I 117th CONGRESS 2d Session H. R. 2543 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Federal Reserve Act to add additional demographic reporting requirements, to modify the goals of the Federal Reserve System, and for other purposes.

1. Short title; table of contents (a) Short title This Act may be cited as the Financial Services Racial Equity, Inclusion, and Economic Justice Act . (b) Table of contents The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Title I—Equity in Monetary Policy Sec. 101. Duty to minimize and eliminate racial disparities. Sec. 102. Appearances before and reports to the Congress. Title II—Diversity Data Collection and Reporting Subtitle A—Diversity and Inclusion Data Accountability and Transparency Sec. 211. Disclosures by regulated entities. Subtitle B—LGBTQ Business Equal Credit Enforcement and Investment Sec. 221. Small business loan data collection. Title III—Access to Housing and Lending Subtitle A—Improving Language Access in Mortgage Servicing Sec. 311. Findings. Sec. 312. Language access requirements and resources. Subtitle B—Fair Lending for All Sec. 321. Office of Fair Lending Testing. Sec. 322. Prohibition on credit discrimination. Sec. 323. Criminal penalties for violations of the Equal Credit Opportunity Act. Sec. 324. Review of loan applications. Sec. 325. Mortgage data collection. Subtitle C—Promoting and Advancing Communities of Color Through Inclusive Lending Sec. 331. Strengthening diverse and mission-driven community financial institutions. Sec. 332. Capital investments, grants, and technology support for MDIs and CDFIs. Sec. 333. Supporting Young Entrepreneurs Program. Sec. 334. Map of minority depository institutions and community development financial institutions. Sec. 335. Report on certified community development financial institutions. Sec. 336. Consultation and minimization of data requests. Sec. 337. Access to the discount window of the Federal Reserve System for MDIs and CDFIs. Sec. 338. Study on securitization by CDFIs. Title IV—Diversity in Financial Institutions and Corporations Subtitle A—Promoting New and Diverse Depository Institutions Sec. 411. Study and strategic plan. Subtitle B—Promoting Diversity and Inclusion in Banking Sec. 421. Diversity and inclusion ratings. Subtitle C—Improving Corporate Governance Through Diversity Sec. 431. Submission of data relating to diversity by issuers. Sec. 432. Diversity advisory group. Subtitle D—Ensuring Diversity in Community Banking Sec. 441. Short title. Sec. 442. Sense of Congress on funding the loan-loss reserve fund for small dollar loans. Sec. 443. Definitions. Sec. 444. Inclusion of women’s banks in the definition of minority depository institution. Sec. 445. Establishment of impact bank designation. Sec. 446. Minority Depositories Advisory Committees. Sec. 447. Federal deposits in minority depository institutions. Sec. 448. Minority Bank Deposit Program. Sec. 449. Diversity report and best practices. Sec. 450. Investments in minority depository institutions and impact banks. Sec. 451. Report on covered mentor-protege programs. Sec. 452. Custodial deposit program for covered minority depository institutions and impact banks. Sec. 453. Streamlined community development financial institution applications and reporting. Sec. 454. Task force on lending to small business concerns. Subtitle E—Expanding Opportunity for Minority Depository Institutions Sec. 461. Establishment of Financial Agent Mentor-Protégé Program. Title V—Community Development Subtitle A—CDFI Bond Guarantee Program Improvement Sec. 511. Sense of Congress. Sec. 512. Guarantees for bonds and notes issued for community or economic development purposes. Sec. 513. Report on the CDFI bond guarantee program. Subtitle B—Expanding Financial Access for Underserved Communities Sec. 521. Credit union service to underserved areas. Sec. 522. Member business lending in underserved areas. Sec. 523. Underserved area defined. Sec. 524. Reports by the National Credit Union Administration. Sec. 525. Rule of construction. Title VI—Ensuring Diverse Leadership of the Federal Reserve Sec. 601. Short title. Sec. 602. Congressional Findings. Sec. 603. Federal reserve bank presidents. Sec. 604. Technical adjustments. Title VII—Studying Barriers to Housing Sec. 701. Short title. Sec. 702. GAO study and report on reducing homelessness through public housing and section 8 rental assistance. Title VIII—State of Housing in the United States Sec. 801. Interagency working group reports. Sec. 802. Testimony on the state of housing affordability and supply. Title XI—Report on housing for LGBTQ+ persons Sec. 901. HUD report. Title X— Expanding Access to Credit through Consumer-Permissioned Data Sec. 1001. Short title. Sec. 1002. Findings. Sec. 1003. Requirement to consider additional credit information when making mortgage loans. Title XI—Payment Choice Sec. 1101. Short title. Sec. 1102. Sense of congress. Sec. 1103. Retail businesses prohibited from refusing cash payments. I Equity in Monetary Policy 101. Duty to minimize and eliminate racial disparities The Federal Reserve Act ( 12 U.S.C. 221 et seq. ) is amended by inserting after section 2B the following: 2C. Duty to minimize and eliminate racial disparities The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall exercise all duties and functions in a manner that fosters the elimination of disparities across racial and ethnic groups with respect to employment, income, wealth, and access to affordable credit, including actions in carrying out— (1) monetary policy; (2) regulation and supervision of banks, thrifts, bank holding companies, savings and loan holding companies, and nonbank financial companies and systemically important financial market utilities designated by the Financial Stability Oversight Council; (3) operation of payment systems; (4) implementation of the Community Reinvestment Act of 1977; (5) enforcement of fair lending laws; and (6) community development functions. . 102. Appearances before and reports to the Congress (a) Section 2B of the Federal Reserve Act ( 12 U.S.C. 225b ) is amended— (1) in subsection (a)(1)— (A) in subparagraph (A), by striking and at the end; and (B) by striking subparagraph (B) and inserting the following: (B) economic developments and prospects for the future described in the report required in subsection (b), including a discussion of disparities in employment, income, and wealth across racial and ethnic groups as well as other specific segments of the population; and (C) plans, activities, and actions of the Board and the Federal Open Market Committee to minimize and eliminate disparities across racial and ethnic groups with respect to employment, wages, wealth, and access to affordable credit pursuant to section 2C. ; and (2) in subsection (b)— (A) by striking The Board and inserting the following: (1) In general The Board ; and (B) by adding at the end the following: (2) Trend information (A) In general Each report required under paragraph (1) shall include recent trends in the unemployment rate, labor force participation rate, employment to population ratio, median household income, and change in real earnings. (B) Demographic information The trends required to be reported under subparagraph (A) shall include— (i) a comparison among different demographic groups, including race, ethnicity, gender, individuals with dependent children under the age of 18 (to the extent possible), educational attainment, age, disability (as such term is defined in section 3 of the Americans with Disabilities Act of 1990), and shall also provide cross-sectional data on the interaction between these groups and note any statistically significant findings, to the extent available; and (ii) data disaggregated by ethnic subgroup, to the extent available. (C) Ethnic subgroup defined The term ethnic subgroup means a social group that— (i) has a distinct social, racial, geographic, national origin, or cultural identity; and (ii) is susceptible to being disadvantaged. . (b) The Board of Governors of the Federal Reserve System, in consultation with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Bureau of Consumer Financial Protection, shall issue a report to Congress containing the plans, activities, and actions of the Board of Governors of the Federal Reserve System to minimize and eliminate disparities across racial and ethnic groups with respect to access to financial products for the purpose of restoration, renovations, or repair following a federally-declared disaster. II Diversity Data Collection and Reporting A Diversity and Inclusion Data Accountability and Transparency 211. Disclosures by regulated entities Section 342(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5452(b) ) is amended by adding at the end the following: (5) Disclosures by regulated entities The Director of each Office shall require entities with 100 employees or greater regulated by the applicable agency to provide such information as may be required to carry out the duties of the Director. . B LGBTQ Business Equal Credit Enforcement and Investment 221. Small business loan data collection (a) In general Section 704B of the Equal Credit Opportunity Act ( 15 U.S.C. 1691c–2 ) is amended— (1) by inserting LGBTQ-owned, after minority-owned, each place such term appears; (2) in subsection (e)(2)(G), by inserting , sexual orientation, gender identity after sex ; and (3) in subsection (h), by adding at the end the following: (7) LGBTQ-owned business The term LGBTQ-owned business means a business— (A) more than 50 percent of the ownership or control of which is held by 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer; and (B) more than 50 percent of the net profit or loss of which accrues to 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer. . (b) Sense of Congress It is the sense of the Congress that the term sex , as used within the Equal Credit Opportunity Act, includes an individual’s sexual orientation and gender identity, and that this section, in part, clarifies that the sex, sexual orientation, and gender identity of the principal owners of a business should be collected under section 704B of the Equal Credit Opportunity Act as three separate forms of information. III Access to Housing and Lending A Improving Language Access in Mortgage Servicing 311. Findings The Congress finds the following: (1) Housing is the largest portion of most household budgets in the United States and therefore a foundational component of financial access and opportunity. (2) Due in part to a legacy of discrimination in the United States, people of color are disproportionately experiencing homelessness, are disproportionately renting, and disproportionately paying unaffordable rents, which acts as a barrier to homeownership. (3) Access to fair and affordable housing, both rental and homeownership opportunities, is critical to upward economic mobility. This includes addressing language barriers in mortgage servicing to ensure borrowers have culturally sensitive, in-language access to critical lending information, can enter into fair and sustainable homeownership, and preserve their home equity. 312. Language access requirements and resources (a) In general Chapter 2 of title I of the Truth in Lending Act ( 15 U.S.C. 1631 et seq. ) is amended by inserting after section 129H the following: 129I. Language access requirements. (a) Standard language preference form Not later than 90 days after the date of the enactment of this section, the Director of the Bureau of Consumer Financial Protection shall, after consulting with the Secretary of Agriculture, the Director of the Federal Housing Finance Agency, the Secretary of Veterans Affairs, and the Commissioner of the Federal Housing Authority, issue a rule establishing a standard language preference form that includes a standard language preference question asked in each of the 8 languages most commonly spoken by individuals with limited English proficiency, as determined by the Director of the Bureau using information published by the Director of the Bureau of the Census. (b) Requirements for creditors (1) Use of standard language preference form by creditors (A) Inclusion in application Each creditor shall include, as part of the application package used in connection with a residential mortgage loan, the standard language preference form established by the Director of the Bureau under subsection (a). (B) Inclusion of disclosure Each creditor may include with such standard language preference form a disclosure stating that— (i) documents and services may not be available in the preferred language indicated by the consumer on the standard language preference form; and (ii) the English version of any document to which such form applies is the official and operative document and the translated version is for informational purposes only. (C) Documentation and transfer of preferred language information If a creditor receives information about a language preference of a consumer through the standard language preference form from another creditor or a servicer or a borrower, such creditor shall document this language preference in each file and electronic file of information associated with such consumer and shall transfer such information and the standard language preference form to any servicer of the loan. (2) Provision of translated documents If a Federal agency or a State or local agency in the State or locality in which the residential property is located has produced a translation of a document used in association with the origination of a residential mortgage loan in the preferred language of a consumer documented by a creditor pursuant