§ 1831z. Bi-annual FDIC survey and report on encouraging use of depository institutions by the unbanked

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2006

   Federal Deposit Insurance Reform Conforming Amendments Act of 2005

   Pub. L. 109–173 § 7 · 119 Stat. 3601

   Enacted · 12 U.S.C. § 1831z

   (Sept. 21, 1950, ch. 967, § 2[49], as added Pub. L. 109–173, § 7, Feb. 15, 2006, 119 Stat. 3609.)

   Source evidence

   Code source credit
   (Sept. 21, 1950, ch. 967, § 2[49], as added Pub. L. 109–173, § 7, Feb. 15, 2006, 119 Stat. 3609.)

   Enacted provision · exact public law section
   SEC. 7. BI-ANNUAL FDIC SURVEY AND REPORT ON INCREASING THE DEPOSIT BASE BY ENCOURAGING USE OF DEPOSITORY INSTITUTIONS BY THE UNBANKED.   The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding at the end the following new section: “SEC. 49. BI-ANNUAL FDIC SURVEY AND REPORT ON ENCOURAGING USE OF DEPOSITORY INSTITUTIONS BY THE UNBANKED. “(a) Survey Required.— “(1) In general.— The Corporation shall conduct a bi-annual survey on efforts by insured depository institutions to bring those individuals and families who have rarely, if ever, held a checking account, a savings account or other type of transaction or check cashing account at an insured depository institution (hereafter in this section referred to as the ‘unbanked’) into the conventional finance system. “(2) Factors and questions to consider.— In conducting the survey, the Corporation shall take the following factors and questions into account: “(A) To what extent do insured depository institutions promote financial education and financial literacy outreach? “(B) Which financial education efforts appear to be the most effective in bringing ‘unbanked’ individuals and families into the conventional finance system? “(C) What efforts are insured institutions making at converting ‘unbanked’ money order, wire transfer, and international remittance customers into conventional account holders? “(D) What cultural, language and identification issues as well as transaction costs appear to most prevent ‘unbanked’ individuals from establishing conventional accounts? “(E) What is a fair estimate of the size and worth of the ‘unbanked’ market in the United States? “(b) Reports.— The Chairperson of the Board of Directors shall submit a bi-annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing the Corporation’s findings and conclusions with respect to the survey conducted pursuant to subsection (a), together with such recommendations for legislative or administrative action as the Chairperson may determine to be appropriate.” .

1 of 1 references resolved to an enrolled provision