Banks and credit unions maintain overdraft programs that extract billions from people struggling to get by.
California policymakers at the state and federal levels can address this injustice.that would require state-chartered banks and credit unions to publicly disclose their revenue from overdrafts.
Meanwhile, the U.S. House of Representatives’ Financial Services Committee recently voted to advance the. All three Californians on the Committee — Chairwoman Maxine Waters, D-Los Angeles, and Reps. Brad Sherman, D-Sherman Oaks, and Juan Vargas, D-Chula Vista — deserve credit for supporting this pro-consumer legislation.
The bill would limit the number of fees financial institutions could charge per month and per year, stop many tricks and traps that depositories use to trigger overdrafts, and require that overdraft fees be “reasonable and proportional” to the cost of processing these transactions. In short, this bill would establish basic consumer protections against predatory overdraft practices.
Speaker Nancy Pelosi should bring H.R. 4277 to the full House for a vote; it would be a natural extension of her legislative leadership in reforming Wall Street and creating the CFPB. Her fellow Californian, House Minority Leader Kevin McCarthy, should urge his party to join in support.
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