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This bill establishes federal support mechanisms for minority depository institutions, community development financial institutions (CDFIs), and minority lending institutions. It requires the CDFI Fund to reserve 40 percent of assistance for minority lending institutions, creates an Office of Minority Lending Institutions within the CDFI Fund, and establishes a new Treasury Department Office of Diverse and Mission-Driven Community Financial Institutions led by a Deputy Assistant Secretary. The bill also requires CDFIs to submit data on board and executive diversity and establishes an interagency working group to coordinate federal efforts in supporting these institutions.
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