To require the Financial Literacy and Education Commission to carry out a study on the impact of language barriers to financial health, to require the website and toll-free telephone number of the Commission to be provided in the most commonly spoken languages in the United States, and for other purposes.
About This Bill
Committee
Latest Action · May 2, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
The Multilingual Financial Literacy Act requires the Financial Literacy and Education Commission to study how language barriers affect the financial health of people with limited English proficiency, including impacts on credit scores, access to loans, and homebuying. Within 180 days of enactment, the Commission must report its findings to Congress and identify which financial services are offered only in English. The bill also mandates that the Commission's website and toll-free hotline provide information in at least the eight most commonly spoken languages in the United States, with the Department of the Treasury covering translation costs. Within one year, the Commission must submit a second report to Congress with legislative recommendations to address language barriers in financial services and cost estimates for implementing these changes. The bill takes effect one year after enactment.
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