House passes ICBA-backed minority bank bill

Jan 16, 2020

The House passed ICBA-supported legislation that would create a Treasury Department program for larger banks to mentor minority depository institutions and community banks under $2 billion. Introduced by Rep. Joyce Beatty (D-Ohio), the Expanding Opportunity for Minority Depository Institutions Act (H.R. 5315) passed on a voice vote.

ICBA continues to advocate House passage of a separate bill to 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.

The Ensuring Diversity in Community Banking Act of 2019 (H.R. 5322), introduced by Rep. Gregory Meeks (D-N.Y.), passed the House Financial Services Committee last month.

Those bills have advanced following recent testimony from ICBA Minority Bank Advisory Council Chair Jill Sung