Community Bankers Association of Illinois

CBAI OPPOSES FEDERAL OVERDRAFT LEGISLATION!

CBAI recently contacted the offices of U.S. Reps. Gutierrez, Bean, Manzullo, Biggert and Roskam to seek their opposition to legislation expected to be heard this week before the U.S. House Financial Services Committee. [Click Here to see the letter] The House Financial Services Committee is expected to mark up an amended version of H.R. 946, the “Consumer Overdraft Protection Fair Practices Act.” This legislation represents a radical restructuring of the payments system that takes unprecedented steps toward governmental fixing of terms and, effectively, prices for payment services. H.R. 946 would reverse established agency guidance and impose considerable cost on the payment system, much of which would be absorbed by consumers. The bill would also impose a regulatory regime that will frustrate consumers, reduce their choices, and cause them to suffer additional penalties for returned payments. CBAI staff will keep you informed as this issue progresses.

Please Contact the Illinois Delegation Members currently on the U.S. House Committee on Financial Services:

Rep. Luis Gutierrez - 202/225-8203
Rep. Melissa Bean - 202/225-3711
Rep. Don Manzullo - 202/225-5676
Rep. Judy Biggert - 202/225-3515
Rep. Peter Roskam - 202/225-4561

  800.736.2224 (IL) | 217.529.2265  
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