110 
stitutions, and impact banks (as designated pursuant to 
section 445) to increase the volume of loans provided by 
such institutions to small business concerns (as defined 
under section 3 of the Small Business Act (15 U.S.C. 
632)). 
(b) REPORT
TO CONGRESS.—Not later than 18 
months after the establishment of the task force described 
in subsection (a), the Administrator of the Small Business 
Administration shall submit to Congress a report on the 
findings of such task force. 
Subtitle 
E—Expanding 
Oppor-
tunity for Minority Depository 
Institutions 
SEC. 461. ESTABLISHMENT OF FINANCIAL AGENT MENTOR- 
PROTE´ GE´ PROGRAM. 
(a) IN GENERAL.—Section 308 of the Financial In-
stitutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1463 note) is amended by adding at the 
end the following new subsection: 
‘‘(d) FINANCIAL AGENT MENTOR-PROTE´GE´ PRO-
GRAM.— 
‘‘(1) IN
GENERAL.—The Secretary of the 
Treasury shall establish a program to be known as 
the ‘Financial Agent Mentor-Prote´ge´ Program’ (in 
this subsection referred to as the ‘Program’) under
111 
which a financial agent designated by the Secretary 
or a large financial institution may serve as a men-
tor, under guidance or regulations prescribed by the 
Secretary, 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) EXCLUSION.—The Secretary shall issue 
guidance or regulations to establish a process under 
which a financial agent, large financial institution, 
or small financial institution may be excluded from 
participation in the Program. 
‘‘(4) 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
112 
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, includ-
ing breakdowns by each State (including the 
District of Columbia and each territory of the 
United States), Tribal government entity, and 
congressional district; and 
‘‘(B) the number of outreach events de-
scribed in paragraph (2) held during the year 
covered by such report. 
‘‘(5) DEFINITIONS.—In this subsection: 
‘‘(A) FINANCIAL
AGENT.—The term ‘fi-
nancial agent’ means any national banking as-
sociation designated by the Secretary of the 
Treasury to be employed as a financial agent of 
the Government. 
‘‘(B) 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-
113 
ministration that has total consolidated assets 
greater than or equal to $50,000,000,000. 
‘‘(C) 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. 
TITLE V—COMMUNITY 
DEVELOPMENT 
Subtitle A—CDFI Bond Guarantee 
Program Improvement 
SEC. 511. SENSE OF CONGRESS. 
It is the sense of Congress that the authority to guar-
antee bonds under section 114A of the Community Devel-
opment Banking and Financial Institutions Act of 1994 
(12 U.S.C. 4713a) (commonly referred to as the ‘‘CDFI
114 
Bond Guarantee Program’’) provides community develop-
ment financial institutions with a sustainable source of 
long-term capital and furthers the mission of the Commu-
nity Development Financial Institutions Fund (established 
under section 104(a) of such Act (12 U.S.C. 4703(a)) to 
increase economic opportunity and promote community 
development investments for underserved populations and 
distressed communities in the United States. 
SEC. 512. GUARANTEES FOR BONDS AND NOTES ISSUED 
FOR COMMUNITY OR ECONOMIC DEVELOP-
MENT PURPOSES. 
Section 114A of the Community Development Bank-
ing and Financial Institutions Act of 1994 (12 U.S.C. 
4713a) is amended— 
(1) in subsection (c)(2), by striking ‘‘, multi-
plied by an amount equal to the outstanding prin-
cipal balance of issued notes or bonds’’; 
(2) 
in 
subsection 
(e)(2)(B), 
by 
striking 
‘‘$100,000,000’’ and inserting ‘‘$25,000,000’’; and 
(3) in subsection (k), by striking ‘‘September 
30, 2014’’ and inserting ‘‘the date that is 4 years 
after the date of enactment of the CDFI Bond 
Guarantee Program Improvement Act of 2022’’.
115 
SEC. 513. REPORT ON THE CDFI BOND GUARANTEE PRO-
GRAM. 
Not later than 1 year after the date of enactment 
of this Act, and not later than 3 years after such date 
of enactment, the Secretary of the Treasury shall issue 
a report to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate on the effective-
ness of the CDFI bond guarantee program established 
under section 114A of the Community Development Bank-
ing and Financial Institutions Act of 1994 (12 U.S.C. 
4713a). 
Subtitle B—Expanding Financial 
Access for Underserved Commu-
nities 
SEC. 521. CREDIT UNION SERVICE TO UNDERSERVED 
AREAS. 
Section 109 of the Federal Credit Union Act (12 
U.S.C. 1759) is amended— 
(1) in subsection (c)(2)— 
(A) by striking ‘‘the field of membership 
category of which is described in subsection 
(b)(2),’’; 
(B) by amending subparagraph (A) to read 
as follows:
116 
‘‘(A) the Board determines that the local 
community, neighborhood, or rural district is an 
underserved area; and’’; and 
(C) in subparagraph (B), by inserting ‘‘not 
later than 2 years after having such under-
served area added to the credit union’s char-
ter,’’ before ‘‘the credit union’’; and 
(2) by adding at the end the following: 
‘‘(h) CHANGE OF FIELD OF MEMBERSHIP TO IN-
CLUDE UNDERSERVED AREAS.— 
‘‘(1) IN GENERAL.—If an existing Federal cred-
it union applies to the Board to alter or expand the 
field of membership of the credit union to serve an 
underserved area, the credit union shall submit a 
business and marketing plan with such application 
that explains the credit union’s ability and intent to 
serve the population of the underserved area through 
the change in field of membership. 
