Sponsors (9)
The bill expands federally funded financial coaching and capacity for community providers—potentially improving financial outcomes and language access for low-income households—while creating modest federal costs and new certification, reporting, and centralization burdens that may strain or exclude small and very new frontline organizations.
Low- and moderate-income individuals and families gain greater access to free or low-cost financial coaching that can improve budgeting, reduce debt, increase savings, and boost credit scores.
Community-based nonprofits, CDFIs, and minority depository institutions receive dedicated funding and capacity-building (including a $100M appropriation FY2026–2028) to expand financial coaching services.
Standardized best practices and certification/credentialing for financial coaches could raise service quality, consistency, and professional development nationwide.
Taxpayers face up to $100 million in new federal appropriations over three years to fund grants and program administration.
Small community providers and coaches will face increased administrative and compliance burdens (applications, reporting, credential expectations) that raise operating costs and divert staff time from direct services.
Very new or nascent community groups (under one year) are excluded from grant eligibility, limiting support to some emerging frontline providers.
Based on analysis of 3 sections of legislative text.
Creates a Treasury-run grant program funding community providers and credentialing work to expand access to financial coaching, authorizing $100M for FY2026–2028.
Official title: 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.
Introduced April 20, 2026 by Sylvia Garcia · Last progress April 20, 2026
Creates a Treasury-run grant program to fund nonprofit and community financial coaching providers and develop standardized certification for financial coaches. Authorizes $100 million for FY2026–2028, allows grants and subgrants, and directs the Treasury Office of Consumer Policy to administer, evaluate, and promote best practices and credentialing. The program targets community-based organizations, community development financial institutions (CDFIs), and minority depository institutions (MDIs) to expand access to evidence-based financial coaching for low- and moderate-income households and strengthen provider capacity.