,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #eahh  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bd1 #bjad ,mr4
 ,carney introduced the following bill2 
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend the ,consumer ,financial          
,protection ,act of #bjaj to require the
 ,bureau of ,consumer ,financial        
,protection to develop a model form for 
a disclosure notice that shall be used  
by depository institutions and credit   
unions1 and for other purposes4  #a4    
,findings ,congress finds that3  7#a7   
,depository institutions and credit     
unions have an obligation to provide    
consumers with policy and fee           
information in a concise and easy to    
understand format4  7#b7 ,because the   
length of disclosure forms ranges from  
#ba to #aec pages for depository        
institutions and #i to #ec pages for    
credit unions1 consumers have a         
difficult time understanding how much   
they are paying for their checking      

accounts and other financial products4  
,consumers should be able to compare    
account terms and conditions among      
depository institutions and credit      
unions4  7#c7 ,a simplified1            
standardized disclosure form would      
reduce consumer confusion and make it   
easier for institutions to compete on   
price and quality of financial products4
  #b4 ,model disclosures for depository 
institutions and credit unions ,section 
#ajcb of the ,consumer ,financial       
,protection ,act of #bjaj 7#ab ,u4,s4,c4
 #eecb7 is amended by adding at the end 
the following new subsection3  7g7      
,model disclosures for depository       
institutions and credit unions  7#a7 ,in
 general ,the ,bureau1 by rule1 shall   
develop a model form for a disclosure   
notice that shall be used by depository 
institutions and credit unions for      
provision of disclosures to be given to 
a consumer before that consumer opens a 
checking account4  7#b7 ,stakeholder    
input ,prior to issuing a rule pursuant 

to paragraph 7#a71 the ,bureau shall    
solicit input from representatives of   
depository institutions and credit      
unions1 non-profit consumer protection  
entities1 and organizations that        
represent the interests of depository   
institutions and credit unions4  7#c7   
,requirements ,a model form developed   
pursuant to paragraph 7#a7 shall--  7,a7
 comply with the format requirements of 
subsection 7b77#b72  7,b7 when          
practicable1 be made available on the   
website of the depository institution or
 credit union2 and  7,c7 include        
disclosures relating to--  7i7 opening a
 checking account and use of such       
account2  7ii7 consequences of overdraft
 on such account1 including any fees    
related to overdraft2  7iii7 processing 
policies of the depository institution  
or credit union2 and  7iv7 procedures   
for resolving a dispute between the     
consumer and the depository institution 
or credit union4  7#d7 ,exemption for   
certain banks ,any depository           

institution or credit union with total  
assets of less than #b1jjj1jjj1jjj shall
 be exempt from the requirements of this
 subsection4  4