HR 3077 · 112th Congress 2011–2013, ended

Freedom and Mobility in Consumer Banking Act

Introduced Oct 3, 2011 Originated House Sponsor Brad Miller D-NC

Fact sheet

Latest action · Oct 21, 2011 Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedOct 3, 2011
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Freedom and Mobility in Consumer Banking Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from: (1) prohibiting any person from closing a checking or savings account, regardless of its balance; or (2) charging a fee to close such an account.

Requires a depository institution to close an account within 48 hours after receiving a request from the customer to do so.

Permits an account holder to request that the account be closed in person, over the phone, or by other electronic or remote means, as may be prescribed by regulation.

Sets forth financial institution procedures for closing large accounts and repaying balances, as well as notice and opportunity for accountholder repayment of overdrafts.

Prohibits a depository institution from: (1) imposing fees or charges after receiving a request to close an account, or (2) reopening an account without express account holder request.

Cosponsors 32

Members who signed on, in the order they did. Signatures ran from Oct 11, 2011 to Nov 18, 2011.

SeatCosponsorSigned on
D-OREarl BlumenauerOct 11, 2011
D-WAJim McDermottOct 11, 2011
D-MIJohn Conyers, Jr.Oct 11, 2011
D-MNKeith EllisonOct 11, 2011
D-MAMichael E. CapuanoOct 11, 2011
D-AZRaúl M. GrijalvaOct 11, 2011
D-NCDavid E. PriceOct 13, 2011
D-ILJesse L. Jackson, Jr.Oct 13, 2011
D-NYLouise McIntosh SlaughterOct 13, 2011
D-CALynn C. WoolseyOct 13, 2011
D-ORPeter A. DeFazioOct 13, 2011
D-CABarbara LeeOct 24, 2011
D-RIDavid N. CicillineOct 24, 2011
D-NJDonald M. PayneOct 24, 2011
D-VAJames P. MoranOct 24, 2011
Show all 32 cosponsors

Actions 3

Everything that happened, newest first.

  1. Oct 21, 2011Referred to the Subcommittee on Financial Institutions and Consumer Credit.
  2. Oct 3, 2011Introduced in House
  3. Oct 3, 2011Referred to the House Committee on Financial Services.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Oct 3, 2011Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.