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News Now

Washington
Congress this week After brief recess overdraft to take Senate stage
WASHINGTON (11/10/09)--While the Senate will go into a brief Veterans' Day recess beginning on Tuesday afternoon, the Senate Banking Committee will resume business with a hearing on overdraft protection legislation on Tuesday, Nov. 17. The hearing, which will address S. 1799, The FAIR Overdraft Coverage Act, will feature testimony from Pentagon FCU President/CEO Frank Pollack as well as the Consumer Federation of America's Travis Plunkett and the Center for Responsible Lending's Eric Halperin. The Credit Union National Association will submit a statement for the hearing record, but will not testify at the hearing. S. 1799, which was introduced by Senate Banking Chairman Sen. Chris Dodd (D-Conn.), would limit the fees that financial institutions can charge on overdraft protection services. There will be no action on the House side this week, as the House will be in recess until Nov. 16. However, there was significant news in the House at the end of last week, with the House Financial Services Committee on Friday approving an amendment to H.R. 3996, the Financial Stability Improvement Act of 2009, that would reduce some of the risk monitoring powers of the Federal reserve Board. As reported in American Banker, the committee chairman, Rep. Barney Frank (D-Mass.), on Friday said that while he favors maintaining the Federal Deposit Insurance Corporation’s oversight of state-chartered banks and opposes a single regulator, he would consider moving some of the Federal Reserve Board’s current authority to a new national bank overseer. While legislation offered by Frank would make the Fed responsible for systemic risk regulation while stripping it of some consumer protection powers and merge the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision, a pending proposal from Dodd would move all Federal bank oversight ability to the OCC.


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