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Washington
CUNA witness Staatz to testify at overdraft hearing
WASHINGTON (10/29/09)—Rod Staatz, president/CEO of SECU in Maryland, will testify Friday on overdraft issues before the House Financial Services Committee on behalf of the Credit Union National Association (CUNA) and credit unions. The hearing will zero in on H.R. 3904, a newly introduced bill that would amend the Truth in Lending Act with the intent of establishing fair and transparent practices related to overdraft protection programs offered by depository institutions. CUNA supports the ability of credit unions to offer overdraft privilege programs as a way to serve members’ financial needs and to help them resolve short-term financial problems. CUNA promotes “best practices” standards to distinguish credit union overdraft services from many bank programs that have been marketed to boost fee income without regard for the best interests of consumers. The House bill was introduced by Reps. Carolyn Maloney (D-N.Y.) and Barney Frank (D-Mass.), and is cosponsored by Reps. Luis Gutiérrez (D-Ill.), Gary Ackerman (D-N.Y.), Michael Capuano (D-Mass.), Keith Ellison (D-Minn.), Anna Eshoo (D-Calif.), Rubén Hinojosa (D-Texas), Paul Hodes (D-N.H.), Walter Jones (R-N.C.), Paul Kanjorski (D-Pa.), Daniel Maffei (D-N.Y.), Brad Miller (D-N.C.), Gwen Moore (D-Wis.), Jackie Speier (D-Calif.), and Maxine Waters (D-Calif.). Similar legislation has been introduced in the Senate, and the Federal Reserve is also reportedly working to address overdraft protections. House Financial Services Chairman Rep. Barney Frank (D-Mass.) has also indicated that the Consumer Financial Protection Agency, the plan for which could come to the House floor within the next month, could itself create new overdraft rules. The committee had not announced a full witness list for the hearing at press time.
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