{"format":1,"id":"117-hr-2543","congress":117,"number":"H.R. 2543","kind":"bill","group":"bills","title":"Financial Services Racial Equity, Inclusion, and Economic Justice Act","title_source":"Short Title(s) as Passed House","official_title":"To amend the Federal Reserve Act to add additional demographic reporting requirements, to modify the goals of the Federal Reserve System, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend the Federal Reserve Act to add additional demographic reporting requirements, to modify the goals of the Federal Reserve System, and for other purposes."},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Ensuring Diverse Leadership Act of 2022"},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Financial Services Racial Equity, Inclusion, and Economic Justice Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Ensuring Diversity in Community Banking Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Expanding Access to Credit through Consumer-Permissioned Data Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Studying Barriers to Housing Act"},{"type":"Display Title","title":"Financial Services Racial Equity, Inclusion, and Economic Justice Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"Ensuring Diversity in Community Banking Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"Studying Barriers to Housing Act"},{"type":"Short Title(s) as Passed House","title":"Financial Services Racial Equity, Inclusion, and Economic Justice Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"Ensuring Diverse Leadership Act of 2022"},{"type":"Short Title(s) as Introduced","title":"Federal Reserve Racial and Economic Equity Act"},{"type":"Short Title(s) as Reported to House","title":"Federal Reserve Racial and Economic Equity Act"}],"outcome":"passed_house","law_number":null,"introduced":"2021-04-14","chambers":{"house":{"status":"roll_call","date":"2022-06-15","vote":{"id":"117-2022-h275","question":"On Passage","title":"Federal Reserve Racial and Economic Equity Act","result":"Passed","yea":215,"nay":207,"present":0,"not_voting":6,"source":"https://clerk.house.gov/evs/2022/roll275.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.","date":"2022-06-21"},"nominees":null,"amendments":[{"number":"H.Amdt. 224","sponsor":"Rep. Green, Al [D-TX-9]","purpose":"Amendments en bloc No. 1 comprised of amendments numbered 1, 2, 3, 4, 5, 7, 8, 9, 11, 12, 13, 14, 15, 16, 17, 18, 20, 21, 22, 23, 25, 26, and 27, printed in Part B of House Report 117-366.","result":"Agreed to","date":"2022-06-15","yea":217,"nay":192,"present":0,"not_voting":19,"source":"https://clerk.house.gov/evs/2022/roll270.xml"},{"number":"H.Amdt. 225","sponsor":"Rep. Green, Al [D-TX-9]","purpose":"Amendments en bloc No. 2 comprised of amendments numbered 6 and 24, printed in Part B of House Report 117-366.","result":"Failed","date":"2022-06-15","yea":202,"nay":217,"present":0,"not_voting":9,"source":"https://clerk.house.gov/evs/2022/roll271.xml"},{"number":"H.Amdt. 226","sponsor":"Rep. Gonzalez, Vicente [D-TX-15]","purpose":"An amendment numbered 10 printed in Part B of House Report 117-366 to ensure nothing prevents community banks from opening in underserved areas in relation to this Title.","result":"Agreed to","date":"2022-06-15","yea":297,"nay":123,"present":0,"not_voting":8,"source":"https://clerk.house.gov/evs/2022/roll272.xml"},{"number":"H.Amdt. 227","sponsor":"Rep. Payne, Donald M., Jr. [D-NJ-10]","purpose":"Amendment adds the text of the Payment Choice Act to the bill, which protects the right to pay in cash at all retail establishments for transactions under $2,000.","result":"Agreed to","date":"2022-06-15","yea":224,"nay":198,"present":0,"not_voting":6,"source":"https://clerk.house.gov/evs/2022/roll273.xml"}],"other_votes":[{"chamber":"house","date":"2022-06-15","question":"On Agreeing to the Amendment","title":"","result":"Agreed to","yea":217,"nay":192,"present":0,"not_voting":19,"kind":"amendment","source":"https://clerk.house.gov/evs/2022/roll270.xml"},{"chamber":"house","date":"2022-06-15","question":"On Agreeing to the Amendment","title":"","result":"Failed","yea":202,"nay":217,"present":0,"not_voting":9,"kind":"amendment","source":"https://clerk.house.gov/evs/2022/roll271.xml"},{"chamber":"house","date":"2022-06-15","question":"On Agreeing to the Amendment","title":"","result":"Agreed to","yea":297,"nay":123,"present":0,"not_voting":8,"kind":"amendment","source":"https://clerk.house.gov/evs/2022/roll272.xml"},{"chamber":"house","date":"2022-06-15","question":"On Agreeing to the Amendment","title":"","result":"Agreed to","yea":224,"nay":198,"present":0,"not_voting":6,"kind":"amendment","source":"https://clerk.house.gov/evs/2022/roll273.xml"},{"chamber":"house","date":"2022-06-15","question":"On Motion to Recommit","title":"Federal Reserve Racial and Economic Equity Act","result":"Failed","yea":202,"nay":219,"present":0,"not_voting":7,"kind":"procedural","source":"https://clerk.house.gov/evs/2022/roll274.xml"}],"crs_summary":{"date":"2022-06-15","stage":"Passed House","blocks":[{"k":"h","t":"Financial Services Racial Equity, Inclusion, and Economic Justice Act"},{"k":"p","t":"This bill address access to financial services, diversity in various financial institutions and establishments, and other related issues."