U.S. Representative Young Kim, District 40 | Official Website
U.S. Representative Young Kim, District 40 | Official Website
U.S. Representatives Young Kim (CA-40) and David Scott (GA-13) have introduced the Financial Inclusion in Banking Act (H.R. 4067), a bipartisan bill aimed at expanding access to financial opportunities.
The proposed legislation directs the Consumer Financial Protection Bureau (CFPB) to focus on finding solutions for underbanked and underserved communities. It also seeks to improve coordination between federal agencies, trade associations, and financial institutions to enhance consumer access to banking services.
"All Americans should be able to access the tools needed to achieve their dream. As an immigrant and small business owner, I have seen firsthand the challenges to accessing capital and knowing what resources are available," said Rep. Young Kim. "I’m proud to co-lead this bipartisan bill to help underserved communities access financial opportunities. As co-chair of the Financial Literacy and Wealth Creation Caucus, I’ll keep fighting to ensure all Americans can grow their wealth, succeed, and achieve their dream."
"It is expensive to be unbanked or underbanked in the United States. Far too many Americans are forced to pay astronomically high fees for everyday services like cashing a check or transferring funds. Fees often add up to hundreds of dollars each year," said Congressman Scott. "In order to expand banking services and close the wealth gap, it is vital to work with a broad and diverse group of stakeholders. The Financial Inclusion in Banking Act will accelerate the access of unbanked and underbanked communities to affordable mainstream accounts and expand access to more low-cost banking and alternative financial products."
The Financial Inclusion in Banking Act requires the CFPB to:
1. Lead a coordinated effort with banking trade associations, consumer groups, civil rights groups, and other federal agencies.
2. Identify strategies for increasing financial education.
3. Submit a report every two years on legislative and regulatory recommendations promoting participation in the financial system.
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