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.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
