Skip to main content
S 3410 110th Congress Senate Finance and Financial Sector Alaska Bank accounts Bank loans Charities Commerce Community development banking Consumer credit Economics and Public Finance Federal aid to Indians Grants-in-aid Hawaiians Indigenous peoples Labor and Employment Labor unions Minorities Social Welfare Tax-exempt organizations Taxation

Improving Access to Mainstream Financial Institutions Act of 2008

Introduced: July 31, 2008 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 31, 2008
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S7969-7970)
Jul 31, 2008
Sponsor introductory remarks on measure. (CR S7968-7969)
Jul 31, 2008
Introduced in Senate
 Plain-English summary Congressional Research Service

Improving Access to Mainstream Financial Institutions Act of 2008 - Authorizes the Secretary of the Treasury to award grants, including multi-year grants, to specified eligible entities to establish an account in a federally insured depository institution for low- and moderate-income individuals who currently do not have such an account. Includes among such eligible entities: (1) Alaska Native Corporations; (2) Native Hawaiian organizations; and (3) labor organizations.

Authorizes the Secretary to award demonstration project grants to eligible entities to provide low-cost, small loans to consumers that will provide alternatives to more costly, predatory payday loans. Requires such entities to be: (1) tax-exempt charitable organizations; (2) federally insured depository institutions; (3) community development financial institutions; or (4) partnerships comprised of one or more of such entities. Requires grant recipients to offer financial literacy and education opportunities to each consumer provided with a loan pursuant to this Act.

What's happening now July 31, 2008

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S7969-7970)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1