US Congress House Bill 5511 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on June 16 2016 - 25% progression, died in committee
Action: 2016-06-16 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Equal Access to Banking Act This bill requires the Federal Deposit Insurance Corporation (FDIC) to issue regulations: (1) easing the restrictive impact of regulations issued pursuant to the Federal Deposit Insurance Act relating to the factors to be considered for deposit insurance on non-profit community development financial institution banks, and (2) easing restrictions on the operation of such banks insured by the FDIC. The FDIC shall ensure that such regulations issued under this bill: (1) will not provide an opportunity for individuals or for-profit financial institutions to avoid taxation or other requirements related to deposit insurance, and (2) allow charitable contributions and grants to such banks. The FDIC shall terminate the deposit insurance of such a bank if the bank loses its certification as a community development financial institution. The bill defines a "non-profit community development financial institution bank" as a non-profit depository institution that: (1) is certified as a community development financial institution by the Community Development Financial Institutions Fund, and (2) serves low-income and moderate-income customers.

Equal Access to Banking Act

Rep. John Delaney [D-MD]

Rep. John Carney [D-DE]

Date	Chamber	Action
2016-06-16	House	Referred to the House Committee on Financial Services.
2016-06-16	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/5511/all-info
Text	https://www.congress.gov/114/bills/hr5511/BILLS-114hr5511ih.pdf