‘‘(2) REPORT
BY
CREDIT
UNION.—Not later 
than 2 years after the date on which a Federal cred-
it union’s application described under paragraph (1) 
is approved, the credit union, as part of the ordinary 
course of the examination cycle and supervision 
process, shall submit a report to the Administration 
that includes—
118 
(3) by adding at the end the following: 
‘‘(vi) that is made to a member or as-
sociated borrower that lives in or operates 
in an underserved area.’’. 
SEC. 523. UNDERSERVED AREA DEFINED. 
Section 101 of the Federal Credit Union Act (12 
U.S.C. 1752) is amended— 
(1) in paragraph (8), by striking ‘‘; and’’ and 
inserting a period; 
(2) in paragraph (9), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(10) The term ‘underserved area’ means a ge-
ographic area consisting of one or more population 
census tracts or one or more counties, that encom-
pass or are located within— 
‘‘(A) an investment area, as defined under 
section 103(16) of the Community Development 
Banking and Financial Institutions Act of 
1994; 
‘‘(B) groups of contiguous census tracts in 
which at least 85 percent individually qualify as 
low-income communities, as defined under sec-
tion 45D(e) of the Internal Revenue Code of 
1986; or
119 
‘‘(C) an area that is more than ten miles, 
as measured from each point along the area’s 
perimeter, from the nearest branch of a deposi-
tory institution (as defined under section 3 of 
the Federal Deposit Insurance Act) or credit 
union.’’. 
SEC. 524. REPORTS BY THE NATIONAL CREDIT UNION AD-
MINISTRATION. 
(a) INITIAL REPORT.—Not later than 3 years after 
the date of enactment of this Act, but no sooner than 2 
years after the date of enactment of this Act, the National 
Credit Union Administration shall issue a report to the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate on the implementation of the 
amendments made by this subtitle. 
(b) UPDATE.—The National Credit Union Adminis-
tration shall issue an updated report on the implementa-
tion of the amendments made by this subtitle to the com-
mittees described under subsection (a) on the date that 
is 5 years after the date on which the Administration 
issues the initial report under subsection (a). 
SEC. 525. RULE OF CONSTRUCTION. 
Nothing in this subtitle or the amendments made by 
this subtitle may be construed to prevent or otherwise im-
120 
pede the ability of insured depository institutions (as de-
fined in section 3 of the Federal Deposit Insurance Act) 
to establish branches and provide banking services in un-
derserved areas. 
TITLE VI—ENSURING DIVERSE 
LEADERSHIP OF THE FED-
ERAL RESERVE 
SEC. 601. SHORT TITLE. 
This title may be cited as the ‘‘Ensuring Diverse 
Leadership Act of 2022’’. 
SEC. 602. CONGRESSIONAL FINDINGS. 
The Congress finds that— 
(1) while significant progress has occurred due 
to the antidiscrimination amendments to the Federal 
Reserve Act, barriers continue to pose significant ob-
stacles for candidates reflective of gender diversity 
and racial or ethnic diversity for Federal Reserve 
bank president positions in the Federal Reserve Sys-
tem; 
(2) the continuing barriers described in para-
graph (1) merit the following amendment; 
(3) Congress has received and reviewed testi-
mony and documentation of the historical lack of 
gender, racial, and ethnic diversity from numerous 
sources, including congressional hearings, scientific
121 
reports, reports issued by public and private agen-
cies, news stories, and reports of related barriers by 
organizations and individuals, which show that 
race-, ethnicity-, and gender-neutral efforts alone are 
insufficient to address the problem; 
(4) the testimony and documentation described 
in paragraph (3) demonstrate that barriers across 
the United States prove problematic for full and fair 
participation in developing monetary policy by indi-
viduals reflective of gender diversity and racial or 
ethnic diversity; and 
(5) the testimony and documentation described 
in paragraph (3) provide a strong basis that there 
is a compelling need for the below amendment to ad-
dress the historical lack of gender, racial, and ethnic 
diversity in the Federal Reserve regional bank presi-
dents selection process in the Federal Reserve Sys-
tem. 
SEC. 603. FEDERAL RESERVE BANK PRESIDENTS. 
(a) IN GENERAL.—The provision designated ‘‘fifth’’ 
of the fourth undesignated paragraph of section 4 of the 
Federal Reserve Act (12 U.S.C. 341) is amended by in-
serting after ‘‘employees.’’ the following: ‘‘In making the 
appointment of a president, the bank shall interview at
122 
least one individual reflective of gender diversity and one 
individual reflective of racial or ethnic diversity.’’. 
