,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cega  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bc1 #bjbj,mr4    
,br[n introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require memb] banks to      
ma9ta9 pass-?r\gh digital doll> wallets 
= c]ta9 p]sons1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,bank+ = ,all ,act4  #b4 ,def9itions ,9 
?is ,act3 7#a7 ,digital doll>s ,! t]m   
digital doll>s means doll> balances     
consi/+ ( digital l$g] entries record$ z
 liabilities 9 ! acc\nts ( any ,f$]al   
res]ve bank4  7#b7 ,digital doll>       
wallets ,! t]m digital doll> wallet     
means a digital wallet or acc\nt1       
ma9ta9$ by a ,f$]al res]ve bank on      
behalf ( any p]son1 = ! purpose ( hold+ 
digital doll> balances4  7#c7 ,memb]    
bank ,! t]m memb] bank means any        
national bank1 ,/ate bank1 or bank or   
tru/ company :i* has become a memb] ( "o
 ( ! res]ve banks creat$ by ! ,f$]al    

,res]ve ,act 7#ab ,u4,s4,c4 #bba et     
seq474  7#d7 ,pass-?r\gh digital doll>  
wallets ,! t]m pass-?r\gh digital doll> 
wallet means a digital wallet or acc\nt1
 ma9ta9$ by a memb] bank on behalf ( any
 p]son1 entitl+ t p]son to a pro rata   
%>e ( a pool$ res]ve balance t ! memb]  
bank ma9ta9s at any ,f$]al res]ve bank4 
7#e7 ,po/al retail facility ,! t]m po/al
 retail facility-- 7,a7 means po/ (fice1
 po/ (fice bran*1 po/ (fice classifi$   
/ation1 or o!r facility t is op]at$ by !
 ,po/al ,s]vice1 ! prim>y function ( :i*
 is to provide retail po/al s]vices2 &  
7,b7 does n include a contractor-op]at$ 
facility (f]+ po/al s]vices4  7#f7      
,po/al ,s]vice ,! t]m ,po/al ,s]vice    
means ! ,unit$ ,/ates ,po/al ,s]vice4   
#c4 ,au?ority & m&ate = memb] banks to  
ma9ta9 pass-?r\gh digital doll> wallets 
7a7 ,obligations ( memb] banks  7#a7 ,9 
g5]al ,memb] banks %all op5 & ma9ta9    
pass-?r\gh digital doll> wallets = all  
p]sons1 includ+ p]sons eligible to      
receive paym5ts f ! ,unit$ ,/ates       

pursuant to a ,f$]al law relat+ to !    
coronavirus disease #bjai 7,,covid-#ai71
 :o elect to deposit funds into         
pass-?r\gh digital doll> wallets4  7#b7 
,ma9t5ance ( assets  7,a7 ,9 g5]al ,ea* 
memb] bank %all e/abli% & ma9ta9 a      
sep>ate legal entity = ! exclusive      
purpose ( hold+ all assets & ma9ta9+ all
 liabilities associat$ ) pass-?r\gh     
digital wallets4  7,b7 ,cont5ts ,!      
assets ( any entity describ$ 9          
subp>agraph 7,a7 %all consi/ exclusively
 ( a balance ma9ta9$ 9 a ma/] acc\nt at 
a ,f$]al res]ve bank1 & ! liabilities or
 obligations ( ! entity %all consi/     
exclusively ( an equal quantity (       
balances ma9ta9$ by hold]s ( pass-?r\gh 
digital wallets4  7,c7 ,capital or      
liquidity regulation ,! assets &        
liabilities ( any legal entity describ$ 
9 subp>agraph 7,a7 %all n be deem$      
assets or liabilities ( ! memb] bank or 
its affiliates = purposes ( any capital 
or liquidity regulation promulgat$ by   
,f$]al or ,/ate bank+ au?orities4  7,d7 

