Bill > ACR124

This Concurrent Resolution urges the President and Congress of the United States to pass a law that would require banks and other financial institutions regulated by the federal government to send paper account statements to older adults, also referred to as "elder adults," at no cost. The resolution highlights that while many financial institutions used to provide free paper statements, they now often charge for them, and that many seniors are not comfortable using online banking and may not have the necessary technology to access electronic statements. This call for federal action is necessary because state laws, like a proposed New Jersey bill (Assembly Bill No. 1728), are preempted, meaning federal law overrides them in this area, preventing states from prohibiting these fees for federally-regulated institutions.