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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.
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The Treasury Department and IRS lack updated information on how many eligible Economic Impact Payment recipients have yet to receive their funds, the GAO said.
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ICBA said it supports an FDIC standard-setting organization and voluntary certification program that would ease the process of vetting and partnering with fintechs and other third parties.
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ICBA welcomes the opportunity to respond to the FDIC's request for information hat seeks input on whether a standard-setting and voluntary-certification program could support community banks’ efforts in partnering with third parties.
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Sep 22, 2020
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