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S 1595 116th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Consumer Financial Protection Bureau Consumer credit Marketing and advertising

Stop Overdraft Profiteering Act of 2019

Introduced: May 22, 2019 Introduced by: Booker, Cory A. Democratic · New Jersey See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 22, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 22, 2019
Introduced in Senate
 Plain-English summary Congressional Research Service

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.
What's happening now May 22, 2019

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1