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Rep. Carolyn Maloney’s (D-N.Y.) Overdraft Protection Act bill, which would severely limit the ability to collect overdraft fees and require new disclosures, has “just about zero chance of being passed,” said NAFCU Vice President of Legislative Affairs Brad Thaler.

For one thing, Thaler said, the bill’s 46 co-sponsors are all Democrats, which means HR 5691 is a partisan bill in a Republican-controlled House. Additionally, many parts of the bill are viewed as unnecessary due to Regulation E opt-in requirements that went into effect in July 2010.

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