,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #dbed  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #i1         
#bjai,mrs4 ,c>olyn ,b4 ,maloney ( ,new  
,york 7= h]self1 ,mr4 ,fo/]1 ,mr4       
,%]man1 ,mr4 ,g>ca ( ,ill9ois1 ,mr4     
,cicill9e1 ,mr4 ,payne1 ,ms4 ,norton1   
,mr4 ,johnson ( ,georgia1 ,mr4          
,mc,govern1 ,mr4 ,grijalva1 ,mr4 ,coh51 
,ms4 ,gabb>d1 ,ms4 ,moore1 ,mr4         
,mal9[ski1 & ,mr4 ,rask97 introduc$ !   
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! ,tru? 9 ,l5d+ ,act to
 e/abli% fair & transp>5t practices     
relat$ to ! m>ket+ & provision (        
ov]draft cov]age programs at depository 
in/itutions1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,ov]draft ,protection ,act ( #bjai4  #b4
 ,f9d+s & purpose  7a7 ,f9d+s ,!        
,congress f9ds ! foll[+3  7#a7 ,ov]draft
 cov]age is a =m ( %ort-t]m cr$it t     
depository in/itutions provide = consum]
 transaction acc\nts4 ,hi/orically1     

depository in/itutions cov]$ ov]drafts =
 a fee on an ad hoc basis4  7#b7 ,) !   
gr[? 9 specially design$ s(tw>e programs
 & 9 consum] use ( debit c>ds1 ov]draft 
cov]age = a fee has become m preval5t4  
7#c7 ,_m depository in/itutions (f] a   
range ( ov]draft options b aggressively 
enc\rage consum]s to cons5t to ! mo/    
exp5sive option1 :]e a high flat fee is 
collect$ = e individual ov]draft        
transaction4  7#d7 ,mo/ depository      
in/itutions collect a high flat fee1    
includ+ = small doll> transactions1 ea* 
"t ! in/itution cov]s an ov]draft1 9 "s 
cases impose multiple ov]draft cov]age  
fees )9 a s+le day1 & _m *>ge additional
 fees = ea* day dur+ :i* ! acc\nt rema9s
 ov]drawn4  7#e7 ,su* abusive practices 
9 connection ) ov]draft cov]age fees h  
depriv$ consum]s ( mean+ful *oices ab\t 
_! acc\nts & plac$ significant f9ancial 
burd5s on l[- & mod]ate-income consum]s4
  7b7 ,purpose ,x is ! purpose ( ?is    
,act to protect consum]s by limit+      
abusive ov]draft cov]age fees &         

practices1 & by provid+ mean+ful        
disclosures & consum] *oice 9 connection
 ) ov]draft cov]age fees4  #c4          
,def9itions  7a7 ,additional def9itions 
,section #adj;,b ( ! ,tru? 9 ,l5d+ ,act1
 z add$ by section #d1 is am5d$ by add+ 
at ! end ! foll[+ new subsection3  7o7  
,def9itions relat+ to ov]draft cov]age  
,= purposes ( ?is section3 7#a7 ,*eck ,!
 t]m *eck has ! same mean+ z 9 section  
#c7f7 ( ! ,*eck ,cle>+ = ! #ba/ ,c5tury 
,act 7#ab ,u4,s4,c4 #ejja et seq471 o!r 
?an a travel]s *eck4  7#b7 ,depository  
in/itution ,! t]m depository in/itution 
has ! same mean+ z 9 clauses 7i7 ?r\gh  
7vi7 ( section #ai7;b77#a77;,a7 ( !     
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4      
#dfa7;b77#a77;,a774  7#c7 ,nonsuffici5t 
fund fee ,! t]m nonsuffici5t fund fee   
means a fee or *>ge assess$ 9 connection
 ) an ov]draft = :i* a depository       
in/itution decl9es paym5t4  7#d7        
,ov]draft ,! t]m ov]draft means1 9 a    
)drawal by *eck or o!r debit f a consum]
 transaction acc\nt 9 :i* !re are       

