Because one in five American households remain without internet access, according to the U.S. Department of Commerce, legislation offered on Dec. 13 by U.S. Rep. Mike Turner (R-OH) would prohibit banks from only using electronic bank statements.
“Our country’s financial institutions have an obligation to ensure that Americans can reasonably utilize the banking services they need, and this legislation guarantees that individuals are still able to obtain paper bank statements,” Rep. Turner said.
The congressman sponsored the Protecting Against Paperless and Electronic Requirements (PAPER) Act, H.R. 6777, to protect access to paper bank statements through two measures: requiring that banks give customers the option to receive paper statements, and prohibiting banks from withholding paper services unless customers switch to all-digital statements, according to a bill summary provided by his staff.
“For America’s senior citizens or those living in rural or underserved communities across the United States, online banking is not a viable alternative to paper billing, and the ultimatum of losing one’s account runs counter to the principles of economic freedom that we hold dear,” said Rep. Turner. “The PAPER Act would bar institutions from restricting their services and make certain that all Americans can participate in our banking system, regardless of their ability to connect to the internet.”
H.R. 6777 has been referred for consideration to the U.S. House Financial Services Committee.