Amendment #3 to H4670

Promoting CRA Supported Financial Literacy Partnerships and Reporting

Mr. Paulino of Methuen moves to amend the bill by inserting after section 4 the following section:

SECTION 4A. Chapter 71 of the General Laws, as appearing in the 2024 Official Edition, is hereby amended by inserting after section 102 the following section:

Section 102A. The department of elementary and secondary education, in consultation with the division of banks, shall develop and disseminate guidelines to facilitate voluntary partnerships between school districts and financial institutions for the provision of personal financial literacy programming and resources.

Each public school district may partner with one or more banks or financial institutions to supplement personal financial literacy instruction with additional curricula, instructional materials, workshops, or mentoring opportunities; provided, however, that any such programming shall align with the curriculum frameworks established under sections 1D and 1R of chapter 69 and shall be offered in a manner free from commercial solicitation or marketing.

The guidelines shall ensure that participation in any such partnership shall impose no financial cost or obligation on the school district and shall include best practices to maintain the educational neutrality of materials and instruction. In developing these guidelines, the department and the division of banks shall emphasize opportunities that (i) benefit schools serving primarily low and moderate income students and (ii) are structured to qualify as community development investments or services for purposes of the federal Community Reinvestment Act, 12 U.S.C. § 2901 et seq., in a manner that qualifies banks and financial institutions for credit under applicable federal regulations for supporting personal financial literacy education in public schools.

Annually, not later than October 1, the commissioner shall include in the report required under section 1I of chapter 69 a summary of partnerships formed pursuant to this section, including the number of participating schools and districts, the types of programs implemented, and the number of students served pursuant to this section.

Additional co-sponsor(s) added to Amendment #3 to H4670

Promoting CRA Supported Financial Literacy Partnerships and Reporting