FAIR Overdraft Coverage Act

Summary

Fairness and Accountability in Receiving Overdraft Coverage Act of 2009 or FAIR Overdraft Coverage Act - Amends the Truth in Lending Act to prohibit a depository institution from engaging in unfair or deceptive acts or practices in connection with overdraft coverage, or in acts designed to evade the provisions of this Act. Requires each depository institution that provides overdraft coverage for transaction accounts to clearly and conspicuously disclose overdraft coverage fees. Subjects to the consumer's written, electronic, or other consent overdraft coverage fees for withdrawals from either automated teller machines or from debit card transfers. Requires a depository institution to provide specified consumer disclosures regarding its overdraft protection program, including: (1) periodic statements for any transaction account that has an overdraft coverage program feature; and (2) prompt notification of the account's overdraft status. Prescribes overdraft coverage fee limits. Prohibits an overdraft coverage fee if the overdraft results solely from a debit hold amount that exceeds the actual dollar amount of the transaction. Requires a depository institution to provide consumers who have not consented to participate in an overdraft coverage program transaction accounts with the same terms as those provided to consumers who have consented to participate in such program. Prohibits a depository institution from charging a non-sufficient fund fee for any transaction at an automated teller machine or any debit card transaction. Prohibits a depository institution from 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 October 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S10521-10522)

   Source: IntroReferral

2. 19 October 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 19 October 2009

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S10522-10524)

   Source: IntroReferral

4. 17 November 2009

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 October 2009 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 October 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 October 2009

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 19 October 2009

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Dodd, Christopher J. [D-CT] · D · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Sponsor
• Sen. Reed, Jack [D-RI] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Merkley, Jeff [D-OR] · D · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Sen. Reid, Harry [D-NV] · D · Sponsor
• Sen. McCaskill, Claire [D-MO] · D · Cosponsor
• Sen. Franken, Al [D-MN] · D · Cosponsor
• Sen. Lautenberg, Frank R. [D-NJ] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Overdraft Protection Act of 2009