Promoting New and Diverse Depository Institutions Act

Hozzl · 2024-03-13T02:52:39Z

Explore the details of Senate Bill 2252 Promoting New and Diverse Depository Institutions Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/13/2024, 2:52 AM

Summary of Bill S 2252

Bill 118 s 2252, also known as the Promoting New and Diverse Depository Institutions Act, aims to promote the establishment and growth of new and diverse depository institutions in the United States. The bill seeks to address the lack of diversity in the banking industry by providing support and resources to minority-owned and women-owned depository institutions.

The key provisions of the bill include creating a grant program to provide funding for new depository institutions that are owned by minorities or women. These grants would help cover start-up costs and operational expenses, making it easier for these institutions to enter the market and compete with larger, more established banks.

Additionally, the bill includes measures to increase access to capital for minority-owned and women-owned depository institutions, such as providing low-interest loans and technical assistance. This would help these institutions grow and expand their services to underserved communities. Overall, the Promoting New and Diverse Depository Institutions Act aims to promote diversity and inclusion in the banking industry, while also increasing access to financial services for underserved communities. By providing support and resources to minority-owned and women-owned depository institutions, the bill seeks to create a more equitable and inclusive financial system in the United States.

Congressional Summary of S 2252

Promoting New and Diverse Depository Institutions Act

This bill requires federal banking agencies to study and report on the challenges faced by entities attempting to become chartered depository institutions and to develop a strategic plan to assist in the application process. The strategic plan must (1) promote the chartering of minority depository institutions and entities that could be certified as community development financial institutions, and (2) describe actions to increase the number of depository institutions located in underserved areas.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill S 2252

Bill S 2252 is currently in the status of Bill Introduced since July 12, 2023. Bill S 2252 was introduced during Congress 118 and was introduced to the Senate on July 12, 2023. Bill S 2252's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of July 12, 2023

Bipartisan Support of Bill S 2252

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2252

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 2252

Promoting New and Diverse Depository Institutions ActPromoting New and Diverse Depository Institutions ActA bill to require the Federal banking regulators to jointly conduct a study and develop a strategic plan to address challenges faced by proposed depository institutions seeking de novo depository institution charters, and for other purposes.

Start holding our government accountable!