Read the full stored bill text
COUNCIL OF THE DISTRICT OF COLUMBIA OFFICE OF COUNCILMEMBER BROOKE PINTO THE JOHN A. WILSON BUILDING 1350 PENNSYLVANIA AVENUE, N.W., SUITE 106 WASHINGTON, D.C. 20004
November 14, 2025 Nyasha Howard, Secretary Council of the District of Columbia 1350 Pennsylvania Avenue, N.W. Washington, DC 20004 Dear Secretary Howard, Today, along with Councilmembers Janeese Lewis George and Kenyan McDuffie, I am introducing the “Youth Banking Amendment Act of 2025.” Please find enclosed a signed copy of the legislation. The District continues to make progress in expanding access to paid internships and work experiences for young people. However, when high school students earn a paycheck, many are unable to safely save their money in a bank account because current law does not explicitly permit young people to open deposit accounts without a parent or guardian, otherwise known as noncustodial deposit accounts. For young people who do not have a trusted parent or guardian in their lives, this requirement can be a major barrier to financial independence and stability. As the District works to equip young people with the tools they need to live independently and succeed as adults, ensuring that they can safely manage and grow their earnings through legitimate financial institutions is essential. Current law requires parental consent for minors to open a deposit account at a credit union (and is silent on such requirements for banks). The Youth Banking Amendment Act would allow minors between 14 and 17 years of age to open a deposit account without parental consent at a bank or credit union in the District. The bill would also require the Department of Insurance, Securities and Banking to post on its website a list of financial institutions that provide noncustodial accounts in the District, along with educational resources to help minors understand and identify the risk of financial fraud, particularly on online shopping websites. The Youth Banking Amendment Act will allow Bank on DC, a public-private partnership to “provide access to safe and affordable financial services and products to unbanked and under-banked households in the District of Columbia,” and other financial literacy and access programs to pair financial coaching with hands-on experience.1 The bill takes an important step towards expanding youth access to financial services and increasing financial literacy. Should you have any questions about this legislation, please contact my Policy Advisor, Ella Hanson, at ehanson@dccouncil.gov. Thank you,
1 Department of Insurance, Securities and Banking, Bank on DC, available here.
Brooke Pinto Councilmember, Ward 2 Chairwoman, Committee on the Judiciary and Public Safety Council of the District of Columbia
1
_____________________________ _____________________________ Councilmember Janeese Lewis George Councilmember Brooke Pinto _____________________________ Councilmember Kenyan R. McDuffie A BILL __________ IN THE COUNCIL OF THE DISTRICT OF COLUMBIA _________________ To amend Title 28 of the District of Columbia Official Code to permit minors in the District of 1 Columbia to open and operate deposit accounts without parental or guardian consent; to 2 amend the Credit Union Act of 2020 to make conforming changes; and to amend the 3 Department of Insurance and Securities Regulation Establishment Act of 1996 to require 4 the Department of Insurance, Securities and Banking to publish on its website a list of 5 financial institutions that offer minor deposit accounts. 6 7 BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this 8 act may be cited as the “Youth Banking Amendment Act of 2025”. 9 Sec. 2. Title 26 of the District of Columbia Official Code is amended by adding a new 10 section 26:9-112 is added to read as follows: 11 “§ 26:9-112. Minor deposit accounts. 12 “(a) For the purpose of this section only, the term “deposit account” means a checking or 13 savings account maintained with a bank or credit union lawfully doing business in the District. 14 “(b) A bank or credit union may open and maintain a deposit account for a minor who is 15 at least 14 years of age as the sole and absolute owner of the account. 16
2
“(c) A deposit account established under this section shall not require the consent of a 17 parent or legal guardian to open or operate. 18 “(d) A bank or credit union shall not provide overdraft credit, lines of credit, or other 19 credit features in connection with a deposit account established under this section without the 20 written consent of a parent or legal guardian. 21 “(e) A bank or credit union may not charge fees or overdraft charges on deposit accounts 22 established under this section, and such accounts shall be subject to consumer protection 23 standards promulgated by the Department of Insurance, Securities, and Banking.”. 24 Sec. 3. Section 605 of the Credit Union Act of 2020, effective May 6, 2020 (D.C. Law 25 23-86; D.C. Official Code § 26-506.05), is repealed. 26 Sec. 4. Section 4 of the Department of Insurance and Securities Regulation Establishment 27 Act of 1996, effective May 21, 1997 (D.C. Law 11-268; D.C. Official Code § 31–103), is 28 amended by adding a new subsection (c) to read as follows: 29 “(c) The Department shall establish and maintain on its publicly accessible website a list 30 of banks and credit unions that offer deposit accounts for minors as described in D.C. Official 31 Code § 28:9-104A and post on the same webpage materials that educate minors about financial 32 fraud risks, including how to identify potential fraud on online shopping websites.”. 33 Sec. 5. Fiscal impact statement. 34 The Council adopts the fiscal impact statement in the committee report as the fiscal 35 impact statement required by section 4a of the General Legislative Procedures Act of 1975, 36 approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a). 37 Sec. 6. Effective date. 38
3
This act shall take effect following approval by the Mayor (or in the event of veto by the 39 Mayor, action by the Council to override the veto) and a 30-day period of congressional review 40 as provided in section 602(c)(l) of the District of Columbia Home Rule Act, approved December 41 24, 1973 (87 Stat. 813; D.C. Official Code§ l-206.02(c)(l)). 42