Opportunity Act or any other Federal consumer financial 
law. 
‘‘(b) PROHIBITION AND ENFORCEMENT.—If the Bu-
reau determines under subsection (a) that any loan appli-
cation or process of taking a loan application violates the 
Equal Credit Opportunity Act or any other Federal con-
sumer financial law, the Bureau shall— 
‘‘(1) prohibit the covered person from using 
such application or process; and 
‘‘(2) take such enforcement or other actions 
with respect to the covered person as the Bureau de-
termines appropriate.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
in section 1 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended by inserting after 
the item relating to section 1037 the following: 
‘‘Sec. 1038. Review of loan applications.’’. 
SEC. 325. MORTGAGE DATA COLLECTION. 
(a) IN GENERAL.—Section 304(b)(4) of the Home 
Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(b)(4)) 
is amended by striking ‘‘census tract, income level, racial 
characteristics, age, and gender’’ and inserting ‘‘the appli-
cant or borrower’s zip code, census tract, income level, 
race, color, religion, national origin, sex, marital status, 
sexual orientation, gender identity, disability status, vet-
eran status, and age’’.
(b) PROTECTION OF PRIVACY INTERESTS.—Section 
304(h)(3)(A) of the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2803(h)(3)(A)) is amended— 
(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) by redesignating clause (ii) as clause (iii); 
and 
(3) by inserting after clause (i) the following: 
‘‘(ii) zip code, census tract, and any 
other category of data described in sub-
section (b)(4), as the Bureau determines to 
be necessary to satisfy the purpose de-
scribed in paragraph (1)(E), and in a man-
ner consistent with that purpose; and’’. 
Subtitle C—Promoting and Advanc-
ing 
Communities 
of 
Color 
Through Inclusive Lending 
SEC. 331. STRENGTHENING DIVERSE AND MISSION-DRIVEN 
COMMUNITY FINANCIAL INSTITUTIONS. 
(a) MINORITY LENDING INSTITUTION SET-ASIDE IN 
PROVIDING ASSISTANCE.— 
(1) IN GENERAL.—Section 108 of the Riegle 
Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4707) is amended by 
adding at the end the following:
‘‘(i) SUPPORTING MINORITY INSTITUTIONS.—Not-
withstanding any other provision of law, in providing any 
assistance to community development financial institu-
tions, the Fund shall reserve 40 percent of such assistance 
for minority lending institutions.’’. 
(2) DEFINITIONS.—Section 103 of the Riegle 
Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4702) is amended by 
adding at the end the following: 
‘‘(22) MINORITY LENDING INSTITUTION.—The 
term ‘minority lending institution’ has the meaning 
given that term under section 523(c) of division N 
of the Consolidated Appropriations Act, 2021.’’. 
(b) OFFICE
OF
MINORITY
LENDING
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: 
‘‘(l) CDFI OFFICE OF MINORITY LENDING INSTITU-
TIONS.—There is established within the Fund an Office 
of Minority Lending Institutions, which shall oversee as-
sistance provided by the Fund to minority lending institu-
tions.’’. 
(c) REPORTING ON MINORITY LENDING INSTITU-
TIONS.—Section 117 of the Riegle Community Develop-
ment and Regulatory Improvement 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 DEMOGRAPHIC DATA RELATING 
TO DIVERSITY BY COMMUNITY DEVELOPMENT FINAN-
CIAL INSTITUTIONS.—Section 104 of the Riegle Commu-
nity Development and Regulatory Improvement Act of 
1994 (12 U.S.C. 4703), as amended by subsection (b), 
is further amended by adding at the end the following: 
‘‘(m) SUBMISSION OF DEMOGRAPHIC DATA RELAT-
ING TO DIVERSITY.— 
‘‘(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; 
‘‘(B) the term ‘gender identity’ means the 
gender-related identity, appearance, manner-
isms, or other gender-related characteristics of
an individual, regardless of the individual’s des-
ignated sex at birth; 
‘‘(C) the term ‘sexual orientation’ means 
homosexuality, heterosexuality, or bisexuality; 
and 
‘‘(D) 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 data regarding 
such factors as may be determined by the Fund, 
which may include the following: 
‘‘(A) Demographic data, based on vol-
untary self-identification, on the racial, ethnic, 
gender identity, and sexual orientation composi-
tion of— 
‘‘(i) the board of directors of the insti-
tution; and 
‘‘(ii) the executive officers of the insti-
tution. 
‘‘(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, 
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) REPORT TO CONGRESS.—Not later than 
24 months after the date of enactment of this sub-
section, and every other year thereafter, the Fund 
shall submit to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representa-
tives, and make publicly available on the website of 
the Fund, a report— 
‘‘(A) on the demographic data and trends 
of the diversity information made available pur-
suant to paragraph (2), including breakdowns 
by each State (including the District of Colum-
bia and each territory of the United States) and 
Tribal government entity; and 
‘‘(B) containing any administrative or leg-
islative recommendations of the Fund to en-
hance the implementation of this title or to pro-
mote diversity and inclusion within community 
development financial institutions.’’. 
(e) OFFICE OF DIVERSE AND MISSION-DRIVEN COM-
MUNITY FINANCIAL INSTITUTIONS.— 
(1) ESTABLISHMENT.—There is established 
within the Department of the Treasury the Office of 
Diverse and Mission-Driven Community Financial 
Institutions. 
(2) LEADERSHIP.—The Office of Diverse and 
Mission-Driven Community Financial Institutions 
shall be led by a Deputy Assistant Secretary for Di-
verse and Mission-Driven Community Financial In-
stitutions, who shall be appointed by the Secretary 
of the Treasury, in consultation with the Depart-
ment of the Treasury’s Director of Office of Minor-
ity and Women Inclusion. 
(3) FUNCTIONS.—The Office of Diverse and 
Mission-Driven Community Financial Institutions, 
pursuant to the direction of the Secretary, shall seek 
to provide support for diverse and mission-driven
community financial institutions and have the au-
thority— 
(A) to monitor and issue reports regard-
ing— 
(i) community development financial 
institutions, minority depository institu-
tions, and minority lending institutions; 
and 
(ii) the role such institutions play in 
the financial system of the United States, 
including the impact they have on pro-
viding financial access to low- and mod-
erate-income communities, communities of 
color, and other underserved communities; 
(B) to serve as a resource and Federal liai-
son for current and prospective community de-
velopment financial institutions, minority depos-
itory institutions, and minority lending institu-
tions seeking to engage with the Department of 
the Treasury, the Community Development Fi-
nancial Institutions Fund (‘‘CDFI Fund’’), 
other Federal government agencies, including 
by providing contact information for other of-
fices of the Department of the Treasury or 
other Federal Government agencies, resources,
technical assistance, or other support for enti-
ties wishing— 
(i) to become certified as a community 
development 
financial 
institution, 
and 
maintain the certification; 
(ii) to obtain a banking charter, de-
posit insurance, or otherwise carry on 
banking activities in a safe, sound, and re-
sponsible manner; 
(iii) 
to 
obtain 
financial 
support 
through private sector deposits, invest-
ments, partnerships, and other means; 
(iv) 
to 
expand 
their 
operations 
through internal growth and acquisitions; 
(v) to develop and upgrade their tech-
nology, cybersecurity resilience, compliance 
systems, data reporting systems, and their 
capacity to support their communities, in-
cluding through partnerships with third- 
party companies; 
(vi) to obtain grants, awards, invest-
ments and other financial support made 
available through the CDFI Fund, the 
Board of Governors of the Federal Reserve 
System, the Central Liquidity Facility, the
Federal Home Loan Banks, and other 
Federal programs; 
(vii) to participate as a financial inter-
mediary with respect to various Federal 
and State programs and agencies, includ-
ing the State Small Business Credit Initia-
tive and programs of the Small Business 
Administration; and 
(viii) to participate in Financial Agent 
Mentor-Prote´ge´ Program of the Depart-
ment of the Treasury and other Federal 
programs designed to support private sec-
tor partnerships; 
(C) to provide resources to the public wish-
ing to learn more about minority depository in-
stitutions, community development financial in-
stitutions, and minority lending institutions, in-
cluding helping the Secretary implement the re-
quirements under section 334, publishing re-
ports issued by the Office on the website of the 
Department of the Treasury and providing 
hyperlinks to other relevant reports and mate-
rials from other Federal agencies; 
(D) to provide policy recommendations to 
other relevant Federal agencies and Congress
on ways to further strengthen Federal support 
for community development financial institu-
tions, minority depository institutions, and mi-
nority lending institutions; 
(E) to assist the Secretary in carrying out 
the Secretary’s responsibilities under section 
308 of the Financial Institutions Reform, Re-
covery, and Enforcement Act of 1989 (12 
U.S.C. 1463 note) to preserve and promote mi-
nority depository institutions in consultation 
with the Chairman of the Board of Governors 
of the Federal Reserve System, the Comptroller 
of the Currency, the Chairman of the National 
Credit Union Administration, and the Chair-
person of the Board of Directors of the Federal 
Deposit Insurance Corporation; 
(F) to carry out other duties of the Sec-
retary of the Treasury required by this Act and 
the amendments made by this Act, and to per-
form such other duties and authorities as may 
be assigned by the Secretary. 