(b) REPORT.—Not later than January 1 of each year, 
each Federal reserve bank shall submit to the Committee 
on Banking, Housing, and Urban Affairs of the Senate, 
the Committee on Financial Services of the House of Rep-
resentatives, and the Office of Inspector General for the 
Board of Governors of the Federal Reserve System and 
the Bureau of Consumer Financial Protection a report de-
scribing the applicant pool demographic for the position 
of the president of the Federal reserve bank for the pre-
ceding fiscal year, if applicable. 
SEC. 604. TECHNICAL ADJUSTMENTS. 
(a) AMERICAN COMPETITIVENESS AND WORKFORCE 
IMPROVEMENT ACT
OF 1998.—Section 418(b) of the 
American Competitiveness and Workforce Improvement 
Act of 1998 (8 U.S.C. 1184 note) is amended by striking 
‘‘Chairman of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’. 
(b) BRETTON
WOODS
AGREEMENTS
ACT.—The 
Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) 
is amended— 
(1) in section 4(a), by striking ‘‘Chairman of 
the Board of Governors’’ and inserting ‘‘Chair of the 
Board of Governors’’; and
123 
(2) in section 45(a)(1), by striking ‘‘chairman 
of the board of Governors’’ and inserting ‘‘Chair of 
the Board of Governors’’. 
(c) DODD-FRANK WALL STREET REFORM AND CON-
SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 5301 
et seq.) is amended by striking ‘‘Chairman of the Board’’ 
each place such term appears and inserting ‘‘Chair of the 
Board’’. 
(d) EMERGENCY ECONOMIC STABILIZATION ACT OF 
2008.—The Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5201 et seq.) is amended by striking 
‘‘Chairman of the Board’’ each place such term appears 
and inserting ‘‘Chair of the Board’’. 
(e) EMERGENCY LOAN GUARANTEE ACT.—Section 2 
of the Emergency Loan Guarantee Act (15 U.S.C. 1841) 
is amended by striking ‘‘Chairman of the Board of Gov-
ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 
(f) EMERGENCY STEEL LOAN GUARANTEE
AND 
EMERGENCY OIL AND GAS GUARANTEED LOAN ACT OF 
1999.—The Emergency Steel Loan Guarantee and Emer-
gency Oil and Gas Guaranteed Loan Act of 1999 (15 
U.S.C. 1841 note) is amended— 
(1) in section 101(e)(2)—
124 
(A) by striking ‘‘Chairman of the Board of 
Governors’’ and inserting ‘‘Chair of the Board 
of Governors’’; and 
(B) by striking ‘‘Chairman,’’ and inserting 
‘‘Chair,’’; and 
(2) in section 201(d)(2)(B)— 
(A) by striking ‘‘Chairman of the Board of 
Governors’’ and inserting ‘‘Chair of the Board 
of Governors’’; and 
(B) by striking ‘‘Chairman,’’ and inserting 
‘‘Chair,’’. 
(g) 
FARM
CREDIT
ACT
OF
1971.—Section 
4.9(d)(1)(C) of the Farm Credit Act of 1971 (12 U.S.C. 
2160(d)(1)(C)) is amended by striking ‘‘Chairman of the 
Board of Governors’’ and inserting ‘‘Chair of the Board 
of Governors’’. 
(h) FEDERAL DEPOSIT INSURANCE ACT.—The Fed-
eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended— 
(1) in section 7(a)(3), by striking ‘‘Chairman of 
the Board of Governors’’ and inserting ‘‘Chair of the 
Board of Governors’’; and 
(2) in section 10(k)(5)(B)(ii), by striking 
‘‘Chairman of the Board of Governors’’ and insert-
ing ‘‘Chair of the Board of Governors’’.
