,,ii  #aac? ,,congress  #a/ ,session    
,s4 #ahfg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ai1 #bjac,mr4
 ,m55dez 7= himself & ,mr4 ,blum5?al7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to provide protection =        
consum]s :o h prepaid c>ds1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,prepaid ,c>d ,consum]     
,protection ,act ( #bjac4  #b4          
,def9itions  7a7 ,def9ition ( acc\nt    
,section #ijc ( ! ,electronic ,fund     
,transf] ,act 7#ae ,u4,s4,c4 #afic;a7 is
 am5d$ by /rik+ p>agraph 7#b7 & ins]t+ !
 foll[+3  7#b7 ! t]m acc\nt-- 7,a7      
means-- 7i7 a dem& deposit1 sav+s       
deposit1 or o!r asset acc\nt 7o!r ?an an
 occasional or incid5tal cr$it balance 9
 an op5 end cr$it plan1 z def9$ 9       
section #ajc7;j771 z describ$ 9         
regulations ( ! ,bureau1 e/abli%$       
prim>ily = p]sonal1 family1 or h\sehold 
purposes1 z def9$ by ! ,bureau1 by rule2

 &  7ii7 a sp5d+ acc\nt1 z def9$ 9      
section #ibd7;a72 &  7,b7 does n include
 an acc\nt held by a f9ancial in/itution
 pursuant to a bona fide tru/ agreem5t2 
4  7b7 ,def9ition ( f9ancial in/itution 
,section #ijc7i7 ( ! ,electronic ,fund  
,transf] ,act 7#ae ,u4,s4,c4            
#afic;a7#i77 is am5d$ by /rik+ holds an 
acc\nt & ins]t+ manages1 provides1 or   
holds an acc\nt conta9+ funds4  7c7     
,te*nical & con=m+ am5dm5ts ,section    
#ijc ( ! ,electronic ,fund ,transf] ,act
 7#ae ,u4,s4,c4 #afic;a7 is am5d$-- 7#a7
 by r$esignat+ p>agraph 7#d7 7relat+ to 
! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve  
,sy/em71 z s designat$ by section       
#ajhd7b77;,a7 ( ! ,dodd-,frank ,wall    
,/reet ,re=m & ,consum] ,protection ,act
 7,public ,law #aaa-bjc2 #abd ,/at4     
#bjha71 z p>agraph 7#c72 &  7#b7 9      
p>agraph 7#c71 z s r$esignat$1 by /rik+ 
t]m ,bureau means ! ,bureau ( ,gov]nors 
& ins]t+ t]m ,bo>d means ! ,bo>d (      
,gov]nors4  #c4 ,sp5d+ acc\nts  7a7     
,sp5d+ acc\nts ,! ,electronic ,fund     

,transf] ,act 7#ae ,u4,s4,c4 #afic et   
seq47 is am5d$-- 7#a7 by r$esignat+     
section #ibc 7#ae ,u4,s4,c4 #afic note71
 relat+ to ! effective date ( !         
,electronic ,fund ,transf] ,act1 z s    
designat$ by section #ajgc ( !          
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7,public ,law 
#aaa-bjc2 #abd ,/at4 #bjfj71 z section  
#ibe2  7#b7 by r$esignat+ section #ibb  
7#ae ,u4,s4,c4 #aficr71 relat+ to       
exemptions = ,/ate regulation1 z s      
designat$ by section #ajgc ( !          
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7,public ,law 
#aaa-bjc2 #abd ,/at4 #bjfj71 z section  
#ibc2 &  7#c7 by ins]t+ aft] section    
#ibc1 z s r$esignat$1 ! foll[+3  #ibd4  
,sp5d+ acc\nts  7a7 ,def9itions ,=      
purposes ( ?is section-- 7#a7 ! t]m     
insur$ cr$it union has ! same mean+ z 9 
section #aja ( ! ,f$]al ,cr$it ,union   
,act 7#ab ,u4,s4,c4 #ageb72  7#b7 ! t]m 
insur$ depository in/itution has ! same 
mean+ z 9 section #c ( ! ,f$]al ,deposit

 ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 
&  7#c7 ! t]m sp5d+ acc\nt-- 7,a7 means 
a deposit acc\nt-- 7i7 t is e/abli%$ by 
a consum] or on behalf ( a consum] at an
 insur$ depository in/itution or an     
insur$ cr$it union2  7ii7 t conta9s !   
funds ( a consum]2  7iii7 to :i* paym5ts
 are to be made by a consum]1 or at !   
direction ( a consum]2  7iv7 to :i*     
recurr+ electronic fund transf]s may be 
made1 at ! direction ( a consum]2 or    
7v7 f :i* paym5ts may be made at !      
direction ( a consum] ?r\gh ! use ( a   
c>d1 code1 or device2  7,b7 includes a  
deposit acc\nt describ$ 9 subp>agraph   
7,a7-- 7i7 t is op]at$ or manag$ by a   
f9ancial in/itution1 or any o!r p]son2 &
  7ii7 ! funds ( :i* are-- 7,i7 pool$ ) 
! funds ( a p]son o!r ?an ! p]son :o    
e/abli%$ ! acc\nt2 or  7,,ii7 held 9 a  
"n o!r ?an t ( ! p]son :o e/abli%$ !    
acc\nt2 &  7,c7 does n include-- 7i7 an 
acc\nt describ$ 9 section               
#ijc7b77;,a77i72  7ii7 an acc\nt held by
 a f9ancial in/itution pursuant to a    

bona fide tru/ agreem5t2  7iii7 a       
nonreloadable1 g5]al-use prepaid c>d1 z 
def9$ 9 section #iae7;a77#b77;,a71 9 an 
am\nt t does n exce$ #bej2  7iv7 a      
g5]al-use prepaid c>d1 z def9$ 9 section
 #iae7;a77#b77;,a71 t is solely         
associat$ )-- 7,i7 a heal? plan to :i*  
section #aje ( ! ,int]nal ,rev5ue ,code 
( #aihf applies2  7,,ii7 a qualifi$     
transportation fr+e1 z def9$ 9 section  
#acb7;f7 ( ! ,int]nal ,rev5ue ,code (   
#aihf2  7,,iii7 a heal? sav+s acc\nt1 z 
def9$ 9 section #bbc7;d7 ( ! ,int]nal   
,rev5ue ,code ( #aihf2 or  7,,iv7 any   
o!r heal?c>e b5efit acc\nt1 includ+ a   
heal?c>e acc\nt relat+ to ,m$ic>e or    
,m$icaid b5efits2  7v7 a gift           
c]tificate1 z def9$ 9 section           
#iae7;a77#b77;,b72  7vi7 a /ore gift    
c>d1 z def9$ 9 section                  
#iae7;a77#b77;,c72  7vii7 an electronic 
promise1 pla/ic c>d1 or paym5t code or  
device describ$ 9 clause 7i71 7v71 or   
7vi7 ( section #iae7;a77#b77;,d72       
7viii7 a nonreloadable c>d label$ z a   

gift c>d & m>ket$ solely z a gift c>d2  
or  7ix7 a nonreloadable loyalty1       
rebate1 or promotional c>d4  7b7 ,,fdic 
or ,,ncua insurance  7#a7 ,insurance    
requir$ ,sp5d+ acc\nts %all be /ructur$ 
to provide & ma9ta9 sep>ate deposit     
insurance cov]age = ! funds ( ea*       
consum] "u ! applicable regulations ( ! 
,f$]al ,deposit ,insurance ,corporation 
or ! ,national ,cr$it ,union            
,adm9i/ration4  7#b7 ,transf] ( funds   
,any p]son t receives funds 9 connection
 ) an electronic fund transf] to a sp5d+
 acc\nt %all promptly1 & 9 no ev5t lat] 
?an #a bus9ess day aft] ! funds are     
activat$-- 7,a7 transf] su* funds to an 
acc\nt at an insur$ depository          
in/itution or an insur$ cr$it union1 z  
applicable2 &  7,b7 cr$it ! sp5d+ acc\nt
 9 an am\nt equal to ! am\nt ( su*      
funds4  7c7 ,alt]native to p]iodic      
/atem5t  7#a7 ,p]iodic /atem5t n requir$
 ,9 ! case ( an electronic fund transf] 
f a sp5d+ acc\nt1 a f9ancial in/itution 
%all n be subject to ! requirem5t "u    

