S. 3343 · 115th Congress
Stop Overdraft Profiteering Act of 2018
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BookerSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Truth in Lending Act to prohibit a depository institution from engaging in certain acts in connection with overdraft coverage.
What it does: CRS summary · Introduced in Senate · Aug 1, 2018
Stop Overdraft Profiteering Act of 2018
This bill amends the Truth in Lending Act to prohibit 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Stop Overdraft Profiteering Act of 2018
Latest action (Aug 1, 2018): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Aug 1, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.