,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #cacg  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #ai1        
#bjac,ms4 ,s*ak[sky 7= h]self1 ,mr4     
,cony]s1 ,mr4 ,de,fazio1 ,mr4 ,ellison1 
,mr4 ,grijalva1 ,mr4 ,gutirrez1 ,ms4    
,lee ( ,cali=nia1 & ,ms4 ,norton7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to provide a framework e/abli%+
 ! rights1 liabilities1 &               
responsibilities ( p>ticipants 9 clos+  
proc$ures = c]ta9 types ( consum]       
deposit acc\nts1 to protect individual  
consum] rights1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,fre$om & ,mobility 9 ,consum] ,bank+   
,act4  #b4 ,consum] ,rights ) ,respect  
to ,clos$ ,acc\nts ,! ,tru? 9 ,sav+s    
,act 7#ab ,u4,s4,c4 #dcja et seq47 is   
am5d$-- 7#a7 by /rik+ section #bfb &    
ins]t+ ! foll[+3  #bfb4 ,f9d+s &        
,purposes  7a7 ,f9d+s ,congress f9ds t--
 7#a7 economic /ability w\ld be enhanc$1
 competition betwe5 depository          

in/itutions w\ld be improv$1 & ! ability
 ( ! consum] to make in=m$ decisions    
reg>d+ deposit acc\nts1 & to v]ify      
acc\nts1 w\ld be /r5g!n$ if !re 7       
uni=mity 9 ! disclosure ( t]ms &        
conditions on :i* int]e/ is paid & fees 
are assess$ 9 connection ) su* acc\nts2 
&  7#b7 consum]s lack mean+ful *oices = 
manag+ h\sehold funds because-- 7,a7    
despite dissatisfaction ) ris+ acc\nt   
fees at "s depository in/itutions1      
consum]s (t5 f9d x too difficult to move
 _! funds to new deposit acc\nts2  7,b7 
! process ( mov+ funds to new deposit   
acc\nts (t5 involves sev]al /eps &      
sub/antial "t to complete1 & x is n     
always cle> :at ! prop] proc$ures are = 
clos+ an acc\nt at a giv5 depository    
in/itution2  7,c7 depository in/itutions
 h no obligation & may lack ! te*nical  
capabilities to help consum]s transf]   
automat$ deposits or debits f old       
acc\nts to new acc\nts1 caus+ delays &  
confusion2  7,d7 depository in/itutions 
may *>ge fees to close an acc\nt & )draw

 available funds1 :i* c imp$e bank+     
mobility = l[-income consum]s2 &  7,e7  
"s depository in/itutions h engag$ 9 !  
practice ( reop5+ clos$ acc\nts )\t !   
cons5t ( ! consum]4  7b7 ,purposes ,!   
purposes ( ?is ,act are-- 7#a7 to all[  
consum]s to make a mean+ful comp>ison   
betwe5 compet+ claims ( depository      
in/itutions ) reg>d to deposit acc\nts  
by requir+ ! cle> & uni=m disclosure (--
 7,a7 ! rates ( int]e/ t are payable on 
deposit acc\nts by depository           
in/itutions2 &  7,b7 ! fees t are       
assessable aga9/ deposit acc\nts2 &     
7#b7 to protect rights ( consum]s by    
provid+ a framework e/abli%+ ! rights1  
liabilities1 & responsibilities (       
depository in/itutions & consum]s 9     
clos+ proc$ures = c]ta9 types ( consum] 
deposit acc\nts4  2  7#b7 by ins]t+ aft]
 section #bfh ! foll[+3  #bfh;,a4       
,closure ( ,cov]$ ,acc\nts  7a7 ,9 g5]al
 ,a depository in/itution may n-- 7#a7  
prohibit a consum] f clos+ a cov]$      
acc\nt at ! depository in/itution1      