125 
(i) FEDERAL RESERVE ACT.—The Federal Reserve 
Act (12 U.S.C. 226 et seq.) is amended— 
(1) by striking ‘‘chairman’’ each place such 
term appears and inserting ‘‘chair’’; 
(2) by striking ‘‘Chairman’’ each place such 
term appears other than in section 11(r)(2)(B) and 
inserting ‘‘Chair’’; 
(3) in section 2, in the sixth undesignated para-
graph— 
(A) in the second sentence, by striking 
‘‘his’’ and inserting ‘‘the Comptroller of the 
Currency’s’’; and 
(B) in the third sentence, by striking ‘‘his’’ 
and inserting ‘‘the director’s’’; 
(4) in section 4— 
(A) in the third undesignated paragraph, 
by striking ‘‘his office’’ and inserting ‘‘the Of-
fice of the Comptroller of the Currency’’; 
(B) in the fourth undesignated paragraph, 
in the provision designated ‘‘fifth’’, by striking 
‘‘his’’ and inserting ‘‘the person’s’’; 
(C) in the eighth undesignated paragraph, 
by striking ‘‘his’’ and inserting ‘‘the chair’s’’; 
(D) in the seventeenth undesignated para-
graph—
126 
(i) by striking ‘‘his’’ and inserting 
‘‘the officer’s’’; and 
(ii) by striking ‘‘he’’ and inserting 
‘‘the individual’’; 
(E) in the twentieth undesignated para-
graph— 
(i) by striking ‘‘He’’ each place such 
term appears and inserting ‘‘The chair’’; 
(ii) in the third sentence— 
(I) by striking ‘‘his’’ and insert-
ing ‘‘the’’; and 
(II) by striking ‘‘he’’ and insert-
ing a comma; and 
(iii) in the fifth sentence, by striking 
‘‘he’’ and inserting ‘‘the chair’’; and 
(F) in the twenty-first undesignated para-
graph, by striking ‘‘his’’ each place such term 
appears and inserting ‘‘the agent’s’’; 
(5) in section 6, in the second undesignated 
paragraph, by striking ‘‘he’’ and inserting ‘‘the 
Comptroller of the Currency’’; 
(6) in section 9A(c)(2)(C), by striking ‘‘he’’ and 
inserting ‘‘the participant’’; 
(7) in section 10—
127 
(A) by striking ‘‘he’’ each place such term 
appears and inserting ‘‘the member’’; 
(B) in the second undesignated paragraph, 
by striking ‘‘his’’ and inserting ‘‘the member’s’’; 
and 
(C) in the fourth undesignated para-
graph— 
(i) in the second sentence, by striking 
‘‘his’’ and inserting ‘‘the chair’s’’; 
(ii) in the fifth sentence, by striking 
‘‘his’’ and inserting ‘‘the member’s’’; and 
(iii) in the sixth sentence, by striking 
‘‘his’’ and inserting ‘‘the member’s’’; 
(8) in section 12, by striking ‘‘his’’ and insert-
ing ‘‘the member’s’’; 
(9) in section 13, in the tenth undesignated 
paragraph, by striking ‘‘his’’ and inserting ‘‘the 
assured’s’’; 
(10) in section 16— 
(A) by striking ‘‘he’’ each place such term 
appears and inserting ‘‘the agent’’; 
(B) in the seventh undesignated para-
graph— 
(i) by striking ‘‘his’’ and inserting 
‘‘the agent’s’’; and
128 
(ii) by striking ‘‘himself’’ and insert-
ing ‘‘the agent’’; 
(C) in the tenth undesignated paragraph, 
by striking ‘‘his’’ and inserting ‘‘the Sec-
retary’s’’; and 
(D) in the fifteenth undesignated para-
graph, by striking ‘‘his’’ and inserting ‘‘the 
agent’s’’; 
(11) in section 18, in the eighth undesignated 
paragraph, by striking ‘‘he’’ and inserting ‘‘the Sec-
retary of the Treasury’’; 
(12) in section 22— 
(A) in subsection (f), by striking ‘‘his’’ and 
inserting ‘‘the director’s or officer’s’’; and 
(B) in subsection (g)— 
(i) in paragraph (1)(D)— 
(I) by striking ‘‘him’’ and insert-
ing ‘‘the officer’’; and 
(II) by striking ‘‘he’’ and insert-
ing ‘‘the officer’’; and 
(ii) in paragraph (2)(A), by striking 
‘‘him as his’’ and inserting ‘‘the officer as 
the officer’s’’; and 
(13) in section 25A—
129 
(A) in the twelfth undesignated para-
graph— 
(i) by striking ‘‘he’’ each place such 
term appears and inserting ‘‘the member’’; 
and 
(ii) by striking ‘‘his’’ and inserting 
‘‘the member’s’’; 
(B) in the fourteenth undesignated para-
graph, by striking ‘‘his’’ and inserting ‘‘the di-
rector’s or officer’s’’; and 
(C) in the twenty-second undesignated 
paragraph, by striking ‘‘his’’ each place such 
term appears and inserting ‘‘such individual’s’’. 
(j) FEDERAL RESERVE REFORM ACT OF 1977.—Sec-
tion 204(b) of the Federal Reserve Reform Act of 1977 
(12 U.S.C. 242 note) is amended by striking ‘‘Chairman 
or Vice Chairman of the Board of Governors’’ and insert-
ing ‘‘Chair or Vice Chair of the Board of Governors’’. 
(k) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 
AND ENFORCEMENT ACT OF 1989.—The Financial Insti-
tutions Reform, Recovery, and Enforcement Act of 1989 
is amended— 
(1) in section 308 (12 U.S.C. 1463 note)—
130 
(A) in subsection (a), by striking ‘‘Chair-
man of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’; and 
(B) in subsection (c), by striking ‘‘Chair-
man of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’; 
(2) in section 1001(a) (12 U.S.C. 1811 note), 
by striking ‘‘Chairman of the Board of Governors’’ 
and inserting ‘‘Chair of the Board of Governors’’; 
and 
(3) in section 1205(b)(1)(A) (12 U.S.C. 1818 
note)— 
(A) by striking ‘‘Chairman of the Board of 
Governors’’ and inserting ‘‘Chair of the Board 
of Governors’’; and 
(B) by striking ‘‘Chairman’s’’ and insert-
ing ‘‘Chair’s’’. 
(l) FOOD, CONSERVATION, AND ENERGY ACT
OF 
2008.—Section 13106(a) of the Food, Conservation, and 
Energy Act of 2008 (7 U.S.C. 2 note) is amended by strik-
ing ‘‘Chairman of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’. 
