H.R. 3077 (112th): Freedom and Mobility in Consumer Banking Act

Introduced:
Oct 03, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Bradley “Brad” Miller [D-NC13]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on October 3, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 03, 2011
Referred to Committee Oct 03, 2011
Cosponsors
32 cosponsors (32D) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Federal Deposit Insurance Act to ensure that customers have the right to immediately close any account at any insured depository institutions on demand, without cost to the consumer, that consumers receive any balance in their account immediately, and for other purposes.

Summary

No summaries available.

Text

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Last updated Oct 03, 2011.
8 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

10/3/2011--Introduced.
Freedom and Mobility in Consumer Banking Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from:
(1) prohibiting any person from closing a checking or savings account, regardless of its balance; or
(2) charging a fee to close such an account.
Requires a depository institution to close an account within 48 hours after receiving a request from the customer to do so.
Permits an account holder to request that the account be closed in person, over the phone, or by other electronic or remote means, as may be prescribed by regulation.
Sets forth financial institution procedures for closing large accounts and repaying balances, as well as notice and opportunity for accountholder repayment of overdrafts.
Prohibits a depository institution from:
(1) imposing fees or charges after receiving a request to close an account, or
(2) reopening an account without express account holder request.

House Republican Conference Summary

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House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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