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H.R. 5691: Overdraft Protection Act of 2012

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H.R. 5691: Overdraft Protection Act of 2012

112th Congress · introduced 2012-05-09 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Financial Institutions and Consumer Credit.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2012-05-09 · official record
  2. Who proposed it: Rep. Maloney, Carolyn B. [D-NY-14] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the Subcommittee on Financial Institutions and Consumer Credit. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Overdraft Protection Act of 2012

Plain summary

Overdraft Protection Act of 2012 - Amends the Truth in Lending Act to prohibit a depository institution from engaging in unfair or deceptive acts or practices in connection with overdraft coverage, or in acts designed to evade the provisions of this Act. Requires each depository institution that provides overdraft coverage for transaction accounts clearly and conspicuously to disclose overdraft coverage fees and that, if a consumer does not opt-in to such overdraft coverage: (1) the consumer's transaction may be declined if there are insufficient funds in the related transaction account, and (2) the consumer will not be charged a fee if such transaction is declined. Subjects to the consumer's written, electronic, or other consent overdraft coverage fees in connection with use of an automatic teller machine (ATM) or point of sale transaction. Requires a depository institution to provide specified consumer disclosures regarding its overdraft protection program, including: (1) periodic statements for any transaction account that has an overdraft coverage program feature, (2) prompt notification of the account's overdraft status, and (3) the overdraft coverage fee as an annual percentage rate (APR), permitting consumers to compare meaningfully the overdraft coverage to alternative forms of overdraft options and other sources of credit. Prescribes overdraft coverage fee limits. Prohibits an overdraft coverage fee if the overdraft results solely from a debit hold amount that exceeds the actual dollar amount of the transaction. Requires a depository institution to provide consumers who have not consented to participate in an overdraft coverage program transaction accounts with the same terms as those provided to consumers who have consented to participate in such program. Prohibits a depository institution from charging a non-sufficient fund fee for any ATM or debit card transaction. Prohibits a depository institution from reporting negative information regarding consumer use of overdraft coverage to any consumer reporting agency when the overdraft amounts and coverage fees are paid under the terms of an overdraft coverage program. Directs the Consumer Financial Protection Bureau (CFPB) to study whether consumers are being subjected to abusive practices with respect to prepaid card overdraft coverage.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Overdraft Protection Act of 2012

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Maloney, Carolyn B. [D-NY-14] · 50 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Chris Van Hollen (D-MD), Judy Chu (D-CA), Janice D. Schakowsky (D-IL), André Carson (D-IN), Marcy Kaptur (D-OH), Jerrold Nadler (D-NY), Bennie G. Thompson (D-MS), Eleanor Holmes Norton (D-DC), Rosa L. DeLauro (D-CT), Frederica S. Wilson (D-FL), Maxine Waters (D-CA), Paul Tonko (D-NY), Frank Pallone, Jr. (D-NJ), Edward J. Markey (D-MA), Steve Cohen (D-TN)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Record fed-us-cong112-hr5691 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112