Freedom and Mobility in Consumer Banking Act
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.
- IntroducedOct 3, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- 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.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OR | Earl Blumenauer | Oct 11, 2011 | |
| D-WA | Jim McDermott | Oct 11, 2011 | |
| D-MI | John Conyers, Jr. | Oct 11, 2011 | |
| D-MN | Keith Ellison | Oct 11, 2011 | |
| D-MA | Michael E. Capuano | Oct 11, 2011 | |
| D-AZ | Raúl M. Grijalva | Oct 11, 2011 | |
| D-NC | David E. Price | Oct 13, 2011 | |
| D-IL | Jesse L. Jackson, Jr. | Oct 13, 2011 | |
| D-NY | Louise McIntosh Slaughter | Oct 13, 2011 | |
| D-CA | Lynn C. Woolsey | Oct 13, 2011 | |
| D-OR | Peter A. DeFazio | Oct 13, 2011 | |
| D-CA | Barbara Lee | Oct 24, 2011 | |
| D-RI | David N. Cicilline | Oct 24, 2011 | |
| D-NJ | Donald M. Payne | Oct 24, 2011 | |
| D-VA | James P. Moran | Oct 24, 2011 | |
| D-IL | Janice D. Schakowsky | Oct 24, 2011 | |
| D-CA | Judy Chu | Oct 24, 2011 | |
| D-IL | Luis V. Gutierrez | Oct 24, 2011 | |
| D-CA | Maxine Waters | Oct 24, 2011 | |
| D-IN | Peter J. Visclosky | Oct 24, 2011 | |
| D-NJ | Steven R. Rothman | Oct 24, 2011 | |
| D-MA | John F. Tierney | Oct 25, 2011 | |
| D-ME | Chellie Pingree | Nov 3, 2011 | |
| D-CA | Zoe Lofgren | Nov 3, 2011 | |
| D-NM | Ben Ray Luján | Nov 18, 2011 | |
| D-CA | Bob Filner | Nov 18, 2011 | |
| D-VI | Donna M. Christensen | Nov 18, 2011 | |
| D-DC | Eleanor Holmes Norton | Nov 18, 2011 | |
| D-NY | Maurice D. Hinchey | Nov 18, 2011 | |
| D-CA | Michael M. Honda | Nov 18, 2011 | |
| D-TX | Sheila Jackson Lee | Nov 18, 2011 | |
| D-CA | Susan A. Davis | Nov 18, 2011 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Oct 3, 2011 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Oct 21, 2011 |
Actions 3
Everything that happened, newest first.
- Oct 21, 2011Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Oct 3, 2011Introduced in House
- Oct 3, 2011Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H6505.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Federal Deposit Insurance Act to ensure that customers have the right to immediately close any account at any insured depository institutions on demand, without cost to the consumer, that consumers receive any balance in their account immediately, and for other purposes.
- Short Titles as Introduced
- Freedom and Mobility in Consumer Banking Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Oct 3, 2011Introduced in House
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
