Freedom and Mobility in Consumer Banking Act

Summary

Freedom and Mobility in Consumer Banking Act - Amends the Truth in Savings Act to prohibit depository institutions from: (1) prohibiting a consumer from closing a covered account (a checking, savings, or any other account that the Bureau of Consumer Financial Protection [CFPB] may include), regardless of whether the balance is positive, zero, or negative; (2) charging any fee to close such account; or (3) reopening such an account to apply subsequent debits after a consumer has requested the account to be closed, unless the consumer requests that the account be reopened. Requires depository institutions to provide consumers with a description of the policies and procedures in place to close such accounts at the time the account is opened, upon request, and on the websites of such institutions. Directs the CFPB to prescribe regulations relating to the closure of such accounts, including: (1) allowing consumers to receive available funds from a closed account in the form of a cashier's check, electronic funds transfer, or any other means offered by the institution or determined appropriate by the CFPB; (2) requiring depository institutions to provide consumers with certain information regarding any preauthorized transactions or direct deposits associated with an account before it is closed; (3) prohibiting a depository institution from reporting adverse information regarding such account to any consumer reporting agency if, at the time the account is closed, the account has a negative balance resulting solely from any fee assessed by the depository institution; and (4) establishing the terms under which a depository institution may report to a consumer reporting agency that an account had a negative closing balance, provided that the institution notifies the consumer and provides a reasonable period for repayment of the balance. Directs the Comptroller General (GAO) to report to Congress and the CFPB regarding additional barriers that could limit the ability of a consumer to close a covered account. Requires the CFPB, after receiving such report, to determine whether regulations should be issued to remove such barriers.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 September 2013

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 19 September 2013

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 September 2013

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 19 September 2013 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 September 2013

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 September 2013

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 19 September 2013

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Schakowsky, Janice D. [D-IL-9] · D · Sponsor
• Rep. Conyers, John, Jr. [D-MI-13] · D · Sponsor
• Rep. DeFazio, Peter A. [D-OR-4] · D · Sponsor
• Rep. Ellison, Keith [D-MN-5] · D · Sponsor
• Rep. Grijalva, Raúl M. [D-AZ-7] · D · Sponsor
• Rep. Gutierrez, Luis V. [D-IL-4] · D · Sponsor
• Rep. Lee, Barbara [D-CA-12] · D · Sponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Sponsor
• Rep. Capuano, Michael E. [D-MA-8] · D · Cosponsor
• Rep. Eshoo, Anna G. [D-CA-18] · D · Cosponsor
• Rep. Takano, Mark [D-CA-39] · D · Cosponsor
• Rep. Lofgren, Zoe [D-CA-18] · D · Cosponsor
• Rep. Holt, Rush [D-NJ-12] · D · Cosponsor
• Rep. McDermott, Jim [D-WA-7] · D · Cosponsor
• Rep. Waxman, Henry A. [D-CA-33] · D · Cosponsor
• · hsba00 · Standing

Related records

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