Urges President and Congress of United States to enact legislation requiring paper account statements be provided to elder adults.
Summary
SCR103 is a concurrent resolution that urges the President and Congress of the United States to enact federal legislation requiring federally regulated depository institutions to provide periodic paper account statements to elder adults without charge. The resolution is framed as a response to the growing use of online banking and the fact that many older customers do not own or regularly use computers or other electronic devices, making electronic statements difficult to access.
The resolution explains that while New Jersey has introduced a related state bill, Senate Bill No. 2787, to require state-regulated institutions to mail paper statements to elder adults at no cost, federal preemption prevents the State from imposing the same requirement on federally regulated institutions. SCR103 therefore serves as a formal request that Congress adopt a similar nationwide rule for those institutions, and it directs copies of the resolution to the President and every member of Congress.
Impact
SCR103 does not itself change New Jersey law or impose direct obligations on banks or consumers. Instead, it is a memorializing resolution that seeks federal action on banking disclosure rules, specifically to limit or eliminate paper-statement fees for elder adults at federally regulated depository institutions. Its practical effect is political rather than regulatory: it signals New Jersey’s support for a federal mandate and highlights the preemption barrier that prevents the State from regulating this issue for federally chartered banks.
Sentiment
The overall sentiment reflected in the bill text is supportive of older adults and favorable to preserving access to paper banking statements. The resolution presents the issue as a consumer-access and equity concern, emphasizing that seniors may be disadvantaged by the shift to digital-only communication and by fees for paper statements. No committee transcript or vote record is provided, so there is no recorded opposition or amendment history in the available materials.
Contention
The main point of contention identified in the resolution is the balance between consumer accessibility and banking institutions’ ability to charge for paper statements. The bill points to federal preemption as the legal obstacle: New Jersey can require paper statements without charge for state-regulated institutions, but not for federally regulated ones. Any disagreement would likely center on whether banks should be required to absorb the cost of paper statements for elder adults, and whether such a mandate should be imposed by Congress rather than left to market choice or customer preference.