PAPER Act

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.