S.786 - Improving Access to Mainstream Financial Institutions Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Akaka, Daniel K. [D-HI] (Introduced 04/02/2009)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||04/02/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.786 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (04/02/2009)
Improving Access to Mainstream Financial Institutions Act of 2009 - 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.