House Democrats Unveil Overdraft Protection Bill

Law360, New York (May 9, 2012, 7:05 PM EDT) -- Democrats in the U.S. House of Representatives on Wednesday introduced legislation that would limit the overdraft fees banks can charge consumers and the number of times those fees could be assessed, among other changes.

Supporters of the the Overdraft Protection Act, introduced by Rep. Carolyn Maloney, D-N.Y., say that the bill is necessary because consumers are still being hit with overly aggressive fees and often are not aware of the costs that they incur when they sign up for overdraft protection plans.

"With the rise of...
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