Sponsors (9)
The bill expands and standardizes federally supported financial coaching to help low- and moderate-income households while directing modest new federal funds to community providers — but it increases taxpayer costs and administrative/credentialing burdens that may disadvantage small or very new local organizations and concentrate funding away from frontline services.
Low- and moderate-income households gain access to free or low-cost financial coaching intended to improve budgeting, debt management, savings, and credit outcomes.
Community-based nonprofits, CDFIs, and minority depository institutions receive dedicated funding and capacity support (roughly $100M authorized FY2026–2028) to expand services and reach more clients.
Clients with limited English proficiency will be better served because grant eligibility and reporting require relationships with non-English language service providers and documentation of languages served.
Taxpayers bear new federal appropriations—up to about $100 million over three years—without specified offsets, increasing federal spending.
Small and community providers may face new compliance and credentialing costs to meet federal standards, diverting limited resources away from direct client services.
Centralizing authority and imposing administrative requirements (applications, reporting, oversight) at Treasury could increase burdens on local providers, shift funding priorities, and concentrate resources in intermediaries rather than frontline service delivery.
Based on analysis of 3 sections of legislative text.
Creates a Treasury-run grant program funding nonprofits, CDFIs, and MDIs to expand financial coaching and develop standardized credentialing; authorizes $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 expand access to financial coaching for low- and moderate-income households by funding community organizations, CDFIs, and minority depository institutions. Authorizes $100 million for fiscal years 2026–2028 and directs the Office of Consumer Policy to promote best practices and develop standardized credentialing for financial coaches.