Stop Overdraft Profiteering Act of 2018

Summary

Stop Overdraft Profiteering Act of 2018 This bill amends the Truth in Lending Act to prohibit 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. 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 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.

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Timeline

1. 1 August 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 1 August 2018

   Introduced

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

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 1 August 2018 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 1 August 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 1 August 2018

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 1 August 2018

  Open at official source

Sponsors

• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Overdraft Protection Act of 2017
• related to → Stop Overdraft Profiteering Act of 2019