US Congress House Bill 7993 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 20-0)
Status: Introduced on August 7 2020 - 25% progression, died in committee
Action: 2020-08-07 - Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Revises requirements applicable to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) and addresses lending during the COVID-19 (i.e., coronavirus disease 2019) pandemic. The bill establishes mandatory set-asides for (1) minority CDFIs under the CDFI Fund, and (2) CDFIs and MDIs under existing COVID-19 economic aid programs. The bill also establishes an impact bank designation for certain small depository institutions that lend primarily to low-income borrowers and establishes programs for impact banks and MDIs regarding investments, technical assistance, and federal government deposits. Finally, the Department of the Treasury must provide capital and interest-free loans to CDFIs, MDIs, impact banks, and credit unions that primarily serve low-income, underserved communities. The bill also reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million for FY2020 and to $50 million for fiscal years thereafter.

Promoting and Advancing Communities of Color through Inclusive Lending Act

Rep. Maxine Waters [D-CA]	Rep. Lacy Clay [D-MO]	Rep. Al Green [D-TX]	Rep. Vicente Gonzalez [D-TX]
Rep. Al Lawson [D-FL]	Rep. Ayanna Pressley [D-MA]	Rep. Rashida Tlaib [D-MI]	Rep. Alma Adams [D-NC]
Rep. Dean Phillips [D-MN]	Rep. Sylvia Garcia [D-TX]	Rep. Emanuel Cleaver [D-MO]	Rep. Joyce Beatty [D-OH]
Rep. Jesus Garcia [D-IL]	Rep. David Scott [D-GA]	Rep. Josh Gottheimer [D-NJ]	Rep. Gregory Meeks [D-NY]
Rep. Bill Foster [D-IL]	Rep. Stephen Lynch [D-MA]	Rep. Juan Vargas [D-CA]	Rep. Madeleine Dean [D-PA]

Date	Chamber	Action
2020-08-07	House	Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-08-07	House	Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-08-07	House	Introduced in House

HB6868 (Related) 2020-05-14 - Referred to the House Committee on Financial Services.
HB5315 (Similar To) 2020-01-14 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB6830 (Related) 2020-05-12 - Referred to the House Committee on Financial Services.
SB3774 (Related) 2020-05-20 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/7993/all-info
Text	https://www.congress.gov/116/bills/hr7993/BILLS-116hr7993ih.pdf