H.R.2840 - National Financial Literacy Act of 2007
To amend the Community Reinvestment Act of 1977 to allow the direct support by a financial institution of a qualified community-based financial literacy program provided to consumers and borrowers to be taken into account in assessing the institution's record of meeting the credit needs of its entire community, and for other purposes.
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To amend the Community Reinvestment Act of 1977 to allow the direct support by a financial institution of a qualified community-based financial literacy program provided to consumers and borrowers to be taken into account in assessing the institution's record of meeting the credit needs of its entire community, and for other purposes.CommentsClose CommentsPermalink
IN THE HOUSE OF REPRESENTATIVES
June 22, 2007
Ms. EDDIE BERNICE JOHNSON of Texas (for herself, Mr. ELLISON, and Ms. CARSON) introduced the following bill; which was referred to the Committee on Financial ServicesCommentsClose CommentsPermalink
A BILL
To amend the Community Reinvestment Act of 1977 to allow the direct support by a financial institution of a qualified community-based financial literacy program provided to consumers and borrowers to be taken into account in assessing the institution's record of meeting the credit needs of its entire community, and for other purposes.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 2903) is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink
`(1) STANDARDS ESTABLISHED FOR ELIGIBLE PROGRAMS- The appropriate Federal financial supervisory agencies shall jointly prescribe regulations establishing--CommentsClose CommentsPermalink
`(A) the minimum standards required to be met by a community-based financial literacy program in order to be eligible for consideration under paragraph (3) as a qualified community-based financial literacy program;CommentsClose CommentsPermalink
`(B) the procedures for financial institutions to apply to the appropriate Federal financial supervisory agency for approval of a financial literacy program as a qualified community-based financial literacy program; andCommentsClose CommentsPermalink
`(C) a requirement that financial institutions submit a regular report on how the institution supported and promoted financial literacy in its entire community, including low- and moderate-income neighborhoods.CommentsClose CommentsPermalink
`(2) FACTORS- The regulations required under paragraph (1) shall require at a minimum that a qualified community-based financial literacy program--CommentsClose CommentsPermalink
`(A) be offered by a nonprofit budget and counseling agency which is exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986; andCommentsClose CommentsPermalink
`(B) include adequate education to promote consumer understanding of consumer, economic, and personal finance issues and concepts, including saving for retirement, managing credit, long-term care, estate planning and education on predatory lending, identity theft, and financial abuse schemes.CommentsClose CommentsPermalink
`(3) PROGRAMS TAKEN INTO ACCOUNT- The direct support by a financial institution of a qualified community-based financial literacy program may be taken into account by the appropriate Federal financial supervisory agency under subsection (a) in assessing the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, in such amount and to such extent as may be provided in the joint regulations prescribed under paragraph (1).'.CommentsClose CommentsPermalink
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U.S. Congress - Text of H.R.2840 as Introduced in House National Financial Literacy Act of 2007