(f) STRENGTHENING
FEDERAL
EFFORTS
AND 
INTERAGENCY COORDINATION
TO PROMOTE DIVERSE 
AND MISSION-DRIVEN COMMUNITY FINANCIAL INSTITU-
TIONS.—
(1) 
SENIOR
OFFICIALS
DESIGNATED.—The 
Chairman of the Board of Governors of the Federal 
Reserve System, the Comptroller of the Currency, 
the Chairman of the National Credit Union Admin-
istration, the Chairperson of the Board of Directors 
of the Federal Deposit Insurance Corporation, and 
the Director of the Bureau of Consumer Financial 
Protection shall each, in consultation with their re-
spective Director of Office of Minority and Women 
Inclusion, designate a senior official to be their re-
spective agency’s officer responsible for promoting 
minority depository institutions, community develop-
ment financial institutions, and minority lending in-
stitutions, including to fulfill obligations under sec-
tion 308 of the Financial Institutions Reform, Re-
covery, and Enforcement Act of 1989 (12 U.S.C. 
1463 note) to preserve and promote minority deposi-
tory institutions. 
(2) INTERAGENCY WORKING GROUP.—The De-
partment of the Treasury shall regularly convene 
meetings, no less than once a quarter, of an inter-
agency working group to be known as the ‘‘Inter-
agency Working Group to Promote Diverse and Mis-
sion-Driven Community Financial Institutions’’, 
which shall consist of the senior officials designated
by their respective agencies under paragraph (1), 
along with the Deputy Assistant Secretary for Di-
verse and Mission-Driven Community Financial In-
stitutions, the Director of the Community Develop-
ment Financial Institutions Fund, and such other 
government officials as the Secretary of the Treas-
ury may choose to invite, to examine and discuss the 
state of minority depository institutions, community 
development financial institutions, and minority 
lending institutions, and actions the relevant agen-
cies can take to preserve, promote, and strengthen 
these institutions. 
(3) PROMOTING FAIR HOUSING AND COLLEC-
TIVE OWNERSHIP OPPORTUNITIES.— 
(A) INITIAL REPORT.—Not later than 18 
months after the date of the enactment of this 
subsection, the Secretary of Treasury, jointly 
with the Secretary of Housing and Urban De-
velopment, shall issue a report to the covered 
agencies and the Congress examining different 
ways financial institutions, including community 
development financial institutions, can affirma-
tively further fair housing and be encouraged 
and incentivized to carry out activities that ex-
pand long-term wealth-building opportunities
within low-income and minority communities 
that support collective ownership opportunities, 
including through investments in worker co-
operatives, consumer cooperatives, community 
land trusts, not-for-profit-led shared equity 
homeownership, and limited-equity cooperatives, 
and to provide recommendations to the covered 
agencies and the Congress in the furtherance of 
these objectives. 
(B) PROGRESS UPDATES.—Beginning not 
later than three years after the date of the en-
actment of this subsection, and every five years 
thereafter, the Secretary of the Treasury and 
the Secretary of Housing and Urban Develop-
ment shall, after receiving the necessary up-
dates from the covered agencies, issue a report 
examining the progress made on implementing 
relevant recommendations, and providing any 
additional recommendations to the covered 
agencies and the Congress in furtherance of the 
objectives under subparagraph (A). 
(C) COVERED AGENCIES.—For purposes of 
this subsection, the term ‘‘covered agencies’’ 
means the Community Development Financial 
Institutions Fund, the Department of Housing
and Urban Development. the Board of Gov-
ernors of the Federal Reserve System, the Fed-
eral Deposit Insurance Corporation, the Office 
of the Comptroller of the Currency, the Na-
tional Credit Union Administration, and the 
Federal Housing Finance Agency. 
(4) ANNUAL REPORT TO CONGRESS.—Not later 
than 1 year after the date of the enactment of this 
subsection, and annually thereafter, the Secretary of 
the Treasury, the Chairman of the Board of Gov-
ernors of the Federal Reserve System, the Comp-
troller of the Currency, the Chairman of the Na-
tional Credit Union Administration, the Chairperson 
of the Board of Directors of the Federal Deposit In-
surance Corporation, and the Director of the Bureau 
of Consumer Financial Protection shall submit a 
joint report to the Committee on Financial Services 
of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Sen-
ate regarding the work that has been done the prior 
year to preserve, promote, and strengthen commu-
nity development financial institutions, minority de-
pository institutions, and minority lending institu-
tions, along with any policy recommendations on ac-
tions various government agencies and Congress
should take to preserve, promote, and strengthen 
community development financial institutions, mi-
nority depository institutions, and minority lending 
institutions. 
SEC. 332. CAPITAL INVESTMENTS, GRANTS, AND TECH-
NOLOGY SUPPORT FOR MDIS AND CDFIS. 
(a) AUTHORIZATION OF APPROPRIATION.—There is 
authorized to be appropriated to the Emergency Capital 
Investment Fund $4,000,000,000. Such funds may be 
used for administrative expenses of the Department of the 
Treasury. 
(b) CONFORMING AMENDMENTS TO ALLOW FOR AD-
DITIONAL PURCHASES OF CAPITAL.—Section 104A of the 
Riegle Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4703a) is amended— 
(1) in subsection (c), by striking paragraph (2); 
and 
(2) in subsection (e), by striking paragraph (2). 
(c) USE
OF FUNDS
FOR CDFI FINANCIAL
AND 
TECHNICAL ASSISTANCE.—Section 104A of the Riegle 
Community Development and Regulatory Improvement 
Act of 1994 (12 U.S.C. 4703a) is amended by adding at 
the end the following: 
‘‘(p) USE OF FUNDS FOR CDFI FINANCIAL AND 
TECHNICAL ASSISTANCE.—The Secretary shall transfer
no less than $1,000,000,000 in the Emergency Capital In-
vestment Fund to the Fund for the purpose of providing 
financial and technical assistance grants to community de-
velopment financial institutions certified by the Secretary. 
