HR 1711 · 117th Congress · Finance and Financial Sector
Financial Inclusion in Banking Act of 2021
Bill Progress
✓
Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2021-05-19)
Plain Language Summary
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Financial Inclusion in Banking Act of 2021 This bill expands the duties of the Office of Community Affairs within the Consumer Financial Protection Bureau regarding under-banked, un-banked, and underserved consumers. Specifically, the office must (1) report on impeding factors for individuals and families that do not participate in the banking system, and (2) develop strategies to increase such participation. The bill also decreases, beginning September 30, 2029, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeCBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 1711, the Financial Inclusion in Banking Act of 2021, as Amended
May 18, 2021As Posted on the Website of the Clerk of the House on May 14, 2021
Full CBO report ↗Statutory Pay-As-You-Go Effects of H.R. 1711, the Financial Inclusion in Banking Act of 2021, as Amended
May 18, 2021As Posted on the Website of the Clerk of the House on May 14, 2021
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office