3.0.0 3606 2023-01-11T13:37:12Z 2023-01-11T13:37:12Z House HR 2017-07-28 115 [Congressional Record Volume 163, Number 128 (Friday, July 28, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. CAROLYN B. MALONEY of New York:H.R. 3606.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3.[Page H6579]]]> hsba00 Financial Services Committee House Standing Referred to 2017-07-28T13:03:50Z Stop Overdraft Profiteering Act of 2018 115 3343 S 2018-08-01 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2017-07-28 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2017-07-28 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-07-28 Introduced in House IntroReferral 1000 9 Library of Congress M000087 Rep. Maloney, Carolyn B. [D-NY-12] CAROLYN MALONEY D NY B. 12 N E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2017-07-28 True V000081 Rep. Velazquez, Nydia M. [D-NY-7] NYDIA VELAZQUEZ D NY M. 7 2017-09-26 False J000294 Rep. Jeffries, Hakeem S. [D-NY-8] Hakeem Jeffries D NY S. 8 2017-09-26 False C001037 Rep. Capuano, Michael E. [D-MA-7] MICHAEL CAPUANO D MA E. 7 2017-09-26 False M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2017-09-26 False F000454 Rep. Foster, Bill [D-IL-11] Bill Foster D IL 11 2017-09-26 False S000344 Rep. Sherman, Brad [D-CA-30] BRAD SHERMAN D CA 30 2017-10-03 False D000623 Rep. DeSaulnier, Mark [D-CA-11] Mark DeSaulnier D CA 11 2017-10-25 False Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Consumer Financial Protection Bureau Consumer affairs Consumer credit Government studies and investigations Marketing and advertising User charges and fees Finance and Financial Sector 00 2017-07-28 Introduced in House 2019-04-18T15:50:13Z Overdraft Protection Act of 2017

This bill amends the Truth in Lending Act to prohibit a depository institution from engaging in unfair or deceptive acts in connection with overdraft coverage.

Each depository institution that offers overdraft coverage for accounts must disclose overdraft coverage fees. It must also disclose that:

  • the consumer's transaction may be declined if there are insufficient funds in the related transaction account, and
  • the consumer will not be charged a fee if such transaction is declined.

A depository institution must provide certain other disclosures regarding its overdraft protection program, including prompt notification of the account's overdraft status.

The bill limits the number of overdraft fees a consumer may be charged each month and year, and provides that such fees must be reasonable.

The bill prohibits an overdraft coverage fee if the overdraft results solely from a debit hold amount that exceeds the actual dollar amount of the transaction.

The bill also prohibits a depository institution from:

  • charging a non-sufficient fund fee for any debit card transaction, or
  • reporting negative information regarding consumer use of overdraft coverage to any consumer reporting agency when the overdraft amounts and coverage fees are paid under the terms of an overdraft coverage program.
]]> Overdraft Protection Act of 2017 Display Title Overdraft Protection Act of 2017 Official Title as Introduced To amend the Truth in Lending Act to establish fair and transparent practices related to the marketing and provision of overdraft coverage programs at depository institutions, and for other purposes. Introduced in House IH Short Titles as Introduced Overdraft Protection Act of 2017 Introduced in House 2017-07-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3606ih/xml/BILLS-115hr3606ih.xml 2017-07-28 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.