(m) HOUSING AND COMMUNITY DEVELOPMENT ACT 
OF 1992.—Section 1313(a)(3) of the Housing and Com-
131 
munity Development Act of 1992 (12 U.S.C. 4513(a)(3)) 
is amended— 
(1) in the heading, by striking ‘‘CHAIRMAN’’ 
and inserting ‘‘CHAIR’’; 
(2) by striking ‘‘Chairman of the Board of Gov-
ernors’’ and inserting ‘‘Chair of the Board of Gov-
ernors’’; and 
(3) by striking ‘‘Chairman regarding’’ and in-
serting ‘‘Chair regarding’’. 
(n) INSPECTOR GENERAL ACT OF 1978.—Section 8G 
of the Inspector General Act of 1978 is amended by strik-
ing ‘‘Chairman of the Board of Governors’’ each place 
such term appears and inserting ‘‘Chair of the Board of 
Governors’’. 
(o) INTERNATIONAL LENDING SUPERVISION ACT OF 
1983.—Section 908(b)(3)(C) of the International Lending 
Supervision Act of 1983 (12 U.S.C. 3907(b)(3)(C)) is 
amended by striking ‘‘Chairman of the Board of Gov-
ernors’’ and inserting ‘‘Chair of the Board of Governors’’. 
(p) NEIGHBORHOOD REINVESTMENT CORPORATION 
ACT.—Section 604(a)(3) of the Neighborhood Reinvest-
ment Corporation Act (42 U.S.C. 8103(a)(3)) is amended 
by striking ‘‘Chairman’’ each place it appears and insert-
ing ‘‘Chair’’.
132 
(q) PUBLIC LAW 93–495.—Section 202(a)(1) of Pub-
lic Law 93–495 (12 U.S.C. 2402(a)(1)) is amended— 
(1) by striking ‘‘Chairman of the Board of Gov-
ernors’’ and inserting ‘‘Chair of the Board of Gov-
ernors’’; and 
(2) by striking ‘‘his’’ and inserting ‘‘the 
Chair’s’’. 
(r) SARBANES-OXLEY
ACT
OF
2002.—Section 
101(e)(4)(A) of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7211(e)(4)(A)) is amended by striking ‘‘Chairman 
of the Board of Governors’’ and inserting ‘‘Chair of the 
Board of Governors’’. 
(s) SECURITIES EXCHANGE ACT OF 1934.—Section 
17A(f)(4)(C) of the Securities Exchange Act of 1934 (15 
U.S.C. 78q–1(f)(4)(C)) is amended by striking ‘‘Chairman 
of the Board of Governors’’ and inserting ‘‘Chair of the 
Board of Governors’’. 
(t) TITLE 31.—Title 31, United States Code, is 
amended— 
(1) in section 1344(b)(7), by striking ‘‘Chair-
man of the Board of Governors’’ and inserting 
‘‘Chair of the Board of Governors’’; and 
(2) in section 5318A, by striking ‘‘Chairman of 
the Board of Governors’’ each place such term ap-
133 
pears and inserting ‘‘Chair of the Board of Gov-
ernors’’. 
(u) TRADE ACT OF 1974.—Section 163(b)(3) of the 
Trade Act of 1974 (19 U.S.C. 2213(b)(3)) is amended by 
striking ‘‘Chairman of the Board of Governors’’ and in-
serting ‘‘Chair of the Board of Governors’’. 
(v) DEEMING OF NAME.—Any reference in a law, 
regulation, document, paper, or other record of the United 
States to the Chairman of the Board of Governors of the 
Federal Reserve System shall be deemed to be a reference 
to the Chair of the Board of Governors of the Federal 
Reserve System. 
TITLE VII—STUDYING BARRIERS 
TO HOUSING 
SEC. 701. SHORT TITLE. 
This title may be cited as the ‘‘Studying Barriers to 
Housing Act’’. 
SEC. 702. GAO STUDY AND REPORT ON REDUCING HOME-
LESSNESS THROUGH PUBLIC HOUSING AND 
SECTION 8 RENTAL ASSISTANCE. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study to identify any barriers that 
limit the ability of a public housing agency in attempting 
to provide housing assistance under the Public Housing 
and Housing Choice Voucher programs under title I of
134 
the United States Housing Act of 1937 (42 U.S.C. 1437 
et seq.) for populations experiencing homelessness, which 
shall include— 
(1) identification of any laws, regulations, and 
any other notices or guidance pertaining to— 
(A) waiting lists, documentation require-
ments, or tenant screening that effect the abil-
ity of a public housing agency to accept persons 
and families experiencing homelessness into the 
public housing or voucher program; and 
(B) funding formulas and performance 
measures that may penalize public housing 
agencies trying to serve persons and families 
experiencing homelessness; 
(2) analyzing and determining the effect of the 
limitation under section 8(o)(13)(B) of the United 
States 
Housing 
Act 
of 
1937 
(42 
U.S.C. 