,onl9e application requirem5t = l>ge    
banks ,memb] banks ) total consolidat$  
assets great] ?an #aj1jjj1jjj1jjj %all  
promptly (f] application1 ?r\gh onl9e or
 telephonic means1 = pass-?r\gh digital 
wallets4  7b7 ,t]ms ( pass-,?r\gh       
digital doll> wallets ,pass-?r\gh       
digital doll> wallets-- 7#a7 %all n be  
subject to any acc\nt fees1 m9imum      
balances1 or maximum balances & %all pay
 int]e/ at a rate n bel[ ! great] ( !   
rate ( int]e/ on requir$ res]ves & !    
rate ( int]e/ on excess res]ves2  7#b7  
%all provide functionality & s]vice     
levels no less favorable ?an ^? t !     
memb] bank (f]s = its exi/+ transaction 
acc\nts1 includ+ ) respect to debit     
c>ds1 automat$ tell] ma*9es1 onl9e      
acc\nt access1 automatic bill-pay1      
mobile bank+1 cu/om] s]vice & su* o!r   
s]vices z ! ,bo>d ( ,gov]nors ( ! ,f$]al
 ,res]ve ,sy/em det]m9es appropriate 9 !
 public int]e/1 provid$ t digital doll> 
wallets %all n include ov]draft cov]age2
  7#c7 %all be prom95tly br&$ 9 all     

acc\nt /atem5ts1 m>ket+ mat]ials1 & o!r 
communications z pass-?r\gh             
,fed,accounts ma9ta9$ by ! memb] bank on
 behalf ( ! ,f$]al ,res]ve2  7#d7 may n 
be clos$ or re/rict$ by ! bank on !     
basis ( pr(itability consid]ations2 &   
7#e7 %all provide acc\nt hold]s )       
reasonable protection aga9/ losses caus$
 by fraud or security brea*es4  7c7     
,reimbursem5t = co/s  7#a7 ,9 g5]al ,ea*
 po/al retail facility & ea* memb] bank 
) total consolidat$ assets ( n great]   
?an #aj1jjj1jjj1jjj %all be reimburs$   
ea* cal5d> qu>t] by ! relevant ,f$]al   
res]ve bank = ! actual & reasonable     
op]ational co/s incurr$ by ! po/al      
retail facility or memb] bank 9 (f]+    
pass-?r\gh digital doll> wallets4  7#b7 
,regulations ,! ,bo>d ( ,gov]nors ( !   
,f$]al ,res]ve ,sy/em %all promulgate   
su* regulations z necess>y to c>ry out  
?is subsection4  7d7 ,au?ority ( ! bo>d 
,memb] banks %all be subject to su*     
regulations & obligations z may be      
impos$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al

 ,res]ve ,sy/em 9 connection ) ma9ta9+  
pass-?r\gh digital doll> wallets4  #d4  
,au?ority = ,/ate nonmemb] banks & cr$it
 unions to (f] pass-?r\gh digital doll> 
wallets ,! ,f$]al res]ve banks %all     
p]mit ,/ate nonmemb] banks & cr$it      
unions to op5 ma/] acc\nts = ! exclusive
 purpose ( (f]+ pass-?r\gh digital doll>
 wallets 9 compliance ) ! sep>ate entity
 /ructure describ$ 9 section #c7;a71    
if-- 7#a7 ! pass-?r\gh digital wallets  
comply ) ! t]ms set =? 9 section #c7;b72
 &  7#b7 ea* ,/ate nonmemb] bank or     
cr$it union elect+ to (f] pass-?r\gh    
digital wallets %all be entitl$ to co/  
reimbursem5t 9 accordance ) section     
#c7;c74  #e4 ,au?ority & m&ate = ,f$]al 
res]ve banks to ma9ta9 digital doll>    
wallets = ! g5]al public  7a7           
,au?orization ,subject to su*           
re/rictions1 limitations1 & regulations 
z may be impos$ by ! ,bo>d ( ,gov]nors (
 ! ,f$]al ,res]ve ,sy/em1 ea* ,f$]al    
res]ve bank may ma9ta9 digital doll>    
wallets4  7b7 ,m&ate  7#a7 ,9 g5]al ,all

