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News Now

Washington
House committee schedules Friday hearing on overdraft bill
WASHINGTON (10/26/09)--While legislation related to the CFPA and the CARD Act both passed through the House Financial Services Committee last week, there is still work to be done, and the path toward financial regulatory reform will march on when the full Committee holds a Friday morning hearing on The Overdraft Protection Act of 2009. Sen. Christopher Dodd (D-Conn.) has introduced overdraft legislation on the Senate side as well. Dodd’s bill, S. 1799, The FAIR Overdraft Coverage Act, would limit the fees that financial institutions can charge on overdraft protection services. House Financial Services Chair Rep. Barney Frank (D-Mass.) has also indicated that the CFPA could itself create new overdraft rules. The Federal Reserve Board is also drafting new rules on overdraft protection plans, and some in Congress, including Dodd, have expressed frustration with the regulators' efforts. A full Committee hearing on Systemic Regulation, Prudential Matters, Resolution Authority and Securitization is scheduled for Thursday morning. The Committee has not yet provided witness lists for either of these hearings. Financial Services Committee markups will take place earlier in the week, with debate on discussion drafts of H.R. 3818, the Private Fund Investment Advisers Registration Act of 2009, H.R. 3817, the Investor Protection Act of 2009, and the Accountability and Transparency in Rating Agencies Act set to take place on Tuesday morning. The Committee will also discuss a substitute amendment to H.R. 2609, the Federal Insurance Office Act of 2009, during this time.


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