S.Amdt. 3988

SA 3988. Mrs. GILLIBRAND submitted an amendment intended to be
proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for
himself and Mrs. Lincoln)) to the bill S. 3217, to promote the
financial stability of the United States by improving accountability
and transparency in the financial system, to end ``too big to fail'',
to protect the American taxpayer by ending bailouts, to protect
consumers from abusive financial services practices, and for other
purposes; which was ordered to lie on the table; as follows:

On page 1219, after line 25, insert the following:
(7) Study and report on paper statement charges.--Not later
than 6 months after the date of enactment of this Act, the
Office of Financial Literacy shall conduct a study and submit
a report to Congress--
(A) on the charging of fees for paper copies of statements
related to a consumer financial product or service by covered
persons under this title;
(B) the charging of fees for the use of paper checks as
payment to covered persons under this title;
(C) on the impact of the imposition of such fees on
financial literacy, particularly among--
(i) the elderly;
(ii) low-income individuals; and
(iii) individuals that lack computer access; and
(D) that includes recommendations on how to ensure that the
individuals described in subparagraph (C) are not negatively
impacted by the imposition of fees to receive paper
statements, including recommendations--
(i) on whether covered persons under this title should be--

(I) prohibited from charging fees for paper statements;
(II) prohibited from automatically enrolling individuals in
e-statement or other electronic delivery programs without the
express consent of the individual, in the manner described in
the Electronic Signatures in Global and National Commerce Act
(15 U.S.C. 7001 et seq.); and
(III) prevented from charging fees for the use of paper
checks as payment; and

(ii) regarding alternative methods to ensure that such
individuals are able to access paper copies of financial
statements without fees or unnecessary hindrance.
(8) Authority to bar fees on paper statements.--Not later
than 3 months after the submission of the report required
under paragraph (7), the Director shall issue rules
implementing the recommendations contained in such report.
On page 1297, line 11, before the period, insert ``, or in
paper form at no additional cost upon request of the
consumer''.
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