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Bill Detail: SB20-193

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Title Creation Of The Financial Empowerment Office
Status Senate Committee on Finance Postpone Indefinitely (05/26/2020)
Bill Subjects
  • Financial Services & Commerce
House Sponsors J. Coleman (D)
K. Tipper (D)
Senate Sponsors J. Gonzales (D)
D. Moreno (D)
House Committee
Senate Committee Finance
Date Introduced 03/09/2020
Description

The bill creates the financial empowerment office (office) and the
director of the office (director) in the department of law to grow the
financial resilience and well-being of Coloradans through specified
community-derived goals and strategies. The director is appointed by the
Colorado attorney general and may hire staff as necessary to perform the
duties and functions of the office. The office also consists of a manager

who is appointed by the director.
The office is authorized to partner with governmental bodies,
community organizations, financial institutions, local service providers,
and philanthropic organizations to achieve the purposes of the office. The
office is also authorized to develop:
  • Methods to increase access to safe and affordable financial
products;
  • Tools and resources that advance, increase, and improve
Colorado residents' financial management; and
  • Community-informed policies and systems that dismantle
systemic barriers to building ownership and wealth for all,
especially low-income communities and communities of
color.
The financial empowerment office is required to:
  • Support the organization of community coalitions to define
and lead financial resilience strategies;
  • Align, support, and build ties to build financial education
and well-being in communities across the state;
  • Establish a statewide coalition to assist the director in
increasing access to safe and affordable banking products
that help improve the financial stability of Colorado
residents;
  • Work with stakeholders to increase access to low-cost,
credit-building loans and financial products;
  • Work with state authorities and other stakeholders to
expand access to safe and affordable banking products with
low fees and easy account access;
  • Develop technical assistance to launch or expand local
financial coaching and counseling efforts;
  • Raise money to support coaching, safe and affordable
banking, and potential loan funds;
  • Collaborate with the office of the state treasurer on the
creation and management of a loan fund to support small
credit-building loans; and
  • Track community feedback on consumer financial abuses
and coordinate with the enforcement teams at various state
agencies, connect consumers with existing resources, and
educate the public on their related consumer rights.
The office is also required to submit an annual report to the
general assembly regarding the activities of the office and the state of
affordable banking access in Colorado.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (03/24/2020) (most recent)  
Additional Bill Documents Bill Documents
Including:
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  • Past fiscal notes
  • Committee activity and documents
  • Bill History
 
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