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The bill preserves access and choice for consumers—especially seniors and those without internet—by requiring paper statements, at the trade-off of higher costs and administrative burdens for financial institutions and increased paper waste that may ultimately affect customers.
Seniors, rural residents, and other consumers without reliable internet will be able to receive paper monthly account statements, preserving access to account information and choice of delivery.
Seniors and small business owners will retain a paper-record option that helps them track finances and contest billing errors without needing digital tools.
Banks and credit unions will incur higher operational and postage costs to produce and mail paper statements, costs that could be passed on to customers.
Smaller credit unions may face increased operational burdens to maintain paper statement processes, potentially diverting resources from other services or technology investments.
Consumers and the environment could face increased paper waste and related environmental impacts compared with digital-only statements.
Based on analysis of 2 sections of legislative text.
Requires banks and credit unions to offer paper monthly statements and bars conditioning services on customers using only electronic statements.
Introduced July 17, 2025 by Michael R. Turner · Last progress July 17, 2025
Requires depository institutions and credit unions to give each customer the option to receive paper copies of monthly account statements and forbids conditioning any service on a customer’s exclusive use of electronic statements. Defines covered entities as depository institutions and credit unions but does not set an effective date, enforcement mechanism, or funding.