H. R. 7420, titled the “Ensuring Diversity in Community Banking Act,” aims to support minority depository institutions, community development financial institutions, and impact banks. It establishes several initiatives, including creating designations for "impact banks" that...
Simple Explanation
H. R. 7420 is a bill that tries to help special banks that support communities who might need extra financial help. It wants big agencies to put money in these banks and make rules to help them be fair and give more loans to people and small businesses.