The Fund shall provide such grants using a formula that 
takes into account criteria such as certification status, fi-
nancial and compliance performance, portfolio and balance 
sheet strength, diversity of CDFI business model types, 
and program capacity.’’. 
(d) TECHNOLOGY GRANTS FOR MDIS AND CDFIS.— 
(1) STUDY AND REPORT ON CERTAIN TECH-
NOLOGY CHALLENGES.— 
(A) STUDY.—The Secretary of the Treas-
ury shall carry out a study on the technology 
challenges impacting minority depository insti-
tutions and community development financial 
institutions with respect to— 
(i) internal technology capabilities and 
capacity of the institutions to process loan 
applications and otherwise serve current 
and potential customers through the inter-
net, mobile phone applications, and other 
tools; 
(ii) technology capabilities and capac-
ity of the institutions, provided in partner-
ship with third party companies, to process 
loan applications and otherwise serve cur-
rent and potential customers through the 
internet, mobile phone applications, and 
other tools; 
(iii) cybersecurity; and 
(iv) challenges and solutions related to 
algorithmic bias in the deployment of tech-
nology. 
(B) REPORT.—Not later than 18 months 
after the date of the enactment of this sub-
section, the Secretary shall submit 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 that includes the results of the study re-
quired under subparagraph (A). 
(2) TECHNOLOGY GRANT PROGRAM.— 
(A) PROGRAM
AUTHORIZED.—The Sec-
retary shall carry out a technology grant pro-
gram to make grants to minority depository in-
stitutions and community development financial 
institutions to address technology challenges 
impacting such institutions.
(B) APPLICATION.—To be eligible to be 
awarded a grant under this paragraph, a mi-
nority depository institution or community de-
velopment financial institution shall submit an 
application to the Secretary at such time, in 
such manner, and containing such information 
as the Secretary may require. 
(C) USE OF FUNDS.—A minority deposi-
tory institution or community development fi-
nancial institution that is awarded a grant 
under this paragraph may use the grant funds 
to— 
(i) enhance or adopt technologies 
that— 
(I) shorten loan approval proc-
esses; 
(II) improve customer experience; 
(III) provide additional services 
to customers; 
(IV) facilitate compliance with 
applicable laws, regulations, and pro-
gram requirements, including testing 
to ensure that the use of technology 
does not result in discrimination, and
pilot program to provide competitive grants to a per-
son for the purpose of providing capital for such per-
son to establish a minority depository institution or 
a community development financial institution. 
(2) APPLICATION.—A person desiring a grant 
under this subsection shall submit to the Secretary 
an application in such form and containing such in-
formation as the Secretary determines appropriate. 
(3) DISBURSEMENT.—Before disbursing grant 
amounts to a person selected to receive a grant 
under this subsection, the Secretary shall ensure 
that such person has received approval from the ap-
propriate Federal banking agency (or such other 
Federal or State agency from whom approval is re-
quired) to establish a minority depository institution 
or a community development financial institution, as 
applicable. 
(4) 
FUNDING.—The 
Secretary 
may 
use 
amounts in the Emergency Capital Investment Fund 
to implement and make grants under paragraph (2), 
but not to exceed $100,000,000 in the aggregate. 
(5) DEFINITIONS.—In this subsection, the 
terms ‘‘appropriate Federal banking agency’’, ‘‘com-
munity development financial institution’’, ‘‘Fund’’, 
and ‘‘minority depository institution’’ have the
meaning given those terms, respectively, under sec-
tion 103 of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 
4702). 
(f) GUIDANCE FOR SUBCHAPTER S AND MUTUAL 
BANKS.—Not later than 30 days after the date of enact-
ment of this Act, the Board of Governors of the Federal 
Reserve System and the Secretary shall issue guidance re-
garding how Emergency Capital Investment Program in-
vestments (whether made before or after the date of enact-
ment of this Act) are considered for purposes of various 
prudential requirements, including debt to equity, leverage 
ratio, and double leverage ratio requirements with respect 
to subchapter S and mutual bank recipients of such invest-
ments. 
(g) COLLECTION OF DATA.—Section 111 of the Rie-
gle Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4710) is amended— 
(1) by striking ‘‘The Fund’’ and inserting the 
following: 
‘‘(a) IN GENERAL.—The Fund’’; and 
(2) by adding at the end the following: 
‘‘(b) COLLECTION OF CERTAIN DATA BY CDFIS.— 
Notwithstanding the Equal Credit Opportunity Act (15 
U.S.C. 1691 et seq.)—
‘‘(1) a community development financial institu-
tion may collect data described in section 701(a)(1) 
of that Act (15 U.S.C. 1691(a)(1)) from borrowers 
and applicants for credit for the sole purpose and 
exclusive use to ensure that targeted populations 
and low-income residents of investment areas are 
adequately served and to report the level of service 
provided to such populations and areas to the Fund; 
and 
‘‘(2) a community development financial institu-
tion that collects the data described in paragraph 
(1) shall not be subject to adverse action related to 
that collection by the Bureau of Consumer Financial 
Protection or any other Federal agency.’’. 
SEC. 333. SUPPORTING YOUNG ENTREPRENEURS PRO-
GRAM. 
Section 108 of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 U.S.C. 
4707), as amended by section 331(a)(1), is further amend-
ed by adding at the end the following: 
‘‘(j) SUPPORTING YOUNG ENTREPRENEURS PRO-
GRAM.— 
‘‘(1) IN GENERAL.—The Fund shall establish a 
Supporting Young Entrepreneurs Program under 
which the Fund may provide financial awards to the
community development financial institutions that 
the Fund determines have the best programs to help 
young entrepreneurs get the start up capital needed 
to start a small business, with a focus on supporting 
young women entrepreneurs, entrepreneurs who are 
Black, Hispanic, Asian or Pacific Islander, and Na-
tive American or Native Alaskan and other histori-
cally underrepresented groups or first time business 
owners. 
‘‘(2) 
NO
MATCHING
REQUIREMENT.—The 
matching requirement under subsection (e) shall not 
apply to awards made under this subsection. 
‘‘(3) FUNDING.—In carrying out this sub-
section, the Fund may use— 
‘‘(A) amounts in the Emergency Capital 
Investment 
Fund, 
but 
not 
to 
exceed 
$100,000,000 in the aggregate; and 
‘‘(B) such other funds as may be appro-
priated by Congress to the Fund to carry out 
the Supporting Young Entrepreneurs Pro-
gram.’’.
SEC. 334. MAP OF MINORITY DEPOSITORY INSTITUTIONS 
AND COMMUNITY DEVELOPMENT FINANCIAL 
INSTITUTIONS. 
(a) IN GENERAL.—The Secretary of the Treasury, in 
consultation with the CDFI Fund and the Federal bank-
ing agencies, shall establish an interactive, searchable map 
showing the geographic locations of the headquarters and 
branch locations of minority depository institutions, which 
shall be provided by the Federal banking agencies, and 
community development financial institutions that have 
been certified by the Secretary, including breakdowns by 
each State (including the District of Columbia and each 
territory of the United States), Tribal government entity, 
and congressional district. Such map shall also provide a 
link to the website of each such minority depository insti-
tution and community development financial institution. 
(b) DEFINITIONS.—In this section: 
(1) CDFI FUND.—The term ‘‘CDFI Fund’’ 
means the Community Development Financial Insti-
tutions Fund established under section 104(a) of the 
Riegle Community Development and Regulatory Im-
provement Act of 1994. 
