The House Financial Services Committee today unanimously approved two ABA-supported bills intended to address the decline in minority depository institutions and create opportunities for community development financial institutions.
The House passed H.R. 5322, a bill introduced by Rep. Gregory Meeks (D-N.Y.), which would establish 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. The committee also passed H.R. 5315, introduced by Rep. Joyce Beatty (D-Ohio), which would establish a new financial agent mentor-protégé program at Treasury.
The committee also passed, along a party-line vote, the ABA-opposed H.R. 5332, which would change credit reporting dispute resolution and injunctive relief. While acknowledging the bill’s good intentions, ABA cautioned that its approach could make credit reports less predictive and useful while weakening the credit underwriting process and increasing costs for borrowers.