Dayton Reporter

Congressman Mike Turner from Ohio has reintroduced the "Protecting Against Paperless and Electronic Requirement (PAPER) Act" in Washington, D.C. The legislation aims to prevent financial institutions from mandating electronic bank statements over traditional paper ones.

Turner stated, "Financial institutions have an obligation to ensure that Americans can utilize the banking services they need." He emphasized that for many, online statements are not a feasible substitute for paper versions. The act seeks to ensure that all Americans can access banking services in their preferred format.

Ed Cates, Chairman of The Senior Citizens League, supported the bill, highlighting concerns over banks requiring digital access as seen in Citibank's 2023 pilot program. He noted this trend could exclude 20% of U.S. households without internet access and disproportionately impact seniors. Cates said, "We believe that every American should have the right to access their financial records in a format that works for them."

The PAPER Act mandates that banks provide customers with the option of receiving paper statements and prohibits them from making paperless statements a condition for accessing other services.

Despite aggressive moves by banks toward digital-only statements, which pose barriers for seniors and those without internet access, the PAPER Act ensures accessibility to banking information regardless of location or socio-economic status. According to the National Telecommunications and Information Administration’s Internet Use Survey, 12% of U.S. households lacked internet access in 2023.