US Congress Senate Bill 786 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Introduced on April 2 2009 - 25% progression, died in chamber
Action: 2009-04-02 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4317)
Text: Latest bill text (Introduced) [PDF]

Improving Access to Mainstream Financial Institutions Act of 2009 - Authorizes the Secretary of the Treasury to award grants, including multi-year grants, to specified eligible entities to establish an account in a federally insured depository institution for low- and moderate-income individuals who currently do not have such an account. Includes among such eligible entities: (1) Alaska Native Corporations; (2) Native Hawaiian organizations; and (3) labor organizations. Authorizes the Secretary to award demonstration project grants to eligible entities to provide low-cost, small loans to consumers that will provide alternatives to more costly, predatory payday loans. Requires such entities to be: (1) tax-exempt charitable organizations; (2) federally insured depository institutions; (3) community development financial institutions; or (4) partnerships comprised of one or more of such entities. Requires grant recipients to offer financial literacy and education opportunities to each consumer provided with a loan pursuant to this Act.

Improving Access to Mainstream Financial Institutions Act of 2009

Sen. Daniel Akaka [D-HI]

Sen. Daniel Inouye [D-HI]

Sen. Joseph Lieberman [I-CT]

Sen. Charles Schumer [D-NY]

Date	Chamber	Action
2009-04-02		Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4317)
2009-04-02		Sponsor introductory remarks on measure. (CR S4316-4317)

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/786/all-info
Text	https://www.congress.gov/111/bills/s786/BILLS-111s786is.pdf