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
Published: Oct 29 2009 Issue: Overdraft Loans
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...
- Senate bill S 1799 would reform out-of-control overdraft practices
Published: Oct 23 2009 Issue: Overdraft Loans
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
Published: Apr 9 2009 Issue: Overdraft Loans
Brief facts about overdraft loans, largely derived from CRL research
- Key protections in H.R. 1456 - Consumer Overdraft Protection Fair Practices Act
Published: Mar 30 2009 Issue: Overdraft Loans
Listing of major elements in HR 1456, introduced by Rep. Maloney
- Testimony--Overdraft Protection: Fair Practices for Consumers
Published: Jul 11 2007 Issue: Overdraft Loans
Testimony of Eric Halperin Before the U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit.
- Support HR 946
Published: Jun 1 2007 Issue: Overdraft Loans
CRL endorses Rep. Maloney's HR 946 as effective reform of bank overdraft practices.