CO SB193

Creates the Financial Empowerment Office within the Department of Law, headed by a director appointed by the Colorado Attorney General, to grow financial resilience and well-being of Colorado residents through community-derived goals and strategies.

Office authorized to partner with governmental bodies, community organizations, financial institutions, and philanthropic organizations to develop methods for increasing access to safe and affordable financial products and community-informed policies that dismantle systemic barriers to wealth-building for low-income communities and communities of color.

Office required to support community coalitions defining financial resilience strategies, establish a statewide coalition to increase access to safe and affordable banking products, develop financial coaching and counseling efforts, and raise federal, philanthropic, and private funds to support these initiatives.

Office must collaborate with the State Treasurer on creation and management of a loan fund for small credit-building loans, track consumer financial abuses, and coordinate with enforcement teams at state agencies to connect consumers with resources and educate the public on consumer rights.

Office required to submit annual reports to the General Assembly beginning August 1, 2021, regarding affordable banking access in Colorado and implementation of office objectives; bill takes effect July 1, 2020.