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July 22, 2013 – Sen. Sherrod Brown, D-Ohio, is reportedly set to introduce legislation today that would bar financial institutions from making decisions about the order in which consumers' deposits and debits are processed.

According to The Plain Dealer, Sherrod's bill would require the CFPB "to devise a model system for posting transactions that's fair to both customers and banks." It also says institutions would be required to disclose how they process deposits and debits so consumers aren't surprised by overdraft fees.

The bill is aimed at addressing situations where an institution may, for example, put a mortgage payment through before a series of smaller payments that appear to be less critical. Consumer groups and some lawmakers note such practices maximize overdraft fees.

The Plain Dealer reported that Wells Fargo has been ordered to repay $200 million to consumers because transaction order led to added overdraft fees; it says Bank of America has paid a $410 million settlement.