More on Consumer Banking
Reps. Maloney, Waters and 44 others introduce bill to regulate so-called Overdraft “Protection” plans
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, along with Rep. Maxine Waters and 44 other cosponsors, today announced the introduction of the “Overdraft Protection Act”, H.R. 1261, at an event outside the House chambers. The bill would require a bank or other financial institution to obtain a consumer’s affirmative opt-in to any overdraft protection plan and also require clear disclosure of coverage and “reasonable and proportional” fees, would ban the manipulation of transaction posting order in a way that maximizes fees paid to the institution, and would cap the number of fees that can be assessed to a maximum of one per month and six per year.
Rep. Maloney Statement on President’s Recess Appointment of Cordray to Lead Consumer Financial Protection Bureau
New York, NY – U.S. Rep. Carolyn Maloney (D-NY), a senior member of the House Financial Services Committee and a strong supporter of the Consumer Financial Protection Bureau (CFPB), released the following statement today on President Obama’s recess appointment of former Ohio Attorney General Richard Cordray to lead the CFPB:
89 House members send letter to President urging Elizabeth Warren be appointed to head Consumer Financial Protection Bureau
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), Brad Miller (D-NC), and Keith Ellison (D-MN), members of the House Financial Services Committee, and 88 fellow House members today announced their letter to President Obama urging that he appoint Elizabeth Warren, as a recess appointment if necessary, to head the Consumer Financial Protection Bureau.
WASHINGTON, DC – At a legislative hearing of the House Financial Services Committee today, Rep. Carolyn Maloney (D-NY) assailed Republican legislation to “delay and diffuse” the authority of the new Consumer Financial Protection Bureau (CFPB), scheduled to open for business in July.
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), ranking member of the Financial Institutions and Consumer Credit Subcommittee, today called for Elizabeth Warren to be nominated permanent Director of the Consumer Financial Protection Bureau (CFPB) at an oversight hearing of the subcommittee.
WASHINGTON, DC – Rep. Carolyn B. Maloney (D-NY) applauded today’s passage of the Wall Street Reform and Consumer Protection Act of 2009. “These comprehensive financial reforms establish clear rules for Wall Street, sets strong enforcement powers of those rules, and ushers in a new era of consumer protection,” Rep. Maloney said. “Congratulations are due to Chairman Frank for his heroic efforts to craft a legislative package that will ensure a financial system that is safe and stable.” “I’m also proud to note that three innovations of mine were included in the final legislation: an ombudsman and a national toll-free bank complaint hotline within a new Consumer Finance Protection Agency, and a requirement that the CFPA administrator report at least annually to Congress,” Maloney said. “These provisions will benefit consumer and improve communication between the agency, the Congress, and the public at large. # # #
WASHINGTON, DC – Three amendments to the proposed Consumer Financial Protection Agency (CFPA) sponsored by Rep. Carolyn Maloney (D-NY) were approved last night by the House Financial Services Committee. All three amendments beef up protections to consumers by easing contacts between the agency, the Congress, and the public at large.
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) released the following statement on the revisions to overdraft programs announced by Bank of America and Chase: “The steps announced by Bank of America and Chase to reduce the burden of overdraft policies on consumers are significant improvements and will be good for their customers,” Rep. Maloney said. “But what we need are consistent overdraft reforms for all Americans who have or open a bank account. My Overdraft Protection Act, H.R. 1456, would require all banks to allow consumers to ask for overdraft protection, require that consumers be notified when a transaction is about to incur an overdraft fee, and require that banks post the transactions chronologically,” Maloney continued. “Consumers should have a right to decide what financial products they’ll buy, and control over their own financial accounts. That’s the principle behind my credit card reforms passed earlier this year, and we need to extend it to bank overdraft policies,” Maloney concluded. ###
WASHINGTON, DC – Reps. Carolyn B. Maloney (D-NY) and Paul Kanjorski (D-PA), senior members of the House Financial Services Committee, has introduced H.R.1455, the “Financial Consumer Hotline Act, ” legislation that would establish an informational website and a single toll-free telephone number consumers can call if they have a problem with their bank and want to speak to the bank’s federal regulator.
Today, the Federal Reserve issued a new proposed rule governing overdraft fees and programs, and withdrew an earlier proposed rule issued jointly with the Office of Thrift Supervision (OTS) and the National Credit Union Administration (NCUA) that had been criticized by many observers as too weak. Congresswoman Carolyn Maloney, Chair of the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee and author of the Consumer Overdraft Protection Fair Practices Act ( H.R. 946), noted that the new rule represented an improvement but was still not as strong as her bill.