H.R. 4067 · 116th Congress
Financial Inclusion in Banking Act of 2019
- Stage
- Passed a chamber
- Sponsor
- David Scott
- Introduced
- 2019-07-25
- Latest action
- 2019-10-29 · Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Summary
Financial Inclusion in Banking Act of 2019
This bill expands the duties of the Office of Community Affairs within the Consumer Financial Protection Bureau regarding under-banked, un-banked, and underserved 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.
The bill also decreases, beginning September 30, 2029, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)