An Act amending the act of May 15, 1933 (P.L.565, No.111), known as the Department of Banking and Securities Code, providing for building underserved communities; and imposing duties on the Department of Banking and Securities.

PRINTER'S NO. 2256
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1833
Session of
2025
INTRODUCED BY GREEN, KHAN, GIRAL, WAXMAN, HILL-EVANS, MADDEN,
FREEMAN, MAYES, SANCHEZ, KAZEEM, CEPEDA-FREYTIZ, D. WILLIAMS,
BELLMON, BOYD AND SMITH-WADE-EL, SEPTEMBER 2, 2025
REFERRED TO COMMITTEE ON COMMERCE, SEPTEMBER 4, 2025
AN ACT
Amending the act of May 15, 1933 (P.L.565, No.111), entitled "An
act relating to the powers and duties of the Department of
Banking and Securities and the Secretary of Banking and
Securities in exercising supervision over, and taking
possession of and conducting or liquidating the business and
property of, corporations, associations, and persons
receiving deposits or otherwise transacting a banking
business, corporations acting as fiduciaries, and building
and loan associations; providing for the payment of the
expenses of the Department of Banking by supervised
corporations, associations, or persons, and appropriating the
Banking Department Fund; authorizing the Department of
Banking, under certain circumstances, to examine
corporations, associations, or persons affiliated, or having
business transactions with supervised corporations,
associations or persons; authorizing appeals to the Supreme
Court, and prescribing and limiting the powers and duties of
certain other courts and their prothonotaries, registers of
wills, recorders of deeds, and certain State departments,
commissions, and officers; authorizing certain local public
officers and State departments to collect fees for services
rendered under this act; regulating securities; providing
penalties; and repealing certain acts and parts of acts,"
providing for building underserved communities; and imposing
duties on the Department of Banking and Securities.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The act of May 15, 1933 (P.L.565, No.111), known
as the Department of Banking and Securities Code, is amended by
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adding an article to read:
ARTICLE XI-B
BUILDING UNDERSERVED COMMUNITIES
Section 1101-B. Definitions.
The following words and phrases when used in this article
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Financial institution." An institution or credit union.
"Small business." A for-profit entity located in an
underserved community with less than 50 employees.
"Underserved community." A community with qualified census
tracts where at least 50% of households have an income less than
60% of the area median gross income according to the United
States Department of Housing and Urban Development or have a
poverty rate of at least 25% or more according to the most
recent Federal decennial census.
Section 1102-B. Financial institution assistance.
The department shall:
(1) Examine the efforts of financial institutions to
provide financial services to underserved communities.
(2) Provide assistance to financial institutions to
provide access to financial services and other methods of
building wealth for members of underserved communities.
(3) Coordinate with financial institutions to develop
new financial products that build generational wealth in
underserved communities, including investing in real estate,
retirement, savings and checking accounts and other methods
to build wealth.
Section 1103-B. Financial institution requirements.
(a) Plans.--Each financial institution shall create a short-
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term plan and a long-term plan to expand the geographic
territory of the financial institution and offer financial
products or services to an underserved community.
(b) Report.--By October 1, 2026, and every October 1
thereafter for the immediately preceding year, each financial
institution shall submit a report to the department, which shall
include:
(1) Financial products and services provided to
underserved communities by the financial institution .
(2) The number of individuals in an underserved
community who utilized financial products or services
provided by the financial institution in the previous year.
(3) Financial losses or gains resulting from assistance
under section 1102-B.
(4) Any financial product or service provided to a small
business as a result of assistance provided under section
1102-B.
(5) Any other information determined by the department.
Section 1104-B. Additional duties of department.
(a) Duties.--The department shall:
(1) Review and compile financial institution reports
submitted under section 1103-B.
(2) Consult with financial institutions on best
practices and methods on developing short-term and long-term
plans required under section 1103-B(a).
(3) Develop and publish a report by January 1, 2026, and
every January 1 thereafter, which shall include:
(i) Information obtained from reports of the
financial institution .
(ii) The number of financial institutions providing
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services to underserved communities.
(iii) The number and types of services that are
being provided to underserved communities.
(iv) The number of individuals from underserved
communities that were provided with financial services
and were unable to receive similar services prior to the
effective date of this section.
(v) The cost-benefit analysis of providing greater
access to financial services in underserved communities.
(b) Submission.--The annual report under this section shall
be submitted to the Governor, the Secretary of Community and
Economic Development, the President pro tempore of the Senate,
the Speaker of the House of Representatives, the chairperson and
minority chairperson of the Appropriations Committee of the
Senate, the chairperson and minority chairperson of the
Appropriations Committee of the House of Representatives, the
chairperson and minority chairperson of the Banking and
Insurance Committee of the Senate and the chairperson and
minority chairperson of the Commerce Committee of the House of
Representatives.
Section 2. This act shall take effect in 60 days.
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