Policy & Legislation
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- Federal Judge Orders Wells Fargo to Reimburse California Customers
August 10, 2010
Federal court finds Wells Fargo's posting practices amounted to gouging and profiteering. This 90-page brief addresses Wells' checking account overdraft practices.
- Guidance to OTS on Overdraft Protection Programs
June 28, 2010
CRL’s, Consumer Federation of America and the National Consumer Law Center’s comment letter to the OTS regarding the agency’s Supplemental Guidance on Overdraft Protection Programs.
- CRL Comment Letter on Garnishment of Federal Benefits
June 18, 2010
CRL and other consumer groups provide comment on the Office of Personnel Management's proposed rule regarding garnishment of federal benefits.
- CRL and Other Groups Comment on Clarifications to Fed's Opt-In Rule
March 30, 2010
CRL and other consumer groups provide comment on the Federal Reserve’s opt-in rule and the proposed changes to Regulation DD.
- 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
Chart comparing Federal Reserve rules and proposed legislation to curb overdraft abuses.
- 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.
- 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.
- 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.