The PAPER Act would require banks and credit unions to offer customers the option to receive paper copies of their monthly statements rather than forcing them to use digital-only statements. The bill prohibits these financial institutions from making digital statements a requirement for accessing their services—in other words, customers cannot be required to go paperless to use a bank or credit union's offerings. The legislation applies to all depository institutions and credit unions across the country and covers their consumer account holders. The bill contains no specific funding or implementation timeline beyond the requirement that covered entities must provide this option going forward.
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