(2) COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTION.—The term ‘‘community development fi-
nancial institution’’ has the meaning given in section
103 of the Riegle Community Development and Reg-
ulatory Improvement Act of 1994. 
(3) FEDERAL
BANKING
AGENCY.—The term 
‘‘Federal banking agency’’— 
(A) has the meaning given in section 3 of 
the Federal Deposit Insurance Act; and 
(B) means the National Credit Union Ad-
ministration. 
(4) MINORITY DEPOSITORY INSTITUTION.—The 
term ‘‘minority depository institution’’ has the 
meaning given in section 308(b) of the Financial In-
stitutions Reform, Recovery, and Enforcement Act 
of 1989. 
SEC. 335. REPORT ON CERTIFIED COMMUNITY DEVELOP-
MENT FINANCIAL INSTITUTIONS. 
Section 117(a) of the Riegle Community Develop-
ment and Regulatory Improvement Act of 1994 (12 
U.S.C. 4716(a)) is amended— 
(1) by striking ‘‘The Fund’’ and inserting the 
following: 
‘‘(1) IN GENERAL.—The Fund’’; 
(2) by striking ‘‘and the Congress’’ and insert-
ing ‘‘, the Congress, and the public’’; and 
(3) by adding at the end the following:
‘‘(2) REPORT ON CERTIFIED COMMUNITY DE-
VELOPMENT FINANCIAL INSTITUTIONS.—The annual 
report required under paragraph (1) shall include a 
report on community development financial institu-
tions (‘CDFIs’) that have been certified by the Sec-
retary of the Treasury, including a summary with 
aggregate data and analysis, to the fullest extent 
practicable, regarding— 
‘‘(A) a list of the types of organizations 
that are certified as CDFIs, and the number of 
each type of organization; 
‘‘(B) the geographic location and capacity 
of different types of certified CDFIs, including 
overall impact breakdowns by each State (in-
cluding the District of Columbia and each terri-
tory of the United States) and Tribal govern-
ment entity; 
‘‘(C) the lines of business for different 
types of certified CDFIs; 
‘‘(D) human resources and staffing infor-
mation for different types of certified CDFIs, 
including— 
‘‘(E) the types of development services pro-
vided by different types of certified CDFIs;
‘‘(F) the target markets of different types 
of certified CDFIs and the amount of products 
and services offered by CDFIs to those target 
markets, including— 
‘‘(i) the number and amount of loans 
and loan guarantees made in those target 
markets; 
‘‘(ii) the number and amount of other 
investments made in those target markets; 
and 
‘‘(iii) the number and amount of de-
velopment services offered in those target 
markets; and 
‘‘(G) such other information as the Direc-
tor of the Fund may determine necessary to 
promote transparency of the impact of different 
types of CDFIs, while carrying out this report 
in a manner that seeks to minimize data report-
ing requirements from certified CDFIs when 
feasible, including utilizing information gath-
ered from other regulators under section 
104(l).’’.
SEC. 336. CONSULTATION AND MINIMIZATION OF DATA RE-
QUESTS. 
Section 104 of the Riegle Community Development 
and Regulatory Improvement Act of 1994 (12 U.S.C. 
4703) is amended by adding at the end the following: 
‘‘(l) CONSULTATION AND MINIMIZATION OF DATA 
REQUESTS.— 
‘‘(1) IN GENERAL.—In carrying out its duties, 
the Fund shall— 
‘‘(A) periodically, and no less frequent 
than once a year, consult with the applicable 
Federal regulator of certified CDFIs and appli-
cants to be a certified CDFI (‘applicants)’; 
‘‘(B) seek to gather any information nec-
essary related to Fund certification and award 
decisions on certified CDFIs and applicants 
from the applicable Federal regulator, and such 
regulators shall use reasonable efforts to pro-
vide such information to the Fund, to minimize 
duplicative data collection requests made by the 
Fund of certified CDFIs and applicants and to 
expedite certification, award, or other relevant 
processes administered by the Fund. 
‘‘(2) APPLICABLE
FEDERAL
REGULATOR
DE-
FINED.—In this subsection, the term ‘applicable 
Federal regulator’ means—
‘‘(A) with respect to a certified CDFI or 
an applicant that is regulated by both an appro-
priate Federal banking agency and the Bureau 
of Consumer Financial Protection, the Bureau 
of Consumer Financial Protection; 
‘‘(B) with respect to a certified CDFI or 
an applicant that is not regulated by the Bu-
reau of Consumer Financial Protection, the ap-
propriate Federal banking agency for such ap-
plicant; or 
‘‘(C) the Bureau of Consumer Financial 
Protection, with respect to a certified CDFI or 
an applicant— 
‘‘(i) that is not regulated by an appro-
priate Federal banking agency; and 
‘‘(ii) that offers or provides consumer 
financial products or services (as defined in 
section 1002 of the Consumer Financial 
Protection 
Act 
of 
2010 
(12 
U.S.C. 
5481).’’. 
SEC. 337. ACCESS TO THE DISCOUNT WINDOW OF THE FED-
ERAL RESERVE SYSTEM FOR MDIS AND 
CDFIS. 
Within 1 year after the date of enactment of this Act, 
the Board of Governors of the Federal Reserve System
shall establish a process under which minority depository 
institutions and community development financial institu-
tions may have access to the discount window, at the sea-
sonal credit interest rate most recently published on the 
Federal Reserve Statistical Release on selected interest 
rates (daily or weekly). 
SEC. 338. STUDY ON SECURITIZATION BY CDFIS. 
(a) IN GENERAL.—The Secretary of the Treasury, in 
consultation with the Community Development Financial 
Institutions Fund and such other Federal agencies as the 
Secretary determines appropriate, shall carry out a study 
on— 
(1) the use of securitization by CDFIs; 
(2) any barriers to the use of securitization as 
a source of liquidity by CDFIs; and 
(3) any authorities available to the Government 
to support the use of securitization by CDFIs to the 
extent it helps serve underserved communities. 
(b) REPORT.—Not later than the end of the 1-year 
period beginning on the date of enactment of this Act, the 
Secretary shall issue a report to the Committee on Finan-
cial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate containing—
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) any legislative or administrative rec-
ommendations of the Secretary that would promote 
the responsible use of securitization to help CDFIs 
in reaching more underserved communities. 
(c) CDFI DEFINED.—The term ‘‘CDFI’’ has the 
meaning given the term ‘‘community development finan-
cial institution’’ under section 103 of the Riegle Commu-
nity Development and Regulatory Improvement Act of 
1994. 
TITLE IV—DIVERSITY IN FINAN-
CIAL INSTITUTIONS AND COR-
PORATIONS 
Subtitle A—Promoting New and 
Diverse Depository Institutions 
SEC. 411. STUDY AND STRATEGIC PLAN. 
(a) IN GENERAL.—The Federal banking regulators 
shall jointly— 
(1) conduct a study about the challenges faced 
by proposed depository institutions, including pro-
posed minority depository institutions, seeking de 
novo depository institution charters; and
(2) submit to the Committee on Financial Serv-
ices of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate and publish publically, not later than 18 
months after the date of the enactment of this sec-
tion— 
(A) an analysis based on the study con-
ducted pursuant to paragraph (1); 
(B) any findings from the study conducted 
pursuant to paragraph (1); and 
(C) any legislative recommendations that 
the Federal banking regulators developed based 
on the study conducted pursuant to paragraph 
(1). 
