H.R.4394 - National Financial Literacy Act of 2012

To provide incentives to encourage financial institutions and small businesses to provide continuing financial education to customers, borrowers, and employees, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To provide incentives to encourage financial institutions and small businesses to provide continuing financial education to customers, borrowers, and employees, and for other purposes. as introduced.
  • Short: National Financial Literacy Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
04/18/12
 
 
 
 
 
 
 

Official Summary

National Financial Literacy Act of 2012 - Amends the Community Reinvestment Act of 1977 to require federal financial supervisory agencies jointly to prescribe regulations establishing: (1) minimum standards to be met by a community-based financial literacy program in order to be eligible fo

Official Summary

National Financial Literacy Act of 2012 - Amends the Community Reinvestment Act of 1977 to require federal financial supervisory agencies jointly to prescribe regulations establishing:
(1) minimum standards to be met by a community-based financial literacy program in order to be eligible for consideration as a qualified community-based financial literacy program;
(2) procedures for financial institutions to apply to a federal financial supervisory agency for approval of such a program; and
(3) 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. Authorizes a federal financial supervisory agency to take an institution's direct support of a qualified community-based financial literacy program into account when it assesses the institution's record of meeting the community's credit needs. Amends the Internal Revenue Code to allow a tax credit to small businesses for 35% of the expenses paid or incurred for providing qualified continuing financial education to their employees. Requires that preference in federal contracts, loans, and other financial or nonfinancial assistance for small businesses and corporations be given to those providing continuing financial education to their employees.

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