1437f(o)(13)(B); relating to the maximum amount 
of housing voucher assistance that a public housing 
agency may use for project-based assistance) has on 
the ability of public housing agencies to serve per-
sons and families experiencing homelessness; and 
(3) identification of barriers to fair housing and 
the coordination of Federal housing assistance and 
homelessness funds, including outreach and mar-
135 
keting of such funds, to affirmatively further fair 
housing for protected classes under the Fair Hous-
ing Act of 1968 (42 U.S.C. 3601 et seq.) that are 
disproportionately experiencing homelessness. 
(b) REPORT.—Not later than the expiration of the 
12-month period beginning on the date of the enactment 
of this Act, the Comptroller General shall submit a report 
to the Congress describing the study conducted pursuant 
to subsection (a) and setting forth the results and conclu-
sions of the study. 
TITLE VIII—STATE OF HOUSING 
IN THE UNITED STATES 
SEC. 801. INTERAGENCY WORKING GROUP REPORTS. 
There is established an interagency working group 
consisting of the Secretary of the Treasury, the Secretary 
of Housing and Urban Development, and the Director of 
the Federal Housing Finance Agency, which shall produce 
two reports, in consultation with the Attorney General, the 
Secretary of Agriculture, the Secretary of Veterans Af-
fairs, the Secretary of Transportation, and the Executive 
Director of the United States Interagency Council on 
Homelessness, each year detailing the state of housing in 
the United States, including recommendations related to 
housing fairness, affordability. and supply.
136 
SEC. 802. TESTIMONY ON THE STATE OF HOUSING AFFORD-
ABILITY AND SUPPLY. 
After each report is produced under section 601, each 
member of the interagency working group described under 
section 601 shall appear before the Committee on Finan-
cial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate to testify on the contents of such report. 
TITLE XI—REPORT ON HOUSING 
FOR LGBTQ+ PERSONS 
SEC. 901. HUD REPORT. 
Not later than the expiration of the 6-month period 
beginning on the date of the enactment of this Act, the 
Secretary of Housing and Urban Development shall sub-
mit a report to the Congress describing all efforts and ac-
tivities of the Department of Housing and Urban Develop-
ment, recently taken, ongoing, or planned, to provide or 
facilitate access to affordable permanent and temporary 
housing for persons who identify as lesbian, gay, bisexual, 
transgender, questioning/queer, or another identity other 
than heterosexual, including such person who are youth, 
elderly, and homeless.
137 
TITLE 
X—EXPANDING 
ACCESS 
TO CREDIT THROUGH CON-
SUMER-PERMISSIONED DATA 
SEC. 1001. SHORT TITLE. 
This title may be cited as the ‘‘Expanding Access to 
Credit through Consumer-Permissioned Data Act’’. 
SEC. 1002. FINDINGS. 
The Congress finds the following: 
(1) Using alternative data in mortgage lending 
(either through alternative credit scores or in under-
writing) has the potential to increase access to credit 
for individuals with little or no credit history with 
the national credit reporting agencies (NCRAs), ac-
cording to a review of alternative data use in mort-
gage lending by the Government Accountability Of-
fice in December 2021. 
(2) Approximately 45 million consumers do not 
have any credit history with the NCRAs or did not 
have enough credit history to be scored, according to 
a 2015 report by the Bureau of Consumer Financial 
Protection (CFPB), entitled ‘‘Data Point: Credit 
Invisibles’’. The CFPB also reported that this popu-
lation disproportionately included low-income con-
sumers, younger consumers, and consumers of color.
138 
(3) The use of alternative data to establish a 
low- or moderate-income borrower’s credit history 
for the purpose of extending mortgage credit can 
help lenders meet goals of the Community Reinvest-
ment Act. 
(4) Mortgage underwriting systems that allow 
lenders to use consumer-permissioned alternative 
credit information may help expand access to mort-
gages for borrowers with lower credit scores and 
communities of color. On September 21, 2021, 
Fannie Mae updated its automated underwriting 
system so that it notifies lenders that a borrower 
may benefit from the inclusion of consistent rental 
payment information, and with the consumer’s per-
mission, the underwriting system will automatically 
identify rental payments within bank statement data 
and include this in its credit assessment. According 
to a fair lending and credit risk analysis by Fannie 
Mae and the Federal Housing Finance Agency, the 
populations most likely to benefit from this change 
are applicants with lower credit scores, who are dis-
proportionately consumers of color.
139 
SEC. 1003. REQUIREMENT TO CONSIDER ADDITIONAL 
CREDIT INFORMATION WHEN MAKING MORT-
GAGE LOANS. 
(a) IN GENERAL.—The Equal Credit Opportunity 
Act (15 U.S.C. 1691 et seq.) is amended by inserting after 
section 701 the following: 
‘‘§ 701A. Requirement to consider additional credit 
information when making mortgage loans 
‘‘(a) IN GENERAL.—A creditor extending a mortgage 
loan shall, in evaluating the creditworthiness of an appli-
cant, consider credit information not reported through a 
consumer reporting agency, if— 
‘‘(1) the applicant— 
‘‘(A) requests such consideration, and has 
not retracted such request; 
‘‘(B) provides the credit information to be 
considered; and 
‘‘(C) states that the applicant does not be-
lieve that credit information reported through 
consumer reporting agencies fully or accurately 
reflects the applicant’s creditworthiness in the 
absence of such information; and 
‘‘(2) the credit information relates to the types 
of information that the creditor would consider if 
otherwise reported and includes current payment
140 
and transaction information, such as bank statement 
information or rental payment information. 
