
(i) is controlled by the Secretary; and 
(ii) is expected to maintain a balance 
greater than $200,000,000 for the fol-
lowing 24-month period. 
(k) STREAMLINED COMMUNITY DEVELOPMENT FI-
NANCIAL INSTITUTION APPLICATIONS AND REPORTING.— 
(1) APPLICATION PROCESSES.—Not later than 
12 months after the date of the enactment of this 
Act and with respect to any person having assets 
under $3,000,000,000 that submits an application 
for deposit insurance with the Federal Deposit In-
surance Corporation that could also become a com-
munity development financial institution, the Fed-
eral Deposit Insurance Corporation, in consultation 
with the Administrator of the Community Develop-
ment Financial Institutions Fund, shall— 
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1800 
(A) develop systems and procedures to 
record necessary information to allow the Ad-
ministrator to conduct preliminary analysis for 
such person to also become a community devel-
opment financial institution; and 
(B) develop procedures to streamline the 
application and annual certification processes 
and to reduce costs for such person to become, 
and maintain certification as, a community de-
velopment financial institution. 
(2) IMPLEMENTATION REPORT.—Not later than 
18 months after the date of the enactment of this 
Act, the Federal Deposit Insurance Corporation 
shall submit to Congress a report describing the sys-
tems and procedures required under paragraph (1). 
(3) ANNUAL REPORT.— 
(A) IN GENERAL.—Section 17(a)(1) of the 
Federal Deposit Insurance Act (12 U.S.C. 
1827(a)(1)) is amended— 
(i) in subparagraph (E), by striking 
‘‘and’’ at the end; 
(ii) by redesignating subparagraph 
(F) as subparagraph (G); 
(iii) by inserting after subparagraph 
(E) the following new subparagraph: 
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‘‘(F) applicants for deposit insurance that 
could also become a community development fi-
nancial institution (as defined in section 103 of 
the Riegle Community Development and Regu-
latory Improvement Act of 1994), a minority 
depository institution (as defined in section 308 
of the Financial Institutions Reform, Recovery, 
and Enforcement Act of 1989), or an impact 
bank (as designated pursuant to section 707(c) 
of the Promoting and Advancing Communities 
of Color through Inclusive Lending Act); and’’. 
(B) APPLICATION.—The amendment made 
by this paragraph shall apply with respect to 
the first report to be submitted after the date 
that is 2 years after the date of the enactment 
of this Act. 
(l) TASK FORCE ON LENDING TO SMALL BUSINESS 
CONCERNS.— 
(1) IN
GENERAL.—Not later than 6 months 
after the date of the enactment of this Act, the Ad-
ministrator of the Small Business Administration 
shall establish a task force to examine methods for 
improving relationships between the Small Business 
Administration and community development finan-
cial institutions, minority depository institutions, 
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1802 
and Impact Banks to increase the volume of loans 
provided by such institutions to small business con-
cerns (as defined under section 3 of the Small Busi-
ness Act (15 U.S.C. 632)). 
(2) REPORT TO CONGRESS.—Not later than 18 
months after the establishment of the task force de-
scribed in paragraph (1), the Administrator of the 
Small Business Administration shall submit to Con-
gress a report on the findings of such task force. 
SEC. 708. ESTABLISHMENT OF FINANCIAL AGENT PART-
NERSHIP PROGRAM. 
(a) IN GENERAL.—Section 308 of the Financial In-
stitutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1463 note), as amended by section 
706(e), is further amended by adding at the end the fol-
lowing new subsection: 
‘‘(e) FINANCIAL AGENT PARTNERSHIP PROGRAM.— 
‘‘(1) IN
GENERAL.—The Secretary of the 
Treasury shall establish a program to be known as 
the ‘Financial Agent Partnership Program’ (in this 
subsection referred to as the ‘Program’) under which 
a financial agent designated by the Secretary or a 
large financial institution may serve as a mentor, 
under guidance or regulations prescribed by the Sec-
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1803 
retary, to a small financial institution to allow such 
small financial institution— 
‘‘(A) to be prepared to perform as a finan-
cial agent; or 
‘‘(B) to improve capacity to provide serv-
ices to the customers of the small financial in-
stitution. 
‘‘(2) OUTREACH.—The Secretary shall hold 
outreach events to promote the participation of fi-
nancial agents, large financial institutions, and small 
financial institutions in the Program at least once a 
year. 