reg>dless ( :e!r ! balance 9 ! cov]$    
acc\nt is positive1 z]o1 or negative2   
7#b7 *>ge any fee to close a cov]$      
acc\nt2 or  7#c7 reop5 a cov]$ acc\nt t 
a consum] has reque/$ to be clos$ 9     
accordance ) ?is section to apply       
subsequ5t debits1 :e!r preau?oriz$ or   
o!rwise1 or = any o!r reason1 unless !  
consum] expressly reque/s t ! cov]$     
acc\nt be reop5$4  7b7 ,disclosures     
requir$ ,a depository in/itution %all   
provide to any consum] t op5s a cov]$   
acc\nt at ! depository in/itution a     
description ( ! policies & proc$ures t !
 depository in/itution has 9 place to   
close a cov]$ acc\nt-- 7#a7 at ! "t !   
consum] op5s ! cov]$ acc\nt2  7#b7 at   
any "t1 ^u reque/ ( a consum]2 &  7#c7  
on ! website ( ! depository in/itution4 
7c7 ,regulations relat+ to closure (    
cov]$ acc\nts  7#a7 ,9 g5]al ,n lat] ?an
 #a ye> aft] ! date ( enactm5t ( ?is    
section1 ! ,bureau1 aft] consultation ) 
ea* ag5cy ref]r$ to 9 section #bgj7;a71 
& public notice & opportunity = comm5t1 

%all prescribe f9al regulations to c>ry 
out ?is section4  7#b7 ,cont5t ,!       
regulations requir$ by ?is subsection   
%all-- 7,a7 require t a depository      
in/itution close a cov]$ acc\nt n lat]  
?an #e bus9ess days aft] ! date on :i* a
 consum] makes a reque/ to close ! cov]$
 acc\nt1 except t ! closure ( ! cov]$   
acc\nt may be delay$-- 7i7 if a ,f$]al  
or ,/ate law en=cem5t ag5cy notifies !  
depository in/itution t ! closure w     
int]f]e ) a crim9al inve/igation2 or    
7ii7 pursuant to any o!r exception t !  
,bureau det]m9es is appropriate2  7,b7  
prescribe ! me?ods by :i* a consum] may 
make a reque/ to a depository in/itution
 to close a cov]$ acc\nt1 :i*1 except z 
provid$ 9 subp>agraph 7,c71 %all include
 reque/s made 9 p]son1 ov] ! phone1 or  
by o!r electronic or remote means2  7,c7
 all[ a depository in/itution to require
 t a reque/ by a consum] to close a     
cov]$ acc\nt %all be made 9 p]son if !  
cov]$ acc\nt conta9s an am\nt on deposit
 exce$+ a c]ta9 monet>y ?re%old1 z      

det]m9$ & e/abli%$ by ! ,bureau2  7,d7  
e/abli% proc$ures t require a depository
 in/itution to positively v]ify !       
id5tity ( a consum] reque/+ to close a  
cov]$ acc\nt be=e ! depository          
in/itution closes ! cov]$ acc\nt1       
includ+ proc$ures = a depository        
in/itution to foll[ if ! depository     
in/itution is unable to v]ify ! id5tity 
( ! consum]2  7,e7 e/abli% proc$ures = a
 depository in/itution to provide a     
consum] ) ! funds conta9$ 9 a cov]$     
acc\nt t ! consum] has reque/$ to close1
 :i* %all include proc$ures-- 7i7 t     
ensure t ! consum] ^: id5tity has be5   
positively v]ifi$ by ! depository       
in/itution has access to any funds      
available = )drawal at ! "t ! consum]   
makes a reque/ to ! depository          
in/itution to close ! cov]$ acc\nt2     
7ii7 t e/abli% a reasonable am\nt ( "t =
 ! depository in/itution to remit to !  
consum] ! rema9d] ( any funds 9 ! clos$ 
cov]$ acc\nt1 includ+ funds t are       
subject to a dispute betwe5 ! depository

