,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #fjab ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,febru>y #bg1 #bjbj,mr4 ,david ,scott ( ,georgia 7= himself1 ,mr4 ,/iv]s1 ,mrs4 ,beatty1 ,mr4 ,hill ( ,arkansas1 ,ms4 ,dean1 & ,mr4 ,l\d]milk7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to require ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection to e/abli% a grant program to facilitate f9ancial lit]acy programs1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,consum] ,f9ancial ,education & ,emp[]m5t ,act4 #b4 ,f9ancial lit]acy grant program 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection %all e/abli% a program to aw>d grants on a competitive basis to eligible entities to facilitate f9ancial lit]acy programs z describ$ 9 subsection 7d74 7b7 ,application requirem5ts ,to be eligible to be aw>d$ a grant "u ! program e/abli%$ "u subsection 7a71 an eligible entity %all submit an application to ! ,director at su* "t1 9 su* mann]1 & conta9+ su* in=mation z ! ,director may require1 includ+ in=mation on-- 7#a7 ! curriculum & design ( ! f9ancial lit]acy program propos$ by ! eligible entity1 includ+ a description ( h[ su* program meets ! requirem5ts ( subsection 7d72 7#b7 expect$ p>ticipants 9 ! propos$ f9ancial lit]acy program2 7#c7 :o is expect$ to be employ$ or o!rwise involv$ ) ! propos$ f9ancial lit]acy program1 includ+-- 7,a7 adm9i/rators2 7,b7 consultants2 & 7,c7 f9ancial advisors2 & 7#d7 a prospective budget = ! propos$ f9ancial lit]acy program4 7c7 ,grants 7#a7 ,am\nts ,! ,director %all det]m9e ! am\nt ( ea* grant aw>d$ "u ! program e/abli%$ "u subsection 7a74 7#b7 ,t]m ,a grant aw>d$ "u ! program e/abli%$ "u subsection 7a7 %all be = a t]m ( #ab mon?s4 7#c7 ,consid]ations ,9 aw>d+ grants "u ! program e/abli%$ "u subsection 7a71 ! ,director may consid] :e!r ! propos$ f9ancial lit]acy program ( an applicant w\ld address ! types ( abuse t result 9 a p5alty be+ deposit$ into ! ,consum] ,f9ancial ,civil ,p5alty ,fund e/abli%$ "u section #ajag7;d7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #edig7;d774 7#d7 ,r5ewal ,an eligible entity may apply to r5ew a grant aw>d$ "u ! program e/abli%$ "u subsection 7a7 by submitt+ to ! ,director a simplifi$ r5ewal application t %all receive exp$it$ review4 7#e7 ,bureau ( ,consum] ,f9ancial ,protection annual f9ancial lit]acy report ,9 aw>d+ grants "u ?is section1 ! ,director %all consid] in=mation provid$ by ! annual report t is requir$ "u section #ajac7;d77#d7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #edic7;d77#d774 7d7 ,f9ancial lit]acy program describ$ ,a f9ancial lit]acy program describ$ 9 ?is subsection is a program t provides ! foll[+3 7#a7 ,in/ruction to p>ticipants1 includ+ individuals :o provide in/ruction ) respect to f9ancial lit]acy education1 on "o or m ( ! foll[+3 7,a7 ,p]sonal f9ancial wellness4 7,b7 ,cr$it & alt]natives to cr$it4 7,c7 ,managem5t ( /ud5t loan debt4 7,d7 ,f9ancial c\nsel+ = individuals :o seek to att5d a college1 univ]sity1 or vocational s*ool4 7,e7 ,prep>ation = home[n]%ip4 7,f7 ,basic inve/+4 7,g7 ,f9ancial sav+1 plann+1 & managem5t4 7,h7 ,tax plann+4 7,i7 ,p]sonal in=mation security4 7,j7 ,prep>ation = retirem5t4 7,k7 ,entrepr5eur%ip assi/ance or assi/ance 9 />t+ a bus9ess4 7,l7 ,o!r topics z det]m9$ by ! ,director4 7#b7 ,an 9-p]son in/ruction compon5t t-- 7,a7 may be provid$ z a web9>1 an 9-classroom exp]i5ce1 or "o-on-"o f9ancial coa*+2 7,b7 includes-- 7i7 live1 real-"t in/ruction2 & 7ii7 an opportunity = /ud5ts to engage ) an in/ructor2 & 7,c7 is n prim>ily compris$ ( self-taught in/ruction4 7e7 ,fund+ 7#a7 ,9 g5]al ,! ,director %all1 9 accordance ) section #ajag7;d7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #edig7;d771 use am\nts 9 ! ,consum] ,f9ancial ,civil ,p5alty ,fund to c>ry out ?is ,act4 7#b7 ,am\nts ,to c>ry out ?is ,act1 ! ,director %all use until exp5d$ n less ?an-- 7,a7 9 fiscal ye> #bjba1 #ej1jjj1jjj2 & 7,b7 9 ea* allocation p]iod />t+ aft] fiscal ye> #bjba1 ! lessor (-- 7i7 #be1jjj1jjj2 or 7ii7 aft] allocation to victims has be5 det]m9$ = ! prior allocation p]iod1 #ej p]c5t ( ! rema9+ am\nts collect$ dur+ ! prior allocation p]iod4 7#c7 ,con=m+ am5dm5t ,section #ajag7;d77#b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #edig7;d77#b77 is am5d$-- 7,a7 by /rik+ 1 ! ,bureau may use & ins]t+ 1 ! ,bureau-- 7,a7 may use 2 7,b7 by /rik+ programs4 & ins]t+ programs2 &2 & 7,c7 by add+ at ! end ! foll[+3 7,b7 %all use su* funds = ! grant program e/abli%$ by ! ,consum] ,f9ancial ,education & ,emp[]m5t ,act4 4 7f7 ,f9ancial ,lit]acy & ,education ,commission report ,n lat] ?an #b ye>s aft] ! ,director e/abli%es ! program "u subsection 7a71 & e #e ye>s !reaft]1 ! ,f9ancial ,lit]acy & ,education ,commission %all submit to ,congress & ! ,director a report t provides recomm5dations on h[ to improve su* program4 7g7 ,def9itions ,9 ?is section3 7#a7 ,allocation p]iod ,! t]m allocation p]iod means ! biannual allocation p]iod ( funds to a class ( victims t occurs accord+ to ! s*$ule e/abli%$ pursuant to section #ajge4aje7;b7 ( title #ab1 ,code ( ,f$]al ,regulations 7or any successor regulation74 7#b7 ,commission ,! t]m ,commission means ! ,f9ancial ,lit]acy & ,education ,commission1 e/abli%$ "u title ,v ( ! ,fair & ,accurate ,cr$it ,transactions ,act ( #bjjc 7#bj ,u4,s4,c4 #igja et seq474 7#c7 ,director ,! t]m ,director means ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection4 7#d7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a ,/ate gov]nm5t1 local gov]nm5t1 or ag5cy ( a ,/ate or local gov]nm5t2 or 7,b7 a nonpr(it organization t-- 7i7 has k ( p]sonal f9ancial managem5t2 7ii7 has exp]i5ce provid+ f9ancial education2 & 7iii7 has a hi/ory ( a*iev+ goals & objectives ( f9ancial lit]acy programs4 7#e7 ,nonpr(it organization ,! t]m nonpr(it organization means an organization t is describ$ 9 section #eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7#bf ,u4,s4,c4 #eja7;c77#c77 & is exempt f taxation "u section #eja7;a7 ( su* ,code4 7#f7 ,/ate ,! t]m ,/ate means ea* ,/ate ( ! ,unit$ ,/ates1 ! ,di/rict ( ,columbia1 ea* t]ritory or possession ( ! ,unit$ ,/ates1 & ea* f$]ally recogniz$ ,indian ,tribe4