to paragraph (1)(C), such creditor shall— (A) provide such translated document in addition to any English version of such document that is provided to such consumer who indicated such preferred language; and (B) include in the English and translated versions— (i) a notice indicating that the English version of such document is the official and operative document and the translated version is for informational purposes only; (ii) the website established under paragraph (6); and (iii) a notice of any available oral interpretation services described in paragraph (3). (3) Oral interpretation services (A) In general If a creditor receives information about a language preference of a consumer through the standard language preference form from another creditor or a servicer or a borrower, such creditor shall provide oral interpretation to such consumer. (B) Creditor-provided oral interpretation services If a creditor is required under subparagraph (A) to provide oral interpretation to a consumer, such creditor— (i) shall ensure qualified oral interpretation services, as defined by the Director of the Bureau, are made available in the preferred language of the borrower for all oral communications between the creditor and the borrower; and (ii) may provide such services through qualified staff of the creditor or a third party. (C) American Sign Language Interpretation Services If a creditor is required under subparagraph (A) to provide oral interpretation services to a consumer, and if such consumer has indicated a preference for American Sign Language, such creditor shall ensure qualified American Sign Language interpretation services, as defined by the Director of the Bureau, are made available to the consumer for all oral communications between such creditor and the consumer, where such American Sign Language interpretation services may be provided by qualified staff of the creditor or a qualified third party. (4) Notice of available language services If a creditor receives information about a language preference of a consumer through the standard language preference form from another creditor or a servicer or a borrower, such creditor shall not later than 30 business days after receiving such information and not less than 14 days before any closing, notify such consumer in writing, in the preferred language of the consumer, of any language services available, including the services described in paragraphs (2) and (3). (5) Transfer of language preference information If a creditor transfers the servicing associated with a residential mortgage loan, such creditor shall notify the transferee servicer at the time of transfer of any known language preference of the consumer associated with such residential mortgage loan. (6) Information on website Each creditor shall publish on the website of the creditor— (A) links to and explanatory information about the websites maintained by the Secretary of Housing and Urban Development and the Director of the Bureau of Consumer Financial Protection that identify housing counselors approved by the Department of Housing and Urban Development; and (B) a link to and explanatory information about the language resources website established by the Director of the Bureau of Consumer Financial Protection, the Secretary of Housing and Urban Development, the Director of the Federal Housing Finance Agency, the Secretary of Agriculture, and the Secretary of Veterans Affairs under section 312(f) of the Financial Services Racial Equity, Inclusion, and Economic Justice Act. (c) Translation of mortgage documents With respect to each document published by the Federal Housing Finance Agency, the Bureau of Consumer Financial Protection, the Department of Housing and Urban Development, the Department of Veterans Affairs, and the Department of Agriculture and used in association with a residential mortgage loan, including origination and servicing documents, the Director of the Bureau of Consumer Financial Protection and the Director of the Federal Housing Finance Agency shall jointly— (1) not later than 180 days after the date of the enactment of this section, publish versions of such documents translated into each of the 8 languages most commonly spoken by individuals with limited English proficiency, as determined by the Director of the Bureau of Consumer Financial Protection using information published by the Director of the Bureau of the Census; and (2) not later than 3 years after the date of the enactment of this section, publish versions of such documents translated into at least 4 additional languages spoken by individuals with limited English proficiency that are regionally prevalent in the United States, as determined by the Director of the Bureau of Consumer Financial Protection using information published by the Director of the Bureau of the Census. (d) Rulemaking The Director of the Bureau of Consumer Financial Protection shall, not later than 1 year after the date of the enactment of this section, issue regulations to implement this section that shall take effect not later than 18 months after the date of the enactment of this section. . (b) Requirements for Servicers Section 6 of the Real Estate Settlement Procedures Act of 1974 is amended by adding at the end the following: (n) Language access requirements (1) In general (A) Inclusion in notices Each servicer shall include the standard language preference form established by the Director of the Bureau under subsection (a) with— (i) any notice required under section 1024.39(b) of title 12, Code of Federal Regulations; (ii) any notice required under section 5(c); (iii) any notice required under section 1024.41(b)(2) of title 12, Code of Federal Regulations; (iv) any notice required under section 1024.41(c)(2)(iii) of title 12, Code of Federal Regulations; and (v) any other additional notice as the Director of the Bureau of Consumer Financial Protection determines necessary. (B) Inclusion of disclosures A servicer may include with the standard language preference form a disclosure stating that documents and services may not be available in the preferred language of the borrower indicated by the consumer on the standard language preference form. (C) Documentation and transfer of preferred language information If a servicer receives information about a language preference of a borrower through the standard language preference form from another servicer or creditor or from the borrower, such servicer shall document this language preference in each file or electronic file of information associated with such borrower. (2) Required language services for servicers (A) Provision of translated documents If a Federal agency, or a State or local agency in the State or locality in which the property securing the federally related mortgage loan is to be located has produced a translation of a document used in association with the servicing of a federally related mortgage loan in the preferred language of a borrower as documented by the servicer pursuant to paragraph (1)(C), the servicer shall— (i) provide such translated document in addition to any English version of such document that is provided to such borrower; and (ii) include a notice on the English and translated versions, in the preferred language of the borrower, indicating that the English version is the official and operative document and the translated version is for informational purposes only. (B) Oral interpretation services (i) In general If a servicer receives information about a language preference of a borrower through the standard language preference form from another creditor or a servicer or from the borrower, such servicer shall provide oral interpretation to such borrower. (ii) Oral interpretation services If a servicer is required under subparagraph (A) to provide oral interpretation services to a borrower, such servicer— (I) shall ensure qualified oral interpretation services, as defined by the Director of the Bureau, are made available in the preferred language of the borrower for all oral communications between the servicer and the borrower; and (II) may provide such services through qualified staff of the borrower or a qualified third party. (3) Notice of available language services If a servicer receives information about a language preference of a borrower through the standard language preference form from another creditor or a servicer or from the borrower, such servicer shall, not later than 30 business days after receiving such information and not less than 30 days before any foreclosure sale of the property secured by the federally related mortgage loan of the borrower, notify such borrower in writing, in the preferred language of the borrower, of any language services available, including the services required under paragraph (2). (4) Transfer of language preference information If a servicer transfers the servicing associated with a federally related mortgage loan, such servicer shall notify the transferee servicer at the time of the transfer of servicing of any known language preference of the borrower associated with such federally related mortgage loan. (5) Standard language preference form defined The term standard language preference form means the standard language preference form established by the Director of the Bureau under section 129I of the Truth in Lending Act. (6) Information on website Each servicer shall publish on its website, in a clear and conspicuous manner— (A) links to and information about the websites maintained by the Secretary of Housing and Urban Development and the Director of the Bureau of Consumer Financial Protection that identify housing counselors approved by the Department of Housing and Urban Development; and (B) a link to and information about the language resources website established by the Director of the Bureau of Consumer Financial Protection, the Secretary of Housing and Urban Development, the Director of the Federal Housing Finance Agency, the Secretary of Agriculture, and the Secretary of Veterans Affairs under section 312(f) of the Financial Services Racial Equity, Inclusion, and Economic Justice Act. (7) Translation of mortgage documents With respect to each document published by the Federal Housing Finance Agency and the Bureau of Consumer Financial Protection, and used in association with a federally related mortgage loan, including origination and servicing documents, the Director of the Bureau of Consumer Financial Protection and the Director of the Federal Housing Finance Agency shall, jointly— (A) not later than 180 days after the date of the enactment of this section, publish versions of such documents translated into each of the 8 languages most commonly spoken by individuals with limited English proficiency, as determined by the Director of the Bureau of Consumer Financial Protection using information published by the Director of the Bureau of the Census; and (B) not later than 3 years after the date of the enactment of this section, publish versions of such documents translated into at least 4 additional languages spoken by individuals with limited English proficiency that are regionally prevalent in the United States, as determined by the Director of the Bureau of Consumer Financial Protection using information published by the Director of the Bureau of the Census. (8) Rulemaking The Director of the Bureau of Consumer Financial Protection shall issue regulations to implement this subsection. A final rule shall be issued by the Director not later than 12 months after the date of enactment of this subsection, and the effective date shall be not later than 18 months after the date of enactment of this subsection. . (c) Clerical amendment The table of sections in chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq) is amended by inserting after the item relating to section 129H the following: 129I. Preferred language requirements. . (d) Report Not later than 1 year after the date of the enactment of this section, and each year thereafter, the Director of the Bureau of Consumer Financial Protection, the Secretary of Housing and Urban Development, the Director of the Federal Housing Finance Agency, the Secretary of Agriculture, and the Secretary of Veterans Affairs shall submit a report to the Congress that contains— (1) regulatory recommendations to enhance mortgage origination and servicing processes for persons with a preferred language that is not English; (2) a description of any legislative changes needed to provide authority necessary to implement the regulatory recommendations; and (3) a description of any progress on the implementation of any legislative or regulatory recommendation made in a previous report. (e) Community financial institutions report Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall study and report to Congress on the effects of the implementation of this section and the amendments made by this section on insured depository institutions with less than $10,000,000,000 in total assets, and the communities they serve, along with any regulatory or legislative recommendations to advance the purposes of this section. (f) Language resource website (1) In general The Director of the Bureau of Consumer Financial Protection, the Secretary of Housing and Urban Development, the Director of the Federal Housing Finance Agency, the Secretary of Agriculture, and the Secretary of Veterans Affairs shall jointly not later than 1 year after the date of the enactment of this section establish and maintain a website that provides language resources for creditors, servicers, and consumers. (2) Website requirements The website developed pursuant to paragraph (1) shall include— (A) the translations of documents published pursuant to section 129I(c) of the Truth in Lending Act and section 6(n)(7) of the Real Estate Settlement Procedures Act of 1974; (B) a glossary of terms relating to residential mortgage loans and federally related mortgage loans, provided in each commonly spoken language; (C) guidance for creditors and servicers working with persons who have a preferred language that is not English; and (D) examples of notices that may be used by creditors and servicers to inform persons of available language services, provided in accordance with section 6(n)(2) of the Real Estate Settlement Procedures Act of 1974 and section 129I of the Truth in Lending Act. (g) Advisory group (1) In general The Director of the Bureau of Consumer Financial Protection shall establish an advisory group consisting of stakeholders, including industry groups, consumer groups, civil rights groups, and groups that have experience improving language access in housing finance transactions, to provide advice to the Director about— (A) issues that arise relating to mortgage origination and servicing processes for persons with a preferred language that is not English; (B) the development of the standard language preference form by the Director under section 129I(a) of the Truth in Lending Act; and (C) updates to the language resource website established by the Director, the Secretary of Housing and Urban Development, the Director of the Federal Housing Finance Agency, the Secretary of Agriculture, and the Secretary of Veterans Affairs under subsection (f). (2) Required consulting The Director of the Bureau of Consumer Financial Protection shall consult with the advisory group established pursuant to paragraph (1) with respect to any issues that arise relating to mortgage origination and servicing processes for persons with a preferred language that is not English. (h) Housing counseling agency language resources (1) Enhanced search capabilities Not later than 1 year after the date of the enactment of this section— (A) the Secretary shall update the website maintained by the Secretary that identifies housing counselors approved by the Department of Housing and Urban Development, to allow for searching for housing counseling agencies based on provided language services; and (B) the Director shall update the website maintained by the Director that identifies housing counselors approved by the Secretary to allow for searching for housing counseling agencies based on provided language services. (2) Authorization of appropriations There is authorized to be appropriated to the Secretary of Housing and Urban Development, such sums as are necessary to support language training for housing counselors, housing counseling agencies, and staff that are approved by the Secretary. (i) Definitions In this section: (1) Creditor The term creditor has the meaning given the term in section 103 of the Truth in Lending Act and shall include any assignee of a creditor. (2) Director The term Director means the Director of the Bureau of Consumer Financial Protection. (3) Secretary The term Secretary means the Secretary of Housing and Urban Development. (4) Servicer The term servicer has the meaning given the term in section 6(i) of the Real Estate Settlement Procedures Act of 1974. (5) Residential mortgage loan The term residential mortgage loan has the meaning given the term in section 103 of the Truth in Lending Act. (6) Federally related mortgage loan The term federally related mortgage loan has the meaning given the term in section 3 of the Real Estate Settlement Procedures Act of 1974. B Fair Lending for All 321. Office of Fair Lending Testing (a) Establishment There is established within the Bureau of Consumer Financial Protection an Office of Fair Lending Testing (hereinafter referred to as the Office ). (b) Director The head of the Office shall be a Director, who shall— (1) be appointed to a 5-year term by, and report to, the Director of the Bureau of Consumer Financial Protection; (2) appoint and fix the compensation of such employees as are necessary to carry out the duties of the Office under this section; and (3) provide an estimated annual budget to the Director of the Bureau of Consumer Financial Protection. (c) Civil service position The position of the Director shall be a career position within the civil service. (d) Testing (1) In general The Office, in consultation with the Attorney General and the Secretary of Housing and Urban Development, shall conduct testing of compliance with the Equal Credit Opportunity Act by creditors, through the use of individuals who, without any bona fide intent to receive a loan, pose as prospective borrowers for the purpose of gathering information. (2) Referral of violations If, in carrying out the testing described under paragraph (1), the Office believes a person has violated the Equal Credit Opportunity Act, the Office shall refer such violation in writing to the Attorney General for appropriate action. (e) Report to Congress Section 707 of the Equal Credit Opportunity Act ( 15 U.S.C. 1691f ) is amended by adding at the end the following: In addition, each report of the Bureau shall include an analysis of the testing carried out pursuant to section 321 of the Financial Services Racial Equity, Inclusion, and Economic Justice Act, and each report of the Bureau and the Attorney General shall include a summary of criminal enforcement actions taken under section 706A. . 322. Prohibition on credit discrimination (a) In general Subsection (a) of section 701 of the Equal Credit Opportunity Act ( 15 U.S.C. 1691 ) is amended to read as follows: (a) It shall be unlawful to discriminate against any person, with respect to any aspect of a credit transaction— (1) on the basis of race, color, religion, national origin, sex (including sexual orientation and gender identity), marital status, age (provided the applicant has the capacity to contract), or disability (as such term is defined in section 3 of the Americans with Disabilities Act of 1990); (2) on the basis of the person’s zip code, or census tract; (3) because all or part of the person's income derives from any public assistance program; or (4) because the person has in good faith exercised any right under the Consumer Credit Protection Act. . (b) Removal of certain references to creditors and applicants and definition added The Equal Credit Opportunity Act ( 15 U.S.C. 1691 et seq. ) is amended— (1) in section 701(b)— (A) by striking applicant each place such term appears and inserting person ; and (B) in paragraph (2), by striking applicant’s each place such term appears and inserting person’s ; (2) in section 702— (A) by redesignating subsection (g) as subsection (h); and (B) by inserting after subsection (f) the following: (g) The term aggrieved person includes any person who— (1) claims to have been injured by a discriminatory credit practice; or (2) believes that such person will be injured by a discriminatory credit practice. ; (3) in section 704A— (A) in subsection (b)(1), by striking applicant each place such term appears and inserting aggrieved person ; and (B) in subsection (c), by striking applicant and inserting aggrieved person ; (4) in section 705— (A) by striking the applicant each place such term appears and inserting persons ; and (B) in subsection (a)— (i) by striking a creditor to take and inserting taking ; and (ii) by striking applicant and inserting person ; and (5) in section 706— (A) by striking creditor each place such term appears and inserting person ; (B) by striking creditor’s each place such term appears and inserting person’s ; (C) by striking creditors each place such term appears and inserting persons ; and (D) in subsection (f), by striking applicant and inserting aggrieved person . (c) ECOA definitions Section 702 of the Equal Credit Opportunity Act ( 15 U.S.C. 1691a ), as amended by subsection (b), is further amended by adding at the end the following: (h) The term gender identity means the gender-related identity, appearance, mannerisms, or other gender-related characteristics of an individual, regardless of the individual’s designated sex at birth. (i) The term sex includes— (1) a sex stereotype; (2) pregnancy, childbirth, or a related medical condition; (3) sexual orientation or gender identity; and (4) sex characteristics, including intersex traits. (j) The term sexual orientation means homosexuality, heterosexuality, or bisexuality. (k) The term race , color , religion , national origin , sex (including sexual orientation and gender identity ), marital status , or age , used with respect to an individual, includes— (1) the race, color, religion, national origin, sex (including sexual orientation and gender identity), marital status, or age, respectively, of another person with whom the individual is associated or has been associated; and (2) a perception or belief, even if inaccurate, concerning the race, color, religion, national origin, sex (including sexual orientation and gender identity), marital status, or age, respectively, of the individual. . (d) Rules of construction Section 701 of the Equal Credit Opportunity Act ( 15 U.S.C. 1691 ) is amended by adding at the end the following: (f) Rules of construction (1) Claims and remedies not precluded Nothing in this title shall be construed to limit the claims or remedies available to any individual for an unlawful practice on the basis of race, color, religion, sex (including sexual orientation and gender identity), or national origin, including claims brought pursuant to section 1979 or 1980 of the Revised Statutes ( 42 U.S.C. 1983 , 1985) or any other law, including a Federal law, regulation, or policy. (2) No negative inference Nothing in this title shall be construed to support any inference that any Federal law prohibiting a practice on the basis of sex does not prohibit discrimination on the basis of pregnancy, childbirth, or a related medical condition, sexual orientation, gender identity, or a sex stereotype. . 323. Criminal penalties for violations of the Equal Credit Opportunity Act (a) In general The Equal Credit Opportunity Act ( 15 U.S.C. 1691 et seq. ) is amended by inserting after section 706 the following: 706A. Criminal penalties (a) Individual violations Any person who knowingly and willfully violates this title shall be fined not more than $50,000, or imprisoned not more than 1 year, or both. (b) Pattern or practice (1) In general Any person who engages in a pattern or practice of knowingly and willfully violating this title shall be fined not more than $100,000 for each violation of this title, or imprisoned not more than twenty years, or both. (2) Personal liability of executive officers and directors of the board Any executive officer or director of the board of an entity who knowingly and willfully causes the entity to engage in a pattern or practice of knowingly and willfully violating this title (or who directs another agent, senior officer, or director of the entity to commit such a violation or engage in such acts that result in the director or officer being personally unjustly enriched) shall be— (A) fined in an amount not to exceed 100 percent of the compensation (including stock options awarded as compensation) received by such officer or director from the entity— (i) during the time period in which the violations occurred; or (ii) in the one to three year time period preceding the date on which the violations were discovered; and (B) imprisoned for not more than 5 years. . (b) Clerical amendment The table of contents for the Equal Credit Opportunity Act ( 15 U.S.C. 1691 et seq. ) is amended by inserting after the item relating to section 706 the following: 706A. Criminal penalties. . 324. Review of loan applications (a) In general Subtitle C of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5531 et seq. ) is amended by adding at the end the following: 1038. Review of loan applications (a) In general The Bureau shall carry out reviews of loan applications and the process of taking loan applications being used by covered persons to ensure such applications and processes do not violate the Equal Credit Opportunity Act or any other Federal consumer financial law. (b) Prohibition and enforcement If the Bureau determines under subsection (a) that any loan application or process of taking a loan application violates the Equal Credit Opportunity Act or any other Federal consumer 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 determines 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. . 