section #ijf7;c7 to provide a p]iodic   
/atem5t to a consum]1 if ! f9ancial     
in/itution provides to ! consum]-- 7,a7 
access to ! acc\nt balance ( ! consum]--
 7i7 ?r\gh a readily available telephone
 l9e2  7ii7 ?r\gh ! ,int]net2  7iii7 at 
an electronic t]m9al or o!r device t    
all[s ! consum] to make a balance       
inquiry1 by provid+ balance in=mation   
or1 r\t9ely or ^u reque/1 on a receipt  
provid$ at ! electronic t]m9al at ! "t (
 an electronic fund transf]2 &  7iv7    
?r\gh text messag+2  7,b7 notice ( !    
means by :i* ! consum] may access !     
acc\nt balance ( ! consum]1 includ+ any 
telephone numb]2  7,c7 9 response to an 
oral or writt5 reque/ ( ! consum]1 a    
writt5 record ( ! acc\nt transactions ( 
! consum] dur+ ! #b-ye> p]iod end+ on ! 
date ( ! reque/ t includes ! in=mation  
requir$ to be provid$ to ! consum] "u   
section #ijf7;c72  7,d7 an electronic   
record1 su* z a record available on !   
,int]net1 ( ! acc\nt transactions ( !   
consum] dur+ ! #b-ye> p]iod end+ on !   

date on :i* ! consum] accesses !        
electronic record t includes ! in=mation
 requir$ to be provid$ to ! consum] "u  
section #ijf7;c72  7,e7 ) at lea/ ! same
 frequ5cy z a writt5 p]iodic /atem5t t  
w\ld o!rwise be requir$ "u section #ijf1
 notification by email ( ! availability 
( an electronic hi/ory or an electronic 
p]iodic /atem5t1 unless ! consum] has   
decl9$ to provide an email address2     
7,f7 ! option to receive a writt5       
/atem5t1 ei!r a "o-"t pap] /atem5t or   
cont9u\s regul> mon?ly pap] /atem5ts ) a
 s+le reque/1 & cle> & conspicu\s notice
 ( su* option at ! "t ( enrollm5t & on !
 website ( ! f9ancial in/itution2  7,g7 
annual notice ( ! error resolution      
proc$ure = ! sp5d+ acc\nt1 z prescrib$ 9
 regulations ( ! ,bureau2 &  7,h7 any   
o!r transaction in=mation t ! f9ancial  
in/itution elects to make available & t 
! consum] elects to receive1 su* z      
messages or al]ts conc]n+ o!r balance or
 transaction in=mation4  7#b7 ,fees     
prohibit$  7,a7 ,9 g5]al ,except z      