insuffici5t or unavailable funds 9 !    
acc\nt to cov] su* *eck or debit1 !     
am\nt ( su* )drawal t exce$s ! available
 funds 9 ! acc\nt4  7#e7 ,ov]draft      
cov]age ,! t]m ov]draft cov]age means ! 
paym5t ( a *eck pres5t$ or o!r debit    
po/$ aga9/ a consum] transaction acc\nt 
by ! depository in/itution 9 :i* su*    
acc\nt is held1 ev5 ?\gh !re are        
insuffici5t or unavailable funds 9 !    
acc\nt to cov] su* *ecks or o!r debits4 
7#f7 ,ov]draft cov]age fee ,! t]m       
ov]draft cov]age fee means any fee or   
*>ge assess$ 9 connection ) ov]draft    
cov]age1 or 9 connection ) any negative 
acc\nt balance t results f ov]draft     
cov]age1 unless su* fee or *>ge is      
impos$ 9 connection )--  7,a7 an        
ext5sion ( cr$it ?r\gh an ov]draft l9e (
 cr$it program :]e su* fee or *>ge 0    
consid]$ a f9ance *>ge "u ?is title z 9 
effect imm$iately prior to ! enactm5t ( 
! ,ov]draft ,protection ,act ( #bjai2 or
  7,b7 any transf] f an acc\nt l9k$ to  
ano!r transaction acc\nt4  ,su* fee %all

 be consid]$ a f9ance *>ge = purposes ( 
section #ajf7;a71 b %all n be includ$ 9 
! calculation ( ! rate ( int]e/ =       
purposes ( section #ajg7e77;,a77vi7 ( ! 
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #ageg7e77;,a77vi774  7#g7 ,ov]draft    
cov]age program ,! t]m ov]draft cov]age 
program means a s]vice "u :i* a         
depository in/itution assesses an       
ov]draft cov]age fee = ov]draft cov]age4
  7#h7 ,transaction acc\nt ,! t]m       
transaction acc\nt has ! same mean+ z 9 
section #ai7;b77#a77;,c7 ( ! ,f$]al     
,res]ve ,act 7#ab ,u4,s4,c4             
#dfa7;b77#a77;,c774  4  7b7 ,con=m+     
am5dm5t ,section #ajg7e77;,a77vi7 ( !   
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #ageg7e77;,a77vi77 is am5d$ by ins]t+ 1
 o!r ?an an ov]draft cov]age fee1 z     
def9$ 9 section #adj;,b7o7 ( ! ,tru? 9  
,l5d+ ,act aft] inclusive ( all f9ance  
*>ges4  #d4 ,fair m>ket+ & provision (  
ov]draft cov]age programs  7a7 ,9 g5]al 
,*apt] #b ( ! ,tru? 9 ,l5d+ ,act 7#ae   
,u4,s4,c4 #afca et seq47 is am5d$ by    

add+ at ! end ! foll[+ new section3     
#adj;,b4 ,ov]draft cov]age program      
disclosures & consum] protection  7a7   
,prohibitions ,no depository in/itution 
may engage 9 acts or practices 9        
connection ) ! m>ket+ ( or ! provision (
 ov]draft cov]age t are unfair1         
deceptive1 or design$ to evade !        
provisions ( ?is section4  7b7 ,m>ket+  
disclosures ,ea* depository in/itution t
 provides or (f]s to provide ov]draft   
cov]age ) respect to transaction acc\nts
 held at t depository in/itution %all   
cle>ly & conspicu\sly disclose 9 all    
m>ket+ mat]ials = su* ov]draft cov]age--
  7#a7 any ov]draft cov]age fees )      
respect to su* ov]draft cov]age2 &  7#b7
 t by n opt+ 9 to su* ov]draft cov]age--
  7,a7 a consum]'s transaction may be   
decl9$ if !re are insuffici5t funds 9 ! 
relat$ transaction acc\nt2 &  7,b7 !    
consum] w n be *>g$ a fee if su*        
transaction is decl9$4  7c7 ,consum]    
cons5t opt-,9 ,a depository in/itution  
may *>ge ov]draft cov]age fees ) respect

 to ! use ( an automatic tell] ma*9e or 
po9t ( sale transaction only if !       
consum] has cons5t$ 9 writ+1 9          
electronic =m1 or 9 su* o!r =m z is     
p]mitt$ "u regulations ( ! ,bureau4  7d7
 ,consum] disclosures ,ea* depository   
in/itution %all cle>ly disclose to ea*  
consum] cov]$ by an ov]draft cov]age    
program ( t depository in/itution--     
7#a7 t-- 7,a7 ! consum] may be *>g$ = n 
m ?an "o ov]draft cov]age fee 9 any s+le
 cal5d> mon? & n m ?an #f ov]draft      
cov]age fees 9 any s+le cal5d> ye>1 p]  
transaction acc\nt2 &  7,b7 ! depository
 in/itution reta9s ! discretion to pay  
7)\t assess+ an ov]draft cov]age fee7 or
 reject ov]drafts incurr$ by ! consum]  
beyond ! numb]s describ$ 9 subp>agraph  
7,a72  7#b7 ! ov]draft cov]age fee z an 
annual p]c5tage rate1 s z to p]mit      
consum]s to mean+fully comp>e ! ov]draft
 cov]age to alt]native =ms ( ov]draft   
options & o!r s\rces ( cr$it2  7#c7     
in=mation ab\t any alt]native ov]draft  
products t are available 7su* z l9k$    

