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Bill

A 163

Enacts the "community financial services access and modernization act of 2024"

2025 Regular Session Introduced by Vivian Cook and 8 co-sponsors

The Community Financial Services Access and Modernization Act aims to improve access to banking for underserved communities, enhancing services and consumer protections.

ENACTING CLAUSE STRICKEN
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WeVote Research Nonpartisan
Bill Summary · A 163

Summary of Bill A 163: Community Financial Services Access and Modernization Act of 2024

Bill Overview

  • Bill Number: A 163
  • Title: Community Financial Services Access and Modernization Act of 2024
  • Status: Enacting Clause Stricken
  • Introduced: January 08, 2025
  • Classification: Bill

Purpose and Intent

The Community Financial Services Access and Modernization Act of 2024 aims to enhance access to financial services for underserved communities. The bill seeks to modernize existing financial service frameworks, ensuring that all individuals, particularly those in low-income and rural areas, have equitable access to banking and financial resources.

Key Provisions

While the specific provisions of Bill A 163 are not detailed in the provided information, typical elements of similar legislation may include:
- Increased Access: Initiatives to expand banking services in underserved areas, possibly through the establishment of new banking institutions or partnerships with existing ones.
- Technological Modernization: Encouragement for financial institutions to adopt new technologies that facilitate easier access to services, such as mobile banking and online platforms.
- Consumer Protection: Measures to protect consumers from predatory lending practices and ensure transparency in financial transactions.
- Financial Education: Programs aimed at educating consumers about financial literacy, helping them make informed decisions regarding their financial health.

Affected Parties

The bill is expected to impact:
- Consumers: Particularly those in low-income and rural communities who currently face barriers to accessing financial services.
- Financial Institutions: Banks and credit unions may need to adapt their services and technologies to comply with the new regulations.
- Community Organizations: Nonprofits and advocacy groups focused on financial literacy and access may play a role in implementing the provisions of the bill.

Legislative Actions

  • January 08, 2025: The bill was referred to the Banks committee for consideration.
  • January 08, 2025: The enacting clause was stricken, indicating that the bill will not proceed in its current form.

Related Bills

  • A 9807 (prior-session): A related bill from a previous legislative session that may have addressed similar issues.
  • A 480 (prior-session): Another related bill that could provide context or background on the legislative intent surrounding financial services access.

Conclusion

While Bill A 163 has been introduced with the intent to modernize and improve access to financial services, its current status indicates that it will not advance in its present form. Stakeholders in the financial sector and community organizations will need to monitor any future developments or revisions to this legislation.

Compiled from official sources — confirm details with the bill’s official record.

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