3.0.0 3137 2023-01-11T13:24:10Z 2023-01-11T13:24:10Z House H HR 2013-09-19 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. SCHAKOWSKY:H.R. 3137.Congress has the power to enact this legislation pursuantto the following:Article I, Section VIII.[Page H5766]]]> hsba00 Financial Services Committee House Standing Referred to 2013-09-19T14:02:05Z Freedom and Mobility in Consumer Banking Act 113 1534 S 2013-09-19 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Identical bill CRS 2013-09-19 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-09-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-09-19 Introduced in House IntroReferral 1000 9 Library of Congress S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 N C000714 Rep. Conyers, John, Jr. [D-MI-13] JOHN CONYERS D MI 13 2013-09-19 True D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 2013-09-19 True E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2013-09-19 True G000551 Rep. Grijalva, Raúl M. [D-AZ-3] Raúl Grijalva D AZ M. 3 2013-09-19 True G000535 Rep. Gutierrez, Luis V. [D-IL-4] LUIS GUTIERREZ D IL V. 4 2013-09-19 True L000551 Rep. Lee, Barbara [D-CA-13] BARBARA LEE D CA 13 2013-09-19 True N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2013-09-19 True C001037 Rep. Capuano, Michael E. [D-MA-7] MICHAEL CAPUANO D MA E. 7 2013-10-01 False E000215 Rep. Eshoo, Anna G. [D-CA-18] ANNA ESHOO D CA G. 18 2013-11-13 False T000472 Rep. Takano, Mark [D-CA-41] Mark Takano D CA 41 2013-12-03 False L000397 Rep. Lofgren, Zoe [D-CA-19] ZOE LOFGREN D CA 19 2013-12-03 False H001032 Rep. Holt, Rush [D-NJ-12] RUSH HOLT D NJ D. 12 2014-02-10 False M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 2014-05-06 False W000215 Rep. Waxman, Henry A. [D-CA-33] HENRY WAXMAN D CA A. 33 2014-05-21 False Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Congressional oversight Consumer Financial Protection Bureau Consumer affairs Consumer credit Government studies and investigations Finance and Financial Sector 00 2013-09-19 Introduced in House 2013-09-30T19:31:47Z 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.

]]> Freedom and Mobility in Consumer Banking Act Display Title Freedom and Mobility in Consumer Banking Act Official Title as Introduced To provide a framework establishing the rights, liabilities, and responsibilities of participants in closing procedures for certain types of consumer deposit accounts, to protect individual consumer rights, and for other purposes. Introduced in House IH Short Titles as Introduced Freedom and Mobility in Consumer Banking Act Introduced in House 2013-09-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3137ih/xml/BILLS-113hr3137ih.xml 2013-09-19 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.