 ,f$]al res]ve banks %all1 n lat] ?an   
,janu>y #a1 #bjba1 make digital wallets 
available to all resid5ts & citiz5s ( ! 
,unit$ ,/ates & to bus9esses domicil$ 9 
! ,unit$ ,/ates4  7#b7 ,limit$ bran*es  
,9 areas :]e access to physical memb]   
bank bran*es is limit$1 includ+ 9 l[- or
 mod]ate-income geographies1 designat$  
disa/] areas1 di/ress$ or und]s]v$      
non-metropolitan middle-income          
geographies1 z designat$ by ! ,f$]al    
,f9ancial ,in/itutions ,exam9ation      
,c\ncil1 ,f$]al res]ve banks %all p>tn] 
) po/al retail facilities to ensure     
access & availability to application &  
acc\nt s]vices = all resid5ts & citiz5s 
( ! ,unit$ ,/ates & to bus9esses        
domicil$ 9 ! ,unit$ ,/ates4  7c7 ,t]ms (
 digital doll> wallets ,digital doll>   
wallets-- 7#a7 %all n be subject to any 
acc\nt fees1 m9imum balances1 or maximum
 balances1 & %all pay int]e/ at a rate n
 bel[ ! great] ( ! rate ( int]e/ on     
requir$ res]ves & ! rate ( int]e/ on    
excess res]ves2  7#b7 %all provide debit

 c>ds1 onl9e acc\nt access1 automatic   
bill-pay1 mobile bank+1 cu/om] s]vice & 
o!r su* s]vices z ! ,bo>d ( ,gov]nors ( 
! ,f$]al ,res]ve ,sy/em det]m9es        
appropriate 9 ! public int]e/1 provid$ t
 digital doll> wallets %all n include   
ov]draft cov]age2  7#c7 %all provide1 9 
conjunction ) ! ,po/al ,s]vice1 access  
to automatic tell] ma*9es to be ma9ta9$ 
on behalf ( ! ,bo>d ( ,gov]nors ( !     
,po/al ,s]vice at po/al retail          
facilities2  7#d7 %all be br&$ 9 all    
acc\nt /atem5ts1 m>ket+ mat]ials1 & o!r 
communications z ,fed,accounts ma9ta9$  
by ! ,f$]al res]ve bank on behalf ( !   
,unit$ ,/ates ( ,am]ica2  7#e7 may n be 
clos$ or re/rict$ on ! basis (          
pr(itability consid]ations2 &  7#f7 %all
 provide acc\nt hold]s ) reasonable     
protection aga9/ losses caus$ by fraud  
or security brea*es4  7d7 ,bank secrecy 
act ,9 e/abli%+ & ma9ta9+ digital doll> 
wallets1 ea* ,f$]al res]ve bank %all    
comply )-- 7#a7 section #ba ( ! ,f$]al  
,deposit ,insurance ,act 7#ab ,u4,s4,c4 

#ahbi;b72  7#b7 *apt] #b ( title ,i (   
,public ,law #ia-ejh 7#ab ,u4,s4,c4     
#aiea et seq472 &  7#c7 sub*apt] ,,ii ( 
*apt] #ec ( title #ca1 ,unit$ ,/ates    
,code4  7e7 ,privacy ,section #eeb;a (  
title #e1 ,unit$ ,/ates ,code 7commonly 
kn[n z ! 8,privacy ,act ( #aigd071 %all 
apply to digital doll> wallets1 & !     
privacy obligations applicable to ea*   
,f$]al res]ve bank & its employees1     
includ+ ) respect to crim9al & civil    
p5alties1 %all mirror ^? applicable to  
,f$]al tax returns "u sections #fajc1   
#gbac7;a77#a71 #gbac;,a1 & #gdca ( !    
,int]nal ,rev5ue ,code ( #aihf4  #f4    
,regulations ,! ,bo>d ( ,gov]nors ( !   
,f$]al ,res]ve ,sy/em %all promulgate   
regulations c>ry+ out ?is ,act4