Issue Position: Banking

Issue Position

Issue Position: Banking

With more than 22,000 banks, thrifts, and credit unions in the United States, we have one of the most successful banking systems in the world. Our sophisticated banking industry still faces challenges of protecting from abusive lending and information-sharing practices. I support expanding access to basic banking transaction services by bringing more "unbanked" individuals into the traditional financial services system. Roughly 10 million Americans do not have an account with an insured depository institution. These "unbanked" consumers typically resort to non-traditional providers such as check cashers, which usually charge larger fees than mainstream institutions. I have pushed to include a provision in pending federal deposit insurance reform legislation that would give insured depository institutions a discount on the premium assessments for deposits providing "lifeline" accounts. Lifeline accounts are free or low-cost savings and checking accounts for low-income individuals.

I will continue to work to ensure that improper collection, evaluation and distribution of credit information does not disparately impact people of color, women, or senior citizens. This effort will also include a review of the growing use of credit information by non-credit businesses, as in the cases when insurance companies use credit-based insurance scores to evaluate applicants and existing policyholders.

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