S. 786Senate111th Congress (2009-2011)In Committee

Improving Access to Mainstream Financial Institutions Act of 2009

Introduced April 2, 2009

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4317)

April 2, 2009

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SenateIntro Referral

Introduced in Senate

April 2, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4316-4317)

April 2, 2009

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4317)

April 2, 2009

Floor Debate

16 members

What members said about S. 786 on the floor

5 Republicans11 Democrats
Jeff Bingaman
Sen. Jeff BingamanD-NM · Apr 2, 2009

Mr. President, I rise today with Senators Robert Casey, Herb Kohl, and Tom Udall to introduce the Health Access and Health Professions Supply Act of 2009. Health care reform is a national…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Apr 2, 2009

Mr. President, today I am reintroducing the Improving Access to Mainstream Financial Institutions Act of 2009. This bill provides economic empowerment and educational opportunities for working…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Apr 2, 2009

Mr. President, today I am introducing legislation to restore Clean Water Act protections for the same waters that were covered by the Act prior to two recent divisive U.S. Supreme Court decisions. I…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Apr 2, 2009

Mr. President, I rise today, along with Senator Bill Nelson, to introduce legislation that would curb a growing nuisance that millions of wireless customers experience on a daily basis-- unsolicited…

Lisa Murkowski
Sen. Lisa MurkowskiR-AK · Apr 2, 2009

Mr. President, I rise to introduce a bill to allow five Southeast Alaska communities to finally be allowed to form urban corporations under the terms of 1971's Alaska Native Claims Settlement Act,…

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Jack Reed
Sen. Jack ReedD-RI · Apr 2, 2009

Mr. President, I rise to introduce, along with Senators Bond, Akaka, Boxer, Collins, Durbin, Kerry, Klobuchar, Landrieu, Lautenberg, Lieberman, Schumer, and Whitehouse, the Homeless Emergency…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Apr 2, 2009

Mr. President, today I am reintroducing the Improving Access to Mainstream Financial Institutions Act of 2009. This bill provides economic empowerment and educational opportunities for working…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Apr 2, 2009

Mr. President, I rise today to introduce the Tribal Law and Order Act of 2009. Last Congress, as Chairman of the Committee on Indian Affairs, I chaired eight hearings on the criminal justice system…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Apr 2, 2009

Mr. President, I rise today to introduce America's Red Rock Wilderness Act of 2009. This legislation continues our commitment to preserve natural resources in this country. America's Red Rock…

Ron Wyden
Sen. Ron WydenD-OR · Apr 2, 2009

Mr. President, If there is one environmental issue that divides us more than unites us, it's water, especially in the West. Farmers, ranchers, cities, towns, all compete for limited supplies. Salmon…

George V. Voinovich
Sen. George V. VoinovichR-OH · Apr 2, 2009

Mr. President, I rise today with Senator Akaka to introduce the Federal Executive Board Authorization Act of 2009 in order to provide for the establishment, administration and funding of Federal…

Bill Nelson
Sen. Bill NelsonD-FL · Apr 2, 2009

Mr. President, the Immigration and Nationality Act, INA, imposes what has become known as the ``widow penalty,'' requiring the deportation of individuals whose pending applications for green cards…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Apr 2, 2009

Mr. President, today, Senator Blanche Lincoln, Senator Herb Kohl, Senator Olympia Snowe and I will be introducing the Elder Justice Act. The Elder Justice Act we are introducing today was reported by…

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Max Baucus
Sen. Max BaucusD-MT · Apr 2, 2009

Mr. President, I rise today to introduce the Rural Heritage Conservation Extension Act of 2009, along with my good friend, Senator Grassley from Iowa. As we all know, the country, including my home…

Herb Kohl
Sen. Herb KohlD-WI · Apr 2, 2009

Mr. President, I wish today to express my support for the Elder Justice Act of 2009. As in previous years, I am proud to be an original cosponsor. I wish to thank my colleague, Senators Hatch,…

Maria Cantwell
Sen. Maria CantwellD-WA · Apr 2, 2009

Mr. President, I rise today to introduce the Pacific Salmon Stronghold Conservation Act of 2009, together with my colleague from Alaska Senator Murkowski. I am grateful for all the input and…

John Barrasso
Sen. John BarrassoR-WY · Apr 2, 2009

Mr. President, I rise to join my colleague, Mr. Dorgan, in introducing the Tribal Law and Order Act of 2009. This bill represents a bipartisan effort and crucial step in addressing a serious public…

Bill Text

Latest available legislative text

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Latest
Introduced in SenateIssued April 2, 2009

II

111th CONGRESS

1st Session

S. 786

IN THE SENATE OF THE UNITED STATES

April 2, 2009

Mr. Akaka (for himself, Mr. Schumer, Mr. Inouye, and Mr. Lieberman) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To authorize a grant program to provide for expanded access to mainstream financial institutions.

