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Bill > HB1833
PA HB1833
PA HB1833Providing for building underserved communities; and imposing duties on the Department of Banking and Securities.
summary
Introduced
09/04/2025
09/04/2025
In Committee
09/04/2025
09/04/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
Amending the act of May 15, 1933 (P.L.565, No.111), entitled "An act relating to the powers and duties of the Department of Banking and Securities and the Secretary of Banking and Securities in exercising supervision over, and taking possession of and conducting or liquidating the business and property of, corporations, associations, and persons receiving deposits or otherwise transacting a banking business, corporations acting as fiduciaries, and building and loan associations; providing for the payment of the expenses of the Department of Banking by supervised corporations, associations, or persons, and appropriating the Banking Department Fund; authorizing the Department of Banking, under certain circumstances, to examine corporations, associations, or persons affiliated, or having business transactions with supervised corporations, associations or persons; authorizing appeals to the Supreme Court, and prescribing and limiting the powers and duties of certain other courts and their prothonotaries, registers of wills, recorders of deeds, and certain State departments, commissions, and officers; authorizing certain local public officers and State departments to collect fees for services rendered under this act; regulating securities; providing penalties; and repealing certain acts and parts of acts," providing for building underserved communities; and imposing duties on the Department of Banking and Securities.
AI Summary
This bill requires the Pennsylvania Department of Banking and Securities to take specific actions to support financial services in underserved communities. The bill defines an "underserved community" as an area where at least 50% of households have income less than 60% of the area median gross income or have a poverty rate of 25% or higher. Financial institutions will be required to create short-term and long-term plans to expand their services into these communities and submit annual reports detailing their efforts, including the number of individuals served, financial products offered, and any resulting financial gains or losses. The Department of Banking and Securities must examine financial institutions' efforts to provide services in these areas, assist them in developing wealth-building financial products, and publish an annual report by January 1st starting in 2026. This report will include comprehensive information about financial services in underserved communities, such as the number of institutions providing services, types of services offered, and a cost-benefit analysis of expanding financial access. The bill aims to improve financial inclusion and economic opportunities for residents in low-income areas by encouraging financial institutions to develop targeted strategies for serving these communities. The legislation will take effect 60 days after its enactment.
Committee Categories
Business and Industry
Sponsors (17)
Roni Green (D)*,
Anthony Bellmon (D),
Heather Boyd (D),
Johanny Cepeda-Freytiz (D),
Justin Fleming (D),
Bob Freeman (D),
José Giral (D),
Carol Hill-Evans (D),
Carol Kazeem (D),
Tarik Khan (D),
Maureen Madden (D),
La'Tasha Mayes (D),
Darisha Parker (D),
Ben Sanchez (D),
Izzy Smith-Wade-El (D),
Ben Waxman (D),
Dan Williams (D),
Last Action
Referred to Commerce (on 09/04/2025)
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