Title: Improving Access to Traditional Banking Act of 2018
Policy area: Finance and Financial Sector

Summary:
Improving Access to Traditional Banking Act of 2018
This bill amends the Consumer Financial Protection Act of 2010 to establish in the Consumer Financial Protection Bureau the Office for Under-Banked and Un-Banked Consumers. The office must, in part: (1) report on impeding factors for individuals and families that do not participate in the banking system, and (2) develop strategies to increase such participation.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4764 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 4764

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 10, 2018

  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 and Un-Banked Consumers.

    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 2018''.

SEC. 2. OFFICE FOR UNDER-BANKED AND UN-BANKED 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 and Un-Banked Consumers.--
            ``(1) Establishment.--Before the end of the 90-day period 
        beginning on the date of the enactment of the subsection, the 
        Bureau shall establish an Office for Under-Banked and Un-Banked 
        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 and un-banked consumers in the 
        banking system, including the coordination with other Federal 
        and State financial services agencies on this matter to ensure 
        the most efficient and effective use of governmental resources.
            ``(2) Duties.--The Office shall--
                    ``(A) conduct research to identify any causes and 
                challenges contributing to the decision of individuals 
                who, and households that, choose not to initiate or 
                maintain on-going and sustainable relationships with 
                depository institutions, including consulting with 
                trade associations representing minority depository 
                institutions, and organizations representing the 
                interests of traditionally underserved consumers and 
                communities, and organizations representing the 
                interests of consumers, particularly low- and moderate-
                income individuals, civil rights groups, community 
                groups, and consumer advocates, about this matter;
                    ``(B) identify best practices, develop and 
                implement strategies to increase the participation of 
                under-banked and un-banked consumers in the banking 
                system; and
                    ``(C) submit a report to Congress, within two years 
                of the establishment of the Office and annually 
                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 and un-banked consumers with depository 
                institutions, and contains regulatory and legislative 
                recommendations to promote better participation for all 
                consumers with the banking system.''.
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