A bill to require each depository institution to disclose to its customers all terms, conditions, and charges which apply to services offered by such depository institution.
Lifeline Banking Act - Requires a depository institution, before opening any account or offering any service to a potential customer, to provide a written statement specifying: (1) all services offered; (2) the terms and conditions on which such services are offered; and (3) the fees charged for such services.
Requires each depository institution, not less than once a year, to mail a written statement to each of its customers containing such information.
Requires each appropriate Federal banking agency to prescribe regulations necessary to carry out the provisions of this Act. Requires each appropriate Federal banking agency, not later than six months after the date of the enactment of this Act, to report to the Congress about services offered by depository institutions and the costs involved. Specifies the information to be included in such reports.
Provides for administrative enforcement of the requirements imposed by this Act.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
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