Layman's Explanation - S. 3835

Survivor Financial Safety and Inclusion Working Group Act

Explanation of Bill (S. 3835)

A bill has been introduced in the United States Senate to establish an interagency Working Group to study financial safety and inclusion for survivors of domestic violence. The purpose of this bill is to better understand the financial abuse tactics used against survivors and develop appropriate financial products and services to meet their needs.

Key Definitions

Covered Agencies:

This term refers to the government agencies involved in the study, which include the Department of the Treasury, the Federal Reserve System, the Bureau of Consumer Financial Protection, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Securities and Exchange Commission, and state insurance regulators.

Domestic Violence:

This term refers to the use or attempted use of physical abuse, sexual abuse, or coercive behavior to gain power and control over a survivor. It includes different forms of abuse, such as verbal, psychological, economic, and technological abuse, committed by a current or former spouse or intimate partner of the survivor.

Economic Abuse:

This term refers to coercive behavior that restricts an individual's access to money, assets, credit, or financial information, or unfairly uses someone else's economic resources for personal advantage. It also includes exerting undue influence over financial decisions, exploiting powers of attorney or guardianship, and neglecting fiduciary duties.

Indian Tribe:

This term refers to an Indian tribe listed by the Secretary of the Interior under the Federally Recognized Indian Tribe List Act of 1994.

Low- or Moderate-Income Community:

This term refers to a census tract designated as low-income or moderate-income by the Financial Institutions Examinations Council.

Regulated Financial Institution:

This term refers to various types of financial institutions, including depository institutions, credit unions, investment advisers, brokers or dealers, insurance companies, insurance coverage sellers, and individuals licensed to sell insurance coverage.

Rural Area:

This term refers to a county that is mostly or completely rural according to the latest available decennial census.

State:

This term refers to each of the several States of the United States and the District of Columbia.

Survivor:

This term refers to an individual who has experienced domestic violence, including economic abuse.

Territory of the United States:

This term refers to specific territories of the United States, which include the Commonwealth of Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and the United States Virgin Islands.

Working Group Responsibilities

The bill establishes an interagency Working Group to study the following:

How Congress and covered agencies can support regulated financial institutions in safely collecting data on economic abuse tactics used through their services, as well as the impacts of these tactics on consumers and financial institutions.
Data from regulated financial institutions on the statistics, trends, and impacts of economic abuse.
How regulated financial institutions can improve existing financial products and design new ones specifically tailored to meet the financial and safety needs of survivors.
How the Working Group's recommendations and guidance can address the additional needs of underbanked and underserved communities, including rural areas, low- or moderate-income communities, Indian tribes, and U.S. territories.
Any legislative or regulatory actions necessary to implement the Working Group's recommendations or guidance.

Working Group Membership and Operations

The Working Group consists of representatives from the covered agencies, a state insurance commissioner, individuals with expertise in economic abuse and consumer protection, and representatives from historically underbanked and unbanked communities. The Secretary of the Treasury or their designee serves as the chairperson of the Working Group.

The Working Group meets at least twice a year and provides an annual report on its activities and the study's findings. The report must be made available to the public online and in accessible formats. The head of each covered agency must include information on the agency's activities as part of the Working Group in their semiannual written testimony and appearances before relevant congressional committees.

The Working Group operates in a transparent manner to the greatest extent possible, adhering to applicable transparency requirements. However, it may freely communicate in a confidential manner to discuss non-public information and sensitive issues.

S 3835 Survivor Financial Safety and Inclusion Working Group Act

US Congress 118th Congress

Bill Texts

Introduced 03/04/2024

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Sponsors (1)

Sen. Tina Smith

Primary Sponsor