Bill > HR4538

This bill, known as the Protecting Against Paperless and Electronic Requirements (PAPER) Act, requires financial institutions like banks and credit unions to provide consumers with the option of receiving paper monthly statements and prohibits these institutions from requiring customers to exclusively use digital monthly statements. Specifically, the bill mandates that covered entities (defined as depository institutions and credit unions) must offer paper statement options and cannot make the use of their services contingent upon a customer only accepting digital monthly statements. This legislation aims to protect consumers who may prefer or require paper statements, ensuring they have a choice in how they receive their financial information and can access services without being forced into a fully digital communication format. The definitions of "depository institution" and "credit union" in the bill reference existing federal banking regulations, providing legal clarity about which types of financial institutions are subject to these requirements.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/4538/all-info