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 applicant or borrower’s zip code, census tract, income level, race, color, religion, national origin, sex, marital status, sexual orientation, gender identity, disability status, veteran 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 subsection (b)(4), as the Bureau determines to be necessary to satisfy the purpose described in paragraph (1)(E), and in a manner consistent with that purpose; and . C Promoting and Advancing Communities of Color Through Inclusive Lending 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 Improvement Act of 1994 ( 12 U.S.C. 4707 ) is amended by adding at the end the following: (i) Supporting minority institutions Notwithstanding any other provision of law, in providing any assistance to community development financial institutions, the Fund shall reserve 40 percent of such assistance for minority lending institutions. . (2) Definitions Section 103 of the Riegle Community Development and Regulatory Improvement 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 Institutions 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) CDFI Office of Minority Lending Institutions There is established within the Fund an Office of Minority Lending Institutions, which shall oversee assistance provided by the Fund to minority lending institutions. . (c) Reporting on minority lending institutions Section 117 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4716 ) is amended by adding at the end the following: (g) Reporting on minority lending institutions Each report required under subsection (a) shall include a description of the extent to which assistance from the Fund are provided to minority lending institutions. . (d) Submission of Demographic data relating to diversity by community development financial institutions Section 104 of the Riegle Community 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 relating 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 effect on the date of enactment of this subsection; (B) the term ‘gender identity’ means the gender-related identity, appearance, mannerisms, or other gender-related characteristics of an individual, regardless of the individual’s designated 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 voluntary self-identification, on the racial, ethnic, gender identity, and sexual orientation composition of— (i) the board of directors of the institution; and (ii) the executive officers of the institution. (B) The status of any member of the board of directors of the institution, any nominee 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 institution 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 institution; (ii) nominees for the board of directors of the institution; or (iii) the executive officers of the institution. (3) Report to Congress Not later than 24 months after the date of enactment of this subsection, 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 Representatives, 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 pursuant to paragraph (2), including breakdowns by each State (including the District of Columbia and each territory of the United States) and Tribal government entity; and (B) containing any administrative or legislative recommendations of the Fund to enhance the implementation of this title or to promote diversity and inclusion within community development financial institutions. . (e) Office of Diverse and Mission-Driven Community 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 Diverse and Mission-Driven Community Financial Institutions, who shall be appointed by the Secretary of the Treasury, in consultation with the Department of the Treasury’s Director of Office of Minority 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 authority— (A) to monitor and issue reports regarding— (i) community development financial institutions, minority depository institutions, 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 providing financial access to low- and moderate-income communities, communities of color, and other underserved communities; (B) to serve as a resource and Federal liaison for current and prospective community development financial institutions, minority depository institutions, and minority lending institutions seeking to engage with the Department of the Treasury, the Community Development Financial Institutions Fund ( CDFI Fund ), other Federal government agencies, including by providing contact information for other offices of the Department of the Treasury or other Federal Government agencies, resources, technical assistance, or other support for entities wishing— (i) to become certified as a community development financial institution, and maintain the certification; (ii) to obtain a banking charter, deposit insurance, or otherwise carry on banking activities in a safe, sound, and responsible manner; (iii) to obtain financial support through private sector deposits, investments, partnerships, and other means; (iv) to expand their operations through internal growth and acquisitions; (v) to develop and upgrade their technology, cybersecurity resilience, compliance systems, data reporting systems, and their capacity to support their communities, including through partnerships with third-party companies; (vi) to obtain grants, awards, investments 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 intermediary with respect to various Federal and State programs and agencies, including the State Small Business Credit Initiative and programs of the Small Business Administration; and (viii) to participate in Financial Agent Mentor-Protégé Program of the Department of the Treasury and other Federal programs designed to support private sector partnerships; (C) to provide resources to the public wishing to learn more about minority depository institutions, community development financial institutions, and minority lending institutions, including helping the Secretary implement the requirements under section 334, publishing reports issued by the Office on the website of the Department of the Treasury and providing hyperlinks to other relevant reports and materials 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 institutions, minority depository institutions, and minority lending institutions; (E) to assist the Secretary in carrying out the Secretary’s responsibilities under section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note) to preserve and promote minority 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 Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation; (F) to carry out other duties of the Secretary of the Treasury required by this Act and the amendments made by this Act, and to perform 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 institutions (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 Administration, 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 respective Director of Office of Minority and Women Inclusion, designate a senior official to be their respective agency’s officer responsible for promoting minority depository institutions, community development financial institutions, and minority lending institutions, including to fulfill obligations under section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note) to preserve and promote minority depository institutions. (2) Interagency Working Group The Department of the Treasury shall regularly convene meetings, no less than once a quarter, of an interagency working group to be known as the Interagency Working Group to Promote Diverse and Mission-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 Diverse and Mission-Driven Community Financial Institutions, the Director of the Community Development Financial Institutions Fund, and such other government officials as the Secretary of the Treasury 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 agencies can take to preserve, promote, and strengthen these institutions. (3) Promoting fair housing and collective 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 Development, shall issue a report to the covered agencies and the Congress examining different ways financial institutions, including community development financial institutions, can affirmatively further fair housing and be encouraged and incentivized to carry out activities that expand long-term wealth-building opportunities within low-income and minority communities that support collective ownership opportunities, including through investments in worker cooperatives, 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 enactment of this subsection, and every five years thereafter, the Secretary of the Treasury and the Secretary of Housing and Urban Development shall, after receiving the necessary updates 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 Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National 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 Governors of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the National Credit Union Administration, the Chairperson of the Board of Directors of the Federal Deposit Insurance 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 Senate regarding the work that has been done the prior year to preserve, promote, and strengthen community development financial institutions, minority depository institutions, and minority lending institutions, along with any policy recommendations on actions various government agencies and Congress should take to preserve, promote, and strengthen community development financial institutions, minority depository institutions, and minority lending institutions. 332. Capital investments, grants, and technology 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 additional purchases of capital Section 104A of the Riegle Community Development and Regulatory Improvement 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 Investment Fund to the Fund for the purpose of providing financial and technical assistance grants to community development financial institutions certified by the Secretary. The Fund shall provide such grants using a formula that takes into account criteria such as certification status, financial 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 technology challenges (A) Study The Secretary of the Treasury shall carry out a study on the technology challenges impacting minority depository institutions 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 internet, mobile phone applications, and other tools; (ii) technology capabilities and capacity of the institutions, provided in partnership with third party companies, to process loan applications and otherwise serve current 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 technology. (B) Report Not later than 18 months after the date of the enactment of this subsection, 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 required under subparagraph (A). (2) Technology grant program (A) Program authorized The Secretary shall carry out a technology grant program to make grants to minority depository institutions 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 minority depository institution or community development 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 depository institution or community development financial 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 processes; (II) improve customer experience; (III) provide additional services to customers; (IV) facilitate compliance with applicable laws, regulations, and program requirements, including testing to ensure that the use of technology does not result in discrimination, and helping to satisfy data reporting requirements; (V) help ensure privacy of customer records and cybersecurity resilience; and (VI) reduce the unbanked and underbanked population; or (ii) carry out such other activities as the Secretary determines appropriate. (3) Funding The Secretary may use amounts in the Emergency Capital Investment Fund to implement and make grants under paragraph (2), but not to exceed $250,000,000 in the aggregate. (4) Definitions In this subsection, the terms community development financial institution and minority depository institution have the meaning given those terms, respectively, under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 ). (e) Pilot program for establishing de novo CDFIs and MDIs (1) In general The Secretary of the Treasury, in consultation with the Fund and the appropriate Federal banking agencies, shall establish a pilot program to provide competitive grants to a person for the purpose of providing capital for such person 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 information 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 appropriate Federal banking agency (or such other Federal or State agency from whom approval is required) 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 , community development financial institution , Fund , and minority depository institution have the meaning given those terms, respectively, under section 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 enactment of this Act, the Board of Governors of the Federal Reserve System and the Secretary shall issue guidance regarding how Emergency Capital Investment Program investments (whether made before or after the date of enactment 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 investments. (g) Collection of Data Section 111 of the Riegle Community Development and Regulatory Improvement 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 institution 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 institution 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. . 333. Supporting Young Entrepreneurs Program 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 amended by adding at the end the following: (j) Supporting Young Entrepreneurs Program (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 Native American or Native Alaskan and other historically 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 subsection, 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 appropriated by Congress to the Fund to carry out the Supporting Young Entrepreneurs Program. . 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 banking 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 institution and community development financial institution. (b) Definitions In this section: (1) CDFI Fund The term CDFI Fund means the Community Development Financial Institutions Fund established under section 104(a) of the Riegle Community Development and Regulatory Improvement Act of 1994. (2) Community development financial institution The term community development financial institution has the meaning given in section 103 of the Riegle Community Development and Regulatory 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 Administration. (4) Minority depository institution The term minority depository institution has the meaning given in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. 