1.

Short title

This Act may be cited as the Improving Access to Mainstream Financial Institutions Act of 2009.

2.

Definitions

In this Act, the following definitions shall apply:

(1)

Alaska Native Corporation

The term Alaska Native Corporation has the same meaning as the term Native Corporation under section 3(m) of the Alaska Native Claims Settlement Act (43 U.S.C. 1602(m)).

(2)

Community development financial institution

The term community development financial institution has the same meaning as in section 103(5) of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702(5)).

(3)

Federally insured depository institution

The term federally insured depository institution means any insured depository institution (as that term is defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) and any insured credit union (as that term is defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)).

(4)

Labor organization

The term labor organization means an organization—

(A)

in which employees participate;

(B)

which exists for the purpose, in whole or in part, of dealing with employers concerning grievances, labor disputes, wages, rates of pay, hours of employment, or conditions of work; and

(C)

which is described in section 501(c)(5) of the Internal Revenue Code of 1986.

(5)

Native Hawaiian organization

The term Native Hawaiian organization means any organization that—

(A)

serves and represents the interests of Native Hawaiians; and

(B)

has as a primary and stated purpose, the provision of services to Native Hawaiians.

(6)

Payday loan

The term payday loan means any transaction in which a small cash advance is made to a consumer in exchange for—

(A)

the personal check or share draft of the consumer, in the amount of the advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or

(B)

the authorization of the consumer to debit the transaction account or share draft account of the consumer, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date.

(7)

Secretary

The term Secretary means the Secretary of the Treasury.

(8)

Tribal organization

The term tribal organization has the same meaning as in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 450b).

3.

Expanded access to mainstream financial institutions

(a)

Establishment of program

The Secretary is authorized to award grants, including multi-year grants, to eligible entities to establish an account in a federally insured depository institution for low- and moderate-income individuals that currently do not have such an account.

(b)

Eligible entities

An entity is eligible to receive a grant under this section, if such an entity is—

(1)

an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, and is exempt from taxation under section 501(a) of such Code;

(2)

a federally insured depository institution;

(3)

an agency of a State or local government;

(4)

a community development financial institution;

(5)

an Indian tribal organization;

(6)

an Alaska Native Corporation;

(7)

a Native Hawaiian organization;

(8)

a labor organization; or

(9)

a partnership comprised of 1 or more of the entities described in the preceding subparagraphs.

(c)

Evaluation and reports to Congress

For each fiscal year in which a grant is awarded under this section, the Secretary shall submit a report to Congress containing a description of the activities funded, amounts distributed, and measurable results, as appropriate and available.

4.

Low Cost Alternatives to Payday Loans

(a)

Establishment of program

The Secretary is authorized to award demonstration project grants (including multi-year grants) to eligible entities to provide low-cost, small loans to consumers that will provide alternatives to more costly, predatory payday loans.

(b)

Eligible entities

An entity is eligible to receive a grant under this section if such an entity is—

(1)

an organization described in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of such Code;

(2)

a federally insured depository institution;

(3)

a community development financial institution; or

(4)

a partnership comprised of 1 or more of the entities described in paragraphs (1) through (3).

(c)

Terms and conditions

(1)

Percentage rate

For purposes of this section, an eligible entity that is a federally insured depository institution shall be subject to the annual percentage rate promulgated by the National Credit Union Administration's Loan Interest Rates under part 701 of title 12, Code of Federal Regulations (or any successor thereto), in connection with a loan provided to a consumer pursuant to this section.

(2)

Financial literacy and education opportunities

Each eligible entity awarded a grant under this section shall offer financial literacy and education opportunities, such as relevant counseling services or educational courses, to each consumer provided with a loan pursuant to this section.

(d)

Evaluation and reports to Congress

For each fiscal year in which a grant is awarded under this section, the Secretary shall submit a report to Congress containing a description of the activities funded, amounts distributed, and measurable results, as appropriate and available.

5.

Procedural provisions

(a)

Applications

A person desiring a grant under section 3 or 4 shall submit an application to the Secretary, in such form and containing such information as the Secretary may require.

(b)

Limitation on administrative costs

A recipient of a grant under section 3 or 4 may use not more than 6 percent of the total amount of such grant in any fiscal year for the administrative costs of carrying out the programs funded by such grant in such fiscal year.

6.

Authorization of appropriations

There are authorized to be appropriated to the Secretary, such sums as are necessary to carry out the grant programs authorized by this Act, to remain available until expended.

7.

Regulations

The Secretary is authorized to promulgate regulations to implement and administer the grant programs authorized by this Act.