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Washington
Congress this week More overdraft action arguments near
WASHINGTON (11/3/09)--The House Financial Services Committee heard testimony regarding on overdraft fees late last week, and the Senate Banking Committee may also discuss the issue by the end of the year, according to the Credit Union National Association’s (CUNA) Vice President of Legislative Affairs Ryan Donovan. While the timing of potential legislation addressing overdraft protections is not known, Donovan said that the House leadership generally only brings legislation to the floor if they expect that that bill would pass. House Financial Services Chairman Rep. Barney Frank (D-Mass.) last week indicated that overdraft legislation would not be on the committee's agenda this week. Timing questions also surround the ongoing development of Consumer Financial Protection Agency (CFPA) legislation, and while the House may consider the CFPA legislation during the week of Nov. 16, there is not a definite timetable for the Senate version of the legislation. While the exact schedule is not known at this time, President Barack Obama this week could sign H.R. 3606, the CARD Act Technical Corrections Act. The legislation, which was approved by the House earlier last month, made its way through the Senate late last week. In a letter sent Friday, CUNA President/CEO Dan Mica urged Obama to swiftly sign the bill, which corrects section 601 of the original Credit Card Accountability, Responsibility and Disclosure (CARD) Act and declares that a 21-day late-notice rule would apply not open-end credit in general, but only to credit cards. While there is not a great deal of credit-union specific legislation on the House or Senate floor this week, Senate legislation that would extend unemployment insurance benefits, which includes an amendment that would extend the homebuyers tax credit, was discussed on Monday. The House Financial Services Committee later today will also begin full mark-up sessions of H.R.3817, the "Investor Protection Act of 2009," H.R.2609, the "Federal Insurance Office Act of 2009," and the "Financial Stability Improvement Act of 2009."
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