‘‘(3) FINANCIAL PARTNERSHIPS.— 
‘‘(A) IN GENERAL.—Any large financial in-
stitution participating in a program with the 
Department of the Treasury, if not already re-
quired to include a small financial institution, 
shall offer not more than 5 percent of every 
contract under that program to a small finan-
cial institution. 
‘‘(B) ACCEPTANCE
OF
RISK.—As a re-
quirement of participation in a contract de-
scribed under subparagraph (A), a small finan-
cial institution shall accept the risk of the 
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1804 
transaction equivalent to the percentage of any 
fee the institution receives under the contract. 
‘‘(C) PARTNER.—A large financial institu-
tion partner may work with small financial in-
stitutions, if necessary, to train professionals to 
understand any risks involved in a contract 
under the Program. 
‘‘(D) INCREASED LIMIT FOR CERTAIN IN-
STITUTIONS.—With respect to a program de-
scribed under subparagraph (A), if the Sec-
retary of the Treasury determines that it would 
be appropriate and would encourage capacity 
building, the Secretary may alter the require-
ments under subparagraph (A) to require 
both— 
‘‘(i) a higher percentage of the con-
tract be offered to a small financial institu-
tion; and 
‘‘(ii) require the small financial insti-
tution to be a community development fi-
nancial institution or a minority depository 
institution. 
‘‘(4) EXCLUSION.—The Secretary shall issue 
guidance or regulations to establish a process under 
which a financial agent, large financial institution, 
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or small financial institution may be excluded from 
participation in the Program. 
‘‘(5) REPORT.—The Office of Minority and 
Women Inclusion of the Department of the Treasury 
shall include in the report submitted to Congress 
under section 342(e) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act information 
pertaining to the Program, including— 
‘‘(A) the number of financial agents, large 
financial institutions, and small financial insti-
tutions participating in such Program; and 
‘‘(B) the number of outreach events de-
scribed in paragraph (2) held during the year 
covered by such report. 
‘‘(6) DEFINITIONS.—In this subsection: 
‘‘(A) COMMUNITY
DEVELOPMENT
FINAN-
CIAL INSTITUTION.—The term ‘community de-
velopment financial institution’ has the meaning 
given that term under section 103 of the Riegle 
Community Development and Regulatory Im-
provement Act of 1994 (12 U.S.C. 4702). 
‘‘(B) FINANCIAL
AGENT.—The term ‘fi-
nancial agent’ means any national banking as-
sociation designated by the Secretary of the 
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Treasury to be employed as a financial agent of 
the Government. 
‘‘(C) LARGE
FINANCIAL
INSTITUTION.— 
The term ‘large financial institution’ means any 
entity regulated by the Comptroller of the Cur-
rency, the Board of Governors of the Federal 
Reserve System, the Federal Deposit Insurance 
Corporation, or the National Credit Union Ad-
ministration that has total consolidated assets 
greater than or equal to $50,000,000,000. 
‘‘(D) SMALL
FINANCIAL
INSTITUTION.— 
The term ‘small financial institution’ means— 
‘‘(i) any entity regulated by the 
Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, 
the Federal Deposit Insurance Corpora-
tion, or the National Credit Union Admin-
istration that has total consolidated assets 
lesser than or equal to $2,000,000,000; or 
‘‘(ii) a minority depository institu-
tion.’’. 
(b) EFFECTIVE DATE.—This section and the amend-
ments made by this section shall take effect 90 days after 
the date of the enactment of this Act. 
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‘‘(B) MINORITY LENDING INSTITUTION.— 
The term ‘minority lending institution’ means a 
community development financial institution— 
‘‘(i) with respect to which a majority 
of the total number of loans and a major-
ity of the value of investments of the com-
munity development financial institution 
are directed at minorities and other tar-
geted populations; 
‘‘(ii) that is a minority depository in-
stitution, as defined under section 308 of 
the Financial Institutions Reform, Recov-
ery, and Enforcement Act of 1989 (12 
U.S.C. 1463 note), or otherwise considered 
to be a minority depository institution by 
the appropriate Federal banking agency; or 
‘‘(iii) that is 51 percent owned by one 
or more socially and economically dis-
advantaged individuals. 
‘‘(C) ADDITIONAL DEFINITIONS.—In this 
paragraph, the terms ‘other targeted popu-
lations’ and ‘socially and economically disadvan-
taged individual’ shall have the meaning given 
those terms by the Administrator.’’. 
