This legislative proposal, titled the Protecting Against Paperless and Electronic Requirements Act (PAPER Act), aims to safeguard consumer choice regarding financial statements. It specifically targets depository institutions and credit unions , collectively defined as "covered entities," to ensure they provide flexible options for statement delivery. The Act establishes a clear requirement that every covered entity must offer consumers the option to receive paper copies of their monthly statements . Crucially, it prohibits these entities from conditioning the use of any services on a consumer's sole reliance on digital monthly statements , thereby preventing mandatory paperless policies.