‘‘(b) TREATMENT OF ADDITIONAL INFORMATION.— 
A creditor shall treat any information provided pursuant 
to subsection (a) in the same manner and with the same 
weight as the creditor would treat the same information 
if it were provided by a consumer reporting agency, unless 
the creditor reasonably determines that the information is 
the result of a material misrepresentation. 
‘‘(c) NOTICE TO APPLICANTS.— 
‘‘(1) IN GENERAL.—A creditor described under 
subsection (a) shall provide each applicant for a 
mortgage loan with a notice that includes— 
‘‘(A) an explanation of the applicant’s 
right under this section to provide additional 
credit information to the creditor for consider-
ation, including examples of such additional in-
formation, as well as the benefits of providing 
such information; 
‘‘(B) the right of the creditor to disregard 
any such information if the creditor determines 
that the information is the result of a material 
misrepresentation; and 
‘‘(C) the right of an applicant to retract 
the applicant’s request to use such additional
141 
credit information at any point in the applica-
tion process. 
‘‘(2) NOTICE
LANGUAGES.—Notices required 
under paragraph (1) shall be made available in each 
of the 8 languages most commonly spoken by indi-
viduals with limited English proficiency, as deter-
mined by the Director of the Bureau using informa-
tion published by the Director of the Bureau of the 
Census. 
‘‘(3) FORM LANGUAGE.—The Director of the 
Bureau shall establish form language, which shall be 
used by each creditor when providing the notices re-
quired under this subsection, providing— 
‘‘(A) the examples described under para-
graph (1)(A); 
‘‘(B) the description of the benefits de-
scribed under paragraph (1)(A); and 
‘‘(C) the non-English language versions of 
the notices described under paragraph (2). 
‘‘(d) CONSIDERATION
OF
ALTERNATIVE
DATA; 
TREATMENT OF UNDERWRITING SYSTEMS.—A creditor 
shall ensure that the alternative data provided under the 
requirements of subsection (a) shall be considered as part 
of the decisioning process. Any creditor who develops or 
maintains an underwriting system for mortgage loans
142 
shall ensure such system complies with the requirements 
described under subsection (a). 
‘‘(e) CONSUMER REPORTING AGENCY DEFINED.—In 
this section, the term ‘consumer reporting agency’ has the 
meaning given that term under section 603 of the Fair 
Credit Reporting Act.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Equal Credit Opportunity Act is amended by in-
serting after the item relating to section 701 the following: 
‘‘701A. Requirement to consider additional credit information when making 
mortgage loans.’’. 
TITLE XI—PAYMENT CHOICE 
SEC. 1101. SHORT TITLE. 
This subtitle may be cited as the ‘‘Payment Choice 
Act of 2022’’. 
SEC. 1102. SENSE OF CONGRESS. 
It is the sense of Congress that every consumer has 
the right to use cash at retail businesses who accept in- 
person payments. 
SEC. 1103. RETAIL BUSINESSES PROHIBITED FROM REFUS-
ING CASH PAYMENTS. 
(a) IN GENERAL.—Subchapter I of chapter 51 of title 
31, United States Code, is amended by adding at the end 
the following:
143 
‘‘§ 5104. Retail businesses prohibited from refusing 
cash payments 
‘‘(a) IN GENERAL.—Any person engaged in the busi-
ness of selling or offering goods or services at retail to 
the public with a person accepting in-person payments at 
a physical location (including a person accepting payments 
for telephone, mail, or internet-based transactions who is 
accepting in-person payments at a physical location)— 
‘‘(1) shall accept cash as a form of payment for 
sales of less than $2,000 (or, for loan payments, 
payments made on a loan with an original principal 
amount of less than $2,000) made at such physical 
location; and 
‘‘(2) may not charge cash-paying customers a 
higher price compared to the price charged to cus-
tomers not paying with cash. 
‘‘(b) EXCEPTIONS.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply to a person if such person— 
‘‘(A) is unable to accept cash because of— 
‘‘(i) a sale system failure that tempo-
rarily prevents the processing of cash pay-
ments; or 
‘‘(ii) a temporary insufficiency in cash 
on hand needed to provide change; or
144 
‘‘(B) provides customers with the means, 
on the premises, to convert cash into a card 
that is either a general-use prepaid card, a gift 
card, or an access device for electronic fund 
transfers for which— 
‘‘(i) there is no fee for the use of the 
card; 
‘‘(ii) there is not a minimum deposit 
amount greater than 1 dollar; 
‘‘(iii) amounts loaded on the card do 
not expire, except as permitted under para-
graph (2); 
‘‘(iv) there is no collection of any per-
sonal identifying information from the cus-
tomer; 
‘‘(v) there is no fee to use the card; 
and 
‘‘(iv) there may be a limit to the num-
ber of transactions. 
