Bill
H 1331
Overview: H 1331 - An Act to increase financial access for allPurpose and Intent: The main goal of this bill is to improve financial inclusion and access to banking services for un
Overview: H 1331 - An Act to increase financial access for all
Purpose and Intent: The main goal of this bill is to improve financial inclusion and access to banking services for underserved communities and individuals. The legislation aims to address barriers that have historically limited access to traditional financial institutions.
Key Provisions:
- Requires banks and credit unions to establish new branch locations in low-income and minority neighborhoods
- Mandates the creation of a financial literacy program to educate consumers on banking services and personal finance
- Provides tax credits and other incentives for financial institutions that meet lending and service targets in underserved areas
- Directs the state banking regulator to monitor compliance and impose penalties for non-compliance
Affected Parties and Impacts:
- Unbanked and underbanked individuals, particularly in low-income and minority communities, who will gain greater access to banking services
- Banks and credit unions that must expand their physical footprint and lending in underserved areas
- State banking regulators who will oversee the new requirements and enforcement
Procedural and Timeline Considerations:
The bill is currently scheduled for a hearing on October 7, 2025. If passed, the new requirements would be phased in over a 3-year period to allow financial institutions time to comply.
Compiled from official sources — confirm details with the bill’s official record.
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