(b) STRATEGIC PLAN.— 
(1) IN GENERAL.—Not later than 18 months 
after the date of the enactment of this section, the 
Federal banking regulators shall jointly submit to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate and pub-
lish publically a strategic plan based on the study 
conducted pursuant to subsection (a) and designed 
to help proposed depository institutions (including 
proposed minority depository institutions) success-
fully apply for de novo depository institution char-
ters in a manner that promotes increased availability 
of banking and financial services, safety and sound-
ness, consumer protection, community reinvestment, 
financial stability, and a level playing field. 
(2) CONTENTS OF STRATEGIC PLAN.—The stra-
tegic plan described in paragraph (1) shall— 
(A) promote the chartering of de novo de-
pository institutions, including— 
(i) proposed minority depository insti-
tutions; and 
(ii) proposed depository institutions 
that could be certified as community devel-
opment financial institutions; and 
(B) describe actions the Federal banking 
regulators may take that would increase the 
number of depository institutions located in ge-
ographic areas where consumers lack access to 
a branch of a depository institution. 
(c) PUBLIC INVOLVEMENT.—When conducting the 
study and developing the strategic plan required by this 
section, the Federal banking regulators shall invite com-
ments and other feedback from the public to inform the 
study and strategic plan. 
(d) DEFINITIONS.—In this section:
(1) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ has the meaning given in sec-
tion 3 of the Federal Deposit Insurance Act, and in-
cludes a ‘‘Federal credit union’’ and a ‘‘State credit 
union’’ as such terms are defined, respectively, 
under section 101 of the Federal Credit Union Act. 
(2) COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTION.—The term ‘‘community development fi-
nancial institution’’ has the meaning given in section 
103 of the Riegle Community Development and Reg-
ulatory Improvement Act of 1994. 
(3) FEDERAL
BANKING
REGULATORS.—The 
term ‘‘Federal banking regulators’’ means the Board 
of Governors of the Federal Reserve System, the 
Comptroller of the Currency, the Federal Deposit 
Insurance Corporation, the National Credit Union 
Administration, and the Director of the Bureau of 
Consumer Financial Protection. 
(4) MINORITY DEPOSITORY INSTITUTION.—The 
term ‘‘minority depository institution’’ has the 
meaning given in section 308(b) of the Financial In-
stitutions Reform, Recovery, and Enforcement Act 
of 1989.
Subtitle B—Promoting Diversity 
and Inclusion in Banking 
SEC. 421. DIVERSITY AND INCLUSION RATINGS. 
(a) IN GENERAL.—The Dodd-Frank Wall Street Re-
form and Consumer Protection Act (12 U.S.C. 5301 et 
seq.) is amended by inserting after section 342 the fol-
lowing: 
‘‘SEC. 342A. DIVERSITY AND INCLUSION RATINGS. 
‘‘(a) IN GENERAL.—The Board of Governors, the 
Comptroller of the Currency, the Corporation, and the Na-
tional Credit Union Administration Board, in assigning a 
rating to a depository institution under the Uniform Fi-
nancial Institutions Rating System (or an equivalent rat-
ing by any such agency under a comparable rating system) 
shall include a diversity and inclusion component that ex-
amines— 
‘‘(1) whether the depository institution has ef-
fective policies in place to encourage diversity and 
inclusion in the hiring practices of the institution; 
‘‘(2) whether the depository institution provides 
training to the employees of the institution, that is 
appropriate to the size and resources of the institu-
tion, on diversity and inclusion; 
‘‘(3) whether the depository institution has poli-
cies in place that ensure that employees are able to
report workplace discrimination without fear of 
wrongful retaliation, threats, or coercion; and 
‘‘(4)(A) with respect to a depository institution 
with total consolidated assets of $1,000,000,000 or 
less, whether such depository institution has des-
ignated an individual to serve as a Diversity and In-
clusion Officer who reports to the Chief Executive 
Officer of the institution on all diversity and inclu-
sion matters; or 
‘‘(B) with respect to a depository institution 
with total consolidated assets of more than 
$1,000,000,000, whether such depository institu-
tion— 
‘‘(i) has designated an individual to serve 
as a Diversity and Inclusion Officer; and 
‘‘(ii) has established a committee for diver-
sity and inclusion that holds meetings quarterly 
and that includes in its membership the Diver-
sity and Inclusion Officer designated under 
clause (i) and the Chief Executive Officer of the 
institution. 
‘‘(b) APPLICATION TO MINORITY DEPOSITORY INSTI-
TUTIONS.—In carrying out subsection (a) with respect to 
minority depository institutions, the Board of Governors,
the Comptroller of the Currency, the Corporation, and the 
National Credit Union Administration Board shall— 
‘‘(1) assign such institutions the most favorable 
rating with respect to the diversity and inclusion 
component described under subsection (a); and 
‘‘(2) exempt such institutions from any exam-
ination procedures related to the diversity and inclu-
sion component described under subsection (a). 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ means a depository institution 
or a credit union. 
‘‘(2) MINORITY
DEPOSITORY
INSTITUTION.— 
The term ‘minority depository institution’ means an 
entity that is— 
‘‘(A) a minority depository institution, as 
defined in section 308 of the Financial Institu-
tions Reform, Recovery, and Enforcement Act 
of 1989 (12 U.S.C. 1463 note); 
‘‘(B) considered to be a minority deposi-
tory institution by— 
‘‘(i) the appropriate Federal banking 
agency; or
‘‘(ii) the National Credit Union Ad-
ministration, in the case of an insured 
credit union. 
‘‘(C) the term ‘sexual orientation’ means 
homosexuality, heterosexuality, or bisexuality; 
or 
‘‘(D) the term ‘gender identity’ means the 
gender-related identity, appearance, manner-
isms, or other gender-related characteristics of 
an individual, regardless of the individual’s des-
ignated sex at birth;’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Dodd-Frank Wall Street Reform and Consumer 
Protection Act is amended by inserting after the item re-
lating to section 342 the following: 
‘‘Sec. 342A. Diversity and inclusion ratings.’’. 
Subtitle C—Improving Corporate 
Governance Through Diversity 
SEC. 431. SUBMISSION OF DATA RELATING TO DIVERSITY 
BY ISSUERS. 
Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the 
following: 
‘‘(s) 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 
issuer required to file an annual report under sub-
section (a) shall disclose in any proxy statement and 
any information statement relating to the election of 
directors filed with the Commission the following: 
‘‘(A) Data, based on voluntary self-identi-
fication, on the racial, ethnic, gender identity, 
and sexual orientation composition of— 
‘‘(i) the board of directors of the 
issuer; 
‘‘(ii) nominees for the board of direc-
tors of the issuer; and 
‘‘(iii) the executive officers of the 
issuer. 
‘‘(B) The status of any member of the 
board of directors of the issuer, any nominee 
for the board of directors of the issuer, or any
executive officer of the issuer, based on vol-
untary self-identification, as a veteran. 
‘‘(C) Whether the board of directors of the 
issuer, or any committee of that board of direc-
tors, has, as of the date on which the issuer 
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 
issuer; 
‘‘(ii) nominees for the board of direc-
tors of the issuer; or 
‘‘(iii) the executive officers of the 
issuer. 
‘‘(D) The disability status, based on vol-
untary self-identification, of any member of the 
board of directors of the issuer, any nominee 
for the board of directors of the issuer, or any 
executive officer of the issuer. 
‘‘(3) ALTERNATIVE
SUBMISSION.—In any 1- 
year period in which an issuer required to file an an-
nual report under subsection (a) does not file with 
the Commission a proxy statement or an information 
statement relating to the election of directors, the 
issuer shall disclose the information required under
paragraph (2) in the first annual report of issuer 
that the issuer submits to the Commission after the 
end of that 1-year period. 