‘‘(2) INACTIVITY.—A person seeking exception 
from subsection (a) may charge an inactivity fee in 
association with a card offered by such person if— 
‘‘(A) there has been no activity with re-
spect to the card during the 12-month period
145 
ending on the date on which the inactivity fee 
is imposed; 
‘‘(B) not more than 1 inactivity fee is im-
posed in any 1-month period; and 
‘‘(C) it is clearly and conspicuously stated, 
on the face of the mechanism that issues the 
card and on the card— 
‘‘(i) that an inactivity fee or charge 
may be imposed; 
‘‘(ii) the frequency at which such inac-
tivity fee may be imposed; and 
‘‘(iii) the amount of such inactivity 
fee. 
‘‘(c) RIGHT TO NOT ACCEPT LARGE BILLS.— 
‘‘(1) IN GENERAL.—Notwithstanding subsection 
(a), for the 5-year period beginning on the date of 
enactment of this section, this section shall not re-
quire a person to accept cash payments in $50 bills 
or any larger bill. 
‘‘(2) RULEMAKING.— 
‘‘(A) IN GENERAL.—The Secretary of the 
Treasury, in this section referred to as the Sec-
retary, shall issue a rule on the date that is 5 
years after the date of the enactment of this
146 
section with respect to any bills a person is not 
required to accept. 
‘‘(B) REQUIREMENT.—When issuing a rule 
under subparagraph (A), the Secretary shall re-
quire persons to accept $1, $5, $10, $20, and 
$50 bills. 
‘‘(d) ENFORCEMENT.— 
‘‘(1) PREVENTATIVE
RELIEF.—Whenever any 
person has engaged, or there are reasonable grounds 
to believe that any person is about to engage, in any 
act or practice prohibited by this section, a civil ac-
tion for preventive relief, including an application for 
a permanent or temporary injunction, restraining 
order, or other order may be brought against such 
person. 
‘‘(2) CIVIL PENALTIES.—Any person who vio-
lates this section shall— 
‘‘(A) be liable for actual damages; 
‘‘(B) be fined not more than $2,500 for a 
first offense; and 
‘‘(C) be fined not more than $5,000 for a 
second or subsequent offense. 
‘‘(3) JURISDICTION.—An action under this sec-
tion may be brought in any United States district
147 
court, or in any other court of competent jurisdic-
tion. 
‘‘(4) INTERVENTION OF ATTORNEY GENERAL.— 
Upon timely application, a court may, in its discre-
tion, permit the Attorney General to intervene in a 
civil action brought under this subsection, if the At-
torney General certifies that the action is of general 
public importance. 
‘‘(5) AUTHORITY TO APPOINT COURT-PAID AT-
TORNEY.—Upon application by an individual and in 
such circumstances as the court may determine just, 
the court may appoint an attorney for such indi-
vidual and may authorize the commencement of a 
civil action under this subsection without the pay-
ment of fees, costs, or security. 
‘‘(6) ATTORNEY’S FEES.—In any action com-
menced pursuant to this section, the court, in its 
discretion, may allow the prevailing party, other 
than the United States, a reasonable attorney’s fee 
as part of the costs, and the United States shall be 
liable for costs the same as a private person. 
‘‘(7) REQUIREMENTS IN CERTAIN STATES AND 
LOCAL AREAS.—In the case of an alleged act or 
practice prohibited by this section which occurs in a 
State, or political subdivision of a State, which has
148 
a State or local law prohibiting such act or practice 
and establishing or authorizing a State or local au-
thority to grant or seek relief from such act or prac-
tice or to institute criminal proceedings with respect 
thereto upon receiving notice thereof, no civil action 
may be brought hereunder before the expiration of 
30 days after written notice of such alleged act or 
practice has been given to the appropriate State or 
local authority by registered mail or in person, pro-
vided that the court may stay proceedings in such 
civil action pending the termination of State or local 
enforcement proceedings. 
‘‘(e) GREATER PROTECTION UNDER STATE LAW.— 
This section shall not preempt any law of a State, the Dis-
trict of Columbia, a Tribal government, or a territory of 
the United States if the protections that such law affords 
to consumers are greater than the protections provided 
under this section. 
‘‘(f) RULEMAKING.—The Secretary shall issue such 
rules as the Secretary determines are necessary to imple-
ment this section, which may prescribe additional excep-
tions to the application of the requirements described in 
subsection (a).’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for chapter 51 of title 31, United States Code, is amended
149 
by inserting after the item relating to section 5103 the 
following: 
‘‘5104. Retail businesses prohibited from refusing cash payments.’’. 
(c) RULE
OF CONSTRUCTION.—The amendments 
made by this section may not be construed to have any 
effect on section 5103 of title 31, United States Code. 
Passed the House of Representatives June 15, 2022. 
Attest: 
Clerk.
117TH CONGRESS 
2D SESSION 
H. R. 2543 
AN ACT 
To amend the Federal Reserve Act to add addi-
tional demographic reporting requirements, to 
modify the goals of the Federal Reserve System, 
and for other purposes.