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To prohibit covered entities from requiring consumers to solely use digital monthly statements, and for other purposes.
Summary
This bill requires banks and credit unions to offer customers the option of receiving paper copies of their monthly statements. It prohibits financial institutions from requiring customers to use only digital statements or from conditioning access to other services on the use of digital statements alone. The bill applies to depository institutions and credit unions as defined under federal banking law.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Jul 17, 2025 Referred to the House Committee on Financial Services. · house
- Jul 17, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
July 17, 2025
Mr. Turner of Ohio introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To prohibit covered entities from requiring consumers to solely use digital monthly statements, 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 “Protecting Against Paperless and Electronic Requirements Act” or the “PAPER Act”.
SEC. 2. REQUIREMENT.
(a) In General.—Each covered entity shall offer each consumer of such entity the option of receiving paper copies of their monthly statements.
(b) Prohibition.—A covered entity may not condition the use of any services offered by such entity on the sole use of digital monthly statements by a consumer.
(c) Definitions.—
(1) Depository institution.—The term “depository institution” has the meaning given the term in section 3 of the Federal Deposit Act.
(2) Credit union.—The term “credit union” has the meaning given the term in section 101 of the Federal Credit Union Act.
(3) Covered entity.—The term “covered entity” means a depository institution or a credit union. <all>
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