Congress this week: Overdraft on the agenda

WASHINGTON (10/27/09)--The most noteworthy Washington news for credit unions may not happen until the end of the week as the House Financial Services Committee has scheduled a hearing on H.R. 3904, "The Overdraft Protection Act of 2009," for this Friday.

The legislation, introduced by Reps. Carolyn Maloney (D-N.Y.) and Barney Frank (D-Mass.), would, according to www.thomas.gov, "amend the Truth in Lending Act to establish fair and transparent practices related to the marketing and provision of overdraft coverage programs at depository institutions."

The bill 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-Penn.), Daniel Maffei (D-N.Y.), Brad Miller (D-N.C.), Gwen Moore (D-Wisc.), 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 Chair 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 witness list for the hearing at press time.

Another issue of interest to credit unions will be discussed on the Senate side on Thursday, with the Senate Judiciary Committee holding a markup session on S.1490, the "Personal Data Privacy and Security Act of 2009"; and S.139, the "Data Breach Notification Act."

The House later today will consider H.R. 3854, the Small Business Financing and Investment Act. The Credit Union National Association has touted credit unions' ability to help small businesses in a tightening market through offering business loans to their members.

The House will also discuss H.R. 2996, the Interior Appropriations Bill, and begin work on a continuing resolution to fund the government until December 15, 2009.

The Senate also began consideration of H.R. 3548, the Unemployment Compensation Extension Act of 2009, on Monday.

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