Bill > HR2890

This bill amends the Consumer Financial Protection Act of 2010 to expand the duties of the Office of Community Affairs within the Consumer Financial Protection Bureau (CFPB). Specifically, the bill requires this office to lead research and coordination efforts to understand and address challenges faced by "under-banked," "un-banked," and "underserved" consumers - terms that refer to individuals and households who do not have access to or regularly use traditional banking services. The office will be tasked with consulting with various stakeholders, including trade associations, civil rights groups, and consumer advocates, to identify why some people do not maintain relationships with banks. Additionally, the office must coordinate with federal agencies, identify experts within the CFPB to study these issues, and develop strategies to improve financial education for these consumer groups. The bill mandates that the Office of Community Affairs submit a report to Congress every two years detailing factors that impede banking access, discussing barriers to participation, and providing recommendations to improve banking system engagement for all consumers. This research and reporting aim to promote greater financial inclusion and understanding of banking challenges for marginalized populations.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2890/all-info