To amend the Community Reinvestment Act of 1977 to provide financial institutions with credit for providing community business development referrals or resources, and for other purposes.
Strengthening Community Business Development Act
This bill expands the factors allowed to be considered by a supervising agency when evaluating a financial institution's compliance with community reinvestment standards. Specifically, the bill allows a supervising agency to consider the efforts of a financial institution that deny business loans to low- and moderate-income borrowers to refer these borrowers to community business development organizations or to provide these borrowers directly with business development resources.
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