actions according to the authority conferred by this
subtitle. The agency shall provide the results of such
investigation and any enforcement actions in writing
to the complainant and the depository institution
that was investigated.
(2) TIME LIMIT ON FILING OF CERTAIN COM-
PLAINTS.—An agency shall not consider any com-
plaint that alleges the denial of an application for a
basic financial services account in violation of this
Act, if the complaint is filed more than 1 year after
the institution’s denial of the application.
SEC. 11. CIVIL LIABILITY.
(a) IN GENERAL.—Except as otherwise provided in
this section, any depository institution that fails to comply
with any requirement imposed under this Act with respect
to any person is liable to such person in an amount equal
to the sum of—
(1) any actual damage sustained by such person
as a result of the failure;
(2)(A) in the case of an individual action, such
amount as the court may allow, except that the li-
ability under this subparagraph shall not be less
than $100 nor greater than $1,000; or
(B) in the case of a class action, such amount
as the court may allow, except that as to each mem-
ber of the class no minimum recovery shall be appli-
cable, and the total recovery under this subpara-
graph in any class action or series of class actions
arising out of the same failure to comply by the
same depository institution shall not be more than
the lesser of $500,000 or 1 percent of the net worth
of the depository institution; and
(3) in the case of any successful action to en-
force the foregoing liability, the costs of the action,
together with a reasonable attorney’s fee as deter-
mined by the court.
In determining the amount of award in any class action,
the court shall consider, among other relevant factors, the
amount of any actual damages awarded, the frequency
and persistence of failures of compliance by the depository
institution, the resources of the depository institution, the
number of persons adversely affected, and the extent to
which the depository institution’s failure of compliance
was intentional.
(b) LIMITATION ON LIABILITY.—A depository insti-
tution may not be held liable in any action brought under
this section for a violation of this Act if the depository
institution shows by a preponderance of evidence that the
violation was not intentional and resulted from a bona fide
error notwithstanding the maintenance of procedures rea-
sonably adapted to avoid any such error. Examples of a
bona fide error include clerical, calculation, computer mal-
function and programing, and printing errors, except that
an error of legal judgment with respect to a person’s obli-
gations under this Act is not a bona fide error.
(c) JURISDICTION.—Any action under this section
may be brought in any United States district court, or
in any other court of competent jurisdiction, within one
year after the date of the occurrence of the violation.
(d) LIMITATION OF APPLICABILITY.—No provision of
this section imposing any liability shall apply to any act
done or omitted in good faith in conformity with any rule,
regulation, or interpretation thereof by the Board or in
conformity with any interpretation or approval by an offi-
cial or employee of the Federal Reserve System duly au-
thorized by the Board to issue such interpretations or ap-
provals under such procedures as the Board may prescribe
therefore, notwithstanding that after such act or omission
has occurred, such rule, regulation, interpretation, or ap-
proval is amended, rescinded, or determined by judicial or
other authority to be invalid for any reason.
SEC. 12. DEFINITIONS.
For the purposes of this Act—
(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ has the same meaning given such term by sec-
tion 3 of the Federal Deposit Insurance Act.
(2) BOARD.—The term ‘‘Board’’ means the
Board of Governors of the Federal Reserve System.
(3) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means any federally insured de-
pository institution described in clauses (i) through
(vi) of section 19(b)(1)(A) of the Federal Reserve
Act.
(4) GOVERNMENT CHECK.—
(A) IN GENERAL.—The term ‘‘government
check’’ means any check that is issued by—
(i) the United States or any agency of
the United States;
(ii) any State or any agency of any
State, and that is presented for cashing
purposes within the State in which the
check was issued; or
(iii) any unit of local government or
any agency of any unit of local govern-
ment, including local government public as-
sistance payments, and that is presented
for cashing purposes within the unit of
local government in which the check was
issued.
(B) EXCEPTIONS.—The term ‘‘government
check’’ does not include—
(i) State-issued payment warrants; or
(ii) checks issued by local government
special purpose districts or units.
(5) GOVERNMENT CHECK CASHING RELATION-
SHIP.—The term ‘‘government check cashing rela-
tionship’’ means an account relationship between an
individual and a depository institution under which
a government check cashing services account is pro-
vided pursuant to section 5 of this Act.
(6) STATE.—The term ‘‘State’’ has the mean-
ing given to such term in section 3(a) of the Federal
Deposit Insurance Act.
(7) TRANSACTION ACCOUNT.—The term ‘‘trans-
action account’’ has the meaning given such term by
section 19(b)(1)(C) of the Federal Reserve Act.
SEC. 13. EFFECTIVE DATE.
This Act shall become effective 12 months after the
date of enactment of this Act.
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HR 2350 IH——2