H.R. 8373: Improving Access to Financial Coaching Act of 2026

The Improving Access to Financial Coaching Act of 2026 is a legislative proposal aimed at enhancing financial coaching services, particularly for low- and moderate-income households. The bill outlines several key provisions:

Purpose

The main purposes of the bill are to:

• Establish a federal program to provide grants to eligible organizations offering financial coaching services.
• Strengthen the capacity of community-based providers to deliver effective financial coaching.
• Improve consumer financial well-being by increasing access to trusted financial guidance.
• Authorize the Office of Consumer Policy within the Department of the Treasury to oversee the program and to research and develop standardized practices for certifying financial coaches and their agencies.

Financial Coaching Services Grant

The bill mandates the Secretary of the Treasury, through the Director of the Office of Consumer Policy, to create a program to award grants to organizations providing financial coaching services. This program must be established within one year of the bill's enactment.

Eligibility for Grants

To qualify for grants, organizations must:

• Be a nonprofit, community-based organization, a community development financial institution, or a minority depository institution.
• Have been in operation for at least one year.
• Have connections with entities that provide non-English language services if serving non-English speaking populations.
• Have established, or plan to establish, a financial coaching program that serves specific low to moderate income or minority communities.

Application Process

Eligible organizations seeking grants must submit an application detailing:

• Their organizational information and financial coaching services.
• Staff qualifications and any required certification or continuing education for financial coaches.
• A work plan outlining activities, target audiences, and goals.
• The financial stability of the organization, including financial statements.
• Languages served by the organization.

Use of Grants

Grants can be used for:

• General operational purposes of the organization.
• Awarding subgrants and providing technical assistance to other eligible entities offering financial coaching.

Best Practices and Standardization

The Director is tasked with implementing activities necessary to promote best practices in financial coaching and develop standardized protocols for the certification of financial coaches and their agencies.

Funding

The bill authorizes $100 million for the program over fiscal years 2026 to 2028, with specified percentages allocated for general purposes and for subgrants to other entities. The Director has the authority to adjust these funding proportions if needed.

Relevant Companies

None found