Multilingual Financial Literacy Act

The Financial Literacy and Education Commission shall carry out a study on the impact of language barriers on financial health, including an analysis of, with respect to groups with limited English proficiency, access to financial literacy education and training, credit score outcomes, the cost of credit, and homebuying.

In carrying out the study required under subsection (a), the Financial Literacy and Education Commission shall consult with each agency represented in the membership of the Commission.

Not later than 180 days after the date of enactment of this Act, the Financial Literacy and Education Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report—

(1) containing all findings and determinations made in carrying out the study required under subsection (a); and

(2) analyzing the need for language accessibility across the financial services industry, including an identification of—

(A) any industry in which information is provided solely in 1 language; and

(B) any product, service, or other financial offering for which the availability of information is limited beyond English.

Section 514 of the Financial Literacy and Education Improvement Act (20 U.S.C. 9703) is amended—

(1) in subsection (b)—

(A) in paragraph (2)—

(i) in subparagraph (D), by striking and at the end;

(ii) by redesignating subparagraph (E) as subparagraph (F); and

(iii) by inserting after subparagraph (D) the following:; and

(E) be provided in at least 8 of the most commonly spoken languages in the United States, as determined by the Bureau of the Census; and

(B) by adding at the end the following:

The website established under paragraph (1) shall contain a separate website that provides—

(A) information on which Federal agencies provide financial literacy and education resources in languages other than English, including a description of which resources are available in which languages; and

(B) guidance on where individuals can find Federal resources in a particular language for various topic areas.

The Secretary of the Treasury shall provide the translation services necessary to comply with the language requirement under paragraph (2)(E).

(2) in subsection (c)—

(A) by striking The Commission and inserting the following:; and

The Commission

(B) by adding at the end the following:; and

The toll-free telephone number established under paragraph (1) shall provide verbal assistance to members of the public in each of the 8 most commonly spoken languages in the United States, as determined by the Bureau of the Census.

The Secretary of the Treasury shall provide the staff necessary to comply with the requirement under subparagraph (A).

(3) by adding at the end the following:

The Commission shall coordinate and promote efforts of Federal agencies to make all financial literacy and education resources of Federal agencies available in each of the 8 most commonly spoken languages in the United States, as determined by the Bureau of the Census.

The amendments made by subsection (a) shall take effect on the date that is 1 year after the date of enactment of this Act.

(1) legislative and regulatory recommendations on how to address—

(A) barriers to financial inclusion caused by language barriers, including through financial literacy education and training; and

(B) the role that emerging technology and financial products play in helping or harming communities with limited English proficiency;

(2) a summary of—

(A) the actions taken by the Commission to prepare to implement the amendments made by section 3; and

(B) actions taken by each Federal agency that is represented in the membership of the Commission to make financial literacy and education resources of the agency available to the public in each of the 8 most commonly spoken languages in the United States, as determined by the Bureau of the Census; and

(3) an estimate of the cost—

(A) to implement the amendments made by section 3; and

(B) for each Federal agency that is represented in the membership of the Commission, to make financial literacy and education resources of the agency available to the public in each of the 8 most commonly spoken languages in the United States, as determined by the Bureau of the Census.

(1) in subparagraph (I), by striking and at the end;

(2) by redesignating subparagraph (J) as subparagraph (O); and

(3) by inserting after subparagraph (I) the following:

(J) for the period covered by the report, a summary of the efforts of the Commission to increase financial literacy across all of the agencies that are represented in the membership of the Commission;

(K) an analysis of where there are financial literacy needs across different groups, including information by age group, socioeconomic status, race, ethnicity, and language preference;

(L) an analysis of limited access to credit and disparate credit scoring across different groups, including information by age group, gender, sexual orientation, socioeconomic status, race, ethnicity, and language preference;

(M) an explanation of how a lack of financial literacy, systemic barriers, and other obstacles result in a wealth gap across different groups, including information by age group, gender, sexual orientation, socioeconomic status, race, ethnicity, and language preference;

(N) proposals and potential policy solutions for addressing barriers to financial literacy, disparate credit scoring, and the wealth gap; and