|Topics and Issues|
In July 2020, presidential candidate Joe Biden (D) and U.S. Sen. Bernie Sanders (I-VT), who ran for president against Biden, released the “Biden-Sanders Unity Task Force Recommendations” that, among other things, called for the creation of a public credit bureau.
Ensuring Equitable Access to Banking and Financial Services
One in four American households are either unbanked or underbanked, putting them at risk of losing money due to exorbitant fees or usurious interest rates. Democrats will support and encourage Congressional efforts to guarantee affordable, transparent, trustworthy banking services for low- and middle-income families, including bank accounts and real-time payment systems through the Federal Reserve and easily accessible service locations, including postal banking. Democrats will also expand access to credit by creating a public credit reporting agency to provide a non-discriminatory credit reporting alternative to the private agencies, and will require its use by all federal lending programs, including home lending and student loans. And we will reinvigorate the Consumer Financial Protection Bureau to ensure that banks and lenders cannot prey on consumers.