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National Financial Literacy Act of 2007

Introduced: June 22, 2007 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 17, 2007

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Jun 22, 2007

Introduced in House

Jun 22, 2007

Referred to the House Committee on Financial Services.

Plain-English summary Congressional Research Service

National Financial Literacy Act of 2007 - Amends the Community Reinvestment Act of 1977 to require federal financial supervisory agencies jointly to prescribe regulations establishing: (1) minimum standards to be met by a community-based financial literacy program in order to be eligible for consideration as a qualified community-based financial literacy program; (2) procedures for financial institutions to apply to a federal financial supervisory agency for approval of such a program; and (3) a requirement that financial institutions submit a regular report on how the institution supported and promoted financial literacy in its entire community, including low- and moderate-income neighborhoods.

Authorizes a federal financial supervisory agency to take an institution's direct support of a qualified community-based financial literacy program into account when it assesses the institution's record of meeting the community's credit needs.

What's happening now July 17, 2007

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Committees of jurisdiction 2