335. Report on certified community development financial institutions Section 117(a) of the Riegle Community Development 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 inserting , the Congress, and the public ; and (3) by adding at the end the following: (2) Report on certified community development financial institutions The annual report required under paragraph (1) shall include a report on community development financial institutions ( CDFIs ) that have been certified by the Secretary 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 (including the District of Columbia and each territory of the United States) and Tribal government entity; (C) the lines of business for different types of certified CDFIs; (D) human resources and staffing information for different types of certified CDFIs, including— (E) the types of development services provided 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 development services offered in those target markets; and (G) such other information as the Director 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 reporting requirements from certified CDFIs when feasible, including utilizing information gathered from other regulators under section 104(l). . 336. Consultation and minimization of data requests 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 applicants to be a certified CDFI ( applicants) ; (B) seek to gather any information necessary 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 provide 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 defined 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 appropriate 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 Bureau of Consumer Financial Protection, the appropriate Federal banking agency for such applicant; or (C) the Bureau of Consumer Financial Protection, with respect to a certified CDFI or an applicant— (i) that is not regulated by an appropriate 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 ). . 337. Access to the discount window of the Federal 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 institutions may have access to the discount window, at the seasonal credit interest rate most recently published on the Federal Reserve Statistical Release on selected interest rates (daily or weekly). 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 Financial 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 carrying out the study required under subsection (a); and (2) any legislative or administrative recommendations 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 financial institution under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994. IV Diversity in Financial Institutions and Corporations A Promoting New and Diverse Depository Institutions 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 proposed minority depository institutions, seeking de novo depository institution charters; and (2) 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 publish publically, not later than 18 months after the date of the enactment of this section— (A) an analysis based on the study conducted 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 publish 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) successfully apply for de novo depository institution charters in a manner that promotes increased availability of banking and financial services, safety and soundness, consumer protection, community reinvestment, financial stability, and a level playing field. (2) Contents of strategic plan The strategic plan described in paragraph (1) shall— (A) promote the chartering of de novo depository institutions, including— (i) proposed minority depository institutions; and (ii) proposed depository institutions that could be certified as community development financial institutions; and (B) describe actions the Federal banking regulators may take that would increase the number of depository institutions located in geographic 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 comments and other feedback from the public to inform the study and strategic plan. (d) Definitions In this section: (1) Depository institution The term depository institution has the meaning given in section 3 of the Federal Deposit Insurance Act, and includes 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 institution The term community development financial institution has the meaning given in section 103 of the Riegle Community Development and Regulatory 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 Institutions Reform, Recovery, and Enforcement Act of 1989. B Promoting Diversity and Inclusion in Banking 421. Diversity and inclusion ratings (a) In general The Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. ) is amended by inserting after section 342 the following: 342A. Diversity and inclusion ratings (a) In general The Board of Governors, the Comptroller of the Currency, the Corporation, and the National Credit Union Administration Board, in assigning a rating to a depository institution under the Uniform Financial Institutions Rating System (or an equivalent rating by any such agency under a comparable rating system) shall include a diversity and inclusion component that examines— (1) whether the depository institution has effective 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 institution, on diversity and inclusion; (3) whether the depository institution has policies 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 designated an individual to serve as a Diversity and Inclusion Officer who reports to the Chief Executive Officer of the institution on all diversity and inclusion matters; or (B) with respect to a depository institution with total consolidated assets of more than $1,000,000,000, whether such depository institution— (i) has designated an individual to serve as a Diversity and Inclusion Officer; and (ii) has established a committee for diversity and inclusion that holds meetings quarterly and that includes in its membership the Diversity and Inclusion Officer designated under clause (i) and the Chief Executive Officer of the institution. (b) Application to minority depository institutions 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 examination procedures related to the diversity and inclusion component described under subsection (a). (c) Definitions In this section: (1) Depository institution The term depository 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 Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note); (B) considered to be a minority depository institution by— (i) the appropriate Federal banking agency; or (ii) the National Credit Union Administration, 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, mannerisms, or other gender-related characteristics of an individual, regardless of the individual’s designated 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 relating to section 342 the following: Sec. 342A. Diversity and inclusion ratings. . C Improving Corporate Governance Through Diversity 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 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 effect 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 subsection (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-identification, 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 directors 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 voluntary self-identification, as a veteran. (C) Whether the board of directors of the issuer, or any committee of that board of directors, 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 directors of the issuer; or (iii) the executive officers of the issuer. (D) The disability status, based on voluntary 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 annual 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 subsection, 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 Senate, 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 Office 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). . 432. Diversity advisory group (a) Definitions For the purposes of this section: (1) Advisory Group The term Advisory Group means the Diversity Advisory Group established under subsection (b). (2) Commission The term Commission means the Securities and Exchange Commission. (3) Issuer The term issuer has the meaning 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 establish 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 ethnic diversity, and diversity with respect to individuals 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 Services of the House of Representatives, and the Committee 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 diversity 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 Financial 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 Commission shall make all reports of the Advisory Group available to issuers and the public, including on the website of the Commission. (f) Inapplicability of Federal Advisory Committee 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. D Ensuring Diversity in Community Banking 441. Short title This subtitle may be cited as the Ensuring Diversity in Community Banking Act . 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 Institutions Fund (the CDFI Fund ) is an agency of the Department of the Treasury, and was established by the Riegle Community Development and Regulatory Improvement Act of 1994. The mission of the CDFI Fund is to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders, investors, 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-income communities. The CDFI Fund certifies CDFIs and CDEs. Becoming a certified CDFI or CDE allows organizations to participate in various CDFI Fund programs as follows: (A) The Bank Enterprise Award Program, which provides FDIC-insured depository institutions awards for a demonstrated increase in lending and investments in distressed communities 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 sponsoring entities Financial and Technical Assistance 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 investments in CDEs that stimulate capital investments in low-income communities. (E) The Capital Magnet Fund, which provides awards to CDFIs and nonprofit affordable housing organizations to finance affordable housing solutions and related economic development 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 authorized to create multi-year grant programs designed to encourage low-to-moderate income individuals to establish 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 counseling and education necessary to conduct transactions and manage their accounts. These loans provide 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 eligible 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, community development financial institutions and State, local, or Tribal government entities. (5) According to the CDFI Fund, some programs attract as much as $10 in private capital for every $1 invested by the CDFI Fund. The Administration and the Congress should prioritize appropriation of funds for the loan loss reserve fund and technical assistance programs administered by the Community Development Financial Institution Fund. 443. Definitions In this subtitle: (1) Community development financial institution The term community development financial 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. 444. Inclusion of women’s banks in the definition of minority depository institution Section 308(b)(1) of the Financial Institutions Reform, 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 striking 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 outstanding 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. . 445. Establishment of impact bank designation (a) In general Each Federal banking agency shall establish a program under which a depository institution 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 depository institution if the institution is eligible to be designated 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 institution meets the applicable qualifications. (d) Limitation on additional data requirements The Federal banking agencies may only impose additional data collection requirements on a depository institution under this section if such data is— (1) necessary to process an application submitted 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 institution 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; appeals 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 criteria 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 requirements 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 description of actions taken to carry out this section. (i) Federal Deposit Insurance Act definitions In this section, the terms depository institution , appropriate Federal banking agency , and Federal banking agency have the meanings given such terms, respectively, in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). 