Stop Overdraft Profiteering Act of 2021

Summary

Stop Overdraft Profiteering Act of 2021 This bill prohibits a depository institution from engaging in certain acts in connection with overdraft coverage. Each depository institution that offers overdraft coverage for accounts must disclose overdraft coverage fees and certain related information. A depository institution must provide certain other disclosures regarding its overdraft protection program, including prompt notification of the account's overdraft status. Regarding overdraft fees, the bill limits the number of overdraft fees a consumer may be charged each month and year, provides that such fees must be reasonable, and 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 depository institution from charging a non-sufficient fund fee for any 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.

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

Timeline

1. 9 August 2021

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 9 August 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 4 May 2022

   Committee

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

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 9 August 2021 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 August 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 August 2021

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in Senate

  summary · EN · 9 August 2021

  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. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Warren, Elizabeth [D-MA] · D · Sponsor
• Sen. Markey, Edward J. [D-MA] · D · Cosponsor
• Sen. Wyden, Ron [D-OR] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Overdraft Protection Act of 2021
• related to ← Stop Overdraft Profiteering Act of 2019