},{"k":"p","t":"Access to credit, mortgages, and banking services are expanded, including by"},{"k":"li","t":"prohibiting discrimination with respect to credit transactions on the basis of an applicant's sexual orientation, gender identity, or location based on zip code or census tract;","d":1},{"k":"li","t":"establishing language translation requirements for residential mortgage applications; and","d":1},{"k":"li","t":"providing funding set-asides for minority lending institutions.","d":1},{"k":"p","t":"The bill expands the support of, and access to, minority depository institutions and community development financial institutions and establishes an impact bank designation for small institutions that predominately lend to low-income borrowers."},{"k":"p","t":"Further, the Federal Reserve Board must carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit."},{"k":"p","t":"Additionally, the bill requires financial institutions to report information relating to diversity policies and lending practices."},{"k":"p","t":"Retail businesses must accept cash as a form of payment for sales in amounts less than $2,000 and are prohibited from charging cash-paying customers a higher price."},{"k":"p","t":"Finally, the bill commissions various reports and studies, including a report from the Government Accountability Office on public housing for the homeless."}],"words":208},"summary":{"main_subject":{"text":"Amends federal financial laws on the Federal Reserve's duties, credit discrimination, mortgage language access, minority depository institutions and community development financial institutions, diversity reporting, and retail cash acceptance.","cites":[{"label":"Sec. 101","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H9533B8E49E5746A9B7FA46214016DB81"},{"label":"Sec. 312","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HEC5983C60FF3420592E18D3CE47879E4"},{"label":"Sec. 322","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HB34B3D0FB92B402FBC24A947097FB0AF"},{"label":"Sec. 331","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H6997F69F2D674A9DAF84C1A544D5FA61"},{"label":"Sec. 445","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H8947E1A3D56D4DE8800AACA2B1DE1133"},{"label":"Sec. 1103","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HD12AF01135B740D485CE37E22163AFD2"}]},"core_areas":["Federal Reserve duties and reporting on racial and ethnic disparities","Equal Credit Opportunity Act protections and penalties","Language access in mortgage origination and servicing","Community development financial institutions and minority depository institutions","Diversity data reporting by public companies and financial regulators","Use of non-credit-bureau information in mortgage lending","Retail acceptance of cash payments"],"what_it_does":[{"text":"Adds section 2C to the Federal Reserve Act, requiring the Board of Governors and the Federal Open Market Committee to exercise all duties and functions in a manner that fosters the elimination of disparities across racial and ethnic groups in employment, income, wealth, and access to affordable credit.","cite":{"label":"Sec. 101","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H9533B8E49E5746A9B7FA46214016DB81"}},{"text":"Requires the Director of the Bureau of Consumer Financial Protection to issue a rule establishing a standard language preference form in each of the 8 languages most commonly spoken by individuals with limited English proficiency, which creditors include in residential mortgage loan application packages.","cite":{"label":"Sec. 312","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HEC5983C60FF3420592E18D3CE47879E4"}},{"text":"Amends the Equal Credit Opportunity Act to make it unlawful to discriminate in a credit transaction on the basis of sex (including sexual orientation and gender identity), among other listed bases, or on the basis of a person's zip code or census tract.","cite":{"label":"Sec. 322","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HB34B3D0FB92B402FBC24A947097FB0AF"}},{"text":"Adds criminal penalties to the Equal Credit Opportunity Act, including a fine of not more than $50,000, imprisonment of not more than 1 year, or both, for knowing and willful violations.","cite":{"label":"Sec. 323","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H4803E6E2138B4A97B1B4933DF011F765"}},{"text":"Requires