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Consumer Overdraft Protection Fair Practices Act
To extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft protection services and fees, to enhance the information made available to consumers relating to overdraft protection services and fees, to prohibit systematic manipulation in the posting of checks and other debits to a depository account for the purpose of generating overdraft protection fees, and for other purposes.
Other Bill Titles (2 more) 2/8/2007--Introduced.
Consumer Overdraft Protection Fair Practices Act - Amends the Truth in Lending Act to set forth restrictions on:
(1) overdraft protection programs or services for consumers; and
(2) representations or statements with respect to such a pro... moreSee Full Bill Text
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Amendments
This bill has no amendments.
Bill Status
| Introduced |  | Voted on by House | | Voted on by Senate | | Considered By President | | Bill Becomes Law |
| February 08, 2007 |
Users tracking H.R.946 (3) are also tracking:
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In the News
August 03, 2007 Dinged for being overdrawn
Consumer advocates and other proponents are urging Congress to pass HR 946, sponsored by US Reps. Carolyn Maloney of New York and Barney Frank of ...
July 20, 2007 A pitfall of debit cards is overdrawing your account -- and facing fee
In hopes of reducing overdraft fees, the CRL is supporting legislation (HR 946) sponsored by Representatives Carolyn Maloney, New York Democrat, ...
July 19, 2007 Accountability needed on debit cards
In hopes of reducing overdraft fees charged to consumers, the CRL is supporting legislation (HR 946) that would, among other things, require banks and ...
Blog Coverage
June 27, 2008 HR 946 Overdraft Protection Fair Practices Act
HR946: To extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft ...
Source: Latte Republic
June 18, 2008 Tell the Fed to stop unauthorized overdrafts -Support HR 946
The Fed knows something smells fishy with overdraft âbut do they know just how bad it stinks? In new proposed rules, the Federal Reserve Board has acknowledged that banks are using unfair overdraft practices. But their solution doesnât ...
Source: Latte Republic
June 15, 2008 Open Question: What is the process to start a class-action suit ...
Open Question: What is the process to start a class-action suit against Bank of America? I've read all the horror stories about Bank of America's creative accounting schemes so I know I am not alone. ...
Source: expense-processing
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The latest relevant blurb from the unlinkable CongressDaily:
A GAO report released today found that banks are doing a poor job disclosing their fees to their customers. GAO investigators -- posing as customers -- found that about 20 percent of branches they visited could not provide them with detailed fee information and account terms. They also could not find such fee information on the Web; about 50 percent of the sites checked lacked such notice. GAO recommended federal banking regulators do a better job on oversight.
The findings come as consumers paid more than $36 billion in fees for checking and savings accounts in 2006. Customers are paying more for such penalties because the average fees for insufficient funds, overdrafts, stop-payment on checks and other items have increased by at least 10 percent since 2000.
House Financial Services Financial Institutions Subcommittee Chairwoman Carolyn Maloney, D-N.Y, requested the report. Maloney has spoken out against what she labels excessive bank fees and has sponsored legislation that would require banks to provide a warning to ATM customers when they are about to make an overdraft on their account. The bill was slated to be marked up by the House Financial Services Committee last year, but has been delayed by bank and credit-union opposition.
This is why FEE’s and SIRCHARGERS must be stopped and not controlled. A family member of mine was $0.30 overdrawn and the bank charged her $32.00 for it! An Electric bill has a FUEL OFFSET SIRCHARGE on it, this charge is almost as much as the electric used bill itself if not more. Now; Progress Energy here in Florida wants more money. This will raise everyone’s bill about $9.00 monthly and this is a good thing? Congress should do what is right to stop business from stealing money by adding a FEE or SIRCHARGE. Yes I said steal because that is what it is. As in the banks case and I quote, “what you going to do about it? That is how we make our money”. Yet the people getting charged this fee can least afford it and them that have enough money in the bank need not ever worry about it. It is the little man getting hurt the worst.
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