Bill > ACR180

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 a fee, and that many seniors may not be comfortable or able to access electronic statements. It notes that while a state law was proposed to address this issue for state-regulated institutions, federal law preempts such state actions for federally-regulated institutions, necessitating federal legislation to ensure seniors can receive these important financial documents without charge.