WASHINGTON, D.C. – Today at 10:15 am et at the House Triangle, Congresswoman Carolyn B. Maloney (D-NY) and Senators Cory Booker (D-NJ) and Elizabeth Warren (D-MA) will be joined by consumer protection advocates to urge action on their legislation to crack down on predatory overdraft fees.
Center for Responsible Lending Senior Policy Counsel Nadine Chabrier, who will speak at the upcoming event, issued the following statement:
High-cost overdraft fees compound the problems of financially vulnerable families, with Black and Latino checking account holders disproportionately harmed. Legislation from Congresswoman Maloney and from Senators Booker and Warren would provide consumers with much-needed relief by reining in the cost and frequency of overdraft fees. Congress should pass these bills.
Congresswoman Maloney is the lead sponsor of the Overdraft Protection Act in the House of Representatives and Senator Booker is the lead sponsor of the Stop Overdraft Profiteering Act in the Senate with Senator Warren as the lead cosponsor.
- What: Press Conference
- Congresswoman Carolyn B. Maloney (D-NY)
- Senator Cory Booker (D-NJ)
- Senator Elizabeth Warren (D-MA)
- Nadine Chabrier: Sr. Policy Counsel at Center for Responsible Lending
- Lauren Saunders: Associate Director at the National Consumer Law Center
- Mike Litt: Consumer Campaign Director at U.S. PIRG
- Santiago Sueiro: Senior Policy Analyst at UnidosUS
- Dana Chasin: Principal at 20/20 Vision
- Where: House Triangle
- When: Today, Tuesday, July 12, 2022, at 10:15 am
Please RSVP to Paul Iskajyan at Paul.Iskajyan@mail.house.gov or (202) 360-7982.
Background: Congresswoman Maloney has introduced H.R. 4277, the Overdraft Protection Act. This legislation would:
- Require that fees be “reasonable and proportional” to the cost of processing these transactions and the amount of the overdraft;
- Prevent institutions from re-ordering transactions to artificially increase their fees;
- Limit the number of fees they can charge to 1 per month and 6 per year;
- Empower consumers by requiring that they proactively opt-in to overdraft programs in the first place – rather than automatically being enrolled
H.R. 4277 is Endorsed By: Americans for Financial Reform, Center for Responsible Lending, Consumer Action, Consumer Federation of America, Consumer Reports, National Consumer Law Center (on behalf of its low-income clients), The Leadership Conference on Civil and Human Rights, U.S. PIRG, Unidos US, Prosperity Now
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