,i #aafth ,,congress #b;d ,session ,h4 ,r4 #fjab ,,in ,,the ,,house ,,of ,,representatives ,february #bg1 #bjbj,mr4 ,david ,scott of ,georgia 7for himself1 ,mr4 ,stivers1 ,mrs4 ,beatty1 ,mr4 ,hill of ,arkansas1 ,ms4 ,dean1 and ,mr4 ,loudermilk7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to require the ,director of the ,bureau of ,consumer ,financial ,protection to establish a grant program to facilitate financial literacy programs1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,consumer ,financial ,education and ,empowerment ,act4 #b4 ,financial literacy grant program 7a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 the ,director of the ,bureau of ,consumer ,financial ,protection shall establish a program to award grants on a competitive basis to eligible entities to facilitate financial literacy programs as described in subsection 7d74 7b7 ,application requirements ,to be eligible to be awarded a grant under the program established under subsection 7a71 an eligible entity shall submit an application to the ,director at such time1 in such manner1 and containing such information as the ,director may require1 including information on-- 7#a7 the curriculum and design of the financial literacy program proposed by the eligible entity1 including a description of how such program meets the requirements of subsection 7d72 7#b7 expected participants in the proposed financial literacy program2 7#c7 who is expected to be employed or otherwise involved with the proposed financial literacy program1 including-- 7,a7 administrators2 7,b7 consultants2 and 7,c7 financial advisors2 and 7#d7 a prospective budget for the proposed financial literacy program4 7c7 ,grants 7#a7 ,amounts ,the ,director shall determine the amount of each grant awarded under the program established under subsection 7a74 7#b7 ,term ,a grant awarded under the program established under subsection 7a7 shall be for a term of #ab months4 7#c7 ,considerations ,in awarding grants under the program established under subsection 7a71 the ,director may consider whether the proposed financial literacy program of an applicant would address the types of abuse that result in a penalty being deposited into the ,consumer ,financial ,civil ,penalty ,fund established under section #ajag7;d7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edig7;d774 7#d7 ,renewal ,an eligible entity may apply to renew a grant awarded under the program established under subsection 7a7 by submitting to the ,director a simplified renewal application that shall receive expedited review4 7#e7 ,bureau of ,consumer ,financial ,protection annual financial literacy report ,in awarding grants under this section1 the ,director shall consider information provided by the annual report that is required under section #ajac7;d77#d7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edic7;d77#d774 7d7 ,financial literacy program described ,a financial literacy program described in this subsection is a program that provides the following3 7#a7 ,instruction to participants1 including individuals who provide instruction with respect to financial literacy education1 on one or more of the following3 7,a7 ,personal financial wellness4 7,b7 ,credit and alternatives to credit4 7,c7 ,management of student loan debt4 7,d7 ,financial counseling for individuals who seek to attend a college1 university1 or vocational school4 7,e7 ,preparation for homeownership4 7,f7 ,basic investing4 7,g7 ,financial saving1 planning1 and management4 7,h7 ,tax planning4 7,i7 ,personal information security4 7,j7 ,preparation for retirement4 7,k7 ,entrepreneurship assistance or assistance in starting a business4 7,l7 ,other topics as determined by the ,director4 7#b7 ,an in-person instruction component that-- 7,a7 may be provided as a webinar1 an in-classroom experience1 or one-on-one financial coaching2 7,b7 includes-- 7i7 live1 real-time instruction2 and 7ii7 an opportunity for students to engage with an instructor2 and 7,c7 is not primarily comprised of self-taught instruction4 7e7 ,funding 7#a7 ,in general ,the ,director shall1 in accordance with section #ajag7;d7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edig7;d771 use amounts in the ,consumer ,financial ,civil ,penalty ,fund to carry out this ,act4 7#b7 ,amounts ,to carry out this ,act1 the ,director shall use until expended not less than-- 7,a7 in fiscal year #bjba1 #ej1jjj1jjj2 and 7,b7 in each allocation period starting after fiscal year #bjba1 the lessor of-- 7i7 #be1jjj1jjj2 or 7ii7 after allocation to victims has been determined for the prior allocation period1 #ej percent of the remaining amounts collected during the prior allocation period4 7#c7 ,conforming amendment ,section #ajag7;d77#b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edig7;d77#b77 is amended-- 7,a7 by striking 1 the ,bureau may use and inserting 1 the ,bureau-- 7,a7 may use 2 7,b7 by striking programs4 and inserting programs2 and2 and 7,c7 by adding at the end the following3 7,b7 shall use such funds for the grant program established by the ,consumer ,financial ,education and ,empowerment ,act4 4 7f7 ,financial ,literacy and ,education ,commission report ,not later than #b years after the ,director establishes the program under subsection 7a71 and every #e years thereafter1 the ,financial ,literacy and ,education ,commission shall submit to ,congress and the ,director a report that provides recommendations on how to improve such program4 7g7 ,definitions ,in this section3 7#a7 ,allocation period ,the term allocation period means the biannual allocation period of funds to a class of victims that occurs according to the schedule established pursuant to section #ajge4aje7;b7 of title #ab1 ,code of ,federal ,regulations 7or any successor regulation74 7#b7 ,commission ,the term ,commission means the ,financial ,literacy and ,education ,commission1 established under title ,v of the ,fair and ,accurate ,credit ,transactions ,act of #bjjc 7#bj ,u4,s4,c4 #igja et seq474 7#c7 ,director ,the term ,director means the ,director of the ,bureau of ,consumer ,financial ,protection4 7#d7 ,eligible entity ,the term eligible entity means-- 7,a7 a ,state government1 local government1 or agency of a ,state or local government2 or 7,b7 a nonprofit organization that-- 7i7 has knowledge of personal financial management2 7ii7 has experience providing financial education2 and 7iii7 has a history of achieving goals and objectives of financial literacy programs4 7#e7 ,nonprofit organization ,the term nonprofit organization means an organization that is described in section #eja7;c77#c7 of the ,internal ,revenue ,code of #aihf 7#bf ,u4,s4,c4 #eja7;c77#c77 and is exempt from taxation under section #eja7;a7 of such ,code4 7#f7 ,state ,the term ,state means each ,state of the ,united ,states1 the ,district of ,columbia1 each territory or possession of the ,united ,states1 and each federally recognized ,indian ,tribe4