The House of Representatives passed a bill to establish a CFPB Office of Community Affairs to serve "under-banked, un-banked, and underserved" communities.
Pursuant to the Financial Inclusion in Banking Act of 2019 (H.R. 4067), the Office of Community Affairs would:
- lead coordinated research into what causes households to be under-banked or un-banked and the particular challenges faced by those households;
- appoint subject matter experts to lead research studies;
- organize coordination efforts among (i) other Federal departments and agencies and (ii) CFPB offices to conduct research and promote the participation of under-banked communities in the banking system; and
- work to increase financial education.
In related coverage, FDIC Chair Jelena McWilliams highlighted agency priorities intended to ensure that banks offer "affordable, responsible financial products and services to consumers across the spectrum."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
