text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Consumer Affordable Transaction 
  Account Act of 2001''.
  
  SEC. 2. AFFORDABLE BANKING SERVICES.
  
      (a) In General.--Except as otherwise provided in this section, each 
  insured depository institution shall make available to consumers a 
  consumer transaction account, to be known as an ``affordable 
  transaction account'', with the following features to be prescribed 
  jointly by the Federal banking agencies, by regulation:
              (1) Initial deposit.--The maximum amount which an insured 
          depository institution may require as an initial deposit, if 
          any.
              (2) Minimum balance.--The maximum amount an insured 
          depository institution may require as a minimum balance, if 
          any, to maintain such account.
              (3) Minimum number of free withdrawals.--A minimum of 8 
          withdrawal transactions, including withdrawals by negotiable or 
          transferable instruments for the purpose of making payments to 
          third parties and electronic fund transfers, during any 
          periodic cycle at no additional charge to the account holder.
              (4) Maximum monthly service charge.--The maximum amount an 
          insured depository institution may charge per periodic cycle 
          for the use of such account.
      (b) Fees for Withdrawal Transactions in Excess of Minimum Number of 
  Free Withdrawals.--
              (1) In general.--Subject to paragraph (2), in the case of 
          any affordable transaction account--
                      (A) an insured depository institution may impose a 
                  reasonable per-transaction charge for any withdrawal 
                  transaction described in subsection (a)(3) other than a 
                  transaction required under such subsection to be 
                  provided free; or
                      (B) the depository institution may impose the fees 
                  and charges normally applied to other consumer 
                  transaction accounts available at that depository 
                  institution.
              (2) Limitations.--
                      (A) Periodic cycle fee adjustment.--The amount of 
                  any charge per periodic cycle imposed by an insured 
                  depository institution on any affordable transaction 
                  account pursuant to paragraph (1)(B) shall be reduced 
                  by the charge imposed under subsection (a)(4).
                      (B) Maximum amount.--At no time shall the total 
                  amount of fees and charges imposed by an insured 
                  depository institution on any affordable transaction 
                  account exceed the total amount of fees and charges 
                  that is normally applied to other consumer transaction 
                  accounts available at the depository institution.
      (c) Conditions for Opening Any Affordable Transaction Account.--An 
  insured depository institution may require as a condition for opening 
  or maintaining any affordable transaction account that--
              (1) the holder of the account be a resident of the State in 
          which the account is opened or maintained; and
              (2) the deposits to the account of recurring payments such 
          as Social Security, wage, or pension payments be made by direct 
          deposit if that form of deposit is available to both the 
          consumer and the depository institution.
      (d) Other Terms and Conditions.--
              (1) In general.--Except as provided in this section and any 
          regulations prescribed under this section, any affordable 
          transaction account may be offered by an insured depository 
          institution subject to the same rules, conditions, and terms 
          normally applicable to other consumer transaction accounts 
          offered by the depository institution.
              (2) Prohibition on discrimination against affordable 
          transaction account holders in providing other services.--The 
          amount of any fee or charge imposed on a holder of any 
          affordable transaction account by an insured depository 
          institution for specific services provided to such account 
          holder which are not directly related to the maintenance of 
          such account may not exceed the fee or charge imposed by the 
          depository institution for providing the same services in 
          connection with other consumer transaction accounts offered by 
          the depository institution.
      (e) Affordable Transaction Accounts Not Required for Individuals 
  Who Maintain Other Transaction Accounts.--An insured depository 
  institution shall not be required to permit any person to open or 
  maintain an affordable transaction account pursuant to this section if 
  such person maintains another consumer transaction account either at 
  that depository institution or any other insured depository 
  institution.
      (f) Alternative Arrangements.--In lieu of the affordable 
  transaction account required by this section, an insured depository 
  institution may make available an alternative form of account or other 
  banking services if the appropriate Federal banking agency determines 
  that such alternative form of account or services are at least as 
  advantageous to consumers as the affordable transaction account.
