Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW: Sen. Brown (D-Ohio) Outlines Upcoming Overdraft Bill
WASHINGTON (7/22/13, UPDATED 1:30 p.m. ET)--Legislation that aims to prevent financial institutions from reordering account deposits and withdrawals to maximize the amount of overdraft fees that may be charged to accountholders was announced by Sen. Sherrod Brown (D-Ohio) today.

The senator outlined the bill, which has not been introduced in the Senate, at a press conference in Cleveland. "Banks should play by the rules instead of purposefully 'reordering' their customers' debit card transactions so that they profit while consumers rack up costly penalties," he said.

Brown's bill, which is still being finalized, would also:
  • Give the Consumer Financial Protection Bureau authority to monitor banks overdraft practices;
  • Allow that agency to establish fair guidelines to protect consumers, as well as credit unions and banks that treat members and customers well; and
  • Ensure that financial institutions clearly post transactions in an easy to understand format.
Under the bill, the CFPB would also offer safe harbor to financial institutions that follow any new CFPB overdraft guidelines.

For the full release, use the link.
Other Resources

Senate Release
RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
9 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
9 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
11 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
14 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
15 hours ago