The House Financial Services Committee passed ICBA-advocated legislation that would support minority depository institutions. The bills advanced following recent testimony from ICBA Minority Bank Advisory Council Chair Jill Sung.
The Ensuring Diversity in Community Banking Act of 2019 (H.R. 5322), introduced by Rep. Gregory Meeks (D-N.Y.), would streamline the Community Development Financial Institution application and recertification processes for community banks and establish a new “Impact Bank” designation for qualifying banks serving low-income borrowers, among other provisions.
The Expanding Opportunity for Minority Depository Institutions Act (H.R. 5315), introduced by Rep. Joyce Beatty (D-Ohio), would create a Treasury Department program for larger banks to mentor MDIs and community banks under $2 billion.