provid$ 9 subp>agraph 7,b71 a f9ancial  
in/itution may n *>ge a fee = any s]vice
 provid$ "u p>agraph 7#a74  7,b7 ,fee = 
writt5 /atem5t ,a f9ancial in/itution   
may *>ge a fee ( n m ?an #a = ea* writt5
 /atem5t provid$ "u p>agraph 7#a77;,f74 
7#c7 ,no election by consum] ,if !      
consum] has n elect$ to receive writt5  
p]iodic or annual /atem5ts1 has n elect$
 to receive ano!r regul> =m (           
transaction in=mation t ! ,bureau has   
det]m9$1 by rule1 to be equival5t to    
p]iodic /atem5ts1 & has n access$ !     
acc\nt onl9e 9 ! prec$+ #ab-mon? p]iod1 
! f9ancial in/itution %all provide      
notice to ! consum] at lea/ annually ( !
 means by :i* ! consum] may access      
transaction in=mation & ! option to     
enroll 9 writt5 p]iodic or annual       
/atem5ts4  7d7 ,limitations on liability
 ,= purposes ( section #iji7;a71        
reimbursem5t ne$ n be made to a consum] 
= a loss relat+ to a sp5d+ acc\nt t a   
f9ancial in/itution e/abli%es w\ld n h  
occurr$1 b = ! failure ( ! consum] to   

report any unau?oriz$ electronic fund   
transf] or acc\nt error-- 7#a7 n lat]   
?an #fj days aft] ! date on :i* acc\nt  
in=mation t includes ! unau?oriz$       
electronic fund transf] or acc\nt error 
is provid$ to or access$ by ! consum] "u
 subsection 7c72 or  7#b7 9 ext5uat+    
circum/ances1 su* z ext5d$ travel or    
hospitalization1 )9 a long] "t t is     
reasonable "u ! circum/ances4  7e7 ,fees
  7#a7 ,fees prohibit$ ,except z provid$
 9 p>agraph 7#b71 a f9ancial in/itution 
may n *>ge 9 connection ) a sp5d+       
acc\nt-- 7,a7 an annual fee2  7,b7 an   
ov]draft fee1 includ+ a fee = %ortage or
 nonsuffici5t funds1 or any o!r fee = a 
transaction process$ = am\nts exce$+ !  
acc\nt balance2  7,c7 a usage fee = use 
at ! po9t ( sale2  7,d7 a fee = a decl9$
 transaction2  7,e7 a fee = ! use ( an  
electronic t]m9al t is 9 ! network ( !  
issu]2  7,f7 any fee dur+ p]iods (      
inactivity or dormancy1 includ+ a       
p]iodic fee *>g$ aft] m ?an #f mon?s (  
inactivity2  7,g7 a fee = a balance     

inquiry or access to transaction        
in=mation2  7,h7 a fee = an inquiry to  
cu/om] s]vice2  7,i7 a f9ance *>ge or   
o!r fee impos$ 9 connection ) an        
ext5sion ( cr$it2  7,j7 an acc\nt clos+ 
fee or a fee to obta9 ! rema9+ balance 9
 ! sp5d+ acc\nt2  7,k7 a fee = any      
activity n describ$ 9 p>agraph 7#b72    
7,l7 any fee prohibit$ by applicable    
,/ate law2 or  7,m7 any fee ( any k9d t 
w\ld cause ! balance to become negative4
  7#b7 ,fees p]mitt$ ,a f9ancial        
in/itution may *>ge 9 connection ) a    
sp5d+ acc\nt-- 7,a7 a fee = a replacem5t
 c>d-- 7i7 ( n m ?an #e = ! fir/        
replacem5t c>d reque/$ by a consum] dur+
 any #ab-mon? p]iod2 &  7ii7 t is 9     
addition to ! replacem5t c>d describ$ 9 
clause 7i72  7,b7 a fee = exp$it$       
deliv]y ( a replacem5t c>d2  7,c7 a     
p]iodic fee1 n m frequ5tly ?an mon?ly1  
provid$ t no p]iodic fee may be assess$ 
if !re has be5 no deposit or transaction
 activity 9 ! acc\nt dur+ ! prec$+ #c   
mon?s2  7,d7 a reload fee1 or any o!r   

