This bill directs the Consumer Financial Protection Bureau to establish an Office of Community Affairs tasked with researching and addressing why millions of Americans lack bank accounts or have limited banking relationships. The office will coordinate with federal agencies, banks, consumer advocates, and community organizations to identify barriers to banking access and develop strategies to increase financial education for underbanked, unbanked, and underserved populations. The legislation requires the office to submit a comprehensive report to Congress within two years of enactment, and then every two years thereafter, detailing obstacles to banking participation and recommending solutions to improve access to fair and sustainable banking services. The bill does not specify dedicated funding amounts but establishes an ongoing mandate for the bureau to prioritize financial inclusion. This legislation primarily affects low- and moderate-income individuals, minorities, and communities that currently lack adequate access to traditional banking services.
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