[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3503 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 3503

 To provide for basic low-cost banking accounts, to eliminate certain 
  automated teller machine surcharges, and to reauthorize a bank fee 
   survey conducted by the Board of Governors of the Federal Reserve 
                    System, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 18, 1999

  Ms. Waters introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
 To provide for basic low-cost banking accounts, to eliminate certain 
  automated teller machine surcharges, and to reauthorize a bank fee 
   survey conducted by the Board of Governors of the Federal Reserve 
                    System, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``ATM Surcharge Elimination and 
Consumer Empowerment Act''.

SEC. 2. LIFELINE BANKING REQUIREMENT FOR FINANCIAL HOLDING COMPANIES 
              AND FINANCIAL SUBSIDIARIES.

    (a) Financial Holding Companies.--
            (1) In general.--Section 4(l)(1) of the Bank Holding 
        Company Act of 1956 (12 U.S.C. 1843(l)(1)), as added by the 
        Gramm-Leach-Bliley Act, is amended--
                    (A) by striking ``and'' at the end of subparagraph 
                (B);
                    (B) by redesignating subparagraph (C) as 
                subparagraph (D);
                    (C) by inserting after subparagraph (B) the 
                following new subparagraph:
                    ``(C) all of the subsidiary depository institutions 
                of the bank holding company have a demonstrable record 
                of performance in the provision of low-cost lifeline 
                bank accounts; and''; and
                    (D) in subparagraph (D) (as so redesignated by 
                subparagraph (B) of this paragraph), by striking ``and 
                (B)'' and inserting ``, (B), and (C)''.
            (2) Technical and conforming amendments.--
                    (A) Section 5(a) of the Bank Holding Company Act of 
                1956 (12 U.S.C. 1844(a)), as amended by the Gramm-
                Leach-Bliley Act, is amended by striking ``4(l)(1)(C)'' 
                and inserting ``4(l)(1)(D)''.
                    (B) Section 8(c) of the International Banking Act 
                of 1978 (12 U.S.C. 3106(c)), as amended by the Gramm-
                Leach-Bliley Act, is amended by striking ``4(l)(1)(C)'' 
                and inserting ``4(l)(1)(D)''.
                    (C) Section 4(c) of the Community Reinvestment Act 
                of 1977 (12 U.S.C. 2903(c)), as added by the Gramm-
                Leach-Bliley Act, is amended in paragraphs (1)(A) and 
                (2) by striking ``4(l)(1)(C)'' and inserting 
                ``4(l)(1)(D)''.
    (b) Financial Subsidiaries.--Section 5136A(a)(2)(C) of the Revised 
Statutes of the United States, as added by the Gramm-Leach-Bliley Act, 
is amended to read as follows:
                    ``(C) the national bank and each insured depository 
                institution affiliate of the national bank--
                            ``(i) are well capitalized;
                            ``(ii) are well managed: and
                            ``(iii) have a demonstrable record of 
                        performance in the provision of low-cost 
                        lifeline bank accounts;''.

SEC. 3. PRESERVATION OF BANK FEE REPORT REQUIREMENTS.

    (a) In General.--Section 3003(a)(1) of the Federal Reports 
Elimination and Sunset Act of 1995 (31 U.S.C. 1113 note) shall not 
apply to any report required to be submitted under section 1002(b) of 
Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
    (b) Sunset of Report.--Section 1002(b) of Financial Institutions 
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note) is 
amended by adding at the end the following new paragraph:
            ``(4) Sunset.--Notwithstanding section 108(b) of the 
        Riegle-Neil Interstate Banking and Branching Efficiency Act of 
        1994, no report shall be required under this subsection after 
        the end of the 10-year period beginning on the date of the 
        enactment of the Financial Services Modernization Act of 
        1999.''.
    (c) Credit Unions Included in Survey.--Section 1002(a)(1) of 
Financial Institutions Reform, Recovery, and Enforcement Act of 1989 
(12 U.S.C. 1811 note) is amended by inserting ``, including credit 
unions'' after ``insured depository institutions''.

SEC. 4. PROHIBITION ON CERTAIN FEES.

    The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is 
amended--
            (1) by redesignating sections 918, 919, 920, and 921 as 
        sections 919, 920, 921, and 922, respectively; and
            (2) by inserting after section 917 the following new 
        section:

``SEC. 918. FEES.

    ``In the case of any electronic fund transfer which--
            ``(1) is initiated by a consumer from an electronic 
        terminal operated by a person other than the financial 
        institution holding the account of the consumer; and
            ``(2) utilizes a national or regional communication network 
        to effect the transaction between such person and the financial 
        institution holding the account of the consumer,
no fee may be imposed on the consumer with respect to such transaction 
by the person operating the electronic terminal at which the transfer 
is initiated.''.
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