fee = add+ value to ! sp5d+ acc\nt1 if !
 f9ancial in/itution provides a         
reasonable alt]nate me?od = add+ value  
to ! sp5d+ acc\nt )\t a fee2  7,e7 a fee
 = a transf] f ! sp5d+ acc\nt to ano!r  
acc\nt2  7,f7 a fee = bill paym5t2  7,g7
 a fee = a )drawal by ! consum] f an    
electronic t]m9al t is-- 7i7 locat$     
outside ! ,unit$ ,/ates2 or  7ii7 n 9 ! 
network ( ! f9ancial in/itution1 includ+
 a fee to cov] ! co/s ( any *>ge to !   
f9ancial in/itution by ! own] ( !       
electronic t]m9al relat+ to ! use ( !   
electronic t]m9al by ! consum]2  7,h7 a 
fee = a pur*ase or a )drawal 9 a =eign  
curr5cy2 &  7,i7 an activation1         
initiation1 or enrollm5t fee4  7#c7     
,disclosure ( fee in=mation  7,a7       
,disclosure requir$ ,ea* f9ancial       
in/itution t (f]s a sp5d+ acc\nt %all   
provide to a consum]-- 7i7 toge!r ) any 
application1 (f]1 or solicitation = a   
sp5d+ acc\nt-- 7,i7 a table ( any fees t
 may be *>g$ 9 connection ) ! sp5d+     
acc\nt t-- 7aa7 c be easily und]/ood by 

! consum]2  7bb7 is cle>ly &            
conspicu\sly display$ to ! consum] be=e 
pur*ase2 &  7cc7 includes1 at a m9imum1 
! am\nt & a description ( ea* fee t may 
be *>g$ by ! f9ancial in/itution "u     
p>agraph 7#b72 &  7,,ii7 an e/imate ( ! 
av]age total mon?ly co/ to a typical    
consum] = us+ ! sp5d+ acc\nt1 bas$ on a 
pr(ile ( ! typical consum] e/abli%$ by !
 ,bureau2  7ii7 on ! c>d or o!r means ( 
access1 a toll-free telephone numb] &   
website at :i* ! consum] may access a   
cle> & conspicu\s disclosure ( ! fees t 
may be *>g$ 9 connection ) ! sp5d+      
acc\nt2 &  7iii7 a wallet-siz$ summ>y ( 
any fees t may be *>g$ 9 connection ) ! 
sp5d+ acc\nt & a toll-free telephone    
numb] = cu/om] s]vice relat+ to ! sp5d+ 
acc\nt4  7,b7 ,rules ,n lat] ?an #a ye> 
aft] ! date ( enactm5t ( ! ,prepaid ,c>d
 ,consum] ,protection ,act ( #bjac1 !   
,bureau %all e/abli%1 by rule1 ! head+s1
 cont5t1 & =mat ( ! fee table1 e/imate1 
& wallet-siz$ fee summ>y requir$ "u     
subp>agraph 7,a74  7f7 ,cr$it features  

7#a7 ,9 g5]al ,no p]son may (f] or      
provide a sp5d+ acc\nt t has a cr$it    
feature or t c be l9k$ to a cr$it acc\nt
 t is automatically repaid f ! sp5d+    
acc\nt4  7#b7 ,exceptions ,no?+ 9 ?is   
subsection prohibits-- 7,a7 a consum] f 
mak+ an electronic fund transf] f a     
sp5d+ acc\nt to pay a cr$it acc\nt or f 
sett+ up preau?oriz$ electronic fund    
transf]s to pay a cr$it acc\nt2 or  7,b7
 a f9ancial in/itution f (fsett+ an     
inadv]t5t negative balance 9 a sp5d+    
acc\nt aga9/ ! next deposit to t acc\nt1
 provid$ t ! consum] is n *>g$ a fee or 
f9ance *>ge4  7g7 ,closure ( dormant    
acc\nts ,a f9ancial in/itution or o!r   
p]son t provides1 holds1 or manages a   
sp5d+ acc\nt %all close ! acc\nt &      
refund any rema9+ funds to ! consum]--  
7#a7 if ! acc\nt has be5 inactive = #ab 
mon?s1 or su* o!r p]iod z ! ,bureau %all
 e/abli%1 by regulation2 &  7#b7 ^u     
reque/ ( ! consum] to ! f9ancial        
in/itution or o!r p]son us+ an easily   
accessible me?od ( contact1 t ! acc\nt  

