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BGOV Bill Summary: Expanded H.R. 2543, Banking Diversity (1)

June 9, 2022, 4:57 PMUpdated: June 14, 2022, 10:19 PM

Financial institutions and federal banking regulators would have to disclose their diversity practices and take additional steps to foster equity and inclusion under an expanded version of H.R. 2543.

The legislative package combines at least a dozen bills approved by the House Financial Services Committee or passed by the House, including provisions that would:

  • Require the Federal Reserve to address racial disparities in wealth, income, and employment.
  • Direct banking regulators to evaluate depository institutions based on their diversity practices and require companies to report on their diversity practices.
  • Direct lenders to collect information on credit applications from small business ...