Rep. David Scott (D-Ga.) last week introduced a bill aimed at promoting financial inclusion for American consumers. The Improving Access to Traditional Banking Act of 2019 would direct the Consumer Financial Protection Bureau to establish an office for underbanked, unbanked and underserved consumers that would be tasked with conducting research on financial inclusion and making recommendations to Congress on ways to decrease consumers’ dependence on non-traditional banking products.
“Far too often, both in the 13th district of Georgia and across America, people are using financial services from outside the traditional banking system,” said Scott, who serves on the House Financial Services Committee. “This means that those who already have lower incomes often pay more in fees and penalties, even for simple services like cashing a check. This simply is not workable.”