United States · Bill · HR
H.R. 4277 (117th)
Overdraft Protection Act of 2021
Introduced
30 June 2021
Last action
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Status
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 22.
Sponsors
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Subjects
Discovery layer
Source updated
15 May 2025
Summary
Overdraft Protection Act of 2021 This bill prohibits a financial institution from engaging in unfair or deceptive acts in connection with overdraft coverage. Each financial institution that offers overdraft coverage for accounts must disclose overdraft coverage fees. It must also disclose that the consumer's transaction may be declined if there are insufficient funds in the related account, and the consumer will not be charged a fee if such transaction is declined. A financial institution must provide certain other disclosures regarding its overdraft protection program, including prompt notification of the account's overdraft status. The bill limits the number of overdraft fees a consumer may be charged each month and year, and provides that such fees must be reasonable. The bill prohibits an overdraft coverage fee if the overdraft results solely from a debit hold amount that exceeds the actual dollar amount of the transaction. The bill also prohibits a financial institution from charging a non-sufficient fund fee for any automated teller machine or debit card transaction, or reporting negative information regarding consumer use of overdraft coverage to any consumer reporting agency when the overdraft amounts and coverage fees are paid under the terms of an overdraft coverage program.
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Documents
3 official files
Introduced in House (text)
Introduced in House (text)
Introduced in House · EN · 30 June 2021
Introduced in House (PDF)
Introduced in House · EN · 30 June 2021
Introduced in House
summary · EN · 30 June 2021
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Sources
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- Official source: https://www.congress.gov/bill/117th-congress/house-bill/4277
- Open data entity: https://api.congress.gov/v3/bill/117/hr/4277