‘‘(4) ANNUAL
REPORT.—Not later than 18 
months after the date of enactment of this sub-
section, and annually thereafter, the Commission 
shall submit to the Committee on Financial Services 
of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Sen-
ate, and publish on the website of the Commission, 
a report that analyzes the information disclosed 
under paragraphs (2) and (3) and identifies any 
trends with respect to such information, including 
breakdowns by each State (including the District of 
Columbia and each territory of the United States), 
Tribal government entity, and congressional district. 
‘‘(5) BEST PRACTICES.— 
‘‘(A) IN GENERAL.—The Director of the 
Office of Minority and Women Inclusion of the 
Commission shall, not later than 3 years after 
the date of enactment of this subsection, and 
every 3 years thereafter, publish best practices 
for compliance with this subsection. 
‘‘(B) COMMENTS.—The Director of the Of-
fice of Minority and Women Inclusion of the
Commission may, pursuant to subchapter II of 
chapter 5 of title 5, United States Code, solicit 
public comments related to the best practices 
published under subparagraph (A).’’. 
SEC. 432. DIVERSITY ADVISORY GROUP. 
(a) DEFINITIONS.—For the purposes of this section: 
(1) ADVISORY
GROUP.—The term ‘‘Advisory 
Group’’ means the Diversity Advisory Group estab-
lished under subsection (b). 
(2) COMMISSION.—The term ‘‘Commission’’ 
means the Securities and Exchange Commission. 
(3) ISSUER.—The term ‘‘issuer’’ has the mean-
ing given the term in section 3(a) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)). 
(b) ESTABLISHMENT.—The Commission shall estab-
lish a Diversity Advisory Group, which shall be composed 
of representatives from— 
(1) the Federal Government and State and local 
governments; 
(2) academia; and 
(3) the private sector. 
(c) STUDY AND RECOMMENDATIONS.—The Advisory 
Group shall— 
(1) carry out a study that identifies strategies 
that can be used to increase gender, racial, and eth-
nic diversity, and diversity with respect to individ-
uals self-identifying as lesbian, gay, bisexual, 
transgender, or queer, among members of boards of 
directors of issuers; and 
(2) not later than 270 days after the date on 
which the Advisory Group is established, submit to 
the Commission, the Committee on Financial Serv-
ices of the House of Representatives, and the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate a report that— 
(A) describes any findings from the study 
conducted under paragraph (1); and 
(B) makes recommendations regarding 
strategies that issuers could use to increase 
gender, racial, and ethnic diversity, and diver-
sity with respect to individuals self-identifying 
as lesbian, gay, bisexual, transgender, or queer, 
among board members. 
(d) ANNUAL REPORT.—Not later than 1 year after 
the date on which the Advisory Group submits the report 
required under subsection (c)(2), and annually thereafter, 
the Commission shall submit to the Committee on Finan-
cial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate a report that describes the status of gender,
racial, and ethnic diversity, and the status of diversity 
with respect to individuals self-identifying as lesbian, gay, 
bisexual, transgender, or queer, among members of the 
boards of directors of issuers, including breakdowns by 
each State (including the District of Columbia and each 
territory of the United States), Tribal government entity, 
and congressional district. 
(e) PUBLIC AVAILABILITY OF REPORTS.—The Com-
mission shall make all reports of the Advisory Group avail-
able to issuers and the public, including on the website 
of the Commission. 
(f) INAPPLICABILITY OF FEDERAL ADVISORY COM-
MITTEE ACT.—The Federal Advisory Committee Act (5 
U.S.C. App.) shall not apply with respect to the Advisory 
Group or the activities of the Advisory Group. 
Subtitle D—Ensuring Diversity in 
Community Banking 
SEC. 441. SHORT TITLE. 
This subtitle may be cited as the ‘‘Ensuring Diversity 
in Community Banking Act’’. 
SEC. 442. 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 
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 
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 
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) According to the CDFI Fund, some pro-
grams attract as much as $10 in private capital for 
every $1 invested by the CDFI Fund. The Adminis-
tration and the Congress should prioritize appropria-
tion of funds for the loan loss reserve fund and tech-
nical assistance programs administered by the Com-
munity Development Financial Institution Fund. 
SEC. 443. DEFINITIONS. 
In this subtitle: 
(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), as amended by this 
Act.
SEC. 444. INCLUSION OF WOMEN’S BANKS IN THE DEFINI-
TION OF MINORITY DEPOSITORY INSTITU-
TION. 
Section 308(b)(1) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
1463 note) is amended— 
(1) by redesignating subparagraphs (A), (B), 
and (C) as clauses (i), (ii), and (iii), respectively; 
(2) by striking ‘‘means any’’ and inserting the 
following: ‘‘means— 
‘‘(A) any’’; and 
(3) in clause (iii) (as so redesignated), by strik-
ing the period at the end and inserting ‘‘; or’’; and 
(4) by inserting at the end the following new 
subparagraph: 
‘‘(B) any bank described in clause (i), (ii), 
or (iii) of section 19(b)(1)(A) of the Federal 
Reserve Act— 
‘‘(i) more than 50 percent of the out-
standing shares of which are held by 1 or 
more women; and 
‘‘(ii) the majority of the directors on 
the board of directors of which are 
women.’’.
SEC. 445. ESTABLISHMENT OF IMPACT BANK DESIGNATION. 
(a) IN GENERAL.—Each Federal banking agency 
shall establish a program under which a depository institu-
tion 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-income borrowers is greater 
than or equal to 50 percent of the assets of such bank. 
(b) NOTIFICATION OF ELIGIBILITY.—Based on data 
obtained through examinations of depository institutions, 
the appropriate Federal banking agency shall notify a de-
pository institution if the institution is eligible to be des-
ignated as an impact bank. 
(c) APPLICATION.—Regardless of whether or not it 
has received a notice of eligibility under subsection (b), 
a depository institution may submit an application to the 
appropriate Federal banking agency— 
(1) requesting to be designated as an impact 
bank; and 
(2) demonstrating that the depository institu-
tion meets the applicable qualifications. 
(d) LIMITATION ON ADDITIONAL DATA REQUIRE-
MENTS.—The Federal banking agencies may only impose 
additional data collection requirements on a depository in-
stitution under this section if such data is—
(1) necessary to process an application sub-
mitted by the depository institution to be designated 
an impact bank; or 
(2) with respect to a depository institution that 
is designated as an impact bank, necessary to ensure 
the depository institution’s ongoing qualifications to 
maintain such designation. 
(e) REMOVAL OF DESIGNATION.—If the appropriate 
Federal banking agency determines that a depository in-
stitution 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. 
(f) 
RECONSIDERATION
OF
DESIGNATION; 
AP-
PEALS.—Under such procedures as the Federal banking 
agencies may establish, a depository institution may— 
(1) submit to the appropriate Federal banking 
agency a request to reconsider a determination that 
such depository institution no longer meets the cri-
teria for the designation; or 
(2) file an appeal of such determination. 
(g) 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 require-
ments of this section, including by providing a definition 
of a low-income borrower. 
(h) REPORTS.—Each Federal banking agency shall 
submit an annual report to the Congress containing a de-
scription of actions taken to carry out this section. 
(i) FEDERAL DEPOSIT INSURANCE ACT DEFINI-
TIONS.—In this section, the terms ‘‘depository institu-
tion’’, ‘‘appropriate Federal banking agency’’, and ‘‘Fed-
eral banking agency’’ have the meanings given such terms, 
respectively, in section 3 of the Federal Deposit Insurance 
Act (12 U.S.C. 1813). 
