HR 2890 — Financial Inclusion in Banking Act of 2025

Bill Text

• Introduced Introduced in House Current html April 10, 2025

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill establishes the Office of Community Affairs within the Bureau to address issues faced by under-banked, un-banked, and underserved consumers.

• 12 U.S.C. 5493(b)(2)

  The Director shall establish a unit → (A) In general.--The Director shall establish a unit to be known as the `Office of Community Affairs'

  It renames the unit to 'Office of Community Affairs' and specifies its purpose.

• 12 U.S.C. 5493(b)(2)

  (B) Duties related to under-banked, un-banked, and underserved consumers.--

  It adds new duties specifically related to under-banked, un-banked, and underserved consumers.

• 12 U.S.C. 5493(b)(2)

  (i) In general.--The Office of Community Affairs shall--

  It defines the general responsibilities of the Office of Community Affairs.

• 12 U.S.C. 5493(b)(2)

  (I) lead coordination of research to identify any causes and challenges contributing to the decision of individuals who, and households that, do not initiate or maintain on-going and sustainable relationships with depository institutions...

  It mandates research on the barriers preventing consumers from engaging with banking services.

• 12 U.S.C. 5493(b)(2)

  (II) identify subject matter experts within the Bureau to work on the issues identified under subclause (I);

  It requires identification of experts to tackle the identified issues.

• 12 U.S.C. 5493(b)(2)

  (III) lead coordination efforts between other Federal departments and agencies to better assess the reasons for the lack of, and help increase the participation of, under-banked, un-banked, and underserved consumers in the banking system;

  It emphasizes inter-agency collaboration to improve consumer participation in banking.

• 12 U.S.C. 5493(b)(2)

  (IV) identify and develop strategies to increase financial education to under-banked, un-banked, and underserved consumers.

  It includes financial education as a responsibility of the new office.

• 12 U.S.C. 5493(b)(2)

  (ii) Coordination with other bureau offices.--In carrying out this paragraph, the Office of Community Affairs shall consult with and coordinate with the research unit established under subsection (b)(1) and such other offices of the Bureau as the Director may determine appropriate.

  It formalizes the requirement for collaboration with other Bureau offices.

• 12 U.S.C. 5493(b)(2)

  (iii) Reporting.--

  It introduces a reporting requirement for the Office regarding consumer banking access.

• 12 U.S.C. 5493(b)(2)

  (I) In general.--The Office of Community Affairs shall submit a report to Congress, within two years of the date of enactment of this subparagraph and every 2 years thereafter, that identifies any factors impeding the ability of, or limiting the option for, individuals or households to have access to fair, on-going, and sustainable relationships with depository institutions to meet their financial needs...

  It mandates periodic reports on consumer access to banking services.

• 12 U.S.C. 5493(b)(2)

  (II) Timing of report.--To the extent possible, the Office shall submit each report required under subclause (I) during a year in which the Federal Deposit Insurance Corporation does not issue the report on encouraging use of depository institutions by the unbanked required under section 49 of the Federal Deposit Insurance Act.

  It establishes a timing guideline for the reports to avoid overlap with other federal reports.

Action History

1. April 10, 2025

   Introduced in House

2. April 10, 2025

   Introduced in House

3. April 10, 2025

   Referred to the House Committee on Financial Services.

Sponsors

• David Scott · Primary
• Young Kim · Cosponsor
• Zachary Nunn · Cosponsor

Subjects