[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1285 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 1285

To amend the Consumer Financial Protection Act of 2010 to establish an 
Office for Under-Banked, Un-Banked, and Underserved Consumers, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 14, 2019

  Mr. David Scott of Georgia 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 establish an 
Office 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 ``Improving Access to Traditional 
Banking Act of 2019''.

SEC. 2. OFFICE FOR UNDER-BANKED, UN-BANKED, AND UNDERSERVED CONSUMERS.

    Section 1013 of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5493) is amended by adding at the end the following:
    ``(i) Office for Under-Banked, Un-Banked, and Underserved 
Consumers.--
            ``(1) Establishment.--Before the end of the 90-day period 
        beginning on the date of the enactment of the subsection, the 
        Bureau shall--
                    ``(A) establish an Office for Under-Banked, Un-
                Banked, and Underserved Consumers (hereinafter referred 
                to as the `Office'), the functions of which shall 
                include activities designed 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
                    ``(B) lead coordination between the appropriate 
                Federal banking agencies, the National Credit Union 
                Administration, and State banking supervisors on this 
                matter to ensure the most efficient and effective use 
                of governmental resources.
            ``(2) Duties.--
                    ``(A) Research.--The Office shall conduct 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 
                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.
                    ``(B) Best practices and strategies.--The Office 
                shall identify best practices and develop and implement 
                strategies to increase the participation of under-
                banked, un-banked, and underserved consumers in the 
                banking system.
                    ``(C) Financial education.--The Office shall 
                identify and develop strategies to increase financial 
                education to under-banked, un-banked, and underserved 
                consumers.
                    ``(D) Report.--
                            ``(i) In general.--The Office shall submit 
                        a report to Congress, within two years of the 
                        establishment of the Office and every 2 years 
                        thereafter, that identifies any factors 
                        impeding the ability to, or limiting the option 
                        for, individuals or households to have access 
                        to 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 regulatory and legislative 
                        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 clause (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.
            ``(3) Use of all available information.--The Bureau and the 
        Office, in carrying out this subsection, and each Federal 
        agency specified under paragraph (1)(B), in coordinating with 
        the Bureau, shall use all available data sources when 
        researching participation of under-banked, un-banked, and 
        underserved consumers in the banking system.''.
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