WASHINGTON — Congresswoman Carolyn Maloney (D-N.Y.) has announced that a hearing has been slated for July 11 on consumer protections concerning overdrafts.
The hearing will take place in the House Subcommittee on Financial Institutions and Consumer Credit, which she chairs. A witness list was not yet available but CUNA announced this morning that USA Federal Credit Union President/CEO Mary Cunningham will be testifying on its behalf.
Maloney has introduced the Consumer Overdraft Protection Fair Practices Act (H.R. 946) that would require preauthorization by the accountholder before permitting and overdraft and restrict the language permitted in advertising for overdraft programs.
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