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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 
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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 
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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-
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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 
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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’’. 
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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: 
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‘‘(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— 
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‘‘(A) an estimate of the number of mem-
bers of the credit union who are members by 
reason of the application, including breakdowns 
by each State (including the District of Colum-
bia and each territory of the United States), 
Tribal government entity, and congressional 
district; 
‘‘(B) a description of the types of financial 
services utilized by members of the credit union 
who are members by reason of the application; 
‘‘(C) an update of the credit union’s imple-
mentation of the business and marketing plan 
described under paragraph (1); and 
‘‘(D) a description of the types of financial 
education programs made available to members 
of the credit union, including those who are 
members by reason of the application and those 
in rural areas, where applicable.’’. 
SEC. 522. MEMBER BUSINESS LENDING IN UNDERSERVED 
AREAS. 
Section 107A(c)(1)(B) of the Federal Credit Union 
Act (12 U.S.C. 1757a(c)(1)(B)) is amended— 
(1) in clause (iv), by striking ‘‘or’’ at the end; 
(2) in clause (v), by striking the period and in-
serting ‘‘; or’’; and 
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(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 
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‘‘(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-
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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 
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