S 2677
117th Congress
Senate
Finance and Financial Sector
Administrative law and regulatory procedures
Bank accounts, deposits, capital
Banking and financial institutions regulation
Congressional oversight
Consumer Financial Protection Bureau
Consumer affairs
Consumer credit
Government studies and investigations
Marketing and advertising
User charges and fees
Stop Overdraft Profiteering Act of 2021
Introduced: August 9, 2021
Introduced by:
Booker, Cory A.
Democratic
· New Jersey
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 4, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Aug 9, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Aug 9, 2021
Introduced in Senate
Plain-English summary
Stop Overdraft Profiteering Act of 2021
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.
Regarding overdraft fees, the bill
- limits the number of overdraft fees a consumer may be charged each month and year,
- provides that such fees must be reasonable, and
- 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
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Committees of jurisdiction
1