Promoting New and Diverse Depository Institutions Act

Bill: 117-hr-4590
Sponsor: Rep. Auchincloss, Jake [D-MA-4]
Introduced: 2021-07-21 in the House
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation
Financial services and investments
Government information and archives
Government studies and investigations
Minority and disadvantaged businesses

Summary:
action_date: 2021-07-21
text: 

Promoting New and Diverse Depository Institutions Act 

 
This bill requires federal banking agencies to study the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.

action_date: 2022-01-20
text: 

Promoting New and Diverse Depository Institutions Act 

 
This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.

action_date: 2022-07-26
text: 

Promoting New and Diverse Depository Institutions Act 

 
This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.
 
The bill also decreases, beginning September 30, 2022, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)


Legislative actions:
action_date: 2022-07-27
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2022-07-26
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2022-07-26
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7150-7151)
action_date: 2022-07-26
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7150-7151)
action_date: 2022-07-26
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4590.
action_date: 2022-07-26
text: Considered under suspension of the rules. (consideration: CR H7150-7152)
action_date: 2022-07-26
text: Ms. Waters moved to suspend the rules and pass the bill, as amended.
action_date: 2022-01-20
text: Placed on the Union Calendar, Calendar No. 163.
action_date: 2022-01-20
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 117-229.
action_date: 2022-01-20
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 117-229.
action_date: 2021-07-29
text: Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
action_date: 2021-07-29
text: Committee Consideration and Mark-up Session Held.
action_date: 2021-07-28
text: Committee Consideration and Mark-up Session Held.
action_date: 2021-07-21
text: Referred to the House Committee on Financial Services.
action_date: 2021-07-21
text: Introduced in House
action_date: 2021-07-21
text: Introduced in House