Bill > HR5953

This bill, known as the "Protect Military and Federal Employees from Unfair Bank Fees Act," aims to protect federal employees during government shutdowns by prohibiting financial institutions and credit card issuers from imposing certain fees. Specifically, during any period when federal agency appropriations are not in effect (a "covered period"), banks cannot charge insufficient funds fees on accounts held by affected employees, and credit card companies cannot charge late payment fees for missed payments. The bill defines "covered persons" as civil service employees, Armed Forces members, and uniformed service members who are either furloughed or working without pay during the shutdown. The legislation covers a wide range of financial accounts, including standard bank accounts and government-issued purchase cards, and references existing definitions from the Electronic Fund Transfer Act and Consumer Credit Protection Act to ensure precise legal terminology. By preventing these fees, the bill seeks to provide financial relief to government workers who are experiencing income disruption during federal funding gaps.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5953/all-info