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(B) TEMPORARY SAFE HARBOR FOR CER-
TAIN
INSTITUTIONS.—A community develop-
ment financial institution that is a minority de-
pository institution listed in the Federal De-
posit Insurance Corporation’s Minority Deposi-
tory Institutions List published for the Second 
Quarter 2020 shall be deemed a ‘‘minority lend-
ing institution’’ under section 103(22) of the 
Community Development Banking and Finan-
cial Institutions Act of 1994 for purposes of— 
(i) any program carried out using ap-
propriations authorized for the Community 
Development Financial Institutions Fund 
under section 706; and 
(ii) the Neighborhood Capital Invest-
ment Program established under section 
4003(i) of the CARES Act. 
(b) OFFICE
OF
MINORITY
LENDING
INSTITU-
TIONS.—Section 104 of the Community Development 
Banking and Financial Institutions Act of 1994 (12 
U.S.C. 4703) is amended by adding at the end the fol-
lowing: 
‘‘(l) OFFICE
OF
MINORITY
LENDING
INSTITU-
TIONS.— 
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‘‘(1) ESTABLISHMENT.—There is established 
within the Fund an Office of Minority Lending In-
stitutions, which shall oversee assistance provided by 
the Fund to minority lending institutions. 
‘‘(2) DEPUTY DIRECTOR.—The head of the Of-
fice shall be the Deputy Director of Minority Lend-
ing Institutions, who shall report directly to the Ad-
ministrator of the Fund.’’. 
(c) REPORTING ON MINORITY LENDING INSTITU-
TIONS.—Section 117 of the Community Development 
Banking and Financial Institutions 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) is amended by adding at the end the fol-
lowing: 
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‘‘(l) SUBMISSION OF DATA RELATING TO DIVER-
SITY.— 
‘‘(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, 
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or any executive officer of the institution, based 
on voluntary self-identification, as a veteran. 
‘‘(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 
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1813 
‘‘(B) containing all administrative or legis-
lative recommendations of the Fund to enhance 
the implementation of this title or to promote 
diversity and inclusion within community devel-
opment financial institutions.’’. 
SEC. 710. CDFI BOND GUARANTEE REFORM. 
Effective October 1, 2020, section 114A(e)(2)(B) of 
the Riegle Community Development and Regulatory Im-
provement Act of 1994 (12 U.S.C. 4713a(e)(2)(B)) is 
amended by striking ‘‘$100,000,000’’ and inserting 
‘‘$50,000,000’’. 
SEC. 711. REPORTS. 
(a) IN GENERAL.—The Secretary of the Treasury 
shall provide to the appropriate committees of Congress— 
(1) within 30 days of the end of each month 
commencing with the first month in which trans-
actions are made under a program established under 
this title or the amendments made by this title, a 
written report describing all of the transactions 
made during the reporting period pursuant to the 
authorities granted under this title or the amend-
ments made by this title; and 
(2) after the end of March and the end of Sep-
tember, commencing March 31, 2021, a written re-
port on all projected costs and liabilities, all oper-
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1815 
of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Sen-
ate. 
(2) COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTION.—The term ‘‘community development fi-
nancial institution’’ has the meaning given that term 
under section 103 of the Riegle Community Develop-
ment and Regulatory Improvement Act of 1994. 
(3) CREDIT UNION.—The term ‘‘credit union’’ 
means a State credit union or a Federal credit 
union, as such terms are defined, respectively, under 
section 101 of the Federal Credit Union Act. 
(4) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ has the meaning given that 
term under section 3 of the Federal Deposit Insur-
ance Act. 
(5) MINORITY DEPOSITORY INSTITUTION.—The 
term ‘‘minority depository institution’’ has the 
meaning given under section 308 of the Financial 
Institutions Reform, Recovery, and Enforcement Act 
of 1989 . 
(6) MINORITY
LENDING
INSTITUTION.—The 
term ‘‘minority lending institution’’ has the meaning 
given that term under section 103 of the Community 
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1816 
Development Banking and Financial Institutions Act 
of 1994. 
SEC. 712. INSPECTOR GENERAL OVERSIGHT. 
(a) IN GENERAL.—The Inspector General of the De-
partment of the Treasury shall conduct, supervise, and co-
ordinate audits and investigations of any program estab-
lished under this title or the amendments made by this 
title. 
