Supporting Community Lenders Act

Bill: 118-hr-6486
Sponsor: full_name: Rep. McGarvey, Morgan [D-KY-3]
Introduced: 2023-11-28
Policy area: Commerce
Latest action: action_date: 2023-11-28
text: Referred to the House Committee on Small Business.

Summaries:

tv_txt: I 118th CONGRESS 1st Session H. R. 6486 IN THE HOUSE OF REPRESENTATIVES November 28, 2023 Mr. McGarvey (for himself and Mr. Alford ) introduced the following bill; which was referred to the Committee on Small Business A BILL To establish the position of Coordinator for Community Financial Institutions within the Small Business Administration to enhance the performance of community financial institutions and support access to capital for small business concerns, and for other purposes.

1. Short title This Act may be cited as the Supporting Community Lenders Act . 2. Coordinator for Community Financial Institutions Section 7 of the Small Business Act ( 15 U.S.C. 636 ) is amended by adding at the end the following: (o) Coordinator for Community Financial Institutions (1) Definitions In this subsection— (A) the term Associate Administrator means the Associate Administrator of the Office of Capital Access of the Administration; (B) the term community financial institution has the meaning given the term in subsection (a)(36); and (C) the term Coordinator means the Coordinator for Community Financial Institutions. (2) Establishment There is established within the Office of Capital Access of the Administration the position of Coordinator for Community Financial Institutions, the occupant of which shall be responsible for the planning, coordination, implementation, evaluation, and improvement of the efforts of the Administrator to enhance the performance of community financial institutions and support access to capital for small business concerns. (3) Coordinator (A) In general Not later than 180 days after the date of enactment of the Supporting Community Lenders Act , the Administrator shall designate an individual to serve as Coordinator, who shall— (i) report to the Associate Administrator; and (ii) have knowledge of community financial institutions and experience providing access to capital to small business concerns in underserved communities. (B) Duties The Coordinator shall— (i) create and implement strategies and programs that support the activities, development, and growth of community financial institutions; (ii) administer and manage outreach, technical support, and training programs to existing, and potential, community financial institutions; (iii) establish partnerships within the Administration and with relevant Federal agencies, including the Department of the Treasury, the Federal Deposit Insurance Corporation, the Department of Agriculture, and the Minority Business Development Agency, to advance the goal of supporting the economic success of small business concerns through community financial institutions; (iv) review the effectiveness and impact of community financial institutions; (v) when appropriate, advocate on behalf of community financial institutions within the Administration, and to outside organizations, including other relevant Federal agencies; (vi) hold public meetings with relevant stakeholders not less frequently than once every 6 months beginning 1 year after the date of enactment of the Supporting Community Lenders Act ; and (vii) not later than 3 years after the date of enactment of the Supporting Community Lenders Act , and not less frequently than once every 3 years thereafter, submit to Congress a report on the major activities of the Coordinator, recommendations for congressional action based on the expertise of the Coordinator, and potential for growth within the areas in which the Coordinator operates. (C) Consultation In carrying out the duties under this paragraph, the Coordinator shall consult with— (i) district offices of the Administration; and (ii) other relevant Federal agencies, including the Department of the Treasury, the Federal Deposit Insurance Corporation, and the Minority Business Development Agency. .