US HB1261 | 2013-2014 | 113th Congress
Status
Spectrum: Partisan Bill (Democrat 47-0)
Status: Introduced on March 19 2013 - 25% progression, died in committee
Action: 2013-03-19 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 19 2013 - 25% progression, died in committee
Action: 2013-03-19 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Overdraft Protection Act of 2013 - Amends the Truth in Lending Act to prohibit a depository institution from engaging in unfair or deceptive acts or practices in connection with overdraft coverage, or in acts designed to evade the provisions of this Act. Requires each depository institution that provides overdraft coverage for transaction accounts clearly and conspicuously to disclose overdraft coverage fees and that, if a consumer does not opt-in to such overdraft coverage: (1) the consumer's transaction may be declined if there are insufficient funds in the related transaction account, and (2) the consumer will not be charged a fee if such transaction is declined. Subjects to the consumer's written, electronic, or other consent overdraft coverage fees in connection with use of an automatic teller machine (ATM) or point of sale transaction. Requires a depository institution to provide specified consumer disclosures regarding its overdraft protection program, including: (1) periodic statements for any transaction account that has an overdraft coverage program feature, (2) prompt notification of the account's overdraft status, and (3) the overdraft coverage fee as an annual percentage rate (APR), permitting consumers to compare meaningfully the overdraft coverage to alternative forms of overdraft options and other sources of credit. Prescribes overdraft coverage fee limits. Prohibits an overdraft coverage fee if the overdraft results solely from a debit hold amount that exceeds the actual dollar amount of the transaction. Requires a depository institution to provide consumers who have not consented to participate in an overdraft coverage program transaction accounts with the same terms as those provided to consumers who have consented to participate in such program. Prohibits a depository institution from charging a non-sufficient fund fee for any ATM or debit card transaction. Prohibits a depository institution from 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. Directs the Consumer Financial Protection Bureau (CFPB) to study whether consumers are being subjected to abusive practices with respect to prepaid card overdraft coverage.
Title
Overdraft Protection Act of 2013
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2013-03-19 | House | Referred to the House Committee on Financial Services. |
| 2013-03-19 | House | Sponsor introductory remarks on measure. (CR E335-336) |
Subjects
Administrative law and regulatory procedures
Bank accounts, deposits, capital
Banking and financial institutions regulation
Consumer affairs
Consumer credit
Consumer Financial Protection Bureau
Finance and financial sector
Marketing and advertising
User charges and fees
Bank accounts, deposits, capital
Banking and financial institutions regulation
Consumer affairs
Consumer credit
Consumer Financial Protection Bureau
Finance and financial sector
Marketing and advertising
User charges and fees
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/113th-congress/house-bill/1261/all-info |
| Text | https://www.congress.gov/113/bills/hr1261/BILLS-113hr1261ih.pdf |
