H.R. 8373

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8373 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 8373

To direct the Secretary of the Treasury, acting through the Director of 
the Office of Consumer Policy, to establish a program to award grants 
to eligible entities to provide financial coaching services, and for 
other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

April 20, 2026

Ms. Garcia of Texas (for herself, Ms. Norton, Mr. Carson, Ms. Titus, 
Mr. Green of Texas, and Ms. Tlaib) introduced the following bill; which 
was referred to the Committee on Financial Services

_______________________________________________________________________

A BILL

To direct the Secretary of the Treasury, acting through the Director of 
the Office of Consumer Policy, to establish a program to award grants 
to eligible entities to provide financial coaching services, and for 
other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Improving Access to Financial 
Coaching Act of 2026''.

SEC. 2. FINDINGS AND PURPOSE.

(a) Findings.--Congress finds that--
(1) many consumers, particularly low- and moderate-income 
households, face significant challenges in managing personal 
finances, reducing debt, building savings, and accessing 
responsible credit;
(2) financial coaching services have been shown to improve 
financial stability, increase long-term financial capability, 
improve credit scores, and reduce vulnerability to economic 
shocks;
(3) nonprofit and community-based organizations play a 
critical role in training and deploying financial coaches to 
deliver culturally competent, accessible, and individualized 
financial coaching services to consumers in need;
(4) the Department of the Treasury, through its Office of 
Consumer Policy, is well-positioned to administer a national 
program supporting financial coaching initiatives that promote 
household financial resilience and economic mobility; and
(5) the absence of uniform certification standards for 
financial coaches results in inconsistent service quality and 
restricts the professional development of practitioners, 
underscoring the need for Federal support to inform a 
standardization of credentialing for financial coaches and 
agencies that provide these services.
(b) Purposes.--The purposes of this Act are--
(1) to establish a Federal program to provide grants to 
eligible organizations offering financial coaching services to 
consumers;
(2) to strengthen the capacity of community-based providers 
to deliver effective, evidence-based financial coaching;
(3) to enhance consumer financial well-being by increasing 
access to trusted, high-quality financial guidance; and
(4) to authorize the Office of Consumer Policy within the 
Department of the Treasury to administer, oversee, and evaluate 
the program; and to research and develop standardized practices 
for certifying financial coaches and the agencies that employ 
them.

SEC. 3. FINANCIAL COACHING SERVICES GRANT.

(a) Establishment.--Not later than 1 year after the date of the 
enactment of this section, the Secretary of the Treasury, acting 
through the Director of the Office of Consumer Policy (hereinafter 
referred to as the ``Director''), shall establish a program to award 
grants to eligible entities to provide financial coaching services.
(b) Eligible Entities.--To be eligible for a grant under this 
section, an entity shall--
(1) be--
(A) a nonprofit, community-based organization;
(B) a community development financial institution 
(as defined in section 103 of the Community Development 
Banking and Financial Institutions Act of 1994 (12 
U.S.C. 4702)); or
(C) a minority depository institution (as defined 
in section 308(b) of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 
note)); and
(2) have--
(A) been in operation for not less than 1 year;
(B) if serving a clientele or service area with a 
high rate of non-English proficiency speakers, 
established relationships with private, public, or 
nonprofit community-based entities that provide non-
English language services and can provide referrals for 
financial coaching services;
(C) established, or plans to establish, a financial 
coaching program as described subsection (c); and
(D) such program--
(i) located in, or predominantly serving--
(I) 1 or more census tracts where--
(aa) with respect to a 
census tract located in a 
metropolitan area, the median 
family income is at or below 
120 percent of the metropolitan 
median family income; or
(bb) with respect to a 
census tract located outside a 
metropolitan area, the median 
family income is at or below 
120 percent of the statewide 
median family income;
(II) a census tract where not less 
than 50 percent of the population self-
identifies as a racial or ethnic 
minority; or
(III) 1 or more census tracts in a 
rural area (as the term is defined by 
the Director of the Bureau of the 
Census); or
(ii) predominantly serving individuals 
making at or below 120 percent of the Area 
Median Income.
(c) Application.--An eligible entity that seeks a grant under this 
section shall submit to the Director an application at such time, in 
such manner, and containing such information as the Director requires, 
including a description of--
(1) organizational information and financial coaching 
services of such entity;
(2) staff qualification and experience, including a 
detailed description of any certification, credentialing or 
continuing education required of its financial coaches;
(3) a work plan that outlines activities, target audiences, 
goals, and anticipated results;
(4) the financial stability of such entity, including 
financial statements and a proposed budget for the financial 
coaching program of such entity; and
(5) languages served by such entity.
(d) Eligible Uses.--The Secretary shall award grants to eligible 
entities under this section to be used--
(1) by the eligible entity for general purposes of such 
entity; or
(2) by the eligible entity for the purpose of awarding 
subgrants and technical assistance to other eligible entities 
that provide financial coaching.
(e) Financial Coaching Best Practices.--The Director shall carry 
out such activities as necessary to help elevate best practices in the 
financial coaching industry, and to facilitate the development of 
standardized protocols for credentialing financial coaches and agencies 
that provide these services.
(f) Authorization of Appropriations.--
(1) In general.--There is authorized to be appropriated to 
the Director $100,000,000 for fiscal years 2026 through 2028, 
of which--
(A) 55 percent of such appropriated sum be used for 
the purposes described in subsection (d)(1); and
(B) 45 percent of such appropriated sum be used for 
the purpose described in subsection (d)(2).
(2) Proportions.--The Director may update the proportions 
of funds described in paragraph (1) if the Director determines 
that there are insufficient amounts to carry out either 
purposes described in paragraphs (1) and (2) of subsection (d).
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