(b) REPORTING.—The Inspector General of the De-
partment of the Treasury shall issue a report not less fre-
quently than 2 times per year to Congress and the Sec-
retary of the Treasury relating to the oversight provided 
by the Office of the Inspector General, including any rec-
ommendations for improvements to the programs de-
scribed in subsection (a). 
SEC. 713. STUDY AND REPORT WITH RESPECT TO IMPACT 
OF PROGRAMS ON LOW- AND MODERATE-IN-
COME AND MINORITY COMMUNITIES. 
(a) STUDY.—The Secretary of the Treasury shall 
conduct a study of the impact of the programs established 
under this title or any amendment made by this title on 
low- and moderate-income and minority communities. 
(b) REPORT.—Not later than 18 months after the 
date of enactment of this Act, the Secretary shall submit 
to Congress a report on the results of the study conducted 
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1817 
pursuant to subsection (a), which shall include, to the ex-
tent possible, the results of the study disaggregated by 
ethnic group. 
(c) INFORMATION PROVIDED TO THE SECRETARY.— 
Eligible institutions that participate in any of the pro-
grams described in subsection (a) shall provide the Sec-
retary of the Treasury with such information as the Sec-
retary may require to carry out the study required by this 
section. 
TITLE VIII—PROVIDING ASSIST-
ANCE 
FOR 
STATE, 
TERRI-
TORY, TRIBAL, AND LOCAL 
GOVERNMENTS 
SEC. 801. EMERGENCY RELIEF FOR STATE, TERRITORIAL, 
TRIBAL, AND LOCAL GOVERNMENTS. 
(a) PURCHASE OF COVID–19 RELATED MUNICIPAL 
ISSUANCES.—Section 14(b) of the Federal Reserve Act 
(12 U.S.C. 355) is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(3) 
UNUSUAL
AND
EXIGENT
CIR-
CUMSTANCES.—Under unusual and exigent cir-
cumstances, to buy any bills, notes, revenue bonds, 
and warrants issued by any State, county, district, 
political subdivision, municipality, or entity that is a 
combination of any of the several States, the District 
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1818 
of Columbia, or any of the territories and posses-
sions of the United States. In this paragraph, the 
term ‘State’ means each of the several States, the 
District of Columbia, each territory and possession 
of the United States, and each federally recognized 
Indian Tribe.’’. 
(b) FEDERAL RESERVE AUTHORIZATION TO PUR-
CHASE COVID–19 RELATED MUNICIPAL ISSUANCES.— 
Within 7 days after the date of the enactment of this sub-
section, the Board of Governors of the Federal Reserve 
System shall modify the Municipal Liquidity Facility (es-
tablished on April 9, 2020, pursuant to section 13(3) of 
the Federal Reserve Act (12 U.S.C. 343(3))) to— 
(1) ensure such facility is operational until Feb-
ruary 1, 2021; 
(2) allow for the purchase of bills, notes, bonds, 
and warrants with maximum maturity of 10 years 
from the date of such purchase; 
(3) ensure that any purchases made are at an 
interest rate equal to the discount window primary 
credit interest rate most recently published on the 
Federal Reserve Statistical Release on selected inter-
est rates (daily or weekly), commonly referred to as 
the ‘‘H.15 release’’ or the ‘‘Federal funds rate’’; 
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1819 
(4) ensure that an eligible issuer does not need 
to attest to an inability to secure credit elsewhere; 
and 
(5) include in the list of eligible issuers for such 
purchases— 
(A) any of the territories and possessions 
of the United States; 
(B) a political subdivision of a State with 
a population of more than 50,000 residents; 
and 
(C) an entity that is a combination of any 
of the several States, the District of Columbia, 
or any of the territories and possessions of the 
United States. 
SEC. 802. COMMUNITY DEVELOPMENT BLOCK GRANTS. 
(a) FUNDING AND ALLOCATIONS.— 
(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There 
is 
authorized 
to 
be 
appropriated 
$5,000,000,000 for assistance in accordance with 
this section under the community development block 
grant program under title I of the Housing and 
Community Development Act of 1974 (42 U.S.C. 
5301 et seq.), which shall remain available until 
September 30, 2023. 
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1820 
(2) ALLOCATION.—Amounts made available 
pursuant to paragraph (1) shall be distributed pur-
suant to section 106 of such Act (42 U.S.C. 5306) 
to grantees and such allocations shall be made with-
in 30 days after the date of the enactment of this 
Act. 
