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B 26-0473

Youth Banking Amendment Act of 2025

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

The Youth Banking Amendment Act allows D.C. minors aged 14-17 to open deposit accounts independently, boosting financial literacy and access to banking services.

Notice of Intent to Act on B26-0473 Published in the District of Columbia Register
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Bill Summary · B 26-0473

Summary of the Youth Banking Amendment Act of 2025 (B 26-0473)

Introduction

The Youth Banking Amendment Act of 2025 aims to enhance financial independence for minors in the District of Columbia by allowing them to open and manage deposit accounts without parental consent. Introduced on November 14, 2025, by Councilmember Brooke Pinto along with Councilmembers Janeese Lewis George and Kenyan McDuffie, the bill addresses barriers faced by young people in accessing banking services.

Purpose and Intent

The primary goal of the bill is to:
- Facilitate financial independence for minors aged 14 to 17 by enabling them to open deposit accounts without needing a parent or guardian's approval.
- Promote financial literacy and awareness of financial fraud risks among youth.

Key Provisions

The bill includes several significant changes to existing laws:
1. Noncustodial Deposit Accounts:
- Minors aged 14 to 17 can open and operate deposit accounts at banks and credit unions without parental consent.
- The accounts can be either checking or savings accounts.

  1. Restrictions on Credit Features:

    • Banks and credit unions are prohibited from offering overdraft credit or lines of credit on these accounts without parental consent.
    • No fees or overdraft charges can be imposed on these accounts.

  2. Educational Resources:

    • The Department of Insurance, Securities and Banking will maintain a list of financial institutions that offer noncustodial accounts on its website.
    • The department will also provide educational materials to help minors understand financial fraud risks, particularly in online shopping.

  3. Amendments to Existing Laws:

    • The bill amends Title 28 of the District of Columbia Official Code and the Credit Union Act of 2020 to align with the new provisions regarding minor deposit accounts.

Impact

The Youth Banking Amendment Act is expected to:
- Empower youth by providing them with the tools to manage their finances independently.
- Increase access to banking services for unbanked and under-banked youth, contributing to their financial stability.
- Enhance financial literacy among young people, equipping them with knowledge to navigate financial systems and avoid fraud.

Procedural Aspects

  • The bill has been referred to the Committee on Business and Economic Development for further consideration as of November 18, 2025.
  • The act will take effect following approval by the Mayor and a 30-day congressional review period.

Conclusion

The Youth Banking Amendment Act of 2025 represents a significant step towards fostering financial independence and literacy among minors in the District of Columbia. By removing barriers to banking access, the legislation aims to prepare young people for a more secure financial future.

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

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