Community Bankers Association of Illinois

VICTORY on Overdraft Protection

Your grass roots efforts have paid off in a big way! The House Financial Services Committee leadership pulled the mark up of HR 946 - the Overdraft Protection Act because of the storm of protest heard from thousands of ICBA/CBAI member bankers. While the battle will continue this is a very key victory. The bill will certainly be greatly watered down if it is brought up again. Also, ILC legislation is finally moving in the U.S. Senate! Please see articles below for details.

Markup on Overdraft Protection Bill Pulled!

House Financial Services Committee leaders, after hearing serious concerns voiced about the legislation from ICBA, CBAI members and other associations, abandoned a markup last week on a bill intended to restrict overdraft protection program fees. Among other requirements, the current bill would require financial institutions to calculate an APR for overdraft fees charged; obtain written consent to enroll consumers in those programs; and apply Truth in Lending Act disclosures whenever a customer is assessed three or more overdraft charges.

Stay tuned to www.cbai.com for further updates and please contact CBAI's Department of Governmental Relations with any questions at 1-800-736-2224 and ask for Dave or Bryan.

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