S. 2677 · 117th Congress
Stop Overdraft Profiteering Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BookerSponsor3 cosponsors · 3 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill prohibits a depository institution from engaging in certain acts in connection with overdraft coverage.
What it does: CRS summary · Introduced in Senate · Aug 9, 2021
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.
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 2021
Latest action (May 4, 2022): Committee on Banking, Housing, and Urban Affairs. Hearings held.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Aug 9, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.