CO SB148

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

Authorizes the office to expand access to safe and affordable banking, low-cost credit, free financial counseling, and community wealth-building strategies while identifying barriers to financial stability.

Requires the office to establish a council comprised of financial institutions, state officials, tribal nations, and community organizations, with a majority of members not representing the financial services industry.

Directs the office to track consumer financial abuses with a 30-day response period before public disclosure and coordinate with the Consumer Protection Division and Department of Regulatory Agencies on consumer education.

Appropriates $204,028 to the Department of Law for fiscal year 2021-22 (1.8 FTE) and requires annual reporting to the legislature on affordable banking access, office activities, and local partnership outcomes; effective July 1, 2021.