acc\nts1 l9es ( cr$it1 & al]ts71 includ+
 a cle> explanation ( h[ ! t]ms & fees =
 su* alt]native s]vices & products      
diff]2 &  7#d7 su* o!r in=mation z !    
,bureau may require1 by rule4  7e7      
,p]iodic /atem5ts ,ea* depository       
in/itution t (f]s an ov]draft cov]age   
program %all1 9 ea* p]iodic /atem5t =   
any transaction acc\nt t has an ov]draft
 cov]age program feature1 cle>ly        
disclose to ! consum] ! doll> am\nt (   
all ov]draft cov]age fees & nonsuffici5t
 fund fees *>g$ to ! consum] = !        
relevant p]iod & ye> to date4  7f7      
,exclusion f acc\nt balance in=mation   
,no depository in/itution may include ! 
am\nt available "u ! ov]draft cov]age   
program ( a consum] z "p ( ! transaction
 acc\nt balance ( t consum]4  7g7       
,prompt notification ,ea* depository    
in/itution %all promptly notify         
consum]s1 ?r\gh a reasonable means      
select$ by ! consum]1 :5 ov]draft       
cov]age has be5 access$ ) respect to !  
acc\nt ( ! consum]1 n lat] ?an on ! day 

on :i* su* access occurs1 includ+--     
7#a7 ! date ( ! transaction2  7#b7 !    
type ( transaction2  7#c7 ! ov]draft    
am\nt2  7#d7 ! ov]draft cov]age fee2    
7#e7 ! am\nt necess>y to return ! acc\nt
 to a positive balance2 &  7#f7 :e!r !  
p>ticipation ( a consum] 9 an ov]draft  
cov]age program w be t]m9at$ if ! acc\nt
 is n return$ to a positive balance )9 a
 giv5 "t p]iod4  7h7 ,t]m9at$ or susp5d$
 cov]age ,ea* depository in/itution %all
 provide prompt notice to ! consum]1 us+
 a reasonable means select$ by !        
consum]1 if ! in/itution t]m9ates or    
susp5ds access to an ov]draft cov]age   
program ) respect to an acc\nt ( !      
consum]1 includ+ a cle> rationale = !   
action4  7i7 ,ov]draft cov]age fee      
limits  7#a7 ,notice & ,opportunity ,to 
,cancel ,ea* depository in/itution      
%all-- 7,a7 w>n any consum] cov]$ by an 
ov]draft cov]age program :o engages 9 a 
transaction ?r\gh an automat$ tell]     
ma*9e or a bran* tell] if complet+ !    
transaction w\ld trigg] ov]draft cov]age

 fees1 includ+ ! am\nt ( ! fees2 &  7,b7
 provide to ! consum] ! opportunity to  
cancel ! transaction be=e x is complet$4
  7#b7 ,frequ5cy ,a depository          
in/itution may *>ge n m ?an "o ov]draft 
cov]age fee 9 any s+le cal5d> mon?1 & n 
m ?an #f ov]draft cov]age fees 9 any    
s+le cal5d> ye>1 p] transaction acc\nt4 
7#c7 ,reasonable & proportional ov]draft
 cov]age fees  7,a7 ,9 g5]al ,! am\nt ( 
any ov]draft cov]age fee t a depository 
in/itution may assess = pay+ a          
transaction 7includ+ a *eck or o!r      
debit7 %all be reasonable & proportional
 to ! am\nt ( ! ov]draft4  7,b7 ,safe   
h>bor rule au?oriz$ ,! ,bureau1 9       
consultation ) ! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em1 ,comptroll] ( !  
,curr5cy1 ! ,bo>d ( ,directors ( !      
,f$]al ,deposit ,insurance ,corporation1
 & ! ,national ,cr$it ,union            
,adm9i/ration ,bo>d1 may issue rules to 
provide an am\nt = any ov]draft cov]age 
fee t is presum$ to be reasonable &     
proportional to ! am\nt ( ! ov]draft4   

