House Financial Services Committee member Carolyn Maloney (D-N.Y.) introduced a bill (H.R. 1261) that would further regulate banks' overdraft protection plans.
The legislation, among other things, would require banks to obtain consumers' opt-in for overdraft protection; cap the number of overdraft fees institutions could charge an individual at one per month and six per year; require fees to be "reasonable and proportional" to the overdraft's amount; and ban manipulating transactions' posting order to maximize fees.
H.R 1261 has 45 original co-sponsors, including House Financial Services Committee ranking member Maxine Waters (D-Calif.).
Read Maloney’s press release.