[Congressional Record (Bound Edition), Volume 160 (2014), Part 1]
[House]
[Page 588]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       MODERNIZING BANK TRANSFERS

  (Mr. PITTENGER asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. PITTENGER. Mr. Speaker, I rise today to question why banks and 
their customers are still burdened by rules designed in an era that, 
when most bank transactions ended, a free lollipop was given to the 
customer.
  Regulation D, which was implemented in the 1980s, restricts customers 
to just six transfers between their accounts for 1 month. These rules 
made a lot of sense in an era when most bank transactions were done 
manually; but today, through modern technology, this is truly obsolete.
  Mr. Speaker, I therefore ask support for H.R. 3240, the Regulation D 
Study Act. This bill will direct the GAO, the Government Accountability 
Office, to study Regulation D and recommend appropriate changes to 
modernize the regulation. H.R. 3240 has strong bipartisan support. I am 
grateful for Congresswoman Maloney's being the lead Democrat sponsor 
for the bill.
  Credit unions tell us that modern customers today hit the six-
transfer limit just in a matter of moments as they work online. We need 
to change this, Mr. Speaker, so that individuals can manage their money 
on a daily basis. Updating this regulation is important to benefit 
consumers and bank institutions.

                          ____________________