Sponsor
The bill preserves access, choice, and paper‑based consumer protections for people without reliable internet or who prefer paper statements, at the expense of higher costs and administrative burdens for financial institutions and increased environmental impacts.
Seniors, rural residents, low‑income consumers, and small businesses can still receive paper monthly account statements and are not forced into digital‑only communications, preserving access to banking services for those without reliable internet or who prefer paper.
Consumers who rely on paper records (including seniors and small businesses) retain a physical documentation option to track finances and contest billing errors, improving their ability to resolve disputes and manage accounts without digital tools.
Banks and credit unions (especially smaller institutions) will incur higher operational and postage costs to produce and mail paper statements, costs that may be passed on to customers through fees or reduced services.
Smaller credit unions and community banks may face administrative burdens from complying with mandatory paper‑statement requirements, potentially diverting staff time and resources away from other member services or technology investments.
Requiring widespread paper statements will increase paper use and waste relative to a digital‑only default, creating additional environmental impacts from production and disposal.
Based on analysis of 2 sections of legislative text.
Requires banks and credit unions to offer consumers paper monthly statements and forbids conditioning services on electronic-only statements.
Representative · R-OH
Official title: To prohibit covered entities from requiring consumers to solely use digital monthly statements, and for other purposes.
Introduced July 17, 2025 by Michael R. Turner · Last progress July 17, 2025
Requires banks and credit unions to give customers a paper option for monthly account statements and forbids making access to any service conditional on a customer using only electronic statements. The rule applies to depository institutions and credit unions as defined in federal law and does not specify funding or an effective date.