HR 9767
Promoting and Advancing Communities of Color Through Inclusive Lending Act
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill, the Promoting and Advancing Communities of Color Through Inclusive Lending Act, aims to strengthen and support community financial institutions that serve minority communities. It proposes several key changes, including increasing assistance to minority lending institutions, establishing an Office of Minority Lending Institutions within the CDFI Fund, and requiring data collection on diversity within these institutions. The bill also seeks to boost the capacity of community development financial institutions (CDFIs) through grants, technology support, and a new pilot program for establishing de novo CDFIs and MDIs. Finally, it creates a map of these institutions and streamlines data reporting requirements to improve transparency and reduce duplicative data collection.
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