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Promoting and Advancing Communities of Color Through Inclusive Lending Act

USA117th CongressHR-7978| House 
| Updated: 6/8/2022
Maxine Waters

Maxine Waters

Democratic Representative

California

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Promoting and Advancing Communities of Color Through Inclusive Lending Act This bill expands the support of, and access to, community development financial institutions, minority lending intuitions, and minority depository institutions. These institutions provide financial services to economically distressed or minority communities. The bill provides mandatory funding set-asides for assistance to minority lending institutions and establishes the Office of Minority Lending Institutions to administer these funds. The bill also establishes the Office of Diverse and Mission-Driven Community Financial Institutions to monitor and support institutions seeking certification. Further, the bill provides for technology grants, a pilot program for establishing new institutions, and various studies and reports.
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Timeline

Bill from Previous Congress

HR 116-7993
Promoting and Advancing Communities of Color through Inclusive Lending Act
Jun 8, 2022
Introduced in House
Jun 8, 2022
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 116-7993
    Promoting and Advancing Communities of Color through Inclusive Lending Act


  • June 8, 2022
    Introduced in House


  • June 8, 2022
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

Related Bills

  • HR 117-2543: Financial Services Racial Equity, Inclusion, and Economic Justice Act

Promoting and Advancing Communities of Color Through Inclusive Lending Act

USA117th CongressHR-7978| House 
| Updated: 6/8/2022
Promoting and Advancing Communities of Color Through Inclusive Lending Act This bill expands the support of, and access to, community development financial institutions, minority lending intuitions, and minority depository institutions. These institutions provide financial services to economically distressed or minority communities. The bill provides mandatory funding set-asides for assistance to minority lending institutions and establishes the Office of Minority Lending Institutions to administer these funds. The bill also establishes the Office of Diverse and Mission-Driven Community Financial Institutions to monitor and support institutions seeking certification. Further, the bill provides for technology grants, a pilot program for establishing new institutions, and various studies and reports.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 116-7993
Promoting and Advancing Communities of Color through Inclusive Lending Act
Jun 8, 2022
Introduced in House
Jun 8, 2022
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 116-7993
    Promoting and Advancing Communities of Color through Inclusive Lending Act


  • June 8, 2022
    Introduced in House


  • June 8, 2022
    Referred to the House Committee on Financial Services.
Maxine Waters

Maxine Waters

Democratic Representative

California

Financial Services Committee

Finance and Financial Sector

Related Bills

  • HR 117-2543: Financial Services Racial Equity, Inclusion, and Economic Justice Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted