Congressman David Scott Applauds House Passage of Financial Inclusion Bill
Washington, October 28, 2019
Tags: Housing & Finance
Today, the House of Representatives voted unanimously to pass H.R. 4067, the Financial Inclusion in Banking Act. This bill, introduced by Congressman David Scott (D-GA), addresses systemic barriers in traditional banking and promotes greater inclusion in our nation’s financial system. H.R. 4067 would empower the Consumer Financial Protection Bureau’s Office of Community Affairs to lead coordination within the Bureau, and also work with other federal departments and agencies, trade associations, and civil rights groups in investigating strategies to improve participation in the traditional banking system.
· Conducting research on barriers to financial inclusion and identifying hurdles under- and un-banked consumers face when maintaining a sustainable relationship with depository institutions;
· Identifying best practices to increase participation of under- and un-banked consumers in the traditional banking sector;
· Leading coordination with other federal agencies, as well as minority depository institutions, consumer advocates, civil rights, groups, and the Consumer Advisory Board;
· Developing strategies to improve financial education for underserved consumers; and
· Submitting a report to Congress within two years, and biannually thereafter, highlighting legislative and regulatory recommendations to promote participation in the traditional banking system.