Title: Community Impact Financial Institutions Inclusion Act of 2020
Policy area: Finance and Financial Sector

Summary:
Community Impact Financial Institutions Inclusion Act of 2020
This bill allocates a certain portion of specified COVID-19 (i.e., coronavirus disease 2019) economic aid to finance loans originated by small financial institutions. Specifically, 20% of this aid must be allocated to community lenders, insured depository institutions, and credit unions with less than $10 billion in assets and 5% of this aid must be allocated to minority depository institutions and community development financial institutions with less than $10 billion in assets.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6775 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6775

    To amend the CARES Act to reserve certain amounts for community 
            financial institutions, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 2020

 Mr. Meeks (for himself and Ms. Waters) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To amend the CARES Act to reserve certain amounts for community 
            financial institutions, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Impact Financial 
Institutions Inclusion Act of 2020''.

SEC. 2. SET-ASIDE FOR COMMUNITY FINANCIAL INSTITUTIONS.

    (a) In General.--Section 4003 of the CARES Act (15 U.S.C. 9042) is 
amended by adding at the end the following:
    ``(i) Set-Aside for Community Financial Institutions.--
            ``(1) In general.--With respect to any program or facility 
        established pursuant to this section under which a borrower 
        receives a direct loan from a lender, and of amounts 
        appropriated to carry out this section, the Board of Governors 
        of the Federal Reserve System shall reserve the following:
                    ``(A) For community financial institutions (as 
                defined in section 7(a)(36)(A)(xi) of the Small 
                Business Act (15 U.S.C. 636(a)(36)(A)(xi))), insured 
                depository institutions, and credit unions (as defined 
                in clause (xii) of such section), with consolidated 
                assets of less than $10,000,000,000, to provide 
                assistance under this section, 20 percent of such 
                amounts.
                    ``(B) For minority depository institutions (as 
                defined in section 308 of the Financial Institutions 
                Reform, Recovery, and Enforcement Act of 1989 (12 
                U.S.C. 1463 note)) and community development financial 
                institutions (as defined in section 103 of the Riegle 
                Community Development and Regulatory Improvement Act of 
                1994 (12 U.S.C. 4702)), with consolidated assets of 
                less than $10,000,000,000, to provide assistance under 
                this section, 5 percent of such amounts.
            ``(2) Weekly report.--The Board of Governors of the Federal 
        Reserve System shall submit to Congress a weekly report that 
        describes the types of lenders, including the total 
        consolidated assets of each such lender, providing assistance 
        with amounts reserved under this subsection.''.
    (b) Application.--This section shall apply to amounts appropriated 
pursuant to section 4027(a) of the CARES Act (Public Law 116-136) to 
the stabilization fund established under section 5302(a)(1) of title 
31, United States Code, that have not been obligated or expended on or 
before the date of the enactment of this Act.
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