Sec. 2. Strengthening diverse and mission-driven community financial institutions
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Section 108 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4707 ) is amended by adding at the end the following: Notwithstanding any other provision of law, in providing any assistance to community development financial institutions, the Fund shall reserve 40 percent of such assistance for minority lending institutions. . Section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 ) is amended by adding at the end the following:
The term minority lending institution has the meaning given that term under section 523(c) of division N of the Consolidated Appropriations Act, 2021. . Section 104 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4703 ) is amended by adding at the end the following: There is established within the Fund an Office of Minority Lending Institutions, which shall oversee assistance provided by the Fund to minority lending institutions. . Section 117 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4716 ) is amended by adding at the end the following:
Each report required under subsection
(a)shall include a description of the extent to which assistance from the Fund are provided to minority lending institutions. . Section 104 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4703 ), as amended by subsection (b), is further amended by adding at the end the following: In this subsection— the term executive officer has the meaning given the term in section 230.501(f) of title 17, Code of Federal Regulations, as in effect on the date of enactment of this subsection; and the term veteran has the meaning given the term in section 101 of title 38, United States Code. Each Fund applicant and recipient shall provide the following: Data, based on voluntary self-identification, on the racial, ethnic, and gender composition of— the board of directors of the institution; nominees for the board of directors of the institution; and the executive officers of the institution. The status of any member of the board of directors of the institution, any nominee for the board of directors of the institution, or any executive officer of the institution, based on voluntary self-identification, as a veteran. Whether the board of directors of the institution, or any committee of that board of directors, has, as of the date on which the institution makes a disclosure under this paragraph, adopted any policy, plan, or strategy to promote racial, ethnic, and gender diversity among— the board of directors of the institution; nominees for the board of directors of the institution; or the executive officers of the institution. Not later than 18 months after the date of enactment of this subsection, and annually thereafter, the Fund shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and make publicly available on the website of the Fund, a report— on the data and trends of the diversity information made available pursuant to paragraph (2); and containing all administrative or legislative recommendations of the Fund to enhance the implementation of this title or to promote diversity and inclusion within community development financial institutions. . There is established within the Department of the Treasury the Office of Diverse and Mission-Driven Community Financial Institutions. The Office of Diverse and Mission-Driven Community Financial Institutions shall be led by a Deputy Assistant Secretary for Diverse and Mission-Driven Community Financial Institutions, who shall be appointed by the Secretary of the Treasury, in consultation with the Department of the Treasury’s Director of Office of Minority and Women Inclusion. The Office of Diverse and Mission-Driven Community Financial Institutions, pursuant to the direction of the Secretary, shall have the authority— to monitor and issue reports regarding— community development financial institutions, minority depository institutions, and minority lending institutions; and the role such institutions play in the financial system of the United States, including the impact they have on providing financial access to low- and moderate-income communities, communities of color, and other underserved communities; to serve as a resource and Federal liaison for current and prospective community development financial institutions, minority depository institutions, and minority lending institutions engaging with the Department of the Treasury, the Community Development Financial Institutions Fund ( CDFI Fund ), other Federal government agencies, including by providing contact information, resources, technical assistance, and other support for entities wishing— to become certified as a community development financial institution, and maintain the certification; to obtain a banking charter, deposit insurance, or otherwise carry on banking activities in a safe, sound, and responsible manner; to obtain financial support through private sector deposits, investments, partnerships, and other means; to expand their operations through internal growth and acquisitions; to develop and upgrade their technology, cybersecurity resilience, compliance systems, data reporting systems, and their capacity to support their communities, including through partnerships with third-party companies; to obtain grants, awards, investments and other financial support made available through the CDFI Fund, the Board of Governors of the Federal Reserve System, the Central Liquidity Facility, the Federal Home Loan Banks, and other Federal programs; to participate as a financial intermediary with respect to various Federal and State programs and agencies, including the State Small Business Credit Initiative and programs of the Small Business Administration; and to participate in Financial Agent Mentor-Protégé Program of the Department of the Treasury and other Federal programs designed to support private sector partnerships; to provide resources to the public wishing to learn more about minority depository institutions, community development financial institutions, and minority lending institutions, including helping the Secretary implement the requirements under section 5, publishing reports issued by the Office on the website of the Department of the Treasury and providing hyperlinks to other relevant reports and materials from other Federal agencies; to provide policy recommendations to the Secretary, the CDFI Fund, other relevant Federal agencies, and Congress on ways to further strengthen Federal support for community development financial institutions, minority depository institutions, and minority lending institutions; to assist the Secretary in carrying out the Secretary’s responsibilities under section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note) to preserve and promote minority depository institutions in consultation with the Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the National Credit Union Administration, and the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation; and to carry out other duties of the Secretary of the Treasury required by this Act and the amendments made by this Act, and to perform such other related duties and authorities as may be assigned by the Secretary. The Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the National Credit Union Administration, the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation, and the Director of the Bureau of Consumer Financial Protection shall each, in consultation with their respective Director of Office of Minority and Women Inclusion, designate a senior official to be their respective agency’s officer responsible for promoting minority depository institutions, community development financial institutions, and minority lending institutions, including to fulfill obligations under section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note) to preserve and promote minority depository institutions. The Deputy Assistant Secretary for Diverse and Mission-Driven Community Financial Institutions shall regularly convene meetings, no less than once a quarter, of an interagency working group to be known as the Interagency Working Group to Promote Diverse and Mission-Driven Community Financial Institutions , which shall consist of the senior officials designated by their respective agencies under paragraph (1), along with the Director of the Community Development Financial Institutions Fund and such other government officials as the Deputy Assistant Secretary may choose to invite, to examine and discuss the state of minority depository institutions, community development financial institutions, and minority lending institutions, and actions the relevant agencies can take to preserve, promote, and strengthen these institutions. Not later than 1 year after the date of the enactment of this subsection, and annually thereafter, the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the National Credit Union Administration, the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation, and the Director of the Bureau of Consumer Financial Protection shall submit a joint report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding the work that has been done the prior year to preserve, promote, and strengthen community development financial institutions, minority depository institutions, and minority lending institutions, along with any policy recommendations on actions various government agencies and Congress should take to preserve, promote, and strengthen community development financial institutions, minority depository institutions, and minority lending institutions.
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Sec. 2
Strengthening diverse and mission-driven community financial institutions
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