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DEPOSIT Act
3/14/2024, 4:00 AM
Summary of Bill S 1814
The DEPOSIT Act aims to improve the efficiency and security of the deposit process by requiring financial institutions to provide customers with clear and accurate information about their deposit accounts. This includes disclosing any fees associated with depositing funds, as well as providing information on the availability of deposited funds.
Additionally, the DEPOSIT Act seeks to enhance the ability of consumers to access their funds by requiring financial institutions to make deposited funds available for withdrawal within a certain timeframe. This is intended to prevent delays in accessing funds and ensure that consumers have timely access to their money. Overall, the DEPOSIT Act is designed to protect consumers and promote transparency in the deposit process. By requiring financial institutions to provide clear information and timely access to deposited funds, this legislation aims to improve the overall banking experience for consumers.
Congressional Summary of S 1814
Delivering Essential Protection, Opportunity, and Security for Tenants Act or DEPOSIT Act
This bill provides access to rental security deposit and moving cost assistance for participants in certain low-income housing programs.
Specifically, the Department of Housing and Urban Development (HUD) must provide public housing agencies (PHAs) funding for rental security deposit assistance for families in Section 8 tenant-based rental assistance (TBRA) programs (i.e., the Housing Choice Voucher Program). Upon tenancy termination, any unused security deposit amounts must be returned to a PHA to remain available for use as security deposits. HUD may also provide funding to PHAs to provide assistance with reasonable moving costs for families moving into an assisted dwelling unit.
Under current law, security deposit assistance (i.e., loans or grants) is available in the HOME Investment Partnerships Program for families participating in a TBRA program. This bill expands access to security deposit assistance by allowing participating jurisdictions to provide these loans or grants to very low- and low-income families regardless of participation in a TBRA program.
In addition, HUD must study and report on (1) alternatives to rental housing security deposits, including requiring a tenant to pay a monthly insurance premium; and (2) the impact that such alternatives have on the rental housing market and tenants, including how such alternatives affect tenants based on tenant demographics (e.g., race, age, sex, and disability).
