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Stop Overdraft Profiteering during COVID–19 Emergency Act of 2020
2/8/2022, 11:15 PM
Congressional Summary of S 3566
Stop Overdraft Profiteering during COVID-19 Emergency Act of 2020
This bill suspends, during a major disaster or emergency declaration and for 120 days after the end of the incident period, certain penalties applicable to consumer transaction accounts. During such a period, depository institutions are prohibited from
- charging checking-account penalties (i.e., non-sufficient fund fees and overdraft coverage fees), or
- reporting a consumer's overdraft use to a credit reporting agency.
Read the Full Bill
Current Status of Bill S 3566
Bill S 3566 is currently in the status of Bill Introduced since March 22, 2020. Bill S 3566 was introduced during Congress 116 and was introduced to the Senate on March 22, 2020. Bill S 3566's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 22, 2020
Bipartisan Support of Bill S 3566
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
1Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3566
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Consumer credit
- Disaster relief and insurance
Alternate Title(s) of Bill S 3566
Stop Overdraft Profiteering during COVID–19 Emergency Act of 2020
Stop Overdraft Profiteering during COVID–19 Emergency Act of 2020
A bill to prohibit depository institutions from assessing overdraft and non-sufficient fund fees during the novel coronavirus crisis and other disasters, and for other purposes.
Comments
Sponsors and Cosponsors of S 3566
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