Thank you, Mr. Chairman, and thank you for holding this critical hearing on H.R. 3904, the Overdraft Protection Act of 2009.

The “Overdraft Problem” is significant-- and getting worse, because the quantity of debit card transactions has now exceeded the quantity of credit card transactions.  Just yesterday, a headline in The American Banker newspaper read, “Dependence on Debit is the New Norm.”

WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) today offered the following statement upon the introduction of  the “Affordable Health Care for America Act”:

 

WASHINGTON, DC – Reps. Carolyn Maloney (D-NY), Chair of the Joint Economic Committee and Barney Frank (D-MA), Chair of the House Financial Services Committee, along with 13 co-sponsors, today introduced the Overdraft Protection Act (H.R. 3904), which will require banks to get a consumer’s permission before charging overdraft fees, and cap the number of overdrafts banks can charge consumers if they opt-in to just six overdraft fees per year.

WASHINGTON, DC – H.R. 3639, the bill to move up the effective date for credit card reforms from February 22nd to December 1st, Sponsored by Reps. Carolyn Maloney (D-NY) and Financial Services Committee Chair Barney Frank (D-MA) progressed in the House today, approved by the House Financial Services Committee.