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The House passed ICBA-supported legislation that would modify regulatory processes to support Minority Depository Institutions.
The Ensuring Diversity in Community Banking Act of 2019 (H.R. 5322) would streamline Community Development Financial Institution application and recertification processes for community banks. Introduced by Rep. Gregory Meeks (D-N.Y.), the bill also would establish a new “Impact Bank” designation for qualifying banks serving low-income borrowers.
The House earlier this year approved a separate ICBA-backed bill (H.R. 5315) to create a Treasury Department program for larger banks to mentor minority depository institutions and community banks under $2 billion.
The bills advanced following congressional testimony in June from ICBA Minority Bank Council Vice Chairman James Sills and last fall from Council Chair Jill Sung.