The Youth Banking Amendment Act of 2025 aims to enhance financial independence for minors in the District of Columbia by allowing individuals aged 14 to 17 to open and operate deposit accounts at banks and credit unions without the need for parental or guardian consent. This change addresses a significant barrier for young people who may not have a trusted adult in their lives, enabling them to manage their earnings from paid internships and work experiences more effectively. The bill also stipulates that banks and credit unions cannot charge fees or overdraft charges on these accounts and prohibits the provision of credit features without parental consent.

Additionally, the legislation mandates the Department of Insurance, Securities and Banking to maintain a publicly accessible list of financial institutions that offer these noncustodial accounts, along with educational resources to help minors understand financial fraud risks, particularly in online shopping. The bill repeals a previous requirement for parental consent in the Credit Union Act of 2020 and introduces new provisions to ensure consumer protection standards for these accounts. Overall, the Youth Banking Amendment Act represents a significant step towards improving financial literacy and access to banking services for youth in the District.