A bill to amend the Truth in Lending Act to limit overdraft fees and establish fair and transparent practices related to the marketing and provision of overdraft coverage programs at depository institutions, and for other purposes.
About This Bill
Committee
Latest Action · May 22, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Stop Overdraft Profiteering Act of 2019
This bill prohibits a depository institution from engaging in certain acts in connection with overdraft coverage.
Each depository institution that offers overdraft coverage for accounts must disclose overdraft coverage fees and certain related information. 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.
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