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Business, Financial Services, and Insurance: Resolution BFI-15-14

IMPROVING AND EXPANDING MINORITY ACCESS TO SUSTAINABLE FINANCIAL SOLUTIONS 

WHEREAS, the National Black Caucus of State Legislators (NBCSL) has always been committed to financial empowerment and recognizes the enormous difficulties that individuals, families, and communities have in accessing mainstream financial institutions; 

WHEREAS, financial institutions offer services that can help and protect minority customers, allowing them to save, build wealth, and borrow, under safe and affordable terms, which are subject to federal, state, and local regulations; 

WHEREAS, state departments and their regulatory institutions are a vital part of expanding and improving access to financial institutions within their states, through a wide variety of programs and partnerships; 

WHEREAS, Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, known as “Dodd- Frank,” explicitly provides for the improvement of access to mainstream financial institutions; 

WHEREAS, Title XII of Dodd-Frank authorizes 

  • the establishment of a multi-year program of grants and agreements designed to expand access to mainstream financial institutions; 

  • the establishment of multi-year demonstration programs to provide low-cost small loans to consumers as alternatives to payday loans; and 

  • grants to community development financial institutions to enable these institutions to establish reserve funds to operate small-dollar loan programs; and 

WHEREAS, such programs, which could potentially be of great help to unbanked and under-banked families, have yet to be implemented by the U.S. Department of the Treasury. 

THEREFORE BE IT RESOLVED, that the National Black Caucus of State Legislators (NBCSL) encourages the Secretary of the Treasury to implement programs as outlined under Title XII of Dodd-Frank, improving access to mainstream financial services; 

BE IT FURTHER RESOLVED, that NBCSL encourages Congress to fully fund these programs at the Department of Treasury, and further provides the necessary resources to Department of Treasury and Consumer Financial Protection Bureau so that they can, in turn, provide the necessary resources and support to their state counterparts; and 

BE IT FINALLY RESOLVED, that a copy of this resolution be transmitted to the President of the United States, the Vice President of the United States, members of the United States House of Representatives and United States Senate, and to the Secretary of the Treasury and other federal and state government officials as appropriate. 


SPONSOR: Representative Johnny W. Shaw (TN) 
COMMITTEE OF JURISDICTION: Business, Financial Services, and Insurance Policy Committee 
CERTIFIED BY COMMITTEE CHAIR: Representative Eric Johnson (TX) 
RATIFIED IN PLENARY SESSION: Ratification Date is December 12, 2014 
RATIFICATION IS CERTIFIED BY: Representative Joe Armstrong (TN), President

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