Improving Access to Mainstream Financial Institutions Act of 2009

Summary

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.

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Timeline

1. 2 April 2009

   Introduced

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

   Source: IntroReferral

2. 2 April 2009

   Introduced

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

   Source: IntroReferral

3. 2 April 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 2 April 2009 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 April 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 April 2009

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 April 2009

  Open at official source

Sponsors

• Rep. Akaka, Daniel K. [D-HI-2] · D · Sponsor
• Charles Schumer · D · Sponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Sponsor
• Sen. Lieberman, Joseph I. [D-CT] · ID · Sponsor
• · ssbk00 · Standing

Related records

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