Stop Overdraft Profiteering during COVID–19 Emergency Act of 2020

Hozzl · 2022-02-08T23:15:56Z

Explore the details of Senate Bill 3566 Stop Overdraft Profiteering during COVID–19 Emergency Act of 2020 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

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

Formatted Text PDF Formatted XML

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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3566

Primary Policy Focus

Finance and Financial Sector

Potential 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

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.