Community Impact Financial Institutions Inclusion Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 6775 To amend the CARES Act to reserve certain amounts for community financial institutions, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 8, 2020 Mr. MEEKS (for himself and Ms. WATERS) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the CARES Act to reserve certain amounts for community financial institutions, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Community Impact 4 Financial Institutions Inclusion Act of 2020’’. 5 SEC. 2. SET-ASIDE FOR COMMUNITY FINANCIAL INSTITU- 6 TIONS. 7 (a) IN GENERAL.—Section 4003 of the CARES Act 8 (15 U.S.C. 9042) is amended by adding at the end the 9 following: 10 VerDate Sep 11 2014 23:23 May 20, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6775.IH H6775 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6775 IH ‘‘(i) SET-ASIDE FOR COMMUNITY FINANCIAL INSTI- 1 TUTIONS.— 2 ‘‘(1) IN GENERAL.—With respect to any pro- 3 gram or facility established pursuant to this section 4 under which a borrower receives a direct loan from 5 a lender, and of amounts appropriated to carry out 6 this section, the Board of Governors of the Federal 7 Reserve System shall reserve the following: 8 ‘‘(A) For community financial institutions 9 (as defined in section 7(a)(36)(A)(xi) of the 10 Small Business Act (15 U.S.C. 11 636(a)(36)(A)(xi))), insured depository institu- 12 tions, and credit unions (as defined in clause 13 (xii) of such section), with consolidated assets 14 of less than $10,000,000,000, to provide assist- 15 ance under this section, 20 percent of such 16 amounts. 17 ‘‘(B) For minority depository institutions 18 (as defined in section 308 of the Financial In- 19 stitutions Reform, Recovery, and Enforcement 20 Act of 1989 (12 U.S.C. 1463 note)) and com- 21 munity development financial institutions (as 22 defined in section 103 of the Riegle Community 23 Development and Regulatory Improvement Act 24 of 1994 (12 U.S.C. 4702)), with consolidated 25 VerDate Sep 11 2014 23:23 May 20, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6775.IH H6775 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 6775 IH assets of less than $10,000,000,000, to provide 1 assistance under this section, 5 percent of such 2 amounts. 3 ‘‘(2) WEEKLY REPORT.—The Board of Gov- 4 ernors of the Federal Reserve System shall submit 5 to Congress a weekly report that describes the types 6 of lenders, including the total consolidated assets of 7 each such lender, providing assistance with amounts 8 reserved under this subsection.’’. 9 (b) APPLICATION.—This section shall apply to 10 amounts appropriated pursuant to section 4027(a) of the 11 CARES Act (Public Law 116–136) to the stabilization 12 fund established under section 5302(a)(1) of title 31, 13 United States Code, that have not been obligated or ex- 14 pended on or before the date of the enactment of this Act. 15 Æ VerDate Sep 11 2014 23:23 May 20, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H6775.IH H6775 pamtmann on DSKBC07HB2PROD with BILLS