I
107TH CONGRESS
1ST SESSION
H. R. 1061
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.
IN THE HOUSE OF REPRESENTATIVES
MARCH 15, 2001
Mr. LAFALCE (for himself, Mr. KANJORSKI, Mr. GUTIERREZ, Ms. LEE, Mrs.
JONES of Ohio, Mr. CAPUANO, Mr. CLAY, Mr. HINCHEY, and Ms.
SCHAKOWSKY) introduced the following bill; which was referred to the
Committee on Financial Services
A BILL
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.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
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 In-
stitutions 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 an-
nually 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 sav-
ings 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 AC-
COUNTS.—Data on checking and transaction ac-
counts shall include, at a minimum, the following:
‘‘(A) Monthly and annual fees and min-
imum 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 ac-
counts for consumers who maintain low bal-
ances.
‘‘(2) NEGOTIABLE ORDER OF WITHDRAWAL AC-
COUNTS AND SAVINGS ACCOUNTS.—Data on nego-
tiable order of withdrawal accounts and savings ac-
counts shall include, at a minimum, the following:
‘‘(A) Monthly and annual fees and min-
imum balances to avoid such fees.
‘‘(B) Minimum opening balances.
‘‘(C) Rate at which interest is paid to con-
sumers.
‘‘(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 nego-
tiable 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 ac-
counts for consumers who maintain low bal-
ances.
‘‘(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 with-
drawals, deposits, transfers between accounts,
balance inquiries through institution-owned ma-
chines.