PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
Version 00 · Introduced in House · Jun 8, 2022
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.
People & committees
Rep. Waters, Maxine [D-CA-43] · D–CA
Legislative record
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Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: May 15, 2025. Consult Congress.gov for the current record.
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Analyze H.R.7978 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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