Federal regulators have failed to eliminate abuses in bank overdraft systems. Past Congressional proposals would have more thoroughly addressed abuses, by requiring that the size of the fee be related to the cost of the covering the overdraft, and that banks charge no more than one of these average $34 fees per month or six per year. Congress could also ban the outrageous practice of re-ordering customer transactions in a manner that triggers more overdraft fees.
Browse Overdraft Loans - Policy & Legislation - Congress
- 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.
- 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.
- Quick Facts on Overdraft Loans
April 9, 2009
Brief facts about overdraft loans, largely derived from CRL research
- Key protections in H.R. 1456 - Consumer Overdraft Protection Fair Practices Act
March 30, 2009
Listing of major elements in HR 1456, introduced by Rep. Maloney
- Testimony--Overdraft Protection: Fair Practices for Consumers
July 11, 2007
Testimony of Eric Halperin Before the U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit.
- Support HR 946
June 1, 2007
CRL endorses Rep. Maloney's HR 946 as effective reform of bank overdraft practices.