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Thursday, March 21, 2013

Rep. Maloney Introduces Overdraft Protection Bill

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.

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