Financial Empowerment and Protection Act

house

senate

president

Legislation Details

Requires covered companies to allow consenting cohabitating adults to open joint accounts for managing services and bills.
Each joint account must be opened with the agreement of all consenting cohabitating adults.
Joint accounts will be in the names of all consenting cohabitating adults involved.
Covered companies must provide account information, including bills and service details, upon request from any cohabitating adult on the account.
Companies are required to notify cohabitating adults about the information shared among them regarding the joint account.
Privacy notices must be provided to cohabitating adults as required by Regulation P.
Cohabitating adults harmed by a company’s failure to comply can bring civil actions for damages up to $1,000 for each violation.
The requirements will take effect 180 days after the enactment of the legislation.
Defines “consenting cohabitating adults” as adults who agree to live together, with specific provisions for custodial parents in childcare contexts.
Lists various types of covered companies, including utilities, childcare providers, mortgage lenders, and telecommunications providers.

Requires covered companies to allow consenting cohabitating adults to open joint accounts for managing services and bills.
Each joint account must be opened with the agreement of all consenting cohabitating adults.
Joint accounts will be in the names of all consenting cohabitating adults involved.
Covered companies must provide account information, including bills and service details, upon request from any cohabitating adult on the account.
Companies are required to notify cohabitating adults about the information shared among them regarding the joint account.
Privacy notices must be provided to cohabitating adults as required by Regulation P.
Cohabitating adults harmed by a company’s failure to comply can bring civil actions for damages up to $1,000 for each violation.
The requirements will take effect 180 days after the enactment of the legislation.
Defines “consenting cohabitating adults” as adults who agree to live together, with specific provisions for custodial parents in childcare contexts.
Lists various types of covered companies, including utilities, childcare providers, mortgage lenders, and telecommunications providers.