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Consumer Transaction Account Protection: New Rules for Banks

This act aims to enhance the security of money in bank accounts used for daily transactions. It ensures that deposits in these accounts are treated in a way that may increase their protection, even if the bank uses intermediaries. This allows citizens to feel more secure, knowing their funds for daily expenses are better safeguarded.
Key points
Money in your account used for daily payments (e.g., withdrawals, transfers) is now better protected, even if the bank uses external companies to manage deposits.
The act only applies to individual accounts that are fully insured and actively used for making and receiving payments from third parties.
The goal is to increase stability and trust in the banking system regarding basic personal accounts.
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Expired
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Additional Information
Print number: 117_S_5345
Sponsor: Sen. Moran, Jerry [R-KS]
Process start date: 2022-12-21
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Consumer Transaction Account Protection Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5345.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-21.

What are the main provisions?

Key points include:

  • Money in your account used for daily payments (e.g., withdrawals, transfers) is now better protected, even if the bank uses external companies to manage deposits.
  • The act only applies to individual accounts that are fully insured and actively used for making and receiving payments from third parties.
  • The goal is to increase stability and trust in the banking system regarding basic personal accounts.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Moran, Jerry [R-KS].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy