S. 3410 · 110th Congress
Improving Access to Mainstream Financial Institutions Act of 2008
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
AkakaSponsor3 cosponsors · 2 D, 1 I
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Jul 31, 2008
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Improving Access to Mainstream Financial Institutions Act of 2008
Latest action (Jul 31, 2008): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S7969-7970)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 31, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.