the Community Development Financial Institutions Fund to reserve 40 percent of its assistance to community development financial institutions for minority lending institutions, and establishes an Office of Minority Lending Institutions within the Fund.","cite":{"label":"Sec. 331","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H6997F69F2D674A9DAF84C1A544D5FA61"}},{"text":"Authorizes $4,000,000,000 to be appropriated to the Emergency Capital Investment Fund, and sets requirements for transfers and grants from that fund to community development financial institutions.","cite":{"label":"Sec. 332","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H4A3E39B7219746988BBAC7486DE4A049"}},{"text":"Requires each Federal banking agency to establish a program under which a depository institution with total consolidated assets of less than $10,000,000,000 may elect to be designated an impact bank if its loans to low-income borrowers are at least 50 percent of its assets.","cite":{"label":"Sec. 445","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H8947E1A3D56D4DE8800AACA2B1DE1133"}},{"text":"Requires issuers filing annual reports to disclose in proxy and information statements voluntary self-identified data on the racial, ethnic, gender identity, and sexual orientation composition of their boards, board nominees, and executive officers.","cite":{"label":"Sec. 431","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H1BCBAEA8CFB14EE1936265EA8187D50C"}},{"text":"Requires a creditor extending a mortgage loan to consider credit information not reported through a consumer reporting agency when the applicant requests it and provides it, and to give applicants a notice of that right.","cite":{"label":"Sec. 1003","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H7102D8894A5C48A9A51B105B2798C984"}},{"text":"Requires retail businesses accepting in-person payments to accept cash for sales of less than $2,000 and bars charging cash-paying customers a higher price, with listed exceptions and civil penalties for violations.","cite":{"label":"Sec. 1103","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HD12AF01135B740D485CE37E22163AFD2"}}],"unexpected":[{"category":"off_subject","items":[{"cite":{"label":"Sec. 521","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HD08B8C98B87E4EEF915ACCF4B072F197"},"heading":"Credit union service to underserved areas","effect":"Amends the Federal Credit Union Act so the Board can add an underserved area to a Federal credit union's field of membership, and requires a business and marketing plan and a report on members gained.","amount":null,"quote":"the Board determines that the local community, neighborhood, or rural district is an underserved area"},{"cite":{"label":"Sec. 522","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H7E96A14154974ED791A366BB9FB9FC6B"},"heading":"Member business lending in underserved areas","effect":"Amends the Federal Credit Union Act to add member business loans made to a member or associated borrower that lives or operates in an underserved area to the list in section 107A(c)(1)(B).","amount":null,"quote":"that is made to a member or associated borrower that lives in or operates in an underserved area."},{"cite":{"label":"Sec. 523","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HF37D9527710647EB805A88F83A114FC0"},"heading":"Underserved area defined","effect":"Adds a definition of \"underserved area\" to the Federal Credit Union Act based on census tracts or counties, investment areas, low-income communities, or distance from a branch.","amount":null,"quote":"The term “underserved area” means a geographic area consisting of one or more population census tracts or one or more counties"},{"cite":{"label":"Sec. 524","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HDE7EE29CC4BE46FAA8535351CF4659A0"},"heading":"Reports by the National Credit Union Administration","effect":"Requires the National Credit Union Administration to report to Congress on implementation of the credit union amendments in this subtitle, with an update 5 years after the initial report.","amount":null,"quote":"the National Credit Union Administration shall issue a report to the Committee on Financial Services of the House of Representatives"},{"cite":{"label":"Sec. 702","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H18CD6EA90B0949789DB53456626C9427"},"heading":"GAO study and report on reducing homelessness through public housing and section 8 rental assistance","effect":"Directs the Comptroller General to study barriers that limit public housing agencies in providing Public Housing and Housing Choice Voucher assistance to populations experiencing homelessness, and to report within 12 months.","amount":null,"quote":"The Comptroller General of the United States shall conduct a study to identify any