Promoting and Advancing Communities of Color Through Inclusive Lending Act

This bill establishes new requirements to increase support for minority lending institutions (MLIs), community development financial institutions (CDFIs), and minority depository institutions (MDIs) that serve underserved communities. It reserves 40% of assistance funds for MLIs, creates an Office of Minority Lending Institutions within the CDFI Fund, and requires institutions to report on diversity within leadership through voluntary self-identification. The bill also establishes an Office of Diverse and Mission-Driven Community Financial Institutions within the Treasury Department to coordinate federal support and creates a $4 billion fund for capital investments, technology grants, and a pilot program to help establish new CDFIs and MDIs. These provisions aim to improve financial access for low- and moderate-income communities, particularly communities of color, by strengthening the capacity of these institutions.