H.R. 6775 · 116th Congress
Community Impact Financial Institutions Inclusion Act of 2020
- Stage
- In committee
- Sponsor
- Gregory Meeks
- Introduced
- 2020-05-08
- Latest action
- 2020-05-08 · Introduced in House
Summary
Community Impact Financial Institutions Inclusion Act of 2020
This bill allocates a certain portion of specified COVID-19 (i.e., coronavirus disease 2019) economic aid to finance loans originated by small financial institutions. Specifically, 20% of this aid must be allocated to community lenders, insured depository institutions, and credit unions with less than $10 billion in assets and 5% of this aid must be allocated to minority depository institutions and community development financial institutions with less than $10 billion in assets.