US HB3077 | 2011-2012 | 112th Congress

Status

Spectrum: Partisan Bill (Democrat 33-0)
Status: Introduced on October 3 2011 - 25% progression, died in committee
Action: 2011-10-21 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Freedom and Mobility in Consumer Banking Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from: (1) prohibiting any person from closing a checking or savings account, regardless of its balance; or (2) charging a fee to close such an account. Requires a depository institution to close an account within 48 hours after receiving a request from the customer to do so. Permits an account holder to request that the account be closed in person, over the phone, or by other electronic or remote means, as may be prescribed by regulation. Sets forth financial institution procedures for closing large accounts and repaying balances, as well as notice and opportunity for accountholder repayment of overdrafts. Prohibits a depository institution from: (1) imposing fees or charges after receiving a request to close an account, or (2) reopening an account without express account holder request.

Tracking Information

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Title

Freedom and Mobility in Consumer Banking Act

Sponsors


History

DateChamberAction
2011-10-21HouseReferred to the Subcommittee on Financial Institutions and Consumer Credit.
2011-10-03HouseReferred to the House Committee on Financial Services.

Subjects


US Congress State Sources


Bill Comments

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