SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Banking Services Costs 
Assessment Act of 2001''.

SEC. 2. CONSUMER BANKING COSTS ASSESSMENT.

    (a) In General.--Section 1002 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note) is amended 
to read as follows:

``SEC. 1002. SURVEY OF BANK FEES AND SERVICES.

    ``(a) Annual Survey Required.--The Board of Governors of the 
Federal Reserve System shall obtain annually a sample, which is 
representative by type and size of the institution and geographic 
location, of the following retail banking services and products 
provided by insured depository institutions and insured credit unions 
(along with related fees and minimum balances):
            ``(1) Checking and other transaction accounts.
            ``(2) Negotiable order of withdrawal and savings accounts.
            ``(3) Automated teller machine transactions.
            ``(4) Other electronic transactions.
            ``(5) Credit Cards.
    ``(b) Minimum Survey Requirement.--The annual survey described in 
subsection (a) shall meet the following minimum requirements:
            ``(1) Checking and other transaction accounts.--Data on 
        checking and transaction accounts shall include, at a minimum, 
        the following:
                    ``(A) Monthly and annual fees and minimum balances 
                to avoid such fees.
                    ``(B) Minimum opening balances.
                    ``(C) Check processing fees.
                    ``(D) Check printing fees.
                    ``(E) Balance inquiry fees.
                    ``(F) Fees imposed for using a teller or other 
                institution employee.
                    ``(G) Stop payment order fees.
                    ``(H) Nonsufficient fund fees.
                    ``(I) Overdraft fees.
                    ``(J) Deposit items returned fees.
                    ``(K) Availability of no-cost or low-cost accounts 
                for consumers who maintain low balances.
            ``(2) Negotiable order of withdrawal accounts and savings 
        accounts.--Data on negotiable order of withdrawal accounts and 
        savings accounts shall include, at a minimum, the following:
                    ``(A) Monthly and annual fees and minimum balances 
                to avoid such fees.
                    ``(B) Minimum opening balances.
                    ``(C) Rate at which interest is paid to consumers.
                    ``(D) Check processing fees for negotiable order of 
                withdrawal accounts.
                    ``(E) Check printing fees for negotiable order of 
                withdrawal accounts.
                    ``(F) Balance inquiry fees.
                    ``(G) Fees imposed for using a teller or other 
                institution employee.
                    ``(H) Stop payment order fees for negotiable order 
                of withdrawal accounts.
                    ``(I) Nonsufficient fund fees for negotiable order 
                of withdrawal accounts.
                    ``(J) Overdraft fees for negotiable order of 
                withdrawal accounts.
                    ``(K) Deposit items returned fees.
                    ``(L) Availability of no-cost or low-cost accounts 
                for consumers who maintain low balances.
            ``(3) Automated teller transactions.--Data on automated 
        teller machine transactions shall include, at a minimum, the 
        following:
                    ``(A) Annual and monthly fees.
                    ``(B) Card fees.
                    ``(C) Fees charged to customers for withdrawals, 
                deposits, transfers between accounts, balance inquiries 
                through institution-owned machines.
                    ``(D) Fees charged to customers for withdrawals, 
                deposits, transfers between accounts, balance inquiries 
                through machines owned by others.
                    ``(E) Fees charged to noncustomers for withdrawals, 
                deposits, transfers between accounts, balance inquiries 
                through institution-owned machines.
                    ``(F) Point-of-sale transaction fees.
                    ``(G) Surcharges.
            ``(4) Other electronic transactions.--Data on other 
        electronic transactions shall include, at a minimum, the 
        following:
                    ``(A) Wire transfer fees.
                    ``(B) Fees related to payments made over the 
                Internet or through other electronic means.
            ``(5) Credit card charges and fees.--Data related to credit 
        cards shall include, at a minimum, the following:
                    ``(A) Application fees.
                    ``(B) Annual and monthly fees.
                    ``(C) Rates of interest charged for purchases and 
                cash advances, when an account is not in default.
                    ``(D) Rates of interest charged for purchases and 
                cash advances, when an account is in default.
                    ``(E) Average annual finance charges paid by 
                customers.
                    ``(F) Late payment fees.
                    ``(G) Cash advance and convenience check fees.
                    ``(H) Balance transfer fees.
                    ``(I) Over-the-credit-limit fees.
                    ``(J) Foreign currency conversion fees.
            ``(6) Other fees and charges.--Data on any other fees and 
        charges that the Board of Governors of the Federal Reserve 
        System determines to be appropriate to meet the purposes of 
        this section.
    ``(c) Annual Report to Congress Required.--
            ``(1) Preparation.--The Board of Governors of the Federal 
        Reserve System shall prepare a report of the results of each 
        survey conducted pursuant to subsections (a) and (b).
            ``(2) Contents of the report.--In addition to the data 
        required to be collected pursuant to subsections (a) and (b), 
        each report prepared pursuant to paragraph (1) shall include a 
        description of any discernible trend, in the Nation as a whole, 
        in each of the 50 States, and in each metropolitan statistical 
        area (as defined by the Director of the Office of Management 
        and Budget), in the cost and availability of the retail banking 
        services, including those described in subsections (a) and (b) 
        (including related fees and minimum balances), that delineates 
        differences between institutions on the basis of the type of 
        institution, the size of the institution and any engagement of 
        the institution in multistate activity.
            ``(3) Submission to congress.--The Board of Governors of 
        the Federal Reserve System shall submit an annual report to the 
        Congress not later than June 1, 2002, and not later than June 1 
        of each subsequent year.
    ``(d) Definitions.--For purposes of this section, the term `insured 
depository institution' has the meaning given such term in section 3 of 
the Federal Deposit Insurance Act, and the term `insured credit union' 
has the meaning given such term in section 101 of the Federal Credit 
Union Act.''.
    (b) Repeal of Sunset Provision.--Section 108 of the Riegle-Neal 
Interstate Banking and Branching Efficiency Act of 1994 is hereby 
repealed.
    (c) Nonapplicability of Other Provision of Law.--Section 3003(a)(1) 
of the Federal Reports Elimination and Sunset Act of 1995 (31 U.S.C. 
1113 note) shall not apply to any report required to be submitted under 
section 1002(b) of Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989.
Consumer Banking Services Costs Assessment Act of 2001- Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to require the Board of Governors of the Federal Reserve System to obtain and report to Congress annually on a representative sample of enumerated retail banking services and products offered by insured depository institutions and credit unions, including related fees and minimum balances, as well as electronic transactions.
To authorize permanently an annual survey and report by the Board of Governors of the Federal Reserve System on fees charged for retail banking services.