(b) TIME LIMITATION ON EMERGENCY GRANT PAY-
MENTS.—Paragraph (4) of section 570.207(b) of the Sec-
retary’s regulations (24 C.F.R. 570.207(b)(4)) shall be 
applied with respect to grants with amounts made avail-
able pursuant to subsection (a), by substituting ‘‘12 con-
secutive months’’ for ‘‘3 consecutive months’’. 
(c) MATCHING OF AMOUNTS USED FOR ADMINISTRA-
TIVE COSTS.—Any requirement for a State to match or 
supplement amounts expended for program administration 
of State grants under section 106(d) of the Housing and 
Community Development Act of 1974 (42 U.S.C. 
5306(d)) shall not apply with respect to amounts made 
available pursuant to subsection (a). 
(d) CAPER INFORMATION.—During the period that 
begins on the date of enactment of this Act and ends on 
the date of the termination by the Federal Emergency 
Management Agency of the emergency declared on March 
13, 2020, by the President under the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 U.S.C. 
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1821 
4121 et seq.) relating to the Coronavirus Disease 2019 
(COVID–19) pandemic, the Secretary shall make all infor-
mation included in Consolidated Annual Performance and 
Evaluation Reports relating to assistance made available 
pursuant to this section publicly available on its website 
on a quarterly basis. 
(e) AUTHORITY; WAIVERS.—Any provisions of, and 
waivers and alternative requirements issued by the Sec-
retary pursuant to, the heading ‘‘Department of Housing 
and Urban Development—Community Planning and De-
velopment —Community Development Fund’’ in title XII 
of division B of the CARES Act (Public Law 116–136) 
shall apply with respect to amounts made available pursu-
ant to subsection (a) of this section. 
TITLE IX—SUPPORT FOR A RO-
BUST GLOBAL RESPONSE TO 
THE COVID–19 PANDEMIC 
SEC. 901. UNITED STATES POLICIES. 
(a) UNITED STATES POLICIES
AT
THE INTER-
NATIONAL FINANCIAL INSTITUTIONS.— 
(1) IN GENERAL.—The Secretary of the Treas-
ury shall instruct the United States Executive Direc-
tor at each international financial institution (as de-
fined in section 1701(c)(2) of the International Fi-
nancial Institutions Act (22 U.S.C. 262r(c)(2))) to 
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1822 
use the voice and vote of the United States at the 
respective institution— 
(A) to seek to ensure adequate fiscal space 
for world economies in response to the global 
coronavirus disease 2019 (commonly referred to 
as ‘‘COVID–19’’) pandemic through— 
(i) the suspension of all debt service 
payments to the institution; and 
(ii) the relaxation of fiscal targets for 
any government operating a program sup-
ported by the institution, or seeking fi-
nancing from the institution, in response 
to the pandemic; 
(B) to oppose the approval or endorsement 
of any loan, grant, document, or strategy that 
would lead to a decrease in health care spend-
ing or in any other spending that would impede 
the ability of any country to prevent or contain 
the spread of, or treat persons who are or may 
be infected with, the SARS–CoV–2 virus; and 
(C) to require approval of all Special 
Drawing 
Rights 
allocation 
transfers 
from 
wealthier member countries to countries that 
are emerging markets or developing countries, 
based on confirmation of implementable trans-
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1823 
parency mechanisms or protocols to ensure the 
allocations are used for the public good and in 
response the global pandemic. 
(2) IMF 
ISSUANCE
OF
SPECIAL
DRAWING 
RIGHTS.—It is the policy of the United States to 
support the issuance of a special allocation of not 
less than 2,000,000,000,000 Special Drawing Rights 
so that governments are able to access additional re-
sources to finance their responses to the global 
COVID–19 pandemic. The Secretary of the Treas-
ury shall use the voice and vote of the United States 
to support the issuance, and shall instruct the 
United States Executive Director at the Inter-
national Monetary Fund to support the same. 
(3) ALLOCATION
OF
U.S. SPECIAL
DRAWING 
RIGHTS.—It is also the policy of the United States, 
which has large reserves and little use for its Special 
Drawing Rights, to contribute a significant portion 
of its current stock, and any future allocation of, 
Special Drawing Rights to the Poverty Reduction 
and Growth Facility (PRGF) or a similar special 
purpose vehicle at the International Monetary Fund 
to help developing and low-income countries respond 
to the health and economic impacts of the COVID– 
19 pandemic. 