barriers that limit the ability of a public housing agency"},{"cite":{"label":"Sec. 801","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H9F867D15055C4250B31A7CA437160F65"},"heading":"Interagency working group reports","effect":"Establishes an interagency working group that produces two reports each year on the state of housing in the United States, including recommendations on housing fairness, affordability and supply.","amount":null,"quote":"There is established an interagency working group consisting of the Secretary of the Treasury, the Secretary of Housing and Urban Development"},{"cite":{"label":"Sec. 802","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H1E9C02FA49D149B28079BD35C92F6BD6"},"heading":"Testimony on the state of housing affordability and supply","effect":"Requires each member of the housing interagency working group to testify before the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee on each housing report.","amount":null,"quote":"each member of the interagency working group described under section 601 shall appear before the Committee on Financial Services of the House of Representatives"},{"cite":{"label":"Sec. 901","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HB2B5F4E2ACE34A71AC7E5488005FD6A0"},"heading":"HUD report","effect":"Requires the Secretary of Housing and Urban Development to report to Congress within 6 months on Department efforts to provide access to affordable permanent and temporary housing for persons who identify as lesbian, gay, bisexual, transgender, questioning/queer, or another non-heterosexual identity.","amount":null,"quote":"the Secretary of Housing and Urban Development shall submit a report to the Congress describing all efforts and activities of the Department of Housing and Urban Development"}]},{"category":"narrow_beneficiary","items":[{"cite":{"label":"Sec. 445","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H8947E1A3D56D4DE8800AACA2B1DE1133"},"heading":"Establishment of impact bank designation","effect":"Creates an optional impact bank designation for depository institutions under $10,000,000,000 in assets whose loans to low-income borrowers equal at least 50 percent of the bank's assets.","amount":"$10,000,000,000","quote":"a depository institution with total consolidated assets of less than $10,000,000,000 may elect to be designated as an impact bank if the total dollar value of the loans"}]},{"category":"named_funding","items":[{"cite":{"label":"Sec. 332","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H4A3E39B7219746988BBAC7486DE4A049"},"heading":"Capital investments, grants, and technology support for MDIs and CDFIs","effect":"Authorizes $4,000,000,000 for the Emergency Capital Investment Fund, directs at least $1,000,000,000 of it to CDFI grants, and sets technology grant and de novo pilot funding from it.","amount":"$4,000,000,000","quote":"There is authorized to be appropriated to the Emergency Capital Investment Fund $4,000,000,000."},{"cite":{"label":"Sec. 333","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HA3AFB3D29430432FB6B82AB23C058281"},"heading":"Supporting Young Entrepreneurs Program","effect":"Creates the Supporting Young Entrepreneurs Program with awards to community development financial institutions, allows up to $100,000,000 from the Emergency Capital Investment Fund, and waives the matching requirement for these awards.","amount":"$100,000,000","quote":"amounts in the Emergency Capital Investment Fund, but not to exceed $100,000,000 in the aggregate"},{"cite":{"label":"Sec. 442","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HD8ECEFFF99314ED486668C5A9776CE03"},"heading":"Sense of Congress on funding the loan-loss reserve fund for small dollar loans","effect":"States the sense of Congress that appropriations should be prioritized for the loan loss reserve fund and technical assistance programs run by the Community Development Financial Institutions Fund; no amount is stated.","amount":null,"quote":"The Administration and the Congress should prioritize appropriation of funds for the loan loss reserve fund and technical assistance programs administered by the Community Development Financial Institution Fund."}]},{"category":"place_specific_amount","items":[{"cite":{"label":"Sec. 331","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H6997F69F2D674A9DAF84C1A544D5FA61"},"heading":"Strengthening diverse and mission-driven community financial institutions","effect":"Requires the Community Development Financial Institutions Fund to reserve 40 percent of any assistance it provides to community development financial institutions for minority lending institutions, and creates an office and reporting for them.","amount":null,"quote":"in providing any assistance to community development financial institutions, the Fund shall reserve 40 percent of such assistance for minority lending institutions."