I 
110TH CONGRESS 
1ST SESSION H. R. 2840 
To amend the Community Reinvestment Act of 1977 to allow the direct 
support by a financial institution of a qualified community-based financial 
literacy program provided to consumers and borrowers to be taken into 
account in assessing the institution’s record of meeting the credit needs 
of its entire community, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 22, 2007 
Ms. EDDIE BERNICE JOHNSON of Texas (for herself, Mr. ELLISON, and Ms. 
CARSON) introduced the following bill; which was referred to the Com-
mittee on Financial Services 
A BILL 
To amend the Community Reinvestment Act of 1977 to 
allow the direct support by a financial institution of 
a qualified community-based financial literacy program 
provided to consumers and borrowers to be taken into 
account in assessing the institution’s record of meeting 
the credit needs of its entire community, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘National Financial Lit-
eracy Act of 2007’’. 
SEC. 2. FINANCIAL LITERACY PROGRAMS. 
Section 804 of the Community Reinvestment Act of 
1977 (12 U.S.C. 2903) is amended by adding at the end 
the following new subsection: 
‘‘(d) DIRECT SUPPORT FOR FINANCIAL LITERACY 
PROGRAMS TAKEN INTO ACCOUNT.— 
‘‘(1) STANDARDS ESTABLISHED FOR ELIGIBLE 
PROGRAMS.—The appropriate Federal financial su-
pervisory agencies shall jointly prescribe regulations 
establishing— 
‘‘(A) the minimum standards required to 
be met by a community-based financial literacy 
program in order to be eligible for consideration 
under paragraph (3) as a qualified community- 
based financial literacy program; 
‘‘(B) the procedures for financial institu-
tions to apply to the appropriate Federal finan-
cial supervisory agency for approval of a finan-
cial literacy program as a qualified community- 
based financial literacy program; and 
‘‘(C) a requirement that financial institu-
tions submit a regular report on how the insti-
tution supported and promoted financial lit-
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eracy in its entire community, including low- 
and moderate-income neighborhoods. 
‘‘(2) 
FACTORS.—The 
regulations 
required 
under paragraph (1) shall require at a minimum 
that a qualified community-based financial literacy 
program— 
‘‘(A) be offered by a nonprofit budget and 
counseling agency which is exempt from tax-
ation under section 501(c)(3) of the Internal 
Revenue Code of 1986; and 
‘‘(B) include adequate education to pro-
mote consumer understanding of consumer, eco-
nomic, and personal finance issues and con-
cepts, including saving for retirement, man-
aging credit, long-term care, estate planning 
and education on predatory lending, identity 
theft, and financial abuse schemes. 
‘‘(3) PROGRAMS TAKEN INTO ACCOUNT.—The 
direct support by a financial institution of a quali-
fied community-based financial literacy program 
may be taken into account by the appropriate Fed-
eral financial supervisory agency under subsection 
(a) in assessing the institution’s record of meeting 
the credit needs of its entire community, including 
low- and moderate-income neighborhoods, in such 
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amount and to such extent as may be provided in 
the joint regulations prescribed under paragraph 
(1).’’. 
Æ 
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