Promoting and Advancing Communities of Color Through Inclusive Lending Act 2022-06-08 Introduced in House Promoting and Advancing Communities of Color Through Inclusive Lending Act

This bill expands the support of, and access to, community development financial institutions, minority lending intuitions, and minority depository institutions. These institutions provide financial services to economically distressed or minority communities.

The bill provides mandatory funding set-asides for assistance to minority lending institutions and establishes the Office of Minority Lending Institutions to administer these funds. The bill also establishes the Office of Diverse and Mission-Driven Community Financial Institutions to monitor and support institutions seeking certification.

Further, the bill provides for technology grants, a pilot program for establishing new institutions, and various studies and reports.

]]>

text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.