Protecting consumers from unreasonable delays in the processing of retirement account distributions.

Summary

The bill sets a 15‑business‑day deadline for banks, credit unions, broker‑dealers and other firms to process valid retirement distribution requests. If they miss the deadline, they must pay the consumer market‑rate interest on the delayed amount and the consumer can sue for damages. It aims to stop harmful hold‑ups of retirement funds.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share