,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #fegf ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #ba1 #bjbj,mr4 ,cicill9e 7= himself & ,mrs4 ,c>olyn ,b4 ,maloney ( ,new ,york7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to prohibit depository in/itutions f assess+ ov]draft & nonsuffici5t fund fees dur+ ! novel coronavirus crisis & o!r disa/]s1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/op ,ov]draft ,pr(ite]+ dur+ ,,covid-#ai ,em]g5cy ,act ( #bjbj4 #b4 ,f9d+s & purpose 7a7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,ov]draft cov]age is a =m ( %ort-t]m cr$it t depository in/itutions m>ket = consum] transaction acc\nts4 ,hi/orically1 depository in/itutions cov]$ ov]drafts = a fee on an ad hoc basis4 7#b7 ,) ! gr[? 9 specially design$ s(tw>e programs1 & 9 consum] use ( debit c>ds1 ov]draft cov]age = a fee has become m preval5t4 7#c7 ,_m depository in/itutions m>ket a range ( ov]draft options b aggressively enc\rage consum]s to cons5t to ! mo/ exp5sive option1 :]e a high flat fee is collect$ = ea* individual ov]draft transaction4 7#d7 ,_m depository in/itutions-- 7,a7 collect a high flat fee1 includ+ = small doll> transactions1 ea* "t ! in/itution cov]s an ov]draft1 impose multiple ov]draft cov]age fees )9 a s+le day1 & *>ge additional fees = ea* day dur+ :i* ! acc\nt rema9s ov]drawn2 & 7,b7 *>ge unreasonable nonsuffici5t fees4 7#e7 ,su* abusive practices 9 connection ) ov]draft cov]age fees & nonsuffici5t fees h depriv$ consum]s ( mean+ful options & plac$ significant f9ancial burd5s on l[- & mod]ate-income consum]s4 7#f7 ,dur+ ! public heal? & f9ancial crisis caus$ by ! novel coronavirus1 consum]s ne$ relief f su* abusive practices m ?an ev] be=e4 7b7 ,purpose ,x is ! purpose ( ?is ,act to protect consum]s by elim9at+ abusive ov]draft cov]age fees1 nonsuffici5t fund fees1 & practices relat+ to ! assessm5t ( ^? fees dur+ cov]$ p]iods4 #c4 ,def9itions ,9 ?is ,act3 7#a7 ,*eck ,! t]m *eck-- 7,a7 has ! mean+ giv5 ! t]m 9 section #c7f7 ( ! ,*eck ,cle>+ = ! #ba/ ,c5tury ,act 7#ab ,u4,s4,c4 #ejjb7f772 & 7,b7 does n include a travel]'s *eck4 7#b7 ,*eck+ acc\nt p5alty fee ,! t]m *eck+ acc\nt p5alty fee means a nonsuffici5t fund fee or an ov]draft cov]age fee4 7#c7 ,consum] ,! t]m consum] has ! mean+ giv5 ! t]m 9 section #ajc7;i7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb7;i774 7#d7 ,consum] report+ ag5cy ,! t]m consum] report+ ag5cy has ! mean+ giv5 ! t]m 9 section #fjc ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;a74 7#e7 ,cov]$ p]iod ,! t]m cov]$ p]iod means-- 7,a7 ! p]iod t beg9s #a day aft] ! date on :i* a major disa/] is decl>$ by ! ,presid5t "u section #dja ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #eagj71 :]e assi/ance is au?oriz$ "u section #djh ( t ,act 7#db ,u4,s4,c4 #eagd71 & end+ #abj days aft] ! end ( ! incid5t p]iod = t disa/]2 or 7,b7 ! p]iod t beg9s #a day aft] ! date on :i* ! ,presid5t det]m9es an em]g5cy exi/s "u section #eja7;b7 ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #eaia7;b77 & simultane\sly cov]s all ,/ates = a s+le incid5t1 ev5t1 or em]g5cy & end+ #abj days aft] ! end ( ! incid5t p]iod = t em]g5cy4 7#f7 ,depository in/itution ,! t]m depository in/itution has ! same mean+ z 9 clauses 7i7 ?r\gh 7vi7 ( section #ai7;b77#a77;,a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #dfa7;b77#a77;,a774 7#g7 ,nonsuffici5t fund fee ,! t]m nonsuffici5t fund fee means a fee or *>ge assess$ 9 connection ) an ov]draft = :i* a depository in/itution decl9es paym5t4 7#h7 ,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$s ! available funds 9 ! acc\nt4 7#i7 ,ov]draft cov]age ,! t]m ov]draft cov]age means ! paym5t ( a *eck pres5t$ 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 debit4 7#aj7 ,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 exclud+-- 7,a7 a p]iodic rate 9 connection ) an ext5sion ( cr$it ?r\gh an ov]draft l9e ( cr$it program2 or 7,b7 a fee or *>ge impos$ 9 connection ) any transf] f an acc\nt l9k$ to ano!r transaction acc\nt4 7#aa7 ,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#ab7 ,transaction acc\nt ,! t]m transaction acc\nt has ! mean+ giv5 ! t]m 9 section #ai7;b77#a77;,c7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #dfa7;b77#a77;,c774 #d4 ,*eck+ acc\nt p5alty fees 7a7 ,prohibition 7#a7 ,9 g5]al ,dur+ a cov]$ p]iod1 no depository in/itution may assess a *eck+ acc\nt p5alty fee = any transaction1 includ+ a transaction at an automat$ tell] ma*9e1 a #a-"t debit c>d transaction1 a transaction t involves ! use ( a *eck1 or an automatic recurr+ paym5t4 7#b7 ,correction ,if a depository in/itution assesses a *eck+ acc\nt p5alty fee dur+ a cov]$ p]iod 9 violation ( p>agraph 7#a71 ! depository in/itution %all be consid]$ to be 9 compliance ) t p>agraph if ! depository in/itution promptly rev]ses t assessm5t4 7b7 ,reports to consum] report+ ag5cies ,dur+ a cov]$ p]iod1 no depository in/itution may report negative in=mation reg>d+ ! use ( ov]draft cov]age by a consum] to any consum] report+ ag5cy4 7c7 ,limitation ) respect to ,/ate-,specific disa/]s ,) respect to a major disa/] describ$ "u section #c7e77;,a71 ?is section %all only apply to a cu/om] ( a depository in/itution :o is a resid5t ( ! ,/ate or ,tribe :]e ! major disa/] 0 decl>$4 7d7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$ z prohibit+ a depository in/itution1 dur+ a cov]$ p]iod1 f reta9+ ! discretion to pay1 )\t assess+ a *eck+ acc\nt p5alty fee1 an ov]draft incurr$ by a consum]4