A Policy Mapping Analysis of Goals Related to Bank Accounts in Federal Legislative Proposals

Abstract

The US struggles to fully bank the unbanked and underbanked populations. This paper examined the policy landscape around these efforts by exploring the following research questions: (1) What policy goals that may impact the availability of low-cost, basic bank accounts that have been introduced in Congress as legislation? (2) How far in the legislative process did the legislation advance? (3) What populations did these proposed laws target? and (4) What related policy goals were pursued most ardently over the past 20 years? We conducted a policy mapping content analysis of all bank account-related bills (N = 32) proposed in Congress between 1999 and 2020 (May) (106th–116th Congresses). Two researchers independently coded basic characteristics (e.g., type, status, sponsorship), focal populations, and illustrative mechanisms for policy goals using a taxonomy developed by the researchers. Researchers compared codes and addressed discrepancies through consensus. New codes were created as needed. Goals appearing most often were expanding access to bank accounts (81.2%), increasing consumer protection (81.2%), and reducing costs of basic accounts (78.2%). Increasing consumer disclosure (37.5%) and expanding the type of institutions that offer basic accounts (9.4%) were addressed infrequently in the legislation. No legislation addressed the policy goal of expanding account access in minority populations and communities. Explicit attention toward unbanked and underbanked households, racial/ethnic minorities, and other vulnerable populations was rare. This study represents the first systematic analysis of key features of the US congressional response to the problem of affordability and accessibility of bank accounts. Legislative attention to the policy goals of expanding access and types of institutions that offer accounts is needed.