Ahead of a House Financial Services Committee vote today, ABA expressed support for legislation that addresses the decline in minority depository institutions and creates opportunities for community development financial institutions.
ABA called for passage of H.R. 5322, a bill introduced by Rep. Gregory Meeks (D-N.Y.) that would expand on existing programs to support minority banks. Among other things, the bill would create a minority depository institutions advisory committee at each agency and expand the Treasury Department’s mentor-protégé program between large financial institutions and MDIs and CDFIs.
ABA also offered support for H.R. 5315, a bill introduced by Rep. Joyce Beatty (D-Ohio) that would expand the Treasury Department’s work by establishing a new financial agent mentor-protégé program. The program would allow financial agents and large financial institutions to serve as mentors to community and minority banks.