Bill > HR4254

Introduced Session

To amend the Truth in Lending Act to establish fair and transparent practices related to the marketing and provision of overdraft coverage programs at depository institutions, and for other purposes. This bill prohibits a depository institution from engaging in unfair or deceptive acts in connection with overdraft coverage. Each depository institution that offers overdraft coverage for accounts must disclose overdraft coverage fees. It must also disclose that the consumer's transaction may be declined if there are insufficient funds in the related transaction account, and the consumer will not be charged a fee if such transaction is declined. A depository institution must provide certain other disclosures regarding its overdraft protection program, including prompt notification of the account's overdraft status. The bill limits the number of overdraft fees a consumer may be charged each month and year, and provides that such fees must be reasonable. The bill prohibits an overdraft coverage fee if the overdraft results solely from a debit hold amount that exceeds the actual dollar amount of the transaction. The bill also prohibits a depository institution from charging a non-sufficient fund fee for any debit card transaction, or reporting negative information regarding consumer use of overdraft coverage to any consumer reporting agency when the overdraft amounts and coverage fees are paid under the terms of an overdraft coverage program.

AI Summary

Committee Categories

Carolyn Maloney (D)*,  David Cicilline (D),  Steve Cohen (D),  Elijah Cummings (D),  Bill Foster (D),  Tulsi Gabbard (D),  Sylvia Garcia (D),  Chuy García (D),  Raúl Grijalva (D),  Hank Johnson (D),  Zoe Lofgren (D),  Tom Malinowski (D),  Jim McGovern (D),  Gwen Moore (D),  Grace Napolitano (D),  Eleanor Holmes Norton (D),  Donald Payne (D),  Jamie Raskin (D),  Brad Sherman (D),  Albio Sires (D), 

Referred to the House Committee on Financial Services. (on 09/09/2019)

Official Document