Search Results: keywords:"depository institutions"

  • H. R. 6777 — To prohibit covered entities from requiring consumers to solely use digital monthly statements, and for other purposes.
    Status:Introduced in House
    Words:278

    H.R. 6777, referred to as the "Protecting Against Paperless and Electronic Requirements Act" or the "PAPER Act," aims to ensure that consumers have the choice to receive paper copies of their monthly statements instead of being forced to accept only digital versions. The bill...

    Simple Explanation

    The PAPER Act is a bill that wants to let people choose whether they get their bank or credit union statements printed on paper or just sent online. This means banks and credit unions can't make you go digital if you still want paper statements.

  • H. R. 7562 — To amend the Federal Reserve Act to prohibit Federal reserve banks from paying interest on excess reserves.
    Status:Introduced in House
    Words:246

    H. R. 7562 seeks to amend the Federal Reserve Act to stop Federal Reserve banks from paying interest on excess reserve balances held by depository institutions. It specifies that Federal Reserve banks can only pay interest on required reserve balances, as mandated by existing...

    Simple Explanation

    The bill wants to change how the Federal Reserve works by saying banks wouldn't get extra money for saving extra cash, only for what they really need.

  • S. 4799 — To amend the Federal Reserve Act to mandate discount window testing, and for other purposes.
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    Status:Introduced in Senate
    Words:1,733

    S. 4799, known as the "Discount Window Enhancement Act of 2024," proposes amendments to the Federal Reserve Act to require depository institutions in the United States to demonstrate their ability to access the discount window. The bill sets specific testing requirements based on the size of...

    Simple Explanation

    The "Discount Window Enhancement Act of 2024" wants banks to practice using a special money window at the Federal Reserve, like a safety test, to make sure they can get money if needed. This bill sets rules for how often banks must practice based on their size and asks for some tech upgrades to make it all work smoothly.