Banks must offer paper statements; no digital-only forced choice
H.R. 4538 — PAPER Act · Filed by Michael Turner (R-OH) · Introduced Jul 17, 2025 · Referred to committee
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What it does
This bill requires banks and credit unions to offer paper monthly statements to customers and prohibits them from forcing customers to use digital-only statements. Customers benefit by retaining the choice to receive paper statements; banks and credit unions face a modest operational cost to maintain dual-delivery systems.
Why we flagged it
The bill's operative mechanism is a straightforward consumer-protection mandate: it restores choice by prohibiting a specific anti-consumer practice (forcing digital-only statements). It is not deregulation, subsidy, or industry carve-out — it is a restriction on business practice in favor of consumer rights.
What the text implies
- May increase operational costs for smaller credit unions and community banks with limited IT infrastructure, potentially raising compliance burden disproportionately on smaller institutions.
- Could reduce banks' ability to accelerate digital-only transitions, which some institutions view as cost-saving and environmentally beneficial — the bill locks in a hybrid model.
The full analysis lists 3 implications of this text.
Who it affects
Ordinary citizens gain a concrete right: the ability to receive paper statements without penalty or service restriction. This protects consumers who lack digital access, prefer paper for record-keeping, or distrust digital-only systems.