Good Morning, Brooklyn: Thursday, July 1, 2021
PROPOSES OVERDRAFT PROTECTION FOR CONSUMERS: Congresswoman Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee and author of the Credit CARD Act, on Wednesday joined with consumer protection advocates to introduce the Overdraft Protection Act of 2021, a new version of earlier bills to crack down on predatory overdraft fees. Rep. Maloney pointed out that “… even during the pandemic – when our country and the world was in the throes of both health and economic crises —banks charged billions of dollars in overdraft fees.
Other important provisions would limit the number of overdraft fees banks can charge to one per month, with a limit of six per year, would end overdraft fees based solely on debit ‘holds’ still in process,” and would require banks to inform their customers about alternative savings account and credit-based overdraft protection plans.
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