Establishes Rhode Island consumer checking accounts to insure the availability of low-cost, low-volume basic checking services for citizens of the state.
Summary
Bill S2279, introduced in the Rhode Island General Assembly, seeks to establish a framework for consumer checking accounts that ensures the availability of low-cost, low-volume basic checking services for the state's residents. The primary objective of this legislation is to provide residents with accessible banking options that cater to personal, family, or household financial needs, thereby enhancing financial inclusion and security within the state. The bill requires that every regulated institution offering checking accounts must provide a designated Rhode Island consumer checking account at all their locations serving to facilitate this accessibility.
Under S2279, the bill outlines specific features that must be incorporated into these consumer checking accounts, including provisions regarding initial deposits, minimum balances, withdrawals, and associated fees. The Rhode Island Department of Business Regulation is tasked with establishing regulations that detail these account features, allowing for some flexibility while ensuring consumer protection. Notably, the bill mandates that the cost of providing such accounts cannot exceed the actual costs incurred by the regulated institutions, ensuring that the accounts remain affordable.
The legislative discourse around S2279 indicates broad support for its intentions, as it aims to extend basic banking services to those who might face barriers under current financial regulations. While the bill is positioned as a consumer protection measure, some concerns arise regarding its implementation and the extent to which financial institutions might adapt to the new requirements. There is recognition that while the legislation promotes inclusivity, the practicality of enforcing the stipulated account features could face challenges, particularly amid differing operational capacities of financial institutions.
Although the most recent voting record indicates that the Senate Committee on Commerce has held the bill for further study, the discussions during committee meetings highlighted the benefits of greater banking access while also considering the need for an informed approach in drafting the accompanying regulations. This underscores a cautious optimism among legislators that S2279 will pave the way for significant advancements in consumer banking, while also focusing on maintaining the balance between institutional viability and consumer needs.
Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.