Strengthening Community Business Development Act This bill expands the factors allowed to be considered by a supervising agency when evaluating a financial institution's compliance with community reinvestment standards. Specifically, the bill allows a supervising agency to consider the efforts of a financial institution that deny business loans to low- and moderate-income borrowers to refer these borrowers to community business development organizations or to provide these borrowers directly with business development resources.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Strengthening Community Business Development Act
USA117th CongressS-4532| Senate
| Updated: 7/14/2022
Strengthening Community Business Development Act This bill expands the factors allowed to be considered by a supervising agency when evaluating a financial institution's compliance with community reinvestment standards. Specifically, the bill allows a supervising agency to consider the efforts of a financial institution that deny business loans to low- and moderate-income borrowers to refer these borrowers to community business development organizations or to provide these borrowers directly with business development resources.