Financial Inclusion in Banking Act of 2024

HR 8740, the Financial Inclusion in Banking Act of 2024, creates a new "Office of Community Affairs" within the Consumer Financial Protection Bureau (CFPB). This office directly serves underbanked, unbanked, and underserved consumers - particularly low- and moderate-income individuals and communities - by leading research on barriers to banking access and developing strategies to improve it. Key mechanisms include coordinating with federal agencies, consulting community groups and experts, and identifying regulatory or structural barriers preventing sustainable banking relationships. The office must submit biennial reports to Congress detailing these barriers and recommending solutions to increase participation in the banking system. The bill focuses on concrete policy changes within the CFPB’s structure, not on specific financial products or outcomes.