March 22, 2013 – Legislation introduced this week by Rep. Carolyn Maloney, D-N.Y., and 45 additional cosponsors to require a consumer opt-in for any overdraft protection plan isn’t likely to move anytime soon given the fact that it made no inroads last Congress, NAFCU lobbyists said Thursday.
The bill, H.R. 1261, includes on its cosponsor list House Financial Services Ranking Member Maxine Waters, D-Calif. It awaits action by the full committee.
In addition to a consumer opt-in, H.R. 1261 would:
- require clear disclosure of overdraft program coverage;
- require “reasonable and proportional” fees;
- ban the ordering of transactions for posting to maximize fees; and
- allow only one fee per month and six over the year.
Maloney introduced a similar bill last May. The measure died with the 112th Congress.