H.R.6297 - Freedom to Bank Act109th Congress (2005-2006)
|Sponsor:||Rep. Paul, Ron [R-TX-14] (Introduced 09/29/2006)|
|Committees:||House - Financial Services|
|Latest Action:||House - 10/18/2006 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.6297 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in House (09/29/2006)
Freedom to Bank Act - Terminates any provision of federal law (other than the Internal Revenue Code) that subjects a consumer to a penalty for withdrawing or transferring funds from any transaction account or any savings or time deposit.
Declares that no creditor, depository institution, or credit union shall be required to provide periodic statements of account to a customer unless the customer has notified it of an election to receive such statements.
Requires such entities to establish a procedure for notifying customers of their right to elect to receive statements of account and the method for implementing such election.