H.R.3077 - Freedom and Mobility in Consumer Banking Act112th Congress (2011-2012)
|Sponsor:||Rep. Miller, Brad [D-NC-13] (Introduced 10/03/2011)|
|Committees:||House - Financial Services|
|Latest Action:||10/21/2011 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.3077 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (10/03/2011)
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.