Financial Services Access Act of 1993

Summary

Financial Services Access Act of 1993 - (Secs. 3-4) Prescribes guidelines under which: (1) each depository institution must offer a basic financial services account under which an account holder may obtain either basic transaction account services or government check cashing account services; and (2) the Board of Governors of the Federal Reserve System (the Board) must develop a model application form for the use of depository institutions offering such accounts. (Secs. 5-6) Sets forth the criteria for basic transaction services accounts and government check cashing services accounts. (Sec. 7) Requires a depository institution to conspicuously disclose the availability of such accounts in its public areas. (Secs. 8-9) Requires certain credit unions to offer basic financial services accounts. Exempts certain depository institutions from the requirements of this Act. (Secs. 10-11) Prescribes guidelines for fraud prevention and administrative enforcement. (Secs. 13-16) Requires a study and report to the Congress by: (1) the Board on the incidence of fraud in connection with government check cashing services; (2) the Secretary of the Treasury on the feasibility of staggering Federal recurring payments; and (3) the Comptroller General on using the Postal Service as a supplemental provider of government check cashing services and on using direct deposit for Federal recurring payments.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 January 1993

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 January 1993

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• Introduced in Senate

  summary · EN · 21 January 1993

  Open at official source

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