PAPER Act

The PAPER Act would require banks and credit unions to give customers the option to receive paper monthly statements and would bar these institutions from forcing customers to use digital-only statements to access services. In short, it aims to preserve access to physical, paper statements for consumers who prefer or need them, while still allowing digital statements as an option. The bill defines a “covered entity” as a depository institution or a credit union and ties the requirement to those entities’ monthly statements. If enacted, the bill could affect how financial institutions communicate with customers, potentially increasing paper costs and administrative steps, but improving accessibility for customers without reliable digital access or who prefer paper records.