446. Minority Depositories Advisory Committees (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 Enforcement Act of 1989 ( 12 U.S.C. 1463 note) to preserve the present number of covered minority institutions, preserve the minority character of minority-owned institutions 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 depository institution or an insured credit union with respect to which the respective covered regulator is the covered regulator of such depository institution or insured credit union; and (C) shall not receive pay by reason of their service on the advisory committee, but may receive travel or transportation expenses in accordance with section 5703 of title 5, United States Code. (2) Diversity To the extent practicable, each covered regulator shall ensure that the members of the Minority Depositories Advisory Committee 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 Committee 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 Committee 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 committees. (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 established 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 System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. (2) Covered minority institution The term covered minority institution means a minority depository institution (as defined in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note)). (3) Depository institution The term depository 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 insured 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 Enforcement 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 depository institution means an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) and an insured credit union (as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 )). . 447. Federal deposits in minority depository institutions (a) In general Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note) is amended— (1) by adding at the end the following new subsection: (d) Federal deposits The Secretary of the Treasury shall ensure that deposits made by Federal agencies in minority depository institutions and impact banks are collateralized or insured, as determined by the Secretary. Such deposits shall include reciprocal deposits as defined in section 337.6(e)(2)(v) of title 12, Code of Federal 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 paragraph: (4) Impact bank The term impact bank means a depository institution designated by the appropriate Federal banking agency pursuant to section 445 of the Ensuring Diversity in Community Banking Act. . (b) Technical amendments Section 308 of the Financial Institutions Reform, Recovery, and Enforcement 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 depository . 448. Minority Bank Deposit Program (a) In general Section 1204 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1811 note) is amended to read as follows: 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 institution or credit union, certify whether such depository institution or credit union is a minority depository institution; (B) maintain and publish a list of all depository institutions and credit unions that have been certified pursuant to subparagraph (A); and (C) periodically distribute the list described in subparagraph (B) to— (i) all Federal departments and agencies; (ii) interested State and local governments; and (iii) interested private sector companies. (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 Departments and Agencies (1) In general Not later than 1 year after the establishment of the program described in subsection (a), the head of each Federal department or agency shall develop and implement standards and procedures to prioritize, to the maximum extent possible as permitted by law and consistent with principles of sound financial management, the use of minority 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 described 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 depository 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 provisions are amended by striking 1204(c)(3) and inserting 1204(c) : (1) Section 808(b)(3) of the Community Reinvestment 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 Opportunity Act ( 15 U.S.C. 1691c–2(h)(4) ). 449. Diversity report and best practices (a) Annual report Each covered regulator shall submit to Congress an annual report on diversity including the following: (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 regulators, 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 predominantly 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, provide to the head of the covered regulator, and make publicly available best practices— (1) for increasing the diversity of candidates applying for examiner positions, including through outreach efforts to recruit diverse candidate to apply for entry-level examiner positions; and (2) for retaining and providing fair consideration for promotions within the examiner staff for purposes of achieving diversity among examiners. (c) Covered regulator defined In this section, the term covered regulator means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. 450. Investments in minority depository institutions 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 indirectly— (i) to direct the management or policies of an insured depository institution; or (ii) (I) with respect to an insured depository institution, of a person to vote 25 per centum 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 designated pursuant to section 445 of the Ensuring Diversity in Community Banking Act) or a minority depository institution (as defined in section 308(b) of the Financial Institutions Reform, 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 (3) regulatory and legislative considerations to promote the establishment of de novo minority depository institutions and de novo impact banks. 451. Report on covered mentor-protege programs (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 report on participants in a covered mentor-protege program, including— (1) an analysis of outcomes of such program; (2) the number of minority depository institutions that are eligible to participate in such program but do not have large financial institution mentors; and (3) recommendations for how to match such minority depository institutions with large financial institution 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 Secretary of the Treasury pursuant to section 45 of the Small Business Act ( 15 U.S.C. 657r ). (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 Federal Reserve System, the Federal Deposit Insurance Corporation, or the National Credit Union Administration; and (B) that has total consolidated assets greater than or equal to $50,000,000,000. 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 subsection (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 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, Recovery, 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 deposit 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 custodial 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 previous quarter; or (B) $100,000,000 (as adjusted for inflation). (d) Report Each quarter, the Secretary of the Treasury shall submit to Congress a report on the implementation of the program established under this section 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 territory 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 Diversity in Community Banking Act that is well capitalized, as defined by the appropriate Federal banking agency. (2) Insured amount The term insured amount means the amount that is the greater of— (A) the standard maximum deposit insurance 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 between the Secretary of the Treasury and the Federal Deposit Insurance Corporation under 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 qualifying 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. 453. Streamlined community development financial 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 insurance with the Federal Deposit Insurance Corporation that could also become a community development financial institution, the Federal Deposit Insurance Corporation, in 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 institution; and (2) develop procedures to streamline the application and annual certification processes and to reduce 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 Federal 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); (C) by inserting after subparagraph (E) the following new subparagraph: (F) applicants for deposit insurance that could also become a community development financial institution (as defined in section 103 of the Riegle Community Development and Regulatory 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. 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 between the Small Business Administration and community development financial institutions, minority depository institutions, 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. E Expanding Opportunity for Minority Depository Institutions 461. Establishment of Financial Agent Mentor-Protégé Program (a) In general Section 308 of the Financial Institutions 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-Protégé Program (1) In general The Secretary of the Treasury shall establish a program to be known as the Financial Agent Mentor-Protégé Program (in this subsection referred to as the Program ) under which a financial agent designated by the Secretary or a large financial institution may serve as a mentor, 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 financial agent; or (B) to improve capacity to provide services to the customers of the small financial institution. (2) Outreach The Secretary shall hold outreach events to promote the participation of financial 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 Reform and Consumer Protection Act information pertaining to the Program, including— (A) the number of financial agents, large financial institutions, and small financial institutions participating in such Program, including 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 described in paragraph (2) held during the year covered by such report. (5) Definitions In this subsection: (A) Financial agent The term financial agent means any national banking association 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 Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, or the National Credit Union Administration 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 Corporation, or the National Credit Union Administration that has total consolidated assets lesser than or equal to $2,000,000,000; or (ii) a minority depository institution. . (b) Effective date This section and the amendments made by this section shall take effect 90 days after the date of the enactment of this Act. V Community Development A CDFI Bond Guarantee Program Improvement 511. Sense of Congress It is the sense of Congress that the authority to guarantee bonds under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) (commonly referred to as the CDFI Bond Guarantee Program ) provides community development financial institutions with a sustainable source of long-term capital and furthers the mission of the Community 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. 512. Guarantees for bonds and notes issued for community or economic development purposes Section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) is amended— (1) in subsection (c)(2), by striking , multiplied by an amount equal to the outstanding principal 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 . 513. Report on the CDFI bond guarantee program 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 effectiveness of the CDFI bond guarantee program established under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ). B Expanding Financial Access for Underserved Communities 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: (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 underserved area added to the credit union’s charter, before the credit union ; and (2) by adding at the end the following: (h) Change of field of membership to include underserved areas (1) In general If an existing Federal credit 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 credit 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— (A) an estimate of the number of members of the credit union who are members by reason of the application, including breakdowns by each State (including the District of Columbia 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 implementation 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. . 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 inserting ; or ; and (3) by adding at the end the following: (vi) that is made to a member or associated borrower that lives in or operates in an underserved area. . 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 geographic area consisting of one or more population census tracts or one or more counties, that encompass 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 section 45D(e) of the Internal Revenue Code of 1986; or (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 depository institution (as defined under section 3 of the Federal Deposit Insurance Act) or credit union. . 524. Reports by the National Credit Union Administration (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 Representatives 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 Administration shall issue an updated report on the implementation of the amendments made by this subtitle to the committees 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). 525. Rule of construction Nothing in this subtitle or the amendments made by this subtitle may be construed to prevent or otherwise impede the ability of insured depository institutions (as defined in section 3 of the Federal Deposit Insurance Act) to establish branches and provide banking services in underserved areas. VI Ensuring Diverse Leadership of the Federal Reserve 601. Short title This title may be cited as the Ensuring Diverse Leadership Act of 2022 . 