},{"cite":{"label":"Sec. 450","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H6B8E70A2676F43D38E7B89CA2531DA7D"},"heading":"Investments in minority depository institutions and impact banks","effect":"Sets a 30 percent voting-securities control threshold for impact banks and minority depository institutions, versus 25 percent for other insured depository institutions, and gives de novo ones 3 years to meet capital requirements.","amount":null,"quote":"to vote 30 percent or more of any class of voting securities of such an impact bank or a minority depository institution"}]},{"category":"selective_carve_out","items":[{"cite":{"label":"Sec. 337","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H33321BE760E24D7D8138B78520C12049"},"heading":"Access to the discount window of the Federal Reserve System for MDIs and CDFIs","effect":"Requires the Federal Reserve Board to set up a process, within 1 year, giving only minority depository institutions and community development financial institutions access to the discount window at the published seasonal credit interest rate.","amount":null,"quote":"minority depository institutions and community development financial institutions may have access to the discount window, at the seasonal credit interest rate most recently published"},{"cite":{"label":"Sec. 421","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H828B8C9F23E44BFAB8976417564913AC"},"heading":"Diversity and inclusion ratings","effect":"Adds a diversity and inclusion component to depository institution ratings, but requires minority depository institutions to receive the most favorable rating on that component and exempts them from related examination procedures.","amount":null,"quote":"assign such institutions the most favorable rating with respect to the diversity and inclusion component described under subsection (a)"},{"cite":{"label":"Sec. 432","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H33C8F155AE464BFBA90DAB981543B77F"},"heading":"Diversity advisory group","effect":"Establishes a Diversity Advisory Group at the Securities and Exchange Commission and states that the Federal Advisory Committee Act does not apply to it.","amount":null,"quote":"The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply with respect to the Advisory Group or the activities of the Advisory Group."},{"cite":{"label":"Sec. 446","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-H13A3912205B546188B76CEF4289A1B99"},"heading":"Minority Depositories Advisory Committees","effect":"Requires each covered regulator to set up a Minority Depositories Advisory Committee and states that the Federal Advisory Committee Act termination requirements do not apply to it.","amount":null,"quote":"The termination requirements under section 14 of the Federal Advisory Committee Act (5 U.S.C. app.) shall not apply to a Minority Depositories Advisory Committee"},{"cite":{"label":"Sec. 1103","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HD12AF01135B740D485CE37E22163AFD2"},"heading":"Retail businesses prohibited from refusing cash payments","effect":"Requires retail businesses to accept cash for sales under $2,000, but for 5 years does not require acceptance of $50 or larger bills, and exempts persons who provide on-premises cash-to-card conversion or face a temporary system failure or cash shortage.","amount":"$50","quote":"for the 5-year period beginning on the date of enactment of this section, this section shall not require a person to accept cash payments in $50 bills or any larger bill."}]},{"category":"process_change","items":[{"cite":{"label":"Sec. 603","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh#toc-HC44AAE77BE2A432F823D7CD48D14D0E4"},"heading":"Federal reserve bank presidents","effect":"Amends the Federal Reserve Act to require a Federal reserve bank to interview at least one individual reflective of gender diversity and one reflective of racial or ethnic diversity when appointing a president, and requires an annual applicant-pool report.","amount":null,"quote":"In making the appointment of a president, the bank shall interview at least one individual reflective of gender diversity and one individual reflective of racial or ethnic diversity."}]}],"version":{"type":"Engrossed in House","date":"2022-06-15","rule":"passed","href":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-15","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/117th-congress/house-bill/2543","text":"https://www.congress.gov/bill/117th-congress/house-bill/2543/text"},"card":{"image":"card/item/117-hr-2543.png","v":"5ab95292c375","alt":"Votes on Record. H.R. 2543, 117th Congress: Financial Services Racial Equity, Inclusion, and Economic Justice Act. House: 215 Yea, 207 Nay. Outcome: Passed House, 15 Jun 2022."}}