Policy & Legislation

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HIGHLIGHT

Both Congress and the Federal Reserve Board are looking at ways to address unfair practices in the overdraft systems of our nation’s financial institutions.

Items 1 - 10 of 19  12Next
  • National Bank Regulator Enabled Overdraft Abuses
    February 24, 2010

    The OCC has acknowledged problems with bank overdraft systems but has allowed the banks they regulate to use them.

  • Congressional Proposal Would Curb Overdraft Abuses; Fed’s Rules Fall Far Short
    February 2, 2010
  • Testimony: Michael Calhoun testifies on overdraft before the Senate
    November 19, 2009

    Center for Responsible Lending president Michael Calhoun testified before the U.S. Senate Banking Committee on November 17, 2009, calling on support for reforming overdraft bank fees. Debit card overdraft fees are unjustifiable.

  • Support H.R. 3904, the Overdraft Protection Act of 2009
    October 29, 2009

    Congresswoman Carolyn Maloney proposed the Overdraft Protection Act of 2009, which would reform out-of-control bank and credit union overdraft practices. Fees for debit card transactions and other types of overdrafts have reached well over $20 billion per year.

  • The Overdraft Protection Act of 2009
    October 29, 2009

    Eric Halperin, director of CRL's DC office, submitted testimony to the Financial Services Committee of the U.S. House on H.R. 3904, the Overdraft Protection Act of 2009. He called the Act a crucial measure for protecting consumers from abusive bank overdraft fees, which have reached $23.7 billion per year. The Federal Reserve Board has failed to address the problem, and reform is urgently needed.

  • Senate bill S 1799 would reform out-of-control overdraft practices
    October 23, 2009

    The Center for Responsible Lending strongly supports the FAIR Overdraft Coverage Act as it would represent a major advance in overdraft reform.

  • Comments on Regulation E—Overdraft Practices
    March 30, 2009

    The Center for Responsible Lending, along with Consumer Action, Consumer Federation of America, Consumers Union, National Association of Consumer Advocates, National Consumer Law Center (on behalf of its low-income clients), and U.S. PIRG provide the following comments regarding the Federal Reserve Board’s proposed rule to amend Regulation E pursuant to the Electronic Funds Transfer Act.

  • Support HR 1456
    March 12, 2009

    On March 12, 2009, Representative Carolyn Maloney, Chairwoman of the Financial Institutions Subcommittee (D-NY), Financial Services Committee Chairman Barney Frank (D-MA), and Representatives Ackerman, Miller of North Carolina, Ellison, Speier, Tierney, and Eshoo introduced legislation to protect consumers from abusive overdraft loan programs and stop financial institutions from deliberately manipulating their systems to generate more overdrafts—while preserving the institutions’ ability to cover occasional overdrafts as a courtesy without triggering the Act’s requirements.

  • Comment: Proposed Rule Regarding Unfair or Deceptive Acts or Practices – Overdraft Practices
    August 4, 2008

    Overdraft comment letter

  • Comments on proposed Regulation DD amendments re Overdraft Lending
    July 18, 2008

    America, Consumers Union, and the National Consumer Law Center, provide the following comments regarding the Federal Reserve Board’s proposed rule to amend Regulation DD pursuant to the Truth in Savings Act (TISA).

Items 1 - 10 of 19  12Next