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B 26-0467

Equitable Access to Financial Services Act of 2025

26th Council Period (2025-2026) Introduced by Brooke Pinto

The Equitable Access to Financial Services Act ensures unbanked D.C. residents access banking by requiring contracts with banks in five wards, promoting economic equity.

Notice of Intent to Act on B26-0467 Published in the District of Columbia Register
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Bill Summary · B 26-0467

Summary of Bill B 26-0467: Equitable Access to Financial Services Act of 2025

Introduction

The Equitable Access to Financial Services Act of 2025 was introduced on November 14, 2025, by Councilmember Brooke Pinto, alongside Councilmembers Janeese Lewis George, Brianne Nadeau, and Robert White. The bill aims to enhance access to banking services for residents of the District of Columbia, particularly those who are unbanked or underbanked.

Purpose and Intent

The primary goal of this legislation is to connect District residents with essential banking services, thereby promoting economic prosperity. Approximately 8% of households in the District are unbanked, often leading to increased financial burdens due to reliance on alternative financial services. The bill seeks to address these disparities by ensuring that residents have access to physical banking locations.

Key Provisions

The bill includes the following significant provisions:

  1. Contract Requirements:

    • The District government must enter into contracts for prepaid debit cards only with financial institutions that have physical branch locations in at least five wards of the District.
    • Preference will be given to banks located in census tracts where the median household income is $50,000 or less.

  2. Impact on Unbanked Residents:

    • By ensuring that financial institutions have a physical presence in multiple wards, the bill aims to reduce the financial and logistical barriers faced by unbanked residents, who often incur higher costs for alternative financial services.

  3. Fiscal Impact:

    • The bill includes a fiscal impact statement, which will be adopted as part of the legislative process.

  4. Effective Date:

    • The act will take effect following approval by the Mayor and a 30-day congressional review period as stipulated by the District of Columbia Home Rule Act.

Who Would Be Affected?

  • Unbanked and Underbanked Residents: The legislation primarily targets individuals and families without access to traditional banking services, helping them to establish relationships with financial institutions.
  • Financial Institutions: Banks operating in the District will need to adapt to the new requirements for contracts with the District government.

Procedural Aspects

  • The bill was referred to the Committee on Business and Economic Development on November 18, 2025.
  • The legislative process will include discussions and potential amendments within the committee before it can be voted on by the full Council.

Conclusion

The Equitable Access to Financial Services Act of 2025 represents a significant step towards improving financial inclusion in the District of Columbia. By mandating that government contracts for prepaid debit cards be awarded to banks with a physical presence in multiple wards, the bill aims to alleviate the financial burdens faced by unbanked residents and promote greater economic equity.

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

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