Equitable Access to Financial Services Act of 2025

The Equitable Access to Financial Services Act of 2025 requires the District of Columbia to contract only with financial institutions that have physical branches in at least five wards when providing prepaid debit cards for District employees and residents. It directs the District to prioritize banks with locations in low-income census tracts (median household income under $50,000). This addresses the current issue where unbanked residents - 8% of District households - spend significantly more annually on alternative financial services due to limited branch access. The bill aims to improve financial inclusion by connecting unbanked residents to traditional banking services through strategic contracting.