7#d7 ,po/+ ord] ,9 ord] to m9imize      
ov]draft cov]age fees *>g$ to consum]s1 
ea* depository in/itution %all po/      
transactions ) respect to transaction   
acc\nts 9 su* a mann] t ! consum] does n
 incur avoidable ov]draft cov]age fees4 
7j7 ,debit holds ,no depository         
in/itution may *>ge an ov]draft cov]age 
fee on any category ( transaction1 if ! 
ov]draft results solely f a debit hold  
am\nt plac$ on a transaction acc\nt t   
exce$s ! actual doll> am\nt ( !         
transaction4  7k7 ,nondiscrim9ation = n 
opt+ ,9 ,9 implem5t+ ! requirem5ts ( ?is
 section1 ea* depository in/itution %all
 provide to consum]s :o h n cons5t$ to  
p>ticipate 9 an ov]draft cov]age        
program1 transaction acc\nts hav+ ! same
 t]ms1 conditions1 or o!r features z ^? 
t are provid$ to consum]s :o h cons5t$  
to p>ticipate 9 su* ov]draft cov]age    
program1 except = features ( su*        
ov]draft cov]age4  7l7 ,nonsuffici5t    
fund fee limits ,no depository          
in/itution may *>ge any nonsuffici5t    

fund fee ) respect to-- 7#a7 any        
transaction at an automat$ tell] ma*9e2 
or  7#b7 any debit c>d transaction4  7m7
 ,reports to consum] report+ ag5cies ,no
 depository in/itution may report       
negative in=mation reg>d+ ! use (       
ov]draft cov]age by a consum] to any    
consum] report+ ag5cy 7z t t]m is def9$ 
9 section #fjc ( ! ,fair ,cr$it ,report+
 ,act 7#ae ,u4,s4,c4 #afha;a77 :5 !     
ov]draft am\nts & ov]draft cov]age fees 
are repaid "u ! t]ms ( an ov]draft      
cov]age program4  7n7 ,rule (           
con/ruction ,no provision ( ?is section 
may be con/ru$ z prohibit+ a depository 
in/itution f reta9+ ! discretion to pay1
 )\t assess+ an ov]draft cov]age fee or 
*>ge1 an ov]draft incurr$ by a consum]4 
4  7b7 ,te*nical am5dm5t ,! table (     
cont5ts = *apt] ,,ii ( ! ,tru? 9 ,l5d+  
,act is am5d$ by ins]t+ aft] ! item     
relat+ to section #adj;,a ! foll[+ new  
item3  #adj;,b4 ,ov]draft cov]age       
program disclosures & consum]           
protection4  4  #e4 ,regulatory au?ority

 ( ! ,bureau ,n lat] ?an #bd mon?s aft] 
! date ( ! enactm5t ( ?is ,act1 !       
,bureau ( ,consum] ,f9ancial ,protection
 7h]eaft] 9 ?is ,act ref]r$ to z !      
,bureau7 %all issue su* f9al rules &    
publi% su* model =ms z necess>y to c>ry 
out section #adj;,b ( ! ,tru? 9 ,l5d+   
,act1 z add$ by ?is ,act4  #f4          
,effective date  7a7 ,9 g5]al ,?is ,act 
& ! am5dm5ts made by ?is ,act %all take 
effect #a ye> aft] ! date ( ! enactm5t (
 ?is ,act1 :e!r or n ! rules ( ! ,bureau
 "u ?is ,act or su* am5dm5ts are        
prescrib$ 9 f9al =m4  7b7 ,moratorium on
 fee increases  7#a7 ,9 g5]al ,dur+ !   
#a-ye> p]iod beg9n+ on ! date ( !       
enactm5t ( ?is ,act1 no depository      
in/itution may increase ! ov]draft      
cov]age fees or *>ges assess$ on        
transaction acc\nts = pay+ a transaction
 7includ+ a *eck or o!r debit7 9        
connection ) an ov]draft or =           
nonsuffici5t funds4  7#b7 ,def9itions ,z
 us$ 9 ?is section1 ! t]ms depository   
in/itution1 ov]draft1 ov]draft cov]age  

fee1 transaction acc\nt & nonsuffici5t  
fund fee h ! same mean+s z 9 section    
#adj;,b7o7 ( ! ,tru? 9 ,l5d+ ,act1 z    
add$ by ?is ,act4