Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
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.
A:
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.