H.R.1456 - 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. view all titles (2)

All Bill Titles

  • Official: 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. as introduced.
  • Short: Consumer Overdraft Protection Fair Practices Act as introduced.

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  • Today: 1
  • Past Seven Days: 7
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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
03/12/09
 
 
 
 
 
 
 

Official Summary

Consumer Overdraft Protection Fair Practices Act - Amends the Truth in Lending Act to set forth restrictions upon overdraft protection fees or services placed upon a consumer account in order to cover any debit due to insufficient funds in such account. Prohibits certain misrepresentations

Official Summary

Consumer Overdraft Protection Fair Practices Act - Amends the Truth in Lending Act to set forth restrictions upon overdraft protection fees or services placed upon a consumer account in order to cover any debit due to insufficient funds in such account. Prohibits certain misrepresentations made by an institution that it will extend credit to cover all overdrafts. Prohibits specified advertising claims regarding overdraft protection programs or services, including any representation or statement encouraging use of the account as a service to:
(1) meet short-term credit needs; or
(2) obtain advances on a consumer's next payment of salary, wages, benefits, or other income. Authorizes the Board of Governors of the Federal Reserve System to restrict additional acts or practices the Board deems unfair or deceptive in connection with the offering, operation, and advertising of overdraft protection programs and services. Amends the Electronic Fund Transfer Act to set forth restrictions governing overdraft protection services and fees concerning payment of an electronic fund transfer initiated by the consumer at an automated teller machine (ATM) despite of a lack of sufficient funds in the consumer's account. Amends the Expedited Funds Availability Act to prohibit a depository institution from:
(1) imposing overdraft protection fees for paying any check drawn on the account in spite of a lack of sufficient funds unless the account holder has affirmatively requested such service; or
(2) engaging in a pattern or practice of delaying the posting of any deposit in an account, or manipulating the process of posting any check or other debit against an account, if such pattern or practice results in an overdraft that triggers payment of an overdraft protection fee.

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Organizations Supporting H.R.1456

  • Consumer Action
  • Consumers Union
  • Demos
  • National Association of Consumer Advocates
  • National Consumer Law Center
  • National Training and Information Center
  • ...and 8 more. See all.

Organizations Opposing H.R.1456

  • American Bankers Association
  • Independent Community Bankers of America
  • Credit Union National Association




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