[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8740 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. R. 8740
To amend the Consumer Financial Protection Act of 2010 to direct the
Office of Community Affairs to identify causes leading to, and
solutions for, under-banked, un-banked, and underserved consumers, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 13, 2024
Mr. David Scott of Georgia (for himself and Mrs. Kim of California)
introduced the following bill; which was referred to the Committee on
Financial Services
_______________________________________________________________________
A BILL
To amend the Consumer Financial Protection Act of 2010 to direct the
Office of Community Affairs to identify causes leading to, and
solutions for, under-banked, un-banked, and underserved consumers, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financial Inclusion in Banking Act
of 2024''.
SEC. 2. OFFICE OF COMMUNITY AFFAIRS DUTIES WITH RESPECT TO UNDER-
BANKED, UN-BANKED, AND UNDERSERVED CONSUMERS.
Section 1013(b)(2) of the Consumer Financial Protection Act of 2010
(12 U.S.C. 5493(b)(2)) is amended--
(1) by striking ``The Director shall establish a unit'' and
inserting the following:
``(A) In general.--The Director shall establish a
unit to be known as the `Office of Community
Affairs'''; and
(2) by adding at the end the following:
``(B) Duties related to under-banked, un-banked,
and underserved consumers.--
``(i) In general.--The Office of Community
Affairs shall--
``(I) lead coordination of research
to identify any causes and challenges
contributing to the decision of
individuals who, and households that,
do not initiate or maintain on-going
and sustainable relationships with
depository institutions, including
consulting with trade associations
representing depository institutions,
trade associations representing
minority depository institutions,
organizations representing the
interests of traditionally underserved
consumers and communities,
organizations representing the
interests of consumers (particularly
low- and moderate-income individuals),
civil rights groups, community groups,
consumer advocates, and the Consumer
Advisory Board about this matter;
``(II) identify subject matter
experts within the Bureau to work on
the issues identified under subclause
(I);
``(III) lead coordination efforts
between other Federal departments and
agencies to better assess the reasons
for the lack of, and help increase the
participation of, under-banked, un-
banked, and underserved consumers in
the banking system; and
``(IV) identify and develop
strategies to increase financial
education to under-banked, un-banked,
and underserved consumers.
``(ii) Coordination with other bureau
offices.--In carrying out this paragraph, the
Office of Community Affairs shall consult with
and coordinate with the research unit
established under subsection (b)(1) and such
other offices of the Bureau as the Director may
determine appropriate.
``(iii) Reporting.--
``(I) In general.--The Office of
Community Affairs shall submit a report
to Congress, within two years of the
date of enactment of this subparagraph
and every 2 years thereafter, that
identifies any factors impeding the
ability of, or limiting the option for,
individuals or households to have
access to fair, on-going, and
sustainable relationships with
depository institutions to meet their
financial needs, discusses any
regulatory, legal, or structural
barriers to enhancing participation of
under-banked, un-banked, and
underserved consumers with depository
institutions, and contains
recommendations to promote better
participation for all consumers with
the banking system.
``(II) Timing of report.--To the
extent possible, the Office shall
submit each report required under
subclause (I) during a year in which
the Federal Deposit Insurance
Corporation does not issue the report
on encouraging use of depository
institutions by the unbanked required
under section 49 of the Federal Deposit
Insurance Act.''.
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