Survivor Financial Safety and Inclusion Working Group Act

There is established an interagency Working Group (in this Act referred to as the Working Group) to study the following:

(1) How the Congress and covered agencies can support regulated financial institutions in safely and confidentially collecting data on—

(A) the types and prevalence of economic abuse tactics that are being carried out through regulated financial institutions; and

(B) the impacts of economic abuse tactics on consumers and regulated financial institutions.

(2) Data from regulated financial institutions on the statistics, trends, and impacts of economic abuse carried out through regulated financial institutions.

(3) How regulated financial institutions can improve existing financial products and services, and design and offer new financial products and services specially-tailored to meet the financial and safety needs of survivors.

(4) How the recommendations and guidance provided by the Working Group account for any additional financial or safety needs of historically underbanked and underserved communities, including rural communities, low- and moderate-income communities, federally recognized Indian Tribes, and territories of the United States.

(5) Any legislative or regulatory authority necessary to implement any recommendations or guidance provided by the Working Group.

The Working Group shall be comprised of the following:

(1) The head of each of the following, or the head’s designee:

(A) The Department of the Treasury.

(B) The Board of Governors of the Federal Reserve System.

(C) The Bureau of Consumer Financial Protection.

(D) The Federal Deposit Insurance Corporation.

(E) The Office of the Comptroller of the Currency.

(F) The National Credit Union Administration.

(G) The Securities and Exchange Commission.

(2) A State insurance commissioner selected by the State insurance commissioners (through the National Association of Insurance Commissioners).

(3) One individual who has expertise in economic abuse and has experience working with and advocating on behalf of survivors of domestic violence, appointed by the Secretary of the Treasury.

(4) One individual who has expertise in consumer protection and has experience working with and advocating on behalf of consumers, appointed by the Secretary of the Treasury.

(5) One individual who is a member of, and has experience working with and advocating on behalf of, communities that have been historically underbanked and unbanked, including rural communities, low- and moderate-income communities, federally recognized Indian Tribes, and territories of the United States, appointed by the Secretary of the Treasury.

(6) Any other individuals, but no more than four, appointed by the Secretary of the Treasury, as the Secretary determines appropriate.

The Secretary of the Treasury (or the Secretary’s designee, as applicable) shall serve as the chairperson of the Working Group.

A term of the Working Group shall be 2 years.

Each individual appointed under paragraphs (3) through (6) of subsection (b) may only serve one term.

The first term of the Working Group shall begin on January 1st of the first calendar year that begins after the date of enactment of this Act.

The Working Group shall convene no later than 60 days after the beginning of the first term of the Working Group and shall meet no less than twice a year thereafter.

Members of the Working Group shall receive no additional compensation by reason of their service on the Working Group.

Members of the Working Group may be reimbursed by the Federal Government for travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of chapter 57 of title 5, United States Code, while away from home or regular places of business in performance of service for the Working Group.

The Working Group shall submit annually to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report regarding—

(A) the activities of the Working Group; and

(B) the study required under subsection (a).

The report under paragraph (1) shall be made publicly available online and in accessible format that adheres to section 4(b) of the Plain Writing Act of 2010 (5 U.S.C. 301 note) and Executive Order 13166 (65 Fed. Reg. 159).

The head of an agency described under subparagraphs (A) through (G) of subsection (b)(1) shall, when providing the semi-annual written testimony and appearing before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, include information on the activities of the agency as part of the Working Group.

To the greatest extent possible, the Working Group shall operate in a transparent manner that adheres to the requirements of chapter 10 of title 5, United States Code, with the exception that the Working Group shall be permitted to freely communicate both during and between meetings in a confidential manner to discuss non-public information and other sensitive and non-public issues.

In this section:

The term covered agencies means the following:

(A) The Department of the Treasury.

(B) The Board of Governors of the Federal Reserve System.

(C) The Bureau of Consumer Financial Protection.

(D) The Federal Deposit Insurance Corporation.

(E) The Office of the Comptroller of the Currency.

(F) The National Credit Union Administration.

(G) The Securities and Exchange Commission.

(H) The State insurance regulators.

The term domestic violence means the use or attempted use of physical abuse or sexual abuse, or a pattern of any other coercive behavior committed, enabled, or solicited to gain or maintain power and control over a survivor, including verbal, psychological, economic, or technological abuse that may or may not constitute criminal behavior, by a person who—

(A) is a current or former spouse or intimate partner of the survivor, or person similarly situated to a spouse of the survivor;

(B) is cohabitating, or has cohabitated, with the survivor as a spouse or intimate partner;

(C) shares a child in common with the survivor; or

(D) commits acts against a youth or adult survivor who is protected from those acts under the family or domestic violence laws of the jurisdiction.

The term economic abuse means behavior that is coercive, deceptive, or unreasonably controls or restrains a person’s ability to acquire, use, or maintain economic resources to which they are entitled, including using coercion, fraud, or manipulation, to—

(A) restrict a person’s access to money, assets, credit, or financial information;

(B) unfairly use a person’s personal economic resources, including money, assets, and credit, for one’s own advantage;

(C) exert undue influence over a person’s financial and economic behavior or decisions, including forcing default on joint or other financial obligations;

(D) exploit powers of attorney, guardianship, or conservatorship; or

(E) fail or neglect to act in the best interest of a person to whom one has a fiduciary duty.

The term federally recognized Indian Tribe has the meaning given the term Indian tribe in section 102 of the Federally Recognized Indian Tribe List Act of 1994 (25 U.S.C. 5130).

The term low- or moderate-income community means a census tract designated as low-income or moderate-income by the Financial Institutions Examinations Council on a public website of the Council.

The term regulated financial institution means—

(A) a depository institution, as defined under section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(B) a Federal credit union or a State credit union, as such terms are defined, respectively, under section 101 of the Federal Credit Union Act (12 U.S.C. 1752);

(C) an investment adviser, as such term is defined under section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a));

(D) a broker or dealer, as those terms are defined, respectively, under section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));

(E) an insurance company, as such term is defined under section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a));

(F) an insurance agency, meaning any business entity that sells, solicits, or negotiates insurance coverage;

(G) a transfer agent, as such term is defined under section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));

(H) an insurance producer, meaning an individual who is required under State law to be licensed in order to sell, solicit, or negociate insurance coverage; and

(I) an investment advisor representative, meaning an individual who—

(i) is employed by, or associated with, an investment adviser; and

(ii) does not perform solely clerical or ministerial acts.

The term rural area means any county that is mostly rural or completely rural in the most recent decennial census.

The term State means each of the 50 States, the District of Columbia, Puerto Rico, and any territory or possession of the United States.

The term survivor means an individual who is or has previously been subjected to domestic violence, including economic abuse.

The term territory of the United States means the Commonwealth of Puerto Rico, Guam, the United States Virgin Islands, American Samoa, and the Commonwealth of the Northern Mariana Islands.