|
|
|
U.S. Code as of:
01/19/04
Section 1834. Reduced assessment rate for deposits attributable to lifeline accounts
(a) Qualification of lifeline accounts by Federal Reserve Board
(1) In general
The Board of Governors of the Federal Reserve System, and the
Federal Deposit Insurance Corporation shall establish minimum
requirements for accounts providing basic transaction services
for consumers at insured depository institutions in order for
such accounts to qualify as lifeline accounts for purposes of
this section and section 1817(b)(2)(H) of this title.
(2) Factors to be considered
In determining the minimum requirements under paragraph (1) for
lifeline accounts at insured depository institutions, the Board
and the Corporation shall consider the following factors:
(A) Whether the account is available to provide basic
transaction services for individuals who maintain a balance of
less than $1,000 or such other amount which the Board may
determine to be appropriate.
(B) Whether any service charges or fees to which the account
is subject, if any, for routine transactions do not exceed a
minimal amount.
(C) Whether any minimum balance or minimum opening
requirement to which the account is subject, if any, is not
more than a minimal amount.
(D) Whether checks, negotiable orders of withdrawal, or
similar instruments for making payments or other transfers to
third parties may be drawn on the account.
(E) Whether the depositor is permitted to make more than a
minimal number of withdrawals from the account each month by
any means described in subparagraph (D) or any other means.
(F) Whether a monthly statement itemizing all transactions
for the monthly reporting period is made available to the
depositor with respect to such account or a passbook is
provided in which all transactions with respect to such account
are recorded.
(G) Whether depositors are permitted access to tellers at the
institution for conducting transactions with respect to such
account.
(H) Whether other account relationships with the institution
are required in order to open any such account.
(I) Whether individuals are required to meet any prerequisite
which discriminates against low-income individuals in order to
open such account.
(J) Such other factors as the Board may determine to be
appropriate.
(3) Definitions
For purposes of this subsection -
(A) Board
The term "Board" means the Board of Governors of the Federal
Reserve System.
(B) Insured depository institution
The term "insured depository institution" has the meaning
given to such term in section 1813(c)(2) of this title.
(C) Lifeline account
The term "lifeline account" means any transaction account (as
defined in section 461(b)(1)(C) of this title) which meets the
minimum requirements established by the Board under this
subsection.
(b) Omitted
(c) Availability of funds
The provisions of this section shall not take effect until
appropriations are specifically provided in advance. There are
hereby authorized to be appropriated such sums as may be necessary
to carry out the provisions of this section.
|
|