H.R.1419 - Freedom to Bank Act111th Congress (2009-2010)
|Sponsor:||Rep. Paul, Ron [R-TX-14] (Introduced 03/10/2009)|
|Committees:||House - Financial Services|
|Latest Action:||House - 03/10/2009 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1419 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (03/10/2009)
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.