Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Congress this week Overdraft on the agenda
WASHINGTON (10/27/09)--The most noteworthy Washington news for credit unions may not happen until the end of the week as the House Financial Services Committee has scheduled a hearing on H.R. 3904, "The Overdraft Protection Act of 2009," for this Friday. The legislation, introduced by Reps. Carolyn Maloney (D-N.Y.) and Barney Frank (D-Mass.), would, according to www.thomas.gov, “amend the Truth in Lending Act to establish fair and transparent practices related to the marketing and provision of overdraft coverage programs at depository institutions.” The bill is cosponsored by Reps. Luis Gutiérrez (D-Ill.), Gary Ackerman (D-N.Y.), Michael Capuano (D-Mass.), Keith Ellison (D-Minn.), Anna Eshoo (D-Calif.), Rubén Hinojosa (D-Texas), Paul Hodes (D-N.H.), Walter Jones (R-N.C.), Paul Kanjorski (D-Penn.), Daniel Maffei (D-N.Y.), Brad Miller (D-N.C.), Gwen Moore (D-Wisc.), Jackie Speier (D-Calif.), and Maxine Waters (D-Calif.). Similar legislation has been introduced in the Senate and the Federal Reserve is also reportedly working to address overdraft protections. House Financial Services Chair Rep. Barney Frank (D-Mass.) has also indicated that the Consumer Financial Protection Agency, the plan for which could come to the House floor within the next month, could itself create new overdraft rules. The Committee had not announced a witness list for the hearing at press time. Another issue of interest to credit unions will be discussed on the Senate side on Thursday, with the Senate Judiciary Committee holding a markup session on S.1490, the "Personal Data Privacy and Security Act of 2009"; and S.139, the "Data Breach Notification Act." The House later today will consider H.R. 3854, the Small Business Financing and Investment Act. The Credit Union National Association has touted credit unions' ability to help small businesses in a tightening market through offering business loans to their members. The House will also discuss H.R. 2996, the Interior Appropriations Bill, and begin work on a continuing resolution to fund the government until December 15, 2009. The Senate also began consideration of H.R. 3548, the Unemployment Compensation Extension Act of 2009, on Monday.
Other Resources

RSS print
News Now LiveWire
Plattsburgh, NY, paper lauds @DannemoraFCU, @TiconderogaFCU for shred event, ID theft protection See #NewsNow http://t.co/VqWO986j9i
5 minutes ago
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
11 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
14 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
16 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
17 hours ago