      (g) Disclosure Requirements.--
              (1) Posted notices.--If an insured depository institution 
          posts in the public area of any office of the institution a 
          notice of the availability of other consumer transaction 
          accounts, the depository institution shall also post equally 
          conspicuous notice in such public area and in the same manner 
          the availability of its affordable transaction accounts.
              (2) Printed material.--If an insured depository institution 
          makes available in the public area of any office of the 
          institution printed material describing the terms of its other 
          consumer transaction accounts, the depository institution shall 
          also make comparable descriptive printed material concerning 
          the affordable transaction accounts available in the same such 
          area and in the same manner.
      (h) Definitions.--For purposes of this section, the following 
  definitions shall apply:
              (1) Consumer transaction account.--For purposes of this 
          section, the term ``consumer transaction account'' means a 
          demand deposit account, negotiable order of withdrawal account, 
          share draft account, or any similar transaction account used 
          primarily for personal, family or household purposes.
              (2) Depository institution.--The term ``depository 
          institution'' has the same meaning as in section 19(b)(1)(A) of 
          the Federal Reserve Act.
              (3) Federal banking agency.--The term ``Federal banking 
          agency''--
                      (A) has the same meaning as in section 3(z) of the 
                  Federal Deposit Insurance Act; and
                      (B) includes the National Credit Union 
                  Administration Board.
              (4) Insured depository institution.--The term ``insured 
          depository institution''--
                      (A) has the same meaning as in section 3(c)(2) of 
                  the Federal Deposit Insurance Act; and
                      (B) includes an insured credit union (as defined in 
                  section 101(7) of the Federal Credit Union Act).
      (i) Compliance With More Stringent State Law.--If a depository 
  institution operates in a State the laws of which, including 
  regulations, require a depository institution operating in such State 
  to meet requirements for affordable transaction accounts which are more 
  advantageous to the consumer than the requirements of this section or 
  the regulations prescribed under this section, such depository 
  institution may not be treated as a qualified depository institution 
  for purposes of section 19(b)(12) of the Federal Reserve Act, unless 
  such depository institution meets the requirements of this section and 
  the requirements of such State law.
      (j) Rule of Construction.--No provision of this section, title LXII 
  of the Revised Statutes of the United States, the Home Owners' Loan 
  Act, the Bank Enterprise Act of 1991, the Alternative Mortgage 
  Transaction Parity Act of 1982, or any other Federal law may be 
  construed as preempting, or providing any basis for the Comptroller of 
  the Currency or the Director of the Office of Thrift Supervision to 
  conclude that Federal law in any way preempts, the law of any State 
  which requires depository institution operating in that State to 
  provide affordable transaction accounts, including the Omnibus Consumer 
  Protection and Banking Deregulation Act of 1994 of the State of New 
  York and the New Jersey Consumer Checking Account Act (as in effect on 
  the date of the enactment of this Act).
      (k) Coordination of Regulations.--Each Federal banking agency 
  shall--
              (1) consult and coordinate with other Federal banking 
          agencies to ensure that regulations prescribed by each such 
          agency are consistent with and comparable to the regulations 
          prescribed by each other such agency; and
              (2) prescribe regulations in final form to implement this 
          section before the end of the 6-month period beginning on the 
          date of the enactment of this Act.
target: Consumer Affordable Transaction Account Act of 2001 - Requires each insured depository institution to make available to consumers an "affordable transaction account" containing specified features to be prescribed jointly by the Federal banking agencies, including at least eight free withdrawals per month.Prohibits the imposition of fees upon such account holders which are discriminatory in nature. Authorizes alternative account arrangements.Requires notice of availability of affordable transaction accounts to be posted upon the premises in the same manner as the depository institution posts notice of its other account products.Mandates depository institution compliance with more stringent State law where applicable.
feat_title: To require insured depository institutions to make affordable transaction accounts available to their customers, and for other purposes.