ICBA advocates bills supporting MDIs, CDFIs

ICBA expressed support for several pending House bills designed to support minority depository institutions and community development financial institutions.

ICBA-Supported Bills: ICBA’s statement for a House Financial Services Committee hearing included support for legislation to:

  • Create a new “Impact Designation” for banks with a specified percentage of loans to low-income borrowers.

  • Create a Treasury Department program for larger banks to mentor MDIs and community banks under $2 billion.

  • Make the CDFI Bond Guarantee Program more available to smaller CDFIs.

  • Broaden types of collateral that may be pledged for Federal Home Loan Bank advances.

  • Establish a pilot program to provide competitive grants for the creation of MDIs and CDFIs.

Opposition: Meanwhile, ICBA expressed opposition to legislative proposals that would further complicate the CDFI certification process or expand reporting requirements.