Customers could no longer be forced by their financial institutions to use electronic bank statements instead of paper statements under legislation led by U.S. Rep. Mike Turner (R-OH).
“Financial institutions have an obligation to ensure that Americans can utilize the banking services they need,” the congressman said. “For many Americans, online bank statements may not be a viable alternative to paper statements.”
Banks are aggressively advocating for customers to go paperless, according to Rep. Turner, a tactic that he says creates significant barriers for many senior citizens and individuals who do not have access to the internet.
The Protecting Against Paperless and Electronic Requirement (PAPER) Act, H.R. 4538, which Rep. Turner sponsored on July 17, would require financial institutions to give customers the option to receive paper statements and would prohibit banks from requiring paperless or electronic statements over other provided services, according to a bill summary offered by his staff.
“The PAPER Act would bar financial institutions from restricting services based on a customer’s preference for paper statements, making certain that all Americans can participate in our banking system in a way that works best for them,” said Rep. Turner.
H.R. 4538, which is supported by The Senior Citizens League, has been referred to the U.S. House Financial Services Committee for consideration.