 in/itution & ! consum]2 &  7iii7 t all[
 a consum] ^: id5tity has be5 positively
 v]ifi$ by ! depository in/itution to   
receive available funds f a cov]$ acc\nt
 t ! consum] has reque/$ to close 9 ! =m
 (-- 7,i7 a ca%i]'s *eck provid$ to !   
consum]2  7,,ii7 an electronic funds    
transf] to an acc\nt designat$ by !     
consum]2  7,,iii7 any means (f]$ by !   
depository in/itution t ! consum] has   
reque/$2 or  7,,iv7 any means t !       
,bureau det]m9es appropriate2  7,f7     
except z provid$ "u subp>agraph 7,g71   
prohibit a depository in/itution f      
impos+ any fee or *>ge on a cov]$ acc\nt
 at ! depository in/itution aft] !      
consum] has reque/$ to close ! cov]$    
acc\nt2  7,g7 all[ a depository         
in/itution to assess an ov]draft fee    
aft] a consum] has reque/$ to close a   
cov]$ acc\nt1 if su* ov]draft fee is    
associat$ ) a transaction t 0 initiat$  
by ! consum] be=e ! date on :i* !       
consum] made a reque/ to ! depository   
in/itution to close ! cov]$ acc\nt2     

7,h7 n limit ! ability ( a consum] to   
e>n int]e/ t a cov]$ acc\nt _h accru$   
be=e ! date on :i* ! consum] made a     
reque/ to ! depository in/itution to    
close ! cov]$ acc\nt2  7,i7 e/abli%     
proc$ures = a depository in/itution & a 
consum] to foll[ if a p]sonal *eck      
writt5 by ! consum] is deposit$ by a    
p]son o!r ?an ! consum] aft] ! date on  
:i* ! consum] has clos$ a cov]$ acc\nt2 
7,j7 require ! depository in/itution to 
provide ! consum] ) c]ta9 in=mation be=e
 ! depository in/itution closes a cov]$ 
acc\nt ( ! consum]1 includ+-- 7i7 a li/ 
( any preau?oriz$ transactions relat+ to
 ! cov]$ acc\nt t occurr$ )9 ! #fj days 
prec$+ ! date on :i* ! consum] made a   
reque/ to ! depository in/itution to    
close ! cov]$ acc\nt2  7ii7 a li/ ( any 
preau?oriz$ transactions s*$ul$ to occur
 9 ! #fj days aft] ! date on :i* !      
consum] made a reque/ to ! depository   
in/itution to close ! cov]$ acc\nt2     
7iii7 a li/ ( any direct deposits into !
 cov]$ acc\nt 9 ! #fj days prec$+ ! date

 on :i* ! consum] made a reque/ to !    
depository in/itution to close ! cov]$  
acc\nt2 &  7iv7 any o!r in=mation t !   
,bureau det]m9es is necess>y to provide 
consum]s ) adequate in=mation ab\t      
pot5tial preau?oriz$ activity relat+ to 
! cov]$ acc\nt2  7,k7 prohibit a        
depository in/itution f report+ an      
out/&+ balance or any o!r adv]se        
in=mation ) respect to a cov]$ acc\nt at
 ! depository in/itution to any consum] 
report+ ag5cy1 z def9$ 9 section        
#fjc7;f7 ( ! ,fair ,cr$it ,report+ ,act 
7#ae ,u4,s4,c4 #afha;a71 if-- 7i7 at !  
"t ! cov]$ acc\nt is clos$1 ! cov]$     
acc\nt has a negative balance result+   
solely f any fee assess$ by ! depository
 in/itution2 &  7ii7 t in=mation c\ld be
 us$ to adv]sely affect ! ability ( !   
consum] to op5 an acc\nt at ano!r       
depository in/itution2  7,l7 e/abli% !  
t]ms "u :i* a depository in/itution may 
report t a cov]$ acc\nt _h a negative   
balance at ! "t ( ! closure ( ! cov]$   
acc\nt to a consum] report+ ag5cy1 z    