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 obstacles for candidates reflective of gender diversity and racial or ethnic diversity for Federal Reserve bank president positions in the Federal Reserve System; (2) the continuing barriers described in paragraph (1) merit the following amendment; (3) Congress has received and reviewed testimony and documentation of the historical lack of gender, racial, and ethnic diversity from numerous sources, including congressional hearings, scientific reports, reports issued by public and private agencies, news stories, and reports of related barriers by organizations and individuals, which show that race-, ethnicity-, and gender-neutral efforts alone are insufficient to address the problem; (4) the testimony and documentation described in paragraph (3) demonstrate that barriers across the United States prove problematic for full and fair participation in developing monetary policy by individuals reflective of gender diversity and racial or ethnic diversity; and (5) the testimony and documentation described in paragraph (3) provide a strong basis that there is a compelling need for the below amendment to address the historical lack of gender, racial, and ethnic diversity in the Federal Reserve regional bank presidents selection process in the Federal Reserve System. 603. Federal reserve bank presidents (a) In general The provision designated fifth of the fourth undesignated paragraph of section 4 of the Federal Reserve Act ( 12 U.S.C. 341 ) is amended by inserting after employees. the following: In making the appointment of a president, the bank shall interview at least one individual reflective of gender diversity and one individual reflective of racial or ethnic diversity. . (b) Report Not later than January 1 of each year, each Federal reserve bank shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Office of Inspector General for the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection a report describing the applicant pool demographic for the position of the president of the Federal reserve bank for the preceding fiscal year, if applicable. 604. Technical adjustments (a) American Competitiveness and Workforce Improvement Act of 1998 Section 418(b) of the American Competitiveness and Workforce Improvement Act of 1998 ( 8 U.S.C. 1184 note) is amended by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (b) Bretton Woods Agreements Act The Bretton Woods Agreements Act ( 22 U.S.C. 286 et seq. ) is amended— (1) in section 4(a), by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (2) in section 45(a)(1), by striking chairman of the board of Governors and inserting Chair of the Board of Governors . (c) Dodd-Frank Wall Street Reform and Consumer Protection Act The Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. ) is amended by striking Chairman of the Board each place such term appears and inserting Chair of the Board . (d) Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 ( 12 U.S.C. 5201 et seq. ) is amended by striking Chairman of the Board each place such term appears and inserting Chair of the Board . (e) Emergency Loan Guarantee Act Section 2 of the Emergency Loan Guarantee Act ( 15 U.S.C. 1841 ) is amended by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (f) Emergency Steel Loan Guarantee and Emergency Oil and Gas Guaranteed Loan Act of 1999 The Emergency Steel Loan Guarantee and Emergency Oil and Gas Guaranteed Loan Act of 1999 ( 15 U.S.C. 1841 note) is amended— (1) in section 101(e)(2)— (A) by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (B) by striking Chairman, and inserting Chair, ; and (2) in section 201(d)(2)(B)— (A) by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (B) by striking Chairman, and inserting Chair, . (g) Farm Credit Act of 1971 Section 4.9(d)(1)(C) of the Farm Credit Act of 1971 ( 12 U.S.C. 2160(d)(1)(C) ) is amended by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (h) Federal Deposit Insurance Act The Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. ) is amended— (1) in section 7(a)(3), by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (2) in section 10(k)(5)(B)(ii), by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (i) Federal Reserve Act The Federal Reserve Act ( 12 U.S.C. 226 et seq. ) is amended— (1) by striking chairman each place such term appears and inserting chair ; (2) by striking Chairman each place such term appears other than in section 11(r)(2)(B) and inserting Chair ; (3) in section 2, in the sixth undesignated paragraph— (A) in the second sentence, by striking his and inserting the Comptroller of the Currency’s ; and (B) in the third sentence, by striking his and inserting the director’s ; (4) in section 4— (A) in the third undesignated paragraph, by striking his office and inserting the Office of the Comptroller of the Currency ; (B) in the fourth undesignated paragraph, in the provision designated fifth , by striking his and inserting the person’s ; (C) in the eighth undesignated paragraph, by striking his and inserting the chair’s ; (D) in the seventeenth undesignated paragraph— (i) by striking his and inserting the officer’s ; and (ii) by striking he and inserting the individual ; (E) in the twentieth undesignated paragraph— (i) by striking He each place such term appears and inserting The chair ; (ii) in the third sentence— (I) by striking his and inserting the ; and (II) by striking he and inserting a comma; and (iii) in the fifth sentence, by striking he and inserting the chair ; and (F) in the twenty-first undesignated paragraph, by striking his each place such term appears and inserting the agent’s ; (5) in section 6, in the second undesignated paragraph, by striking he and inserting the Comptroller of the Currency ; (6) in section 9A(c)(2)(C), by striking he and inserting the participant ; (7) in section 10— (A) by striking he each place such term appears and inserting the member ; (B) in the second undesignated paragraph, by striking his and inserting the member’s ; and (C) in the fourth undesignated paragraph— (i) in the second sentence, by striking his and inserting the chair’s ; (ii) in the fifth sentence, by striking his and inserting the member’s ; and (iii) in the sixth sentence, by striking his and inserting the member’s ; (8) in section 12, by striking his and inserting the member’s ; (9) in section 13, in the tenth undesignated paragraph, by striking his and inserting the assured’s ; (10) in section 16— (A) by striking he each place such term appears and inserting the agent ; (B) in the seventh undesignated paragraph— (i) by striking his and inserting the agent’s ; and (ii) by striking himself and inserting the agent ; (C) in the tenth undesignated paragraph, by striking his and inserting the Secretary’s ; and (D) in the fifteenth undesignated paragraph, by striking his and inserting the agent’s ; (11) in section 18, in the eighth undesignated paragraph, by striking he and inserting the Secretary of the Treasury ; (12) in section 22— (A) in subsection (f), by striking his and inserting the director’s or officer’s ; and (B) in subsection (g)— (i) in paragraph (1)(D)— (I) by striking him and inserting the officer ; and (II) by striking he and inserting the officer ; and (ii) in paragraph (2)(A), by striking him as his and inserting the officer as the officer’s ; and (13) in section 25A— (A) in the twelfth undesignated paragraph— (i) by striking he each place such term appears and inserting the member ; and (ii) by striking his and inserting the member’s ; (B) in the fourteenth undesignated paragraph, by striking his and inserting the director’s or officer’s ; and (C) in the twenty-second undesignated paragraph, by striking his each place such term appears and inserting such individual’s . (j) Federal Reserve Reform Act of 1977 Section 204(b) of the Federal Reserve Reform Act of 1977 ( 12 U.S.C. 242 note) is amended by striking Chairman or Vice Chairman of the Board of Governors and inserting Chair or Vice Chair of the Board of Governors . (k) Financial Institutions Reform, Recovery, and Enforcement Act of 1989 The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 is amended— (1) in section 308 ( 12 U.S.C. 1463 note)— (A) in subsection (a), by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (B) in subsection (c), by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; (2) in section 1001(a) ( 12 U.S.C. 1811 note), by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (3) in section 1205(b)(1)(A) ( 12 U.S.C. 1818 note)— (A) by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (B) by striking Chairman’s and inserting Chair’s . (l) Food, Conservation, and Energy Act of 2008 Section 13106(a) of the Food, Conservation, and Energy Act of 2008 ( 7 U.S.C. 2 note) is amended by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (m) Housing and Community Development Act of 1992 Section 1313(a)(3) of the Housing and Community Development Act of 1992 ( 12 U.S.C. 4513(a)(3) ) is amended— (1) in the heading, by striking chairman and inserting chair ; (2) by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (3) by striking Chairman regarding and inserting Chair regarding . (n) Inspector General Act of 1978 Section 8G of the Inspector General Act of 1978 is amended by striking Chairman of the Board of Governors each place such term appears and inserting Chair of the Board of Governors . (o) International Lending Supervision Act of 1983 Section 908(b)(3)(C) of the International Lending Supervision Act of 1983 ( 12 U.S.C. 3907(b)(3)(C) ) is amended by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (p) Neighborhood Reinvestment Corporation Act Section 604(a)(3) of the Neighborhood Reinvestment Corporation Act ( 42 U.S.C. 8103(a)(3) ) is amended by striking Chairman each place it appears and inserting Chair . (q) Public Law 93–495 Section 202(a)(1) of Public Law 93–495 ( 12 U.S.C. 2402(a)(1) ) is amended— (1) by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (2) by striking his and inserting the Chair’s . (r) Sarbanes-Oxley Act of 2002 Section 101(e)(4)(A) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7211(e)(4)(A) ) is amended by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (s) Securities Exchange Act of 1934 Section 17A(f)(4)(C) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78q–1(f)(4)(C) ) is amended by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (t) Title 31 Title 31, United States Code, is amended— (1) in section 1344(b)(7), by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors ; and (2) in section 5318A, by striking Chairman of the Board of Governors each place such term appears and inserting Chair of the Board of Governors . (u) Trade Act of 1974 Section 163(b)(3) of the Trade Act of 1974 ( 19 U.S.C. 2213(b)(3) ) is amended by striking Chairman of the Board of Governors and inserting Chair of the Board of Governors . (v) Deeming of name Any reference in a law, regulation, document, paper, or other record of the United States to the Chairman of the Board of Governors of the Federal Reserve System shall be deemed to be a reference to the Chair of the Board of Governors of the Federal Reserve System. VII Studying Barriers to Housing 701. Short title This title may be cited as the Studying Barriers to Housing Act . 702. GAO study and report on reducing homelessness through public housing and section 8 rental assistance (a) Study The Comptroller General of the United States shall conduct a study to identify any barriers that limit the ability of a public housing agency in attempting to provide housing assistance under the Public Housing and Housing Choice Voucher programs under title I of the United States Housing Act of 1937 ( 42 U.S.C. 1437 et seq. ) for populations experiencing homelessness, which shall include— (1) identification of any laws, regulations, and any other notices or guidance pertaining to— (A) waiting lists, documentation requirements, or tenant screening that effect the ability of a public housing agency to accept persons and families experiencing homelessness into the public housing or voucher program; and (B) funding formulas and performance measures that may penalize public housing agencies trying to serve persons and families experiencing homelessness; (2) analyzing and determining the effect of the limitation under section 8(o)(13)(B) of the United States Housing Act of 1937 ( 42 U.S.C. 1437f(o)(13)(B) ; relating to the maximum amount of housing voucher assistance that a public housing agency may use for project-based assistance) has on the ability of public housing agencies to serve persons and families experiencing homelessness; and (3) identification of barriers to fair housing and the coordination of Federal housing assistance and homelessness funds, including outreach and marketing of such funds, to affirmatively further fair housing for protected classes under the Fair Housing Act of 1968 ( 42 U.S.C. 3601 et seq. ) that are disproportionately experiencing homelessness. (b) Report Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report to the Congress describing the study conducted pursuant to subsection (a) and setting forth the results and conclusions of the study. VIII State of Housing in the United States 801. Interagency working group reports There is established an interagency working group consisting of the Secretary of the Treasury, the Secretary of Housing and Urban Development, and the Director of the Federal Housing Finance Agency, which shall produce two reports, in consultation with the Attorney General, the Secretary of Agriculture, the Secretary of Veterans Affairs, the Secretary of Transportation, and the Executive Director of the United States Interagency Council on Homelessness, each year detailing the state of housing in the United States, including recommendations related to housing fairness, affordability. and supply. 