Rep. Meeks Reintroduces Minority Bank Bill

Statement

Today, Congressman Gregory W. Meeks, Senior Member of the House Financial Services Committee, reintroduced the Ensuring Diversity in Community Banking Act of 2022 (H.R. 6745).

This bill puts forward regulatory initiatives to preserve and promote minority banks and credit unions, strengthens programs that provide capital to these crucial institutions and creates an Impact Bank designation for community banks that predominantly serve low-income communities.

"Minority banks and credit unions have been disappearing at an alarming rate, with devastating implications for under-banked communities of color across the country and the pandemic has only exacerbated this issue. Low-income communities in banking deserts are increasingly reliant on predatory payday loans, or other options that cause them to fall in debt traps. The bill is an important step in ensuring that banks and credit unions that serve under-banked minority and low-income communities remain key pillars of the American banking ecosystem," said Congressman Gregory W. Meeks.

Last Congress, the House passed the Ensuring Diversity in Community Banking Act of 2019. Congressman Meeks is working with colleagues in both chambers on enactment of this legislation.

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