def9$ 9 section #fjc7;f7 ( ! ,fair      
,cr$it ,report+ ,act 7#ae ,u4,s4,c4     
#afha;a71 if ! depository in/itution--  
7i7 notifies ! consum] ( ! negative     
balance2 &  7ii7 provides ! consum] ) a 
reasonable p]iod ( "t1 z det]m9$ &      
e/abli%$ by ! ,bureau1 to repay !       
negative balance2 &  7,m7 include any   
o!r provisions1 guidance1 or exceptions 
t ! ,bureau det]m9es are appropriate 9  
ord] to facilitate ! purposes ( ?is     
section4  7d7 ,/udy2 rulemak+  7#a7     
,/udy  7,a7 ,9 g5]al ,! ,comptroll]     
,g5]al ( ! ,unit$ ,/ates %all conduct a 
/udy to det]m9e additional b>ri]s t c\ld
 limit ! ability ( a consum] to close a 
cov]$ acc\nt4  7,b7 ,cont5ts ( /udy ,!  
/udy requir$ "u p>agraph 7#a7 %all      
include1 at a m9imum1 analysis (-- 7i7  
pot5tial re=ms to paym5t cle>+ &        
settlem5t sy/ems t w\ld enable          
depository in/itutions to notify        
consum]s if a preau?oriz$ recurr+ debit 
is direct$ to a cov]$ acc\nt aft] !     
cov]$ acc\nt has be5 clos$2  7ii7       

pot5tial re=ms to paym5t cle>+ &        
settlem5t sy/ems t w\ld automatically   
transf] any direct deposit1 preau?oriz$ 
transaction1 or o!r simil> s*$ul$       
activity relat+ to a clos$ cov]$ acc\nt 
to ano!r acc\nt designat$ by ! consum]2 
7iii7 o!r factors1 includ+ te*nological 
b>ri]s1 9 paym5t cle>+ & s*$ul+ sy/ems t
 limit ! ability ( consum]s to          
effici5tly close a cov]$ acc\nt &       
transf] funds to ano!r acc\nt2 &  7iv7  
recomm5dations to ,congress & !         
appropriate ,f$]al bank+ ag5cies1       
includ+ /eps t ! appropriate ,f$]al     
bank+ ag5cies c\ld take ?r\gh rulemak+  
to facilitate ! automatic transf] (     
funds f a clos$ cov]$ acc\nt to ano!r   
acc\nt designat$ by ! consum]4  7,c7    
,report ,n lat] ?an #a ye> aft] ! date (
 enactm5t ( ?is subsection1 !           
,comptroll] ,g5]al %all issue a report  
to ! ,congress & ! ,bureau ( ,consum]   
,f9ancial ,protection on ! /udy requir$ 
"u subp>agraph 7,a71 includ+ any f9d+s &
 det]m9ations made by ! ,comptroll]     

,g5]al 9 c>ry+ out su* /udy4  7#b7      
,rulemak+ ,n lat] ?an #a ye> aft] !     
,bureau receives ! report issu$ "u      
p>agraph 7#a77;,c7 ! ,bureau %all-- 7,a7
 det]m9e :e!r regulations %\ld be issu$ 
to remove b>ri]s t limit ! ability ( a  
consum] to close a cov]$ acc\nt2 &  7,b7
 if ! ,bureau det]m9es t su* regulations
 %\ld be issu$1 ! ,bureau %all1 9       
consultation ) ea* ag5cy ref]r$ to 9    
section #bgj7;a71 & aft] public notice &
 opportunity = comm5t1 issue su*        
regulations4  2 &  7#c7 9 section #bgd1 
by add+ at ! end ! foll[+3  7#i7        
,available = )drawal ,! t]m available = 
)drawal1 ) respect to funds deposit$1   
means available = all uses g5]ally      
p]mitt$ to ! cu/om] = actually & f9ally 
collect$ funds "u ! acc\nt agreem5t ) ! 
depository in/itution or policies ( !   
depository in/itution1 su* z = paym5t ( 
*ecks drawn on ! acc\nt1 c]tification ( 
*ecks drawn on ! acc\nt1 electronic     
paym5ts1 )drawals by ca%1 & transf]s    
betwe5 acc\nts4  7#aj7 ,cov]$ acc\nt ,! 

t]m cov]$ acc\nt means any *eck+1 sav+s1
 or any o!r acc\nt t ! ,bureau may      
include1 by regulation4  4