Sending Office: Honorable David Scott
I write to invite you to be a cosponsor of the Improving Access to Traditional Banking Act. Access to safe, reliable, and affordable banking services is the cornerstone of economic inclusion, providing consumers with the ability to grow their savings,
build credit, and conduct financial transactions in a stable and secure way.
While the benefits garnered from access to the traditional banking sector are many, they are not felt by the individuals and families outside its boundaries. A 2017 study from the Federal Deposit Insurance Corporation (FDIC) found that more than 25% of American
households are either unbanked or underbanked. Those consumers either do not have access to a checking or savings account, or they supplement their checking or savings account with products and services from an alternative financial services (AFS) provider.
Lack of access to traditional banking resources impacts every community and geography, but the effects are felt more profoundly by individuals and families of color. The FDIC reports that in 2017, only 45.8% of African American households and 49.7% of Hispanic
households were considered “fully banked,” compared with 77.1% of white households.
In order to address these challenges, I have introduced the Improving Access to Traditional Banking Act. The bill creates within the CFPB an “Office for Under-Banked, Un-Banked, and Underserved Consumers,” which would be tasked with researching
hurdles impeding sustainable access to traditional banking institutions and identifying best practices to increase un-banked and under-banked consumer participation. I encourage you to join me in promoting economic inclusion by cosponsoring the
Improving Access to Traditional Bank Act in the 116th Congress. For more information or to become a cosponsor, please contact Catherine Kuerbitz in my office at Catherine.Kuerbitz@mail.house.gov.
Member of Congress
e-Dear Colleague version 2.0