Freedom and Mobility in Consumer Banking Act

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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D MillerSponsor

32 cosponsors · 32 D

0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in House · Oct 3, 2011

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Freedom and Mobility in Consumer Banking Act

Latest action (Oct 21, 2011): Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 3, 2011

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.