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1824 
(4) IMPLEMENTATION.—The Secretary of the 
Treasury shall instruct the United States Executive 
Director at the International Monetary Fund to use 
the voice and vote of the United States to actively 
promote and take all appropriate actions with re-
spect to implementing the policy goals of the United 
States set forth in paragraphs (2) and (3), and shall 
post the instruction on the website of the Depart-
ment of the Treasury. 
(b) UNITED STATES POLICY AT THE G20.—The Sec-
retary of the Treasury shall commence immediate efforts 
to reach an agreement with the Group of Twenty to extend 
through the end of 2021 the current moratorium on debt 
service payments to official bilateral creditors by the 
world’s poorest countries. 
(c) REPORT REQUIRED.—The Chairman of the Na-
tional Advisory Council on International Monetary and Fi-
nancial Policies shall include in the annual report required 
by section 1701 of the International Financial Institutions 
Act (22 U.S.C. 262r) a description of progress made to-
ward advancing the policies described in subsection (a) of 
this section. 
(d) TERMINATION.—Subsections (a) and (c) shall 
have no force or effect after the earlier of— 
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1825 
(1) the date that is 1 year after the date of the 
enactment of this Act; or 
(2) the date that is 30 days after the date on 
which the Secretary of the Treasury submits to the 
Committee on Foreign Relations of the Senate and 
the Committee on Financial Services of the House of 
Representatives a report stating that the SARS– 
CoV–2 virus is no longer a serious threat to public 
health in any part of the world. 
TITLE 
X—PROVIDING 
OVER-
SIGHT AND PROTECTING TAX-
PAYERS 
SEC. 1001. MANDATORY REPORTS TO CONGRESS. 
(a) DISCLOSURE OF TRANSACTION REPORTS.—Sec-
tion 4026(b)(1)(A)(iii) of the CARES Act (Public Law 
116–136) is amended— 
(1) in subclause (IV)— 
(A) by inserting ‘‘and the justification for 
such exercise of authority’’ after ‘‘authority’’; 
and 
(B) by striking ‘‘and’’ at the end; 
(2) in subclause (V), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
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1826 
‘‘(VI) the identity of each recipi-
ent of a loan or loan guarantee de-
scribed in subclause (I); 
‘‘(VII) the date and amount of 
each such loan or loan guarantee and 
the form in which each such loan or 
loan guarantee was provided; 
‘‘(VIII) the material terms of 
each such loan or loan guarantee, in-
cluding— 
‘‘(aa) duration; 
‘‘(bb) collateral pledged and 
the value thereof; 
‘‘(cc) all interest, fees, and 
other revenue or items of value to 
be received in exchange for such 
loan or loan guarantee; 
‘‘(dd) any requirements im-
posed on the recipient with re-
spect to employee compensation, 
distribution of dividends, or any 
other corporate decision in ex-
change for the assistance; and 
‘‘(ee) the expected costs to 
the Federal Government with re-
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1827 
spect to such loans or loan guar-
antees.’’. 
(b) REPORTS BY THE SECRETARY OF THE TREAS-
URY.—Section 4018 of the CARES Act (Public Law 116– 
136) is amended by adding at the end the following: 
‘‘(k) REPORTS BY THE SECRETARY.—Not later than 
7 days after the last day of each month, the Secretary 
shall submit to the Special Inspector General, the Com-
mittee on Financial Services of the House of Representa-
tives, and the Committee on Banking, Housing, and 
Urban Affairs of the Senate a report that includes the in-
formation specified in subparagraphs (A) through (E) of 
subsection (c)(1) with respect to the making, purchase, 
management, and sale of loans, loan guarantees, and other 
investments made by the Secretary under any program es-
tablished by the Secretary under this Act.’’. 
SEC. 1002. DISCRETIONARY REPORTS TO CONGRESS. 
Section 4020(b) of the CARES Act (Public Law 116– 
136) is amended by adding at the end the following: 
‘‘(3) 
DISCRETIONARY
REPORTS
TO
CON-
GRESS.—In addition to the reports required under 
paragraph (2), the Oversight Commission may sub-
mit other reports to Congress at such time, in such 
manner, and containing such information as the 
Oversight Commission determines appropriate.’’. 
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