SEC. 446. MINORITY DEPOSITORIES ADVISORY COMMIT-
TEES. 
(a) ESTABLISHMENT.—Each covered regulator shall 
establish an advisory committee to be called the ‘‘Minority 
Depositories Advisory Committee’’. 
(b) DUTIES.—Each Minority Depositories Advisory 
Committee shall provide advice to the respective covered 
regulator on meeting the goals established by section 308 
of the Financial Institutions Reform, Recovery, and En-
forcement Act of 1989 (12 U.S.C. 1463 note) to preserve 
the present number of covered minority institutions, pre-
serve the minority character of minority-owned institu-
tions in cases involving mergers or acquisitions, provide 
technical assistance, and encourage the creation of new
covered minority institutions. The scope of the work of 
each such Minority Depositories Advisory Committee shall 
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. 
(c) MEMBERSHIP.— 
(1) IN GENERAL.—Each Minority Depositories 
Advisory Committee shall consist of no more than 
10 members, who— 
(A) shall serve for one two-year term; 
(B) shall serve as a representative of a de-
pository institution or an insured credit union 
with respect to which the respective covered 
regulator is the covered regulator of such de-
pository institution or insured credit union; and 
(C) shall not receive pay by reason of their 
service on the advisory committee, but may re-
ceive travel or transportation expenses in ac-
cordance with section 5703 of title 5, United 
States Code. 
(2) DIVERSITY.—To the extent practicable, 
each covered regulator shall ensure that the mem-
bers of the Minority Depositories Advisory Com-
mittee of such agency reflect the diversity of covered 
minority institutions. 
(d) MEETINGS.— 
(1) IN GENERAL.—Each Minority Depositories 
Advisory Committee shall meet not less frequently 
than twice each year. 
(2) NOTICE AND INVITATIONS.—Each Minority 
Depositories Advisory Committee shall— 
(A) notify the Committee on Financial 
Services of the House of Representatives and 
the Committee on Banking, Housing, and 
Urban Affairs of the Senate in advance of each 
meeting of the Minority Depositories Advisory 
Committee; and 
(B) invite the attendance at each meeting 
of the Minority Depositories Advisory Com-
mittee 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 Representatives and the Com-
mittee on Banking, Housing, and Urban 
Affairs of the Senate; and 
(ii) one member of the majority party 
and one member of the minority party of
any relevant subcommittees of such com-
mittees. 
(e) NO TERMINATION OF ADVISORY COMMITTEES.— 
The termination requirements under section 14 of the 
Federal Advisory Committee Act (5 U.S.C. app.) shall not 
apply to a Minority Depositories Advisory Committee es-
tablished pursuant to this section. 
(f) DEFINITIONS.—In this section: 
(1) COVERED REGULATOR.—The term ‘‘covered 
regulator’’ means the Comptroller of the Currency, 
the Board of Governors of the Federal Reserve Sys-
tem, the Federal Deposit Insurance Corporation, 
and the National Credit Union Administration. 
(2) COVERED
MINORITY
INSTITUTION.—The 
term ‘‘covered minority institution’’ means a minor-
ity depository institution (as defined in section 
308(b) of the Financial Institutions Reform, Recov-
ery, and Enforcement Act of 1989 (12 U.S.C. 1463 
note)). 
(3) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ has the meaning given under 
section 3 of the Federal Deposit Insurance Act (12 
U.S.C. 1813). 
(4) INSURED CREDIT UNION.—The term ‘‘in-
sured credit union’’ has the meaning given in section
101 of the Federal Credit Union Act (12 U.S.C. 
1752). 
(g) TECHNICAL AMENDMENT.—Section 308(b) of the 
Financial Institutions Reform, Recovery, and Enforce-
ment 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)).’’. 
SEC. 447. FEDERAL DEPOSITS IN MINORITY DEPOSITORY 
INSTITUTIONS. 
(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— 
(1) by adding at the end the following new sub-
section: 
‘‘(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 
(2) in subsection (b), as amended by section 
6(g), by adding at the end the following new para-
graph: 
‘‘(4) IMPACT BANK.—The term ‘impact bank’ 
means a depository institution designated by the ap-
propriate Federal banking agency pursuant to sec-
tion 445 of the Ensuring Diversity in Community 
Banking Act.’’. 
(b) TECHNICAL AMENDMENTS.—Section 308 of the 
Financial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 (12 U.S.C. 1463 note) is amended— 
(1) in the matter preceding paragraph (1), by 
striking ‘‘section—’’ and inserting ‘‘section:’’; and 
(2) in the paragraph heading for paragraph (1), 
by striking ‘‘FINANCIAL’’ and inserting ‘‘DEPOSI-
TORY’’. 
SEC. 448. MINORITY BANK DEPOSIT PROGRAM. 
(a) IN GENERAL.—Section 1204 of the Financial In-
stitutions 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— 
‘‘(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. 
‘‘(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.’’. 
(b) CONFORMING AMENDMENTS.—The following pro-
visions are amended by striking ‘‘1204(c)(3)’’ and insert-
ing ‘‘1204(c)’’: 
(1) Section 808(b)(3) of the Community Rein-
vestment Act of 1977 (12 U.S.C. 2907(b)(3)). 
(2) Section 40(g)(1)(B) of the Federal Deposit 
Insurance Act (12 U.S.C. 1831q(g)(1)(B)). 
(3) Section 704B(h)(4) of the Equal Credit Op-
portunity Act (15 U.S.C. 1691c–2(h)(4)). 
SEC. 449. DIVERSITY REPORT AND BEST PRACTICES. 
(a) ANNUAL REPORT.—Each covered regulator shall 
submit to Congress an annual report on diversity includ-
ing the following:
100 
(1) Data, based on voluntary self-identification, 
on the racial, ethnic, and gender composition of the 
examiners of each covered regulator, disaggregated 
by length of time served as an examiner. 
(2) The status of any examiners of covered reg-
ulators, based on voluntary self-identification, as a 
veteran. 
(3) 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 gender diversity 
among examiners of the covered regulator. 
(4) Whether any special training is developed 
and provided for examiners related specifically to 
working with depository institutions and credit 
unions that serve communities that are predomi-
nantly minorities, low income, or rural, and the key 
focus of such training. 
(b) BEST PRACTICES.—Each Office of Minority and 
Women Inclusion of a covered regulator shall develop, pro-
vide to the head of the covered regulator, and make pub-
licly available best practices— 
(1) for increasing the diversity of candidates 
applying for examiner positions, including through
101 
outreach efforts to recruit diverse candidate to apply 
for entry-level examiner positions; and 
(2) for retaining and providing fair consider-
ation for promotions within the examiner staff for 
purposes of achieving diversity among examiners. 
(c) COVERED REGULATOR DEFINED.—In this sec-
tion, the term ‘‘covered regulator’’ means the Comptroller 
of the Currency, the Board of Governors of the Federal 
Reserve System, the Federal Deposit Insurance Corpora-
tion, and the National Credit Union Administration. 
SEC. 450. INVESTMENTS IN MINORITY DEPOSITORY INSTI-
TUTIONS AND IMPACT BANKS. 
(a) CONTROL FOR CERTAIN INSTITUTIONS.—Section 
7(j)(8)(B) of the Federal Deposit Insurance Act (12 
U.S.C. 1817(j)(8)(B)) is amended to read as follows: 
‘‘(B) ‘control’ means the power, directly or indi-
rectly— 
‘‘(i) to direct the management or policies 
of an insured depository institution; or 
‘‘(ii)(I) with respect to an insured deposi-
tory institution, of a person to vote 25 per cen-
tum or more of any class of voting securities of 
such institution; or 
‘‘(II) with respect to an insured depository 
institution that is an impact bank (as des-
102 
ignated pursuant to section 445 of the Ensur-
ing Diversity in Community Banking Act) or a 
minority depository institution (as defined in 
section 308(b) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989), 
of an individual to vote 30 percent or more of 
any class of voting securities of such an impact 
bank or a minority depository institution.’’. 
