Overdraft Protection Act of 2017
Latest action · Jul 28, 2017 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 28, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Overdraft Protection Act of 2017
This bill amends the Truth in Lending Act to prohibit a depository institution from engaging in unfair or deceptive acts in connection with overdraft coverage.
Each depository institution that offers overdraft coverage for accounts must disclose overdraft coverage fees. It must also disclose that:
- the consumer's transaction may be declined if there are insufficient funds in the related transaction account, and
- the consumer will not be charged a fee if such transaction is declined.
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.
Cosponsors 8
Members who signed on, in the order they did. Signatures ran from Jul 28, 2017 to Oct 25, 2017, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Keith Ellison | Original | Jul 28, 2017 |
| D-IL | Bill Foster | Sep 26, 2017 | |
| D-WI | Gwen Moore | Sep 26, 2017 | |
| D-NY | Hakeem S. Jeffries | Sep 26, 2017 | |
| D-MA | Michael E. Capuano | Sep 26, 2017 | |
| D-NY | Nydia M. Velázquez | Sep 26, 2017 | |
| D-CA | Brad Sherman | Oct 3, 2017 | |
| D-CA | Mark DeSaulnier | Oct 25, 2017 |
Actions 2
Everything that happened, newest first.
- Jul 28, 2017Introduced in House
- Jul 28, 2017Referred to the House Committee on Financial Services.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3343 | Stop Overdraft Profiteering Act of 2018 | Related bill | Aug 1, 2018 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Consumer affairs
- Consumer credit
- Consumer Financial Protection Bureau
- Finance and Financial Sector
- Government studies and investigations
- Marketing and advertising
- User charges and fees
Text 1
Each version as it was printed, newest first.
- Jul 28, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.