802. Testimony on the state of housing affordability and supply After each report is produced under section 601, each member of the interagency working group described under section 601 shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate to testify on the contents of such report. XI Report on housing for LGBTQ+ persons 901. HUD report Not later than the expiration of the 6-month period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall submit a report to the Congress describing all efforts and activities of the Department of Housing and Urban Development, recently taken, ongoing, or planned, to provide or facilitate access to affordable permanent and temporary housing for persons who identify as lesbian, gay, bisexual, transgender, questioning/queer, or another identity other than heterosexual, including such person who are youth, elderly, and homeless. X Expanding Access to Credit through Consumer-Permissioned Data 1001. Short title This title may be cited as the Expanding Access to Credit through Consumer-Permissioned Data Act . 1002. Findings The Congress finds the following: (1) Using alternative data in mortgage lending (either through alternative credit scores or in underwriting) has the potential to increase access to credit for individuals with little or no credit history with the national credit reporting agencies (NCRAs), according to a review of alternative data use in mortgage lending by the Government Accountability Office in December 2021. (2) Approximately 45 million consumers do not have any credit history with the NCRAs or did not have enough credit history to be scored, according to a 2015 report by the Bureau of Consumer Financial Protection (CFPB), entitled Data Point: Credit Invisibles . The CFPB also reported that this population disproportionately included low-income consumers, younger consumers, and consumers of color. (3) The use of alternative data to establish a low- or moderate-income borrower’s credit history for the purpose of extending mortgage credit can help lenders meet goals of the Community Reinvestment Act. (4) Mortgage underwriting systems that allow lenders to use consumer-permissioned alternative credit information may help expand access to mortgages for borrowers with lower credit scores and communities of color. On September 21, 2021, Fannie Mae updated its automated underwriting system so that it notifies lenders that a borrower may benefit from the inclusion of consistent rental payment information, and with the consumer’s permission, the underwriting system will automatically identify rental payments within bank statement data and include this in its credit assessment. According to a fair lending and credit risk analysis by Fannie Mae and the Federal Housing Finance Agency, the populations most likely to benefit from this change are applicants with lower credit scores, who are disproportionately consumers of color. 1003. Requirement to consider additional credit information when making mortgage loans (a) In general The Equal Credit Opportunity Act ( 15 U.S.C. 1691 et seq. ) is amended by inserting after section 701 the following: 701A. Requirement to consider additional credit information when making mortgage loans (a) In general A creditor extending a mortgage loan shall, in evaluating the creditworthiness of an applicant, consider credit information not reported through a consumer reporting agency, if— (1) the applicant— (A) requests such consideration, and has not retracted such request; (B) provides the credit information to be considered; and (C) states that the applicant does not believe that credit information reported through consumer reporting agencies fully or accurately reflects the applicant’s creditworthiness in the absence of such information; and (2) the credit information relates to the types of information that the creditor would consider if otherwise reported and includes current payment and transaction information, such as bank statement information or rental payment information. (b) Treatment of additional information A creditor shall treat any information provided pursuant to subsection (a) in the same manner and with the same weight as the creditor would treat the same information if it were provided by a consumer reporting agency, unless the creditor reasonably determines that the information is the result of a material misrepresentation. (c) Notice to applicants (1) In general A creditor described under subsection (a) shall provide each applicant for a mortgage loan with a notice that includes— (A) an explanation of the applicant’s right under this section to provide additional credit information to the creditor for consideration, including examples of such additional information, as well as the benefits of providing such information; (B) the right of the creditor to disregard any such information if the creditor determines that the information is the result of a material misrepresentation; and (C) the right of an applicant to retract the applicant’s request to use such additional credit information at any point in the application process. (2) Notice languages Notices required under paragraph (1) shall be made available in each of the 8 languages most commonly spoken by individuals with limited English proficiency, as determined by the Director of the Bureau using information published by the Director of the Bureau of the Census. (3) Form language The Director of the Bureau shall establish form language, which shall be used by each creditor when providing the notices required under this subsection, providing— (A) the examples described under paragraph (1)(A); (B) the description of the benefits described under paragraph (1)(A); and (C) the non-English language versions of the notices described under paragraph (2). (d) Consideration of alternative data; treatment of underwriting systems A creditor shall ensure that the alternative data provided under the requirements of subsection (a) shall be considered as part of the decisioning process. Any creditor who develops or maintains an underwriting system for mortgage loans shall ensure such system complies with the requirements described under subsection (a). (e) Consumer reporting agency defined In this section, the term consumer reporting agency has the meaning given that term under section 603 of the Fair Credit Reporting Act. . (b) Clerical amendment The table of contents for the Equal Credit Opportunity Act is amended by inserting after the item relating to section 701 the following: 701A. Requirement to consider additional credit information when making mortgage loans. . XI Payment Choice 1101. Short title This subtitle may be cited as the Payment Choice Act of 2022 . 1102. Sense of congress It is the sense of Congress that every consumer has the right to use cash at retail businesses who accept in-person payments. 1103. Retail businesses prohibited from refusing cash payments (a) In general Subchapter I of chapter 51 of title 31, United States Code, is amended by adding at the end the following: 5104. Retail businesses prohibited from refusing cash payments (a) In general Any person engaged in the business of selling or offering goods or services at retail to the public with a person accepting in-person payments at a physical location (including a person accepting payments for telephone, mail, or internet-based transactions who is accepting in-person payments at a physical location)— (1) shall accept cash as a form of payment for sales of less than $2,000 (or, for loan payments, payments made on a loan with an original principal amount of less than $2,000) made at such physical location; and (2) may not charge cash-paying customers a higher price compared to the price charged to customers not paying with cash. (b) Exceptions (1) In general Subsection (a) shall not apply to a person if such person— (A) is unable to accept cash because of— (i) a sale system failure that temporarily prevents the processing of cash payments; or (ii) a temporary insufficiency in cash on hand needed to provide change; or (B) provides customers with the means, on the premises, to convert cash into a card that is either a general-use prepaid card, a gift card, or an access device for electronic fund transfers for which— (i) there is no fee for the use of the card; (ii) there is not a minimum deposit amount greater than 1 dollar; (iii) amounts loaded on the card do not expire, except as permitted under paragraph (2); (iv) there is no collection of any personal identifying information from the customer; (v) there is no fee to use the card; and (iv) there may be a limit to the number of transactions. (2) Inactivity A person seeking exception from subsection (a) may charge an inactivity fee in association with a card offered by such person if— (A) there has been no activity with respect to the card during the 12-month period ending on the date on which the inactivity fee is imposed; (B) not more than 1 inactivity fee is imposed in any 1-month period; and (C) it is clearly and conspicuously stated, on the face of the mechanism that issues the card and on the card— (i) that an inactivity fee or charge may be imposed; (ii) the frequency at which such inactivity fee may be imposed; and (iii) the amount of such inactivity fee. (c) Right to not accept large bills (1) In general Notwithstanding subsection (a), for the 5-year period beginning on the date of enactment of this section, this section shall not require a person to accept cash payments in $50 bills or any larger bill. (2) Rulemaking (A) In general The Secretary of the Treasury, in this section referred to as the Secretary, shall issue a rule on the date that is 5 years after the date of the enactment of this section with respect to any bills a person is not required to accept. (B) Requirement When issuing a rule under subparagraph (A), the Secretary shall require persons to accept $1, $5, $10, $20, and $50 bills. (d) Enforcement (1) Preventative relief Whenever any person has engaged, or there are reasonable grounds to believe that any person is about to engage, in any act or practice prohibited by this section, a civil action for preventive relief, including an application for a permanent or temporary injunction, restraining order, or other order may be brought against such person. (2) Civil penalties Any person who violates this section shall— (A) be liable for actual damages; (B) be fined not more than $2,500 for a first offense; and (C) be fined not more than $5,000 for a second or subsequent offense. (3) Jurisdiction An action under this section may be brought in any United States district court, or in any other court of competent jurisdiction. (4) Intervention of attorney general Upon timely application, a court may, in its discretion, permit the Attorney General to intervene in a civil action brought under this subsection, if the Attorney General certifies that the action is of general public importance. (5) Authority to appoint court-paid attorney Upon application by an individual and in such circumstances as the court may determine just, the court may appoint an attorney for such individual and may authorize the commencement of a civil action under this subsection without the payment of fees, costs, or security. (6) Attorney’s fees In any action commenced pursuant to this section, the court, in its discretion, may allow the prevailing party, other than the United States, a reasonable attorney’s fee as part of the costs, and the United States shall be liable for costs the same as a private person. (7) Requirements in certain states and local areas In the case of an alleged act or practice prohibited by this section which occurs in a State, or political subdivision of a State, which has a State or local law prohibiting such act or practice and establishing or authorizing a State or local authority to grant or seek relief from such act or practice or to institute criminal proceedings with respect thereto upon receiving notice thereof, no civil action may be brought hereunder before the expiration of 30 days after written notice of such alleged act or practice has been given to the appropriate State or local authority by registered mail or in person, provided that the court may stay proceedings in such civil action pending the termination of State or local enforcement proceedings. (e) Greater protection under state law This section shall not preempt any law of a State, the District of Columbia, a Tribal government, or a territory of the United States if the protections that such law affords to consumers are greater than the protections provided under this section. (f) Rulemaking The Secretary shall issue such rules as the Secretary determines are necessary to implement this section, which may prescribe additional exceptions to the application of the requirements described in subsection (a). . (b) Clerical amendment The table of contents for chapter 51 of title 31, United States Code, is amended by inserting after the item relating to section 5103 the following: 5104. Retail businesses prohibited from refusing cash payments. . (c) Rule of construction The amendments made by this section may not be construed to have any effect on section 5103 of title 31, United States Code.

Passed the House of Representatives June 15, 2022. Cheryl L. Johnson, Clerk.