(b) RULEMAKING.—The Federal banking agencies 
(as defined in section 3 of the Federal Deposit Insurance 
Act (12 U.S.C. 1813)) shall jointly issue rules for de novo 
minority depository institutions and de novo impact banks 
(as designated pursuant to section 445) to allow 3 years 
to meet the capital requirements otherwise applicable to 
minority depository institutions and impact banks. 
(c) REPORT.—Not later than 1 year after the date 
of the enactment of this Act, the Federal banking agencies 
shall jointly submit to Congress a report on— 
(1) the principal causes for the low number of 
de novo minority depository institutions during the 
10-year period preceding the date of the report; 
(2) the main challenges to the creation of de 
novo minority depository institutions and de novo 
impact banks; and
103 
(3) regulatory and legislative considerations to 
promote the establishment of de novo minority de-
pository institutions and de novo impact banks. 
SEC. 451. REPORT ON COVERED MENTOR-PROTEGE PRO-
GRAMS. 
(a) REPORT.—Not later than 6 months after the date 
of the enactment of this Act and annually thereafter, the 
Secretary of the Treasury shall submit to Congress a re-
port on participants in a covered mentor-protege program, 
including— 
(1) an analysis of outcomes of such program; 
(2) the number of minority depository institu-
tions that are eligible to participate in such program 
but do not have large financial institution mentors; 
and 
(3) recommendations for how to match such mi-
nority depository institutions with large financial in-
stitution mentors. 
(b) DEFINITIONS.—In this section: 
(1) COVERED
MENTOR-PROTEGE
PROGRAM.— 
The term ‘‘covered mentor-protege program’’ means 
a mentor-protege program established by the Sec-
retary of the Treasury pursuant to section 45 of the 
Small Business Act (15 U.S.C. 657r).
104 
(2) LARGE FINANCIAL INSTITUTION.—The term 
‘‘large financial institution’’ means any entity— 
(A) regulated by the Comptroller of the 
Currency, the Board of Governors of the Fed-
eral Reserve System, the Federal Deposit In-
surance Corporation, or the National Credit 
Union Administration; and 
(B) that has total consolidated assets 
greater than or equal to $50,000,000,000. 
SEC. 452. CUSTODIAL DEPOSIT PROGRAM FOR COVERED 
MINORITY DEPOSITORY INSTITUTIONS AND 
IMPACT BANKS. 
(a) IN GENERAL.—Not later than one year after the 
date of the enactment of this Act, the Secretary of the 
Treasury shall issue rules establishing a custodial deposit 
program under which a covered bank may receive deposits 
from a qualifying account. 
(b) REQUIREMENTS.—In issuing rules under sub-
section (a), the Secretary of the Treasury shall— 
(1) consult with the Federal banking agencies; 
(2) ensure each covered bank participating in 
the program established under this section— 
(A) has appropriate policies relating to 
management of assets, including measures to
105 
ensure the safety and soundness of each such 
covered bank; and 
(B) is compliant with applicable law; and 
(3) ensure, to the extent practicable that the 
rules do not conflict with goals described in section 
308(a) of the Financial Institutions Reform, Recov-
ery, and Enforcement Act of 1989 (12 U.S.C. 1463 
note). 
(c) LIMITATIONS.— 
(1) DEPOSITS.—With respect to the funds of an 
individual qualifying account, an entity may not de-
posit an amount greater than the insured amount in 
a single covered bank. 
(2) TOTAL
DEPOSITS.—The total amount of 
funds deposited in a covered bank under the custo-
dial deposit program described under this section 
may not exceed the lesser of— 
(A) 10 percent of the average amount of 
deposits held by such covered bank in the pre-
vious quarter; or 
(B) $100,000,000 (as adjusted for infla-
tion). 
(d) REPORT.—Each quarter, the Secretary of the 
Treasury shall submit to Congress a report on the imple-
mentation of the program established under this section
106 
including information identifying participating covered 
banks and the total amount of deposits received by covered 
banks under the program, including breakdowns by each 
State (including the District of Columbia and each terri-
tory of the United States) and Tribal government entity. 
(e) DEFINITIONS.—In this section: 
(1) COVERED BANK.—The term ‘‘covered bank’’ 
means— 
(A) a minority depository institution that 
is well capitalized, as defined by the appropriate 
Federal banking agency; or 
(B) a depository institution designated 
pursuant to section 445 of the Ensuring Diver-
sity in Community Banking Act that is well 
capitalized, as defined by the appropriate Fed-
eral banking agency. 
(2) INSURED
AMOUNT.—The term ‘‘insured 
amount’’ means the amount that is the greater of— 
(A) the standard maximum deposit insur-
ance amount (as defined in section 11(a)(1)(E) 
of the Federal Deposit Insurance Act (12 
U.S.C. 1821(a)(1)(E))); or 
(B) such higher amount negotiated be-
tween the Secretary of the Treasury and the 
Federal Deposit Insurance Corporation under
107 
which the Corporation will insure all deposits of 
such higher amount. 
(3) FEDERAL BANKING AGENCIES.—The terms 
‘‘appropriate Federal banking agency’’ and ‘‘Federal 
banking agencies’’ have the meaning given those 
terms, respectively, under section 3 of the Federal 
Deposit Insurance Act. 
(4) QUALIFYING ACCOUNT.—The term ‘‘quali-
fying account’’ means any account established in the 
Department of the Treasury that— 
(A) is controlled by the Secretary; and 
(B) is expected to maintain a balance 
greater than $200,000,000 for the following 24- 
month period. 
SEC. 453. STREAMLINED COMMUNITY DEVELOPMENT FI-
NANCIAL INSTITUTION APPLICATIONS AND 
REPORTING. 
(a) 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 in-
surance with the Federal Deposit Insurance Corporation 
that could also become a community development financial 
institution, the Federal Deposit Insurance Corporation, in
108 
consultation with the Administrator of the Community 
Development Financial Institutions Fund, shall— 
(1) develop systems and procedures to record 
necessary information to allow the Administrator to 
conduct preliminary analysis for such person to also 
become a community development financial institu-
tion; and 
(2) develop procedures to streamline the appli-
cation and annual certification processes and to re-
duce costs for such person to become, and maintain 
certification as, a community development financial 
institution. 
(b) 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 systems and procedures 
required under subsection (a). 
(c) ANNUAL REPORT.— 
(1) IN GENERAL.—Section 17(a)(1) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1827(a)(1)) 
is amended— 
(A) in subparagraph (E), by striking 
‘‘and’’ at the end; 
(B) by redesignating subparagraph (F) as 
subparagraph (G);
109 
(C) by inserting after subparagraph (E) 
the following new subparagraph: 
‘‘(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 445 of 
the Ensuring Diversity in Community Banking 
Act); and’’. 
(2) APPLICATION.—The amendment made by 
this subsection 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. 
SEC. 454. TASK FORCE ON LENDING TO SMALL BUSINESS 
CONCERNS. 
(a) IN GENERAL.—Not later than 6 months after the 
date of the enactment of this Act, the Administrator of 
the Small Business Administration shall establish a task 
force to examine methods for improving relationships be-
tween the Small Business Administration and community 
development financial institutions, minority depository in-