Financial Inclusion in Banking Act of 2021
This bill expands the duties of the Office of Community Affairs within the Consumer Financial Protection Bureau regarding under-banked, un-banked, and underserved consumers. Specifically, the office must (1) report on impeding factors for individuals and families that do not participate in the banking system, and (2) develop strategies to increase such participation.
The bill also decreases, beginning September 30, 2031, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)
To amend the Consumer Financial Protection Act of 2010 to direct the 
    Office of Community Affairs to identify causes leading to, and 
solutions for, under-banked, un-banked, and underserved consumers, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Inclusion in Banking Act 
of 2021''.

SEC. 2. OFFICE OF COMMUNITY AFFAIRS DUTIES WITH RESPECT TO UNDER-
              BANKED, UN-BANKED, AND UNDERSERVED CONSUMERS.

    Section 1013(b)(2) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5493(b)(2)) is amended--
            (1) by striking ``The Director shall establish a unit'' and 
        inserting the following:
                    ``(A) In general.--The Director shall establish a 
                unit to be known as the `Office of Community 
                Affairs'''; and
            (2) by adding at the end the following:
                    ``(B) Duties related to under-banked, un-banked, 
                and underserved consumers.--
                            ``(i) In general.--The Office of Community 
                        Affairs shall--
                                    ``(I) lead coordination of research 
                                to identify any causes and challenges 
                                contributing to the decision of 
                                individuals who, and households that, 
                                do not initiate or maintain on-going 
                                and sustainable relationships with 
                                depository institutions, including 
                                consulting with trade associations 
                                representing depository institutions, 
                                trade associations representing 
                                minority depository institutions, 
                                organizations representing the 
                                interests of traditionally underserved 
                                consumers and communities, 
                                organizations representing the 
                                interests of consumers (particularly 
                                low- and moderate-income individuals), 
                                civil rights groups, community groups, 
                                consumer advocates, and the Consumer 
                                Advisory Board about this matter;
                                    ``(II) identify subject matter 
                                experts within the Bureau to work on 
                                the issues identified under subclause 
                                (I);
                                    ``(III) lead coordination efforts 
                                between other Federal departments and 
                                agencies to better assess the reasons 
                                for the lack of, and help increase the 
                                participation of, under-banked, un-
                                banked, and underserved consumers in 
                                the banking system; and
                                    ``(IV) identify and develop 
                                strategies to increase financial 
                                education to under-banked, un-banked, 
                                and underserved consumers.
                            ``(ii) Coordination with other bureau 
                        offices.--In carrying out this paragraph, the 
                        Office of Community Affairs shall consult with 
                        and coordinate with the research unit 
                        established under subsection (b)(1) and such 
                        other offices of the Bureau as the Director may 
                        determine appropriate.
                            ``(iii) Reporting.--
                                    ``(I) In general.--The Office of 
                                Community Affairs shall submit a report 
                                to Congress, within two years of the 
                                date of enactment of this subparagraph 
                                and every 2 years thereafter, that 
                                identifies any factors impeding the 
                                ability of, or limiting the option for, 
                                individuals or households to have 
                                access to fair, on-going, and 
                                sustainable relationships with 
                                depository institutions to meet their 
                                financial needs, discusses any 
                                regulatory, legal, or structural 
                                barriers to enhancing participation of 
                                under-banked, un-banked, and 
                                underserved consumers with depository 
                                institutions, and contains 
                                recommendations to promote better 
                                participation for all consumers with 
                                the banking system.
                                    ``(II) Timing of report.--To the 
                                extent possible, the Office shall 
                                submit each report required under 
                                subclause (I) during a year in which 
                                the Federal Deposit Insurance 
                                Corporation does not issue the report 
                                on encouraging use of depository 
                                institutions by the unbanked required 
                                under section 49 of the Federal Deposit 
                                Insurance Act.''.

SEC. 3. DISCRETIONARY SURPLUS FUNDS.

    (a) In General.--The dollar amount specified under section 
7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is 
reduced by $10,000,000.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on September 30, 2031.

SEC. 4. DETERMINATION OF BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

            Passed the House of Representatives May 18, 2021.

            Attest:

                                             CHERYL L. JOHNSON,

                                                                 Clerk.
Financial Inclusion in Banking Act of 2021
To amend the Consumer Financial Protection Act of 2010 to direct the Office of Community Affairs to identify causes leading to, and solutions for, under-banked, un-banked, and underserved consumers, and for other purposes.
Financial Inclusion in Banking Act of 2021
Financial Inclusion in Banking Act of 2021
Financial Inclusion in Banking Act of 2021
Rep. Scott, David