Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Registration now open for @CUNA @WOCCU summer conference in Denver July 12-15 http://t.co/opq1jypsXL #ACUC #CUinDenver2015
15 hours ago
Emergency loans post- #Blizzard2015 offered by @ScientFCU in Conn. http://t.co/U9tIBzPOZV
15 hours ago
Did you get your spot in the @CUCB #CherryBlossom 10 Mile Run? Check lottery results here http://t.co/6rxT0osyWJ @CU4Kids @CMNHospitals
16 hours ago
@FamilyFirstFCU has implemented a grant program through the FHLB of NY to help first-time home buyers.
16 hours ago
#BREAKING: @federalreserve offers few new hints on rate-hike timing in policy statement http://t.co/lgZ6zZ1Vrr
17 hours ago