Community Impact Financial Institutions Inclusion Act of 2020

Bill: 116-hr-6775
Sponsor: full_name: Rep. Meeks, Gregory W. [D-NY-5]
Introduced: 2020-05-08
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Cardiovascular and respiratory health

Congressional oversight

Emergency medical services and trauma care

Federal Reserve System

Financial crises and stabilization

Financial services and investments

Government lending and loan guarantees

Infectious and parasitic diseases
Latest action: action_date: 2020-05-08
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-05-08
action_desc: Introduced in House
text: <p><b>Community Impact Financial Institutions Inclusion Act of 2020 </b></p> <p>This bill allocates a certain portion of specified COVID-19 (i.e., coronavirus disease 2019) economic aid to finance loans originated by small financial institutions. Specifically, 20% of this aid must be allocated to community lenders, insured depository institutions, and credit unions with less than $10 billion in assets and 5% of this aid must be allocated to minority depository institutions and community development financial institutions with less than $10 billion in assets. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6775 IN THE HOUSE OF REPRESENTATIVES May 8, 2020 Mr. Meeks (for himself and Ms. Waters ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the CARES Act to reserve certain amounts for community financial institutions, and for other purposes.

1. Short title This Act may be cited as the Community Impact Financial Institutions Inclusion Act of 2020 . 2. Set-aside for community financial institutions (a) In general Section 4003 of the CARES Act ( 15 U.S.C. 9042 ) is amended by adding at the end the following: (i) Set-Aside for community financial institutions (1) In general With respect to any program or facility established pursuant to this section under which a borrower receives a direct loan from a lender, and of amounts appropriated to carry out this section, the Board of Governors of the Federal Reserve System shall reserve the following: (A) For community financial institutions (as defined in section 7(a)(36)(A)(xi) of the Small Business Act ( 15 U.S.C. 636(a)(36)(A)(xi) )), insured depository institutions, and credit unions (as defined in clause (xii) of such section), with consolidated assets of less than $10,000,000,000, to provide assistance under this section, 20 percent of such amounts. (B) For minority depository institutions (as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note)) and community development financial institutions (as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 )), with consolidated assets of less than $10,000,000,000, to provide assistance under this section, 5 percent of such amounts. (2) Weekly report The Board of Governors of the Federal Reserve System shall submit to Congress a weekly report that describes the types of lenders, including the total consolidated assets of each such lender, providing assistance with amounts reserved under this subsection. . (b) Application This section shall apply to amounts appropriated pursuant to section 4027(a) of the CARES Act ( Public Law 116–136 ) to the stabilization fund established under section 5302(a)(1) of title 31, United States Code, that have not been obligated or expended on or before the date of the enactment of this Act.