be clos$4  4  7b7 ,consum] *oice        
,section #iac ( ! ,electronic ,fund     
,transf] ,act 7#ae ,u4,s4,c4 #afick7 is 
am5d$-- 7#a7 by /rik+ ,no p]son may-- & 
ins]t+ ! foll[+3  7a7 ,9 g5]al ,no p]son
 may--  2  7#b7 9 p>agraph 7#a71 by     
/rik+ or at ! end2  7#c7 9 p>agraph     
7#b71 by /rik+ ! p]iod & ins]t+ 2 or2   
7#d7 by ins]t+ aft] p>agraph 7#b7 !     
foll[+3  7#c7 issue a c>d or o!r means (
 access = receipt ( electronic fund     
transf]s ( wages or gov]nm5t b5efits    
unless ! recipi5t has fir/ be5 (f]$ !   
option ( receiv+ ! funds 9 a =m select$ 
by ! recipi5t f among a set ( options   
specifi$ by ! ,bureau4  2 &  7#e7 by    
add+ at ! end ! foll[+3  7b7 ,=ms (     
receipt ,! options = =ms ( receipt (    
electronic fund transf]s ( wages or     
gov]nm5t b5efits "u subsection 7a77#c7  
specifi$ by ! ,bureau %all include at   
lea/ #a ( ! foll[+ =ms3 7#a7 direct     
deposit into an acc\nt designat$ by !   
recipi5t2  7#b7 9 ca%2 &  7#c7 by *eck4 
4  7c7 ,/udy ,! ,bureau %all e/abli% an 

implem5tation plan & timel9e = a prepaid
 c>d rese>* /udy to be complet$ n lat]  
?an #a ye> aft] ! date ( enactm5t ( ?is 
,act1 to det]m9e :at1 if any1 diff]5ces 
!re are = bo? ! %ort- & long-t]m        
economic well be+ ( consum]s at diff]5t 
income levels :o use sp5d+ acc\nts v]sus
 ^? :o use traditional bank acc\nts = _!
 prim>y means ( mak+ f9ancial           
transactions4  7d7 ,te*nical & con=m+   
am5dm5ts  7#a7 ,writt5 p]iodic /atem5ts 
,section #ijf7;c7 ( ! ,electronic ,fund 
,transf] ,act 7#ae ,u4,s4,c4 #afic;d7c77
 is am5d$ 9 ! fir/ s5t5ce ( ! matt]     
prec$+ p>agraph 7#a71 by /rik+ ,a       
f9ancial & ins]t+ ,except z provid$ 9   
section #ibd7;c71 a f9ancial4  7#b7     
,error resolution ,section #ijh7;a7 ( ! 
,electronic ,fund ,transf] ,act 7#ae    
,u4,s4,c4 #afic;f7a77 is am5d$ by /rik+ 
or notification pursuant to section     
#ijf7;b7 & ins]t+ 1 notification        
pursuant to section #ijf7;b71 or writt5 
or electronic docum5tation pursuant to  
section #ibd7;c74  #d4 ,sev]ability ,if 

any provision ( ?is ,act or an am5dm5t  
made by ?is ,act1 or ! application ( !  
provision or am5dm5t to any p]son or    
circum/ance1 is held to be              
uncon/itutional1 ! rema9d] ( ?is ,act & 
! am5dm5ts made by ?is ,act1 & !        
application ( ! provisions ( ?is ,act & 
! am5dm5ts made by ?is ,act to any o!r  
p]son or circum/ance1 %all n be affect$4
  #e4 ,effective date ,?is ,act & !     
am5dm5ts made by ?is ,act %all